Have Tax Questions? Ask a Tax Expert for Answers ASAP
In order to help you, I will need to know the details of the balance due. Did the IRS make changes or corrections to your tax return? In some cases, the balance due can be reduced or eliminated by correcting your tax return.
First, do you agree that you received $43,128 in retirement income? This would include IRA distributions that were not rolled over. Next, did you receive $16,177 in Social Security Benefits? If not, you will need to communicate the correct amounts from you records and explain the difference to the IRS.
Well, do you know why your tax return you filed did not reflect most of this income? This seems to be the problem. There is a discrepancy between your pension amount (38,446) and the pension/IRA amount the IRS has (43,128). I can assume something went wrong in turbo tax. Since the pension amounts were missing, the program thought your Social Security benefits were not taxable.
So, unless you can explain the difference in the pension amounts, you will probably need to pay the balance due.
Let me know if I can help you further,