The Costly 401(k) Mistake Retirees Make When Paying IRS Bills And Why It Backfires

Source: International Business Times

Tax debt in retirement could derail your household finances. Receiving a tax notice from the Internal Revenue Service (IRS) can be stressful for retirees, especially amid rising living costs, inflation, and risks to the continuity of Social Security benefits. At a time when millions of Americans rely on Social Security to simply get by, receiving a CP2000 notice from the IRS over a mismatch between tax returns and income reported by third parties could quickly become a financial strain.