I have recently received IRS letter stating as below for the return I filed with Turbo TAX YEar 2016.
Tax you Owe: $2855
Payments :$22 (What is this value? )
Interest : $117
I see that there is some discrepancy related to my Securities and Cost Basis for my Stock Acountand 1900 INT .
I am trying to amend the return but when I upload my TAX form it says Error stating not able to find State return documents . I have tried calling Trubo Tax tax aduit number but dont receive call back in past two days.
What is the procedure ?
1) No call support from Turbo TAX though its included as I filed my return with Trubo TAX
2)Online steps dont work even after uploading TAX file. It asks me to pay for State additional $44.00 after I hit skip at multiple places.
First off, if you're trying to amend a 2016 tax return, you should not be working in TurboTax Online. The online version is specific for the 2017 tax year (it's updated every year).
Instead, you need to purchase and install the desktop version of TurboTax 2016 from this link: TurboTax Prior Year Products If you need to amend your State return, you'll need to install that module as well.
Once you enter your cost basis for the stock sale, your tax liability (what you owe) may be reduced.
The "payments" listed in the IRS letter could be the amount of tax the IRS shows that you paid for 2016. Interest accrues on unpaid taxes, which you may need to negotiate once you complete your amended return.