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What will happen if I do not declare income from IRA

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withdrawals in 2015? Is the...
What will happen if I do not declare income from IRA withdrawals in 2015? Is the IRS likely to pick up on my omission? Could I be prosecuted for tax fraud? Or will I simply be asked to pay the tax owed?
Submitted: 1 year ago.Category: Tax
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10/10/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
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Hi, my name is Mark. I will be happy to help you with your questions. Please give me a few moments to prepare your response.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

You likely received 1099-R for your distribution from your IRA account. The IRS will match this amount to your tax return. So the IRS is very likely to catch the omission. The IRS will send you a notice of the changes to your tax return. The IRS will detail the changes and whether the changes result in an increase or decrease to taxes. If there is an increase then additional penalties and interest will be added.

No you will not be prosecuted for tax fraud. This is an error. The intent was not to evade taxes. Besides, you will not be able to pay your taxes if you are in jail :)

The IRS will send you a notice asking if you agree with the proposed adjustment. If you agree, you can pay any amount that are due or set up a payment plan.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

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