Cat in OH Posted April 10, 2008 Report Share Posted April 10, 2008 Client got a CP12 notice that the IRS "changed the amount of taxable social securtiy benefits because there was an error in the computation...". Result was additional refund. From the little bit of info in the notice, it seems that in calculating the taxable SS benefits, the IRS did not add back qualified US savings bond interest from form 8815 (interest wasn't t'ble because bonds were used for college tuition for son). This decreased the t'ble SS by $1530 and increased the refund $227. Client has already received the full refund...they were efiled and the original deposit was for the larger amount. My question is, what happens if the IRS realizes that THEY are wrong? Will (Can) they ask for the additional refund back? Thanks! Cathy Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 10, 2008 Report Share Posted April 10, 2008 If they realize they are wrong, they will correct their mistake with another letter. If the boss is wrong, he commands again, we say in Spanish. They will want part of the refund back and they will try to get interest. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.