JamesG1
Expert Alumni

Deductions & credits

Is the code on the transcript TC 420, Examination of tax return?  See IRS Master File Codes, page 8A-16.

 

The IRS selects many returns or examination but audits only a fraction of those selected.  So the notation does not necessarily mean that you will be audited.

 

If you are being audited, you will receive a separate notice from the IRS.

 

 

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