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So I got a letter from the IRS this past week. I figured it was about a little penalty for being slow with my estimated taxes or something (I'm kinda self-employed, so I pay quarterly taxes...sometimes). Instead, it was about my 2004 taxes. There was a discrepancy, they said, between the income I reported and the 1099s they received from "my" clients. There were about a dozen of them, totalling just under half a million dollars.
I reinstalled TurboTax 2004, pulled up my return, and quickly found the problem: there is a box that says something like 'Employee Identification Number, if any'. I entered my boss's EIN, not realizing that the box was for my EIN (which I don't have). So now the IRS thinks *I* own Progressive Engineering, and didn't report that half a million in income that they are questioning me about.
Its a pretty simple error (and may exist on my 2005 return - I'll have to check that too), but we'll see if the IRS can straighten it out easily...
I reinstalled TurboTax 2004, pulled up my return, and quickly found the problem: there is a box that says something like 'Employee Identification Number, if any'. I entered my boss's EIN, not realizing that the box was for my EIN (which I don't have). So now the IRS thinks *I* own Progressive Engineering, and didn't report that half a million in income that they are questioning me about.
Its a pretty simple error (and may exist on my 2005 return - I'll have to check that too), but we'll see if the IRS can straighten it out easily...