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what the IRS is apparently saying is that on the return you submitted there was a substantial underreporting of income or overstatement of expenses. you could be hit with a civil penalty of $5000 but form 14402 can be used to reduce this penalty.
My income is based on Social Security and withdrawals from an IRA. I'm retired and I take the standard deductions. But I believe something else is the issue. I'm told I have to wait for them to call me or send me a letter.
Did you claim any dependents? Normally the code is used to freeze your refund until the IRS ask for more information. Generally, it is dependent identity information and they may want copies of Birth certificates or evidence the dependent actually lived with you.
You are asking from TT Live. Did your Live Expert prepare or review the return?
Thanks for the update. We are a married couple, filing jointly for the past 56 years. No new dependents on this return.
Yes. I did the TT review. No help at this point.
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