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IRS CP2000 notice -- Advice On Crafting Response?

roninmedia 110 26 September 29, 2015 at 06:45 AM
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I received a CP2000 notice from the IRS stating that their computers found an error with my 2013 return. The CP2000 says my tax preparer mistakenly claimed the American Opportunity Tax Credit for me. I was not eligible because I was in grad school.

However, my low income for the year ($30,204, AGI of $27,704 due to deducting student loan interest) and the fact that I did have $16,122.07 billed for tuition less $8,003.53 in scholarships and grants led me to file an amended tax return to claim the lifetime learning credit instead. I also dug up my 2013 Form 5498 to claim the Saver's benefit.
  • Removed the American Opportunity Tax Credit
  • Received the Lifetime Learning Credit
  • Received a $200 Saver's Credit

I went from owing a principal of $2,500 +$112 in interest to $676 + interest. My 1040X is completed but has not yet been mailed.
  1. What documentation should I include besides my 1040X, 1098-T and 5498?
  2. Do I pay now what I believed to be what I owe with the 1040X + interest or do I await an IRS response?

3 Comments

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#2
File the amendment with payment on just the $676 and let the IRS compute the penalties and interest. Include a copy of your original tax return with the 1040x with some kind of wording on it that says as originally filed or whatever.
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#3
Additionally, if your tax preparer is worth anything, they have insurance for mistakes that are their fault and should cover any interest and penalties for you.
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#4
Quote from a504boi View Post :
File the amendment with payment on just the $676 and let the IRS compute the penalties and interest. Include a copy of your original tax return with the 1040x with some kind of wording on it that says as originally filed or whatever.
Why include the original?
1 they have it
2 you put the info from it on the 1040x
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