Received CP23 stating I had overstated amount withheld. Their difference matched the amount withheld on a 1099-R that was included in the Turbotax calculations. The amount requested by IRS, also included a penalty (not withholding sufficiently though the year) that was also included in the Turbotax estimate of taxes owed. Where do I start? As a side note, I have just received a refund for the California Franchis TAx Board.
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TurboTax can’t help you. Read the letter from the IRS carefully and follow any directions given.
Click here for more information about your CP23 notice. If the IRS is stating your amount withheld was overstated, but it was withheld as per your 1099-R, then contact the IRS using the phone number on your notice.
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