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I mistakenly omitted a $16,000 income item on my 2006 return. The IRS is writting me wanting me to pay $4,750 plus $355 interest. is this amount correct?

Submitted: 576 days and 10 hours ago.

Category: Tax

Value: $15

Status: CLOSED

Optional Information:
Hobbs, New Mexico

Already Tried:
This is my first attempt to find an answer

Posted by Marvin,EA 576 days and 9 hours ago.

Answer

Hello and thank you using Just Answer. The interest is calculate from 1 Jan 2007 to present. A accuracy-related penalty is 20% of the underpayment of tax due will be charge also.

576 days and 9 hours ago.

Reply

Reply to Marvin,EA's Post: So is the $4,750 correct?

Posted by Marvin,EA 576 days and 9 hours ago.

Answer

On $16,000 of income, $4,750 in tax plus interest of $355 look correct. What was your total Income for 2006?

576 days and 9 hours ago.

Reply

$83,102

Accepted Answer

The $16,000 will be tax at a rate of 25%( $16,000 x .25= $4,000) plus interest and penalty. $5,005 total amount due is correct.

Accepts:
Expert:	Marvin,EA
Pos. Feedback:	98.5 %
Answered:	4/24/2008

Enrolled Agent

10 years self employed , Income Tax Preparation & Representation

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Question

I mistakenly omitted a $16,000 income item on my 2006 return. The IRS is writting me wanting me to pay $4,750 plus $355 interest. is this amount correct?

Optional Information

Optional Information: Hobbs, New MexicoAlready Tried: This is my first attempt to find an answer

Answer

Hello and thank you using Just Answer. The interest is calculate from 1 Jan 2007 to present. A accuracy-related penalty is 20% of the underpayment of tax due will be charge also.

Reply

Reply to Marvin,EA's Post: So is the $4,750 correct?

Answer

On $16,000 of income, $4,750 in tax plus interest of $355 look correct. What was your total Income for 2006?

Reply

$83,102

Accepted Answer

The $16,000 will be tax at a rate of 25%( $16,000 x .25= $4,000) plus interest and penalty. $5,005 total amount due is correct.

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Optional Information:
Hobbs, New Mexico

Already Tried:
This is my first attempt to find an answer