I received a letter from the IRS stating I did not claim all my income last year, which I used Turbo Tax, and now the IRS says I owe them 20k by March 16th.

[fordamainiac]

I borrowed money from 401K last year and showed it on my taxes. The IRS states, it was not reported and I owe the IRS 20K by March 16th. Why is the IRS stating the money was not reported?

[DoninGA]

A loan from a 401(k) is not reported on a tax return.  Sounds like you entered income on your tax return that should not have been reported.  Contact the IRS for how to correct your mistake.

More than likely you will need to amend the tax return you filed to remove that income.

[DavidD66]

I agree with DoninGA, you need to contact the IRS to determine what you need to do to correct your return.  In addition, the IRS will give you an automatic extension of time to pay any additional tax you might owe; however, you have to contact them to get the extension.  There should be a phone number to call on the letter you received from the IRS.