index page

Owing the IRS

Date: Thu, 04/01/2010 - 19:02
Submitted by on Thu, 04/01/2010 - 19:02
Posts: 202330
Credits:
[Donate]

Hi everyone. I owe the IRS $6K from last year and will owe even more this year (I sold the balance of my assets and the tax is all capital gains). I have been unemployed for 18 months in the past two years and had no way of paying the IRS. I try not to think about this bill (there are so many others). Do I need to disclose on this year's tax return that I owe for last year? How scared should I be?


I am in your shoes and please do not be scared. They have been the easiest to work with Especially you are unemployed. If you can afford a payment plan, they will set you up with an affordable monthly payment. I owe more than you, and mine was $107.00 a month. But then my husband lost his job and they put me in touch with the IRS Taxpayers Advocate's office @ 866-701-1789 and they have been a blessing. They worked it out so the balance I owed was currently not collectable. I figure I will be in a nursing home by the time I pay it off, but it relieves the stress. Let me know what you find out. Good luck


Submitted by on Fri, 04/02/2010 - 05:40

( Posts: 202330 | Credits: )


Hi,
The IRS is not a pleasant creditor.The "failure to pay"might incur penalty and interest . When you receive your first letter, you may tell them that it would be difficult for you to make the payments and request that they send you a copy of Form "433-A, 433-B, or 433-F" (financial information statements). Possibly you can work out an installment agreement and enter into small repayment plans to relieve your stress!!!!!!!


Submitted by Rebecca Miller on Wed, 05/12/2010 - 10:19

Rebecca Miller

( Posts: 131 | Credits: )