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I received a letter from the IRS. 1040 change. Now I owe a lot more then what I expected. Please help.

 
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2 Replies

I received a letter from the IRS. 1040 change. Now I owe a lot more then what I expected. Please help.

Tell us a bit more ... was this for 2018 ?  Was this a CP2000 notice (look upper rt corner) ? 

 

What exactly did they change ?  Did they add more income ?   Reduce a credit ? 

I received a letter from the IRS. 1040 change. Now I owe a lot more then what I expected. Please help.

I would check over your return and see if you can see anything wrong especially in the payments section.  Make sure you agree with all the amounts listed.   Like is the difference the same or close to the refund you got last year?  Maybe you put down that you applied last year's refund to this year?  Or you put down you made a payment with an extension or paid an estimated payment that you didn't make?

 

Or you claimed Excess Social Security paid on Schedule 3 line 11.  That happens when you are married and enter both spouse's W2s under the same name.

 

Or if you got any 1099Misc forms you didn't report it as self employment income on Schedule C and pay the SE tax on it.  It  might have showed up on 1040 Schedule 1 line 8 for Other Income instead of line 3 business income.

 

Or the IRS changed your income.  A common thing they change is the taxable amount of any 1099R for pension, 401K or IRA distributions or conversions on 1040.  And if you get Social Security and they increase some other income it will make more of your SS taxable. 

 

 

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