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Retirement tax questions
Since the IRS just gets an annual form 5498 and 1099-R the chances of getting caught by the computers are minimal off a filed tax return especially since the IRS are so short handed they cannot even process the returns they need to attend to and getting out stimulus payments, advance CTC payments and recalculating return for late tax law changes. Even if you do get audited and caught you probably will be able to get out of the penalty by showing you saw the issue and took immediate steps to negate the error. Make sure to do this ASAP in the same tax year ... don't try to fix it after the end of the tax year.
‎July 24, 2021
2:07 PM