How to Get Letter 6475: A Comprehensive Guide
Letter 6475, also known as the Notice of Underreported Income, is a document issued by the Internal Revenue Service (IRS) to taxpayers who have underreported their income on their tax returns. This letter serves as a notification that the IRS has identified discrepancies in the reported income and requires the taxpayer to correct the error. In this article, we will provide a comprehensive guide on how to get letter 6475 and what steps to take to resolve the issue.
1. Understanding Letter 6475
Before we delve into the process of obtaining letter 6475, it is crucial to understand the purpose and implications of this letter. Letter 6475 is typically sent to taxpayers who have failed to report all their income, such as interest, dividends, or self-employment income. The IRS uses this letter to notify the taxpayer of the underreported income and requests the necessary information to correct the mistake.
2. Identifying the Underreported Income
The first step in obtaining letter 6475 is to identify the underreported income. Review your tax return and compare it with your financial records to ensure that all income sources have been reported accurately. If you find any discrepancies, make a note of them for further investigation.
3. Contacting the IRS
Once you have identified the underreported income, contact the IRS to request letter 6475. You can do this by calling the IRS at 1-800-829-1040 or by visiting the IRS website and using the “Get Transcript of Tax Return” tool. When contacting the IRS, be prepared to provide your Social Security number, filing status, and the tax year in question.
4. Receiving Letter 6475
After contacting the IRS, you should receive letter 6475 within a few weeks. This letter will detail the underreported income and provide instructions on how to correct the error. It is essential to review the letter carefully and follow the instructions provided by the IRS.
5. Correcting the Underreported Income
Upon receiving letter 6475, you will need to correct the underreported income. This may involve filing an amended tax return or paying additional taxes and penalties. To correct the error, follow these steps:
- Amend your tax return: If you have not yet filed your tax return for the year in question, you can file an amended return using Form 1040X. Attach a copy of the letter 6475 and any supporting documentation to the amended return.
- Pay additional taxes and penalties: If you have already filed your tax return, you will need to pay the additional taxes and penalties associated with the underreported income. You can do this by sending a check or money order to the IRS or by using the online payment system.
- Request an installment agreement: If you are unable to pay the full amount owed, you can request an installment agreement from the IRS. This will allow you to pay the balance over time.
6. Keeping Records
It is crucial to keep records of all correspondence with the IRS, including letter 6475 and any other documents related to the underreported income. These records will be essential if you need to provide proof of the correction or if the IRS requests additional information.
In conclusion, obtaining letter 6475 and correcting the underreported income is an important step in ensuring compliance with tax regulations. By following the steps outlined in this article, you can navigate the process and resolve any discrepancies with the IRS. Remember to keep detailed records and seek professional advice if needed.
