Just realized I may have mischaracterized a 401k conversion

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I was talking with my friends (who did the same) about tax returns and just realized I marked a 401k to Roth IRA conversion as a traditional IRA on TurboTax last month hence my larger tax return.

I used HR Block early today to compare and it was significantly lower and also notified me as to where I may have made my error on TurboTax.

Questions:

Will I get audited? And is there a penalty? If so how can I get ahead of it to avoid it or reducing paying whatever penalties.

FYI I went from getting about $2,000 Fed and $1,200 state to now owing $300 state and receiving $600 state.

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bsoxfan1988

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Posted: 3 years ago
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