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

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In 2008 i took...

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.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I do not think so.

Submitted: 2 years ago.Category: Tax
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Answered in 4 minutes by:
2/22/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,195
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi ... I can help here

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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

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

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

...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

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

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

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I hope this has helped.

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

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

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

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Thank you!

Lane

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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

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,195
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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