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On my 2016 tax return I got back $1282. However I left off…

Hi. On my 2016...

Hi. On my 2016 tax return I got back $1282. However I left off my gambling winning and they reminded me. So in amending my 2016 taxes, it says I owe $1072. So exactly how much do I actually owe the IRS? They sent a statement saying I owe $2554 which includes $99 in interest.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Should I agree with their decision or dispute it?

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Answered in 1 minute by:
3/19/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,641
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

Ask Your Own Tax Question

It is very important to reply within thirty days regardless if you agree or disagree with the IRS's proposed change to your tax liability.

If you disagree and choose to amend your previous return, complete IRS form 1040X, write "CP2000" on top of your return and attach it behind your completed Response form.

___

The IRS is required to charge you interest for any unpaid tax liability. If the IRS disagrees with your determination, you may appeal their initial decision.

To avoid the increase of accrued interest you could pay the amount requested by the IRS while you dispute their initial adjustment. The current interest rate charged by the IRS is 4%

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Customer reply replied 4 months ago
this did not answer my question. how much do I actually owe the IRS?
Customer reply replied 4 months ago
do I owe then back the $1282 plus $1072, plus $99 interest?

I would have to review your entire tax return before I could confirm how much exactly you owe. For example, I would need to know your filing status, Adjusted gross income and any credits that you may have received.

Ask Your Own Tax Question

I saw this questions

"Should I agree with their decision or dispute it?"

Answer- Yes, you should dispute the tax if you don't believe you owe the tax. To add income from your gambling winnings you will need to complete form 1040x

Ask Your Own Tax Question
Customer reply replied 4 months ago
Nothing has changed except the gambling winning.Thing was not helpful at all. Sorry to bother you.

Again, I would have to know your tax return before I could tell you what is owed for the additional winnings.

For example, you may be in the 10% tax bracket or the 25% tax bracket

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,641
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 4 months ago
How do I know what bracket? I am a retired single woman living on Social Security and a pension.
My adjusted gross income with winnings if $52,713
Taxable Income Correct Amount is $33,710

With a total taxable income of $33,710 would place you in the 15% tax bracket.

If your amended tax return results are that you owe $1072, then I would dispute the amount owed of $2554 and the amount of interest owed because the amount of interest owed is based on the higher tax due amount.

Ask Your Own Tax Question
Customer reply replied 4 months ago
Thank you. I will dispute.
Customer reply replied 4 months ago
I think I’m done. Thank you for your help.
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