Question

Yosifa is single. She timely filed her 2023 tax return and received a direct deposit of $4,850. Two months later, she received a check in the mail from the IRS in the amount of $4,850. Yosifa decided to deposit the check into her account. Six months later, she received a letter from the IRS requesting that she return the check that was mailed in error. The letter stated that Yosifa was being assessed a penalty for failing to return the refund. What type of penalty will be imposed on Yosifa, and what is the amount of penalty that Yosifa will pay? a) Accuracy-related penalty - $1,940 b) Late filing penalty - $1,121.50 c) Tax fraud - $3,637.50 d) Excessive claim for refund - $970

          Yosifa is single. She timely filed her 2023 tax return and received a direct deposit of $4,850. Two months later, she received a check in the mail from the IRS in the amount of $4,850. Yosifa decided to deposit the check into her account. Six months later, she received a letter from the IRS requesting that she return the check that was mailed in error. The letter stated that Yosifa was being assessed a penalty for failing to return the refund. What type of penalty will be imposed on Yosifa, and what is the amount of penalty that Yosifa will pay?
a)     Accuracy-related penalty - $1,940
b)     Late filing penalty - $1,121.50
c)     Tax fraud - $3,637.50
d)     Excessive claim for refund - $970

Added by Jose H.

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