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 Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10142
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

In 2008 i took some money from my 401K after moving and

Customer Question

in 2008 i took some money from my 401K after moving and changing jobs. the next year i did not claim it on my taxes because i thought the taxes had already been taken out. I have been sending IRS the amount i earned back each year since 2010 (average: 3500.00) + 210.00 a month without fail. The amount i took out was 40,000. i just received an automated call stating it was my final notice that IRS was in the process of filing something against me? I call back the #(###) ###-####and it is continuously busy. i have not received one thing in the mail. in fact, i was thinking about going to the local tax office because i was going to ask how much more do i have to pay back? by my calculations i am in well over 20,000. please help, this makes me feel panicky.
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: i do not think so.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 9 months ago.
Category: Tax
Expert:  Lane replied 9 months ago.

Hi ... I can help here

...

This is very possibly a scam ... IRS does not call people on then phone ... they (as you mention) send notices (several of them before taking any action) via regular mail

...

Now, you should have reported the income for that year BUT the withholding you had done would likely offset any actual tax liability.

...

But again, the call lets you know that this is a scam.

...

Expert:  Lane replied 9 months ago.

You can read the one of the MANY IRS warnings about these calls here:

...

https://www.irs.gov/uac/Newsroom/Scam-Phone-Calls-Continue%3B-IRS-Identifies-Five-Easy-Ways-to-Spot-Suspicious-Calls

...

I hope this has helped.

...

Please let me know if you have any questions at all.

...

If this HAS helped, I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

...

That's the only way I'll be credited for the work here.

...

Thank you!

Lane

...

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986