My husband and I filed our own taxes in 2017 using freetaxusa.com and we owed about $3k, which we paid.
We had more complicated taxes in 2018 so we hired a CPA this year. He was kind enough to glance over our 2017 return and noticed we missed a deduction. So in addition to filing our 2018 return, he also submitted an amended return for 2017 and we got back $1k from the IRS.
Today we got a letter from the IRS saying we now owe $12k for 2017 for income earned on some shares sold of my husband’s RSUs, which were managed by Charles Schwab.
I looked over our 2017 return again and somehow we forgot to report the stock sales. However, the annual statement from Charles Schwab DOES SHOW that we paid taxes on them (via Charles Schwab I guess?). At least, the form has a table that says “reportable income” and “tax paid” that is the amount we now owe (give or take a few bucks).
My question is this: If the IRS got paperwork from Charles Schwab saying we had reportable income, why would the same paperwork not also include the amount we prepaid in taxes? So even if we messed up and forgot to account for either when we filed our return, it should have been a wash, right? The IRS should have seen that we already paid?
The money is due on 10/9 and I’m not sure how to sort this out. I plan to call our CPA on Monday when they open.
Thanks.
Submitted September 20, 2019 at 11:10PM by ladysmcd https://ift.tt/2OaGnWN
