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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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February 20, 2020
6:23 PM