IRS: OH SH!T

[Aerovette]

Just did my taxes and owe more than $5k.

Fan-fuggin-tastic. That's only about $8k more than I have.

[Der Flieger]

Aero: How did you manage that? Holy Crap!

[Aerovette]

Originally Posted by Der Flieger

Aero: How did you manage that? Holy Crap!

Well, in my previous job I paid a monster amount of taxes and my wife paid the minimum because she had the 401 deduction and I didn't. So my tax always covered her shortage and we'd get a couple hundred bucks back. Now with my new job and lower pay...and her having moved out, we are both paying in the minimum and now it has bitten us hard.

Holy crap. This is really bad news. Thankfully I have a credit card that I'll have to put it on.

[Olustee bus]

Sorry to hear that. See if you can get installment payments. that may be better than a card which could get you really screwed up.

[Kerrmudgeon]

One of the worst parts of a breakup.....the aftermath of crap like this and having to get together to work it out.

[Milton Fox]

You could still fill jointly for 2016, but she is willing?

[VITE1]

That sucks.

[04 commemorative]

Well at least you have it to give them.....better than not having it I suppose.

[simpleman68]

Originally Posted by aerovette

That's only about $8k more than I have.

Sorry to hear the news Jeff. Of course it could have come at a time when you were out of work. That would be at least a 9 on the suck factor scale.
Scott

[StaticCling]

Can you write anything off? Every little bit helps? I am thankful to have a great Accountant, but you don't even want to see our tax bill(s).

[marrepka]

Originally Posted by Olustee bus

Sorry to hear that. See if you can get installment payments. that may be better than a card which could get you really screwed up.

This... Don't use the credit card, call them and work out a installment plan. It will save you money in the long run.

[Chuck A]

that royally sucks and yes i also always pay out 5k or more, but i just recently changed my deductions so hopefully they wont beat me up as they usually do

[vtelvr]

Trust me..do NOT put tax money on your credit cards!! The interest rate itself would be reason enough! However, the IRS worked out a deal with my wife and I after we had a rather sizable liability a few years ago. We had both changed jobs and apparently messed up on our deduction amounts, and we owed a few thousand dollars.

It took a couple years, but I paid it at my leisure(Meaning you can compromise with them on the amount/month) with very little interest paid, especially considering the interest rates of most credit cards. Just make sure that you agree to a payment that you can make 100% every month....and DO NOT BE LATE! You will likely have to pay the remainder of the balance at one time if so.

[Chuck A]

Originally Posted by vtelvr

Trust me..do NOT put tax money on your credit cards!! The interest rate itself would be reason enough! However, the IRS worked out a deal with my wife and I after we had a rather sizable liability a few years ago. We had both changed jobs and apparently messed up on our deduction amounts, and we owed a few thousand dollars.

It took a couple years, but I paid it at my leisure(Meaning you can compromise with them on the amount/month) with very little interest paid, especially considering the interest rates of most credit cards. Just make sure that you agree to a payment that you can make 100% every month....and DO NOT BE LATE! You will likely have to pay the remainder of the balance at one time if so.

did it mess up your credit score?

[vtelvr]

Originally Posted by Chuck A

did it mess up your credit score?

If you don't pay the agreed upon amount at the specified time, I'm positive it would. Fortunately, we met our end, and they held up their end. No issues.

Remember, they WILL garnish your wages as they see fit if you don't pay as agreed.

[Aerovette]

Originally Posted by vtelvr

Trust me..do NOT put tax money on your credit cards!! The interest rate itself would be reason enough! However, the IRS worked out a deal with my wife and I after we had a rather sizable liability a few years ago. We had both changed jobs and apparently messed up on our deduction amounts, and we owed a few thousand dollars.

It took a couple years, but I paid it at my leisure(Meaning you can compromise with them on the amount/month) with very little interest paid, especially considering the interest rates of most credit cards. Just make sure that you agree to a payment that you can make 100% every month....and DO NOT BE LATE! You will likely have to pay the remainder of the balance at one time if so.

No way I want this hanging over me for over a year. I have a plan that will only cost 2% and will have it paid by the end of the year. I can do a balance transfer after the IRS is paid and that will be at zero interest and a 2% fee for the transfer.

[Stangkiller]

Originally Posted by Waco

Ours was similar this year, but thankfully we were able to pay. A payment plan is DEFINITELY the way to go, it saved our asses in the past as well.

looks like Im in a similar boat too

Guess I don't get my pergola after all

[DAB]

aww man....my potential rich clientele is drying up before my eyes.

bummer on all the tax problems....

your tax return: the most important math problem you'll do all year. get it right and stay out of jail!