SEP IRA

Question: IRS Shorted My Refund… Does Anyone Have Experience With This?

I filed my 2010 tax return in March. I was owed a refund of about $7,400 but I received a direct deposit refund of $6,500. I called my accountant and inquired about the shortage. He said he would call the IRS in week, after tax season. In the meantime, I got a letter from the IRS saying they with held a portion of my refund because they “had questions about some of the items on my return.” They did not say specifically what they questioned but they would send me a letter in approximately 3 weeks with more information.

I am at a loss as to what they question? My return is primarily based on W-2 income, a non-deductible IRA, a SIMPLE IRA, some interest income, and not much else.

Does anyone have any experience with a similar letter from the IRS?
My gross W-2 income was $211,000 and the only deductions were mortgage ($35k), capital gains loss carry over ($3k), personal exemption ($3212 reduced from $3650 due to phase out)

Answer: The big return doesn’t surprise me – you make 6-figures and claim 0…

It sounds like maybe you forgot to include a transaction or something. You say you don’t have much unique, so just wait until you get the info back from the IRS.

I had something similiar a few years ago and the info I got from the IRS was very understandable.

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