For those of you who've paid income taxes in the US for *at least 5 years*: Have you ever had your personal taxes audited?
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Replying to @devonzuegel
Base rate here should be about 1% in out social circles, very inevenly distributed. (Being audited once with a material deficiency causes likelihood of further audits; combination of high dollar amounts and complicated situations makes one more likely to get it in any year.)
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Replying to @patio11 @devonzuegel
In 15 years of often *extremely* complicated returns (far above the dollar amounts) the worst thing I ever got was an automated ding by the IRS for about $20 in underreported income causing a $4 tax deficiency and $4 penalty. I never figured out what their actual issue was.
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Replying to @patio11 @devonzuegel
When you say extremely complicated returns, do you mean in terms of $ involved or in terms of deductions claimed, number of forms filed etc?
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Replying to @Kakashi_fandom @devonzuegel
A W-2 employee with salary of $20 million and public equities has an extremely simple return. A US citizen residing abroad who is self-employed, controls a foreign pass-through entity, and owns shares in a Passive Foreign Investment Corporation (i.e. mutual fund) has complexity.
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As an example: my tax return, when my income was ~$40k, was ~double the length and complexity of that of most US presidential candidates, and would be triple its own length if I had their accountants (and was therefore being extremely fastidious about papertrailing edge cases).
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