L1: irs audit
hello, I just recieved a IRS mail audit for a 72t I started back in 2007. The audit is just for the year 2009. They sent me a bill for the 10% penalty along with a negligence charge of 20%. I believe it is because my 1099 form with T-Rowe price lists it
as a premature distribution since I started this when I was only 52. My question is whatdocumentation should I send in to show the IRS that I have set up a 72t. I have the worksheet which was set up correctly. I sent in this form along with my tax return
back in 2009. thanks
2011-10-27 20:29, By: ollie, IP: [220.127.116.11]
L2: irs audit
Did you file IRS Form 5329 with your tax returns to claim the exemption?
You can find the instructions for form 5329 here…http://www.irs.gov/pub/irs-pdf/i5329.pdfand the form for 2010 here…http://www.irs.gov/pub/irs-pdf/f5329.pdf
2011-10-27 20:59, By: Gfw, IP: [18.104.22.168]
L3: irs audit
No, I sent in the letter I submitted to T-Rowe to start the 72t and my worksheet to calculate my distribution. Iam going to send the IRS a 5329 and hope they accept it and not charge me the 10% penalty, late fees and accuracy fee, thanks
2011-10-28 23:06, By: ollie, IP: [22.214.171.124]
L4: irs audit
Go back and look at your 1099s for all past years and see if they were coded with a ‘2’ – if not, you should have filed a 5329 to claim the exemption where not coded with a ‘2’.
Make sure that you read the instructions or get professional help – for 2009, you need the 2009 5329 form.
2011-10-28 23:48, By: Gfw, IP: [126.96.36.199]