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You can always file an amended tax return for 2018. However, you need to know why you owe taxes for 2018. The letter you received from the IRS will explain why. Depending on the reason you may or may not be able to avoid the extra tax. Without knowing the reason for the additional tax it is not possible to provide a definite answer to your question. Post more detailed information to this thread for help with your issue.
Received a notice that we owe the $ IRS 23,731. Relooking at our 2018 tax instead marking that my husband James work for Emergency Medicine Consultants we somehow mark we own the business.
Please advice.
rs10newton
TurboTax does not receive any information from the IRS or your state after your return was filed, so no one at TurboTax knows about a letter you received from the IRS or the state.
(what the letters from the IRS mean)
I GOT A LETTER FROM THE IRS
https://ttlc.intuit.com/questions/3605673-i-got-a-letter-or-notice-from-the-irs
I AM BEING AUDITED
If you purchased Audit Defense:
https://ttlc.intuit.com/questions/2924451-i-bought-max-or-audit-defense-and-now-i-m-being-audited
AUDIT SUPPORT
TurboTax has a special phone number for help with IRS/state tax letters, which will be easier than going through regular Customer Support. At the page below, click on the blue button that says "Get Help from TurboTax Support". Then it will ask you what tax year is your letter. Then it will ask you what the letter concerns. Then it will show you the phone number during posted business hours.
https://support.turbotax.intuit.com/irs-notice/audit-support/
@rs10newton wrote:
Received a notice that we owe the $ IRS 23,731. Relooking at our 2018 tax instead marking that my husband James work for Emergency Medicine Consultants we somehow mark we own the business.
Please advice.
rs10newton
You can file an amended 2018 tax return to correct any errors made on the tax return that was filed.
See this TurboTax support FAQ for amending a 2018 tax return originally completed and filed using TurboTax - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-a-return-in-turbotax/01/27579
You can use the TurboTax Audit Support Center website to contact an agent who can assist you in understanding the IRS notice you received and who will advise you on the steps you need to take - https://support.turbotax.intuit.com/irs-notice/audit-support/
@rs10newton Did he get a W2 or 1099Misc from Emergency Medicine Consultants? How did he report the income? On what line on your tax return? If he got a 1099Misc that is self employment income and he needs to fill out a schedule C for it and pay self employment tax on it. Self Employment is the same as owning your own business. You are in business for yourself. The people that pay you are your clients or customers.
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
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