IamThunderbolt
Well-known member
Hey All
We just received a form CP2000 from the IRS for underreporting taxes in 2021 - it has to do with a fund my wife inherited when her dad passed that has been being converted from an inherited IRA to just a general account through minimum annual disbursements, and is still managed by her dad's financial advisor - we've been really hands-off. In 2021 the fund got to the level that required a 1099-B, which I missed on my tax filings.
We're getting a disbursement to cover the taxes owed, but does anyone have any experience or tips in asking for relief for the penalty or interest accrued?
We just received a form CP2000 from the IRS for underreporting taxes in 2021 - it has to do with a fund my wife inherited when her dad passed that has been being converted from an inherited IRA to just a general account through minimum annual disbursements, and is still managed by her dad's financial advisor - we've been really hands-off. In 2021 the fund got to the level that required a 1099-B, which I missed on my tax filings.
We're getting a disbursement to cover the taxes owed, but does anyone have any experience or tips in asking for relief for the penalty or interest accrued?