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Rec'd letter from IRS on "09 tax error. Either I or TT entered SS Medicare premiums one the wrong line and deducted the premiums as tax witheld. Should I file an amended return as I'm assuming the Medicare B Premiums are a medical deduction?

Yes, you'll need to amend your return to get credit for the Medicare premium deduction on Schedule A. (I'm assuming you had medical expenses in excess of 7.5% of AGI.)

The IRS letter asks for the amount I entered in the wrong box plus a penalty.

"Penalty" is a term of art in this matter. Is it a penalty or is it interest? If it's a penalty, what does the letter say it's for?

Don't race to get that amended return in the mail. Maybe one of the pros knows exactly how the paperwork should flow in a case like this.

Rule Your Retirement Home Fool
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