I am a bit puzzled why the California FTB sent me a letter saying I had $700 other income from last year‘s taxes. Wondering why the notice didn’t come from the IRS and why they don’t just ask for the amount they need. I can’t find any difference than what I filed last year. I’d rather just pay and be done with it.
I filed my tax return a little bit ago, and received a refund from the IRS and California. Now evidently I'm going to get a letter from the franchise tax board of california. What might that be- cause for concern?
I received a letter from the California FTB about my 2021 tax returns indicating that I claimed itemized deductions "significantly higher than what would be expected." The letter said to "review the itemized deductions you claimed for 2021" and included instructions for filing an amended return.
So I reviewed the deductions, and they are correct (there is a long explanation... I had a windfall and funded a donor-advised fund with appreciated stock that year). Do I need to do anything? The letter doesn't include any request for response unless I'm submitting an amended return.
I'm also curious if I'm being audited, or if this is just a form letter they send automatically if you meet some criteria.
I received a notice of balance due from the California Franchise Tax Board for $1,645. $1,505 as the prepayment tax assessment and $140 for underpayment penalties.
However, I paid the $1,505 back in February. I have the confirmation number. I've been trying to call the FTB but have been unable to connect with anyone for the past 3 days.
Should I make the $140 payment online and just forget about it? The payment is due on 5/29. I requested to open an account but am waiting on a pin number that will arrive via mail after this date so I can see my payment history online.
This is the first year I've had to file with California as an S-Corp so I'm new to all this.
Any help would be greatly appreciated!