Solved
I got a letter from IRS that my 2020 return is being reviewed.and what does that mean.Is it an audit ? or anything else
Should I await a decision by IRS?
The letter you received was an automated notice, and is not an audit - all you can do is wait for the IRS to complete its review. They may very well finish your return and send a refund without contacting you again. Or, they may write asking for additional information..
When the IRS officially places your return under review, you will receive a CP05 notice, and the processing of your refund will be delayed until the review is complete. According to the IRS website, a number of distinct factors can trigger the review, including the need to verify the following entries on your return:
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Income is not overstated or understated.
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Tax withholding amounts are correct.
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You have the right to claim the tax credits on your return.
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Social Security benefits withholding amounts are correct.
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Household help is accurately reported.
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Schedule C income is not overstated or understated.
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