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I had cashed out an old retirement account in 2014 and

forgot to include it when...
I had cashed out an old retirement account in 2014 and forgot to include it when I filed my taxes. This year I received a CP2000 stating I owe the difference. My question is they are telling me I owe additional taxes, interest and penalties of another 7.8K? Im sure I owe early withdraw penalty and unfortunate the interest, but the late filing penalty is near 2K. Just looking for advice to just pay it or if there is a way to get it waved without increasing my audit risk?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: Just that I have NEVER had an issue with the IRS before so dealing with the unknown here.
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Answered in 1 minute by:
10/19/2016
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,806
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Good morning. It is possible for you to get the IRS to abate the penalty. You will have to pay the interest, but if you have not sought penalty abatement previously, there is a program for first timers to have the penalties waived. You can get the instructions for seeking this abatement at the following IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver

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Customer reply replied 1 year ago
Thank you and this does help. I thought it was the case, but wanted confirmation. Thanks

You're very welcome! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

Richard
Richard, Tax Attorney
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