I have not received any letter from IRS for penalty or other but I see an entry in my IRS account transcript like below esp. code 170.
Do I have to pay entry called code 170, as it says penalty. When I add all transactions, all sum to zero.
you owe nothing the tax is 56, 609 code 150
the penalty is 65 code 170
total owed 56,674
withholding 45,190 code 806
paid with return 11,484 code 610
total paid 56,674
balance due 00000