How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
23669918
Type Your Tax Question Here...
Megan C is online now
A new question is answered every 9 seconds

I received a notice from irs stating I owed 30,000 in taxes

Customer Question

I received a notice from irs stating I owed 30,000 in taxes due to distribution of 401k funds taken the company says did not hold out 20% but it did hold out I lost form showing but have deposit records of amount received and am trying to get records from 401k plan admin the irs said understated income and interest and penalties apply but used turbo tax and they computed am denying I owe what are my options
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today

MyVirtualCPA :

So basically you had your taxes withheld, and the IRS is saying that you didn't have them withheld

MyVirtualCPA :

You will need proof from your 401(k) administrator. You should get a 1099-R at the end of the year

MyVirtualCPA :

You can also order your 1099 transcript from the IRS by filling out form 4506-T and selecting option 8

MyVirtualCPA :

Is there anything else you need assistance with today? If not, please let me know if I have provided you with excellent service today

Expert:  Megan C replied 3 years ago.
Boyd,
I see you were having trouble joining our live chat. Please take a moment to review my response. If you have follow up questions, please reply below. Otherwise, please rate as 'excellent' so that I may receive credit for assisting you today. Thanks again.
Expert:  Megan C replied 3 years ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer