Interest Charges Dear Mrs… Black: Thank you for your phone call in regards to your concern about the interest penalties and charges from the IRS regarding the bonds you cashed in last April during tax time. I write you this letter to inform you that I am unable to pay these fines, as explained in this letter. Last April, you called and kindly asked if rolling funds over room one retirement fund to another Is considered a tax event.
When doing this type of transaction, if done within 60 days, Is not considered a tax event. When these funds are drawn to supplement retirement income, taxes are paid on the portion representing interest earned. On the contrary, bonds are not the same type of transaction as retirement accounts In terms of Interest paid during tax time. Unfortunately, the IRS requires that taxes be paid on interest made and/or capital main the April following cashing In these bonds.
The $1 ,309. 72 In taxes and penalties you are receiving are from cashing In the bonds we spoke of last year. I am not In a position where I am liable for these charges, and apologize for any confusion from our talk last year. I value you as my client, and strive for the best relationship possible. If I can be of any help In communication with the IRS, or If you have any questions before or during next tax season, please do not hesitate to call me. Sincerely, Alyssa Hill
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