I recently received notification from the IRS that we owe tax on unreported interest from inherited, redeemed HH bonds. We never received a 1099 INT and we were not aware of the taxable interest. We had been advised by the Department of Public Debt that we would receive face value of the bonds but were not told that a portion of the face value was deferred interest. This was in reference to our 2011 federal tax return. I have no dispute with paying the tax due, but do want to dispute the penalty and interest that has come to a considerable amount due to the time that has elapsed before I was notified. If there is a way to do this, how do I pursue it?
- posted
10 years ago