LogFAQs > #972984471

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Topic	Oh shit, I just got audited by the IRS. They say I owe them $8,194.
EndOfDiscOne 04/21/23 10:31:54 AM #29:	IdiotMachine posted... I took out some money from my Roth IRA, but I took out less than what I put in, which I thought was okay and thus will incur no penalties (nor taxes). I didnt report this either on my income, because I didnt think I needed to report it. I shared these info and documents with my lawyer; going to wait to see what he says, hopefully tomorrow. Did you not get a 1099-R for this? You have to report the gross amount, then report $0 as taxable if it is truly nontaxable. The IRS will tax all of it if you dont report it. --- I am the Cheese! I am the best character on the show! I am better than both the salami and the bologna *COMBINED!* <cite>EndOfDiscOne posted [p:972984471] in Oh shit, I... [t:80418688]...</cite> <quote>IdiotMachine posted... </cite><quote>I took out some money from my Roth IRA, but I took out less than what I put in, which I thought was okay and thus will incur no penalties (nor taxes). I didnt report this either on my income, because I didnt think I needed to report it.I shared these info and documents with my lawyer; going to wait to see what he says, hopefully tomorrow.</quote>Did you not get a 1099-R for this? You have to report the gross amount, then report $0 as taxable if it is truly nontaxable. The IRS will tax all of it if you dont report it. --- I am the Cheese! I am the best character on the show! I am better than both the salami and the bologna COMBINED!</quote> ... Copied to Clipboard!
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