So I received my letter informing me that my severance pay in 2004 should not have been taxed under the Combat Injured Tax Fairness Act. They listed my severance pay amount, $42,500 and change, and listed the instructions on what I needed to do.
Like many others I do not have my 2004 tax return. I know how much money I made that year and how much was taken out in taxes for that entire year, however, I do not have any information on how much that actual severance pay was taxed. They have instructions on there that state if you do not have your tax returns you can use a standard deduction of $1750 (for that time period). I know I had close to $7000 in taxes taken out, because I remember how shocked I was haha. Anyway, if I don't have my taxes and I used that deduction instead, will I be losing my tail on this? Is it worth me trying to contact the IRS and wait several months in order to get the exact numbers or should I just move forward with this?
Like many others I do not have my 2004 tax return. I know how much money I made that year and how much was taken out in taxes for that entire year, however, I do not have any information on how much that actual severance pay was taxed. They have instructions on there that state if you do not have your tax returns you can use a standard deduction of $1750 (for that time period). I know I had close to $7000 in taxes taken out, because I remember how shocked I was haha. Anyway, if I don't have my taxes and I used that deduction instead, will I be losing my tail on this? Is it worth me trying to contact the IRS and wait several months in order to get the exact numbers or should I just move forward with this?