Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 15, 2019 18:16:17 GMT -5
I'm not sure how this happened, but I feel like I am in deep doodoo...... Will work out a payment plan, but man, I feel a bit gutted! Knowing the IRS has my phone, and they intend to use it.....soon.
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giramomma
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Post by giramomma on Apr 15, 2019 18:31:51 GMT -5
I'm sorry. You could borrow a couple of my kids.. Not like I don't have any to spare. That would cut your tax bill in half...
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NoNamePerson
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Is There Anybody OUT There?
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Post by NoNamePerson on Apr 15, 2019 18:34:36 GMT -5
Can you get a second opinion
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Deleted
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Post by Deleted on Apr 15, 2019 18:50:36 GMT -5
How were you sitting last year? Did you do a line by line to see what the change was? Want me to redo them for you?
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Deleted
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Post by Deleted on Apr 15, 2019 19:33:08 GMT -5
Holy Moly and more! What were the triggers (more income, fewer deductions, both.....)? That sucks
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 15, 2019 19:44:38 GMT -5
Holy Moly and more! What were the triggers (more income, fewer deductions, both.....)? That sucks yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc.
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weltschmerz
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Post by weltschmerz on Apr 15, 2019 19:52:02 GMT -5
Holy Moly and more! What were the triggers (more income, fewer deductions, both.....)? That sucks yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. Yeah, I got hit pretty badly, too. Big vacation payout, money back from union dues and they didn't tax at the source. I even called Revenue Quebec and asked them...."Are you taking taxes off before sending me the pension cheque?" They said yes. They didn't.
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CCL
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Post by CCL on Apr 15, 2019 19:53:08 GMT -5
You never filed for 2017? You didn't owe anything did you? I'd probably take out a loan or something just to be done with it.
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Deleted
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Post by Deleted on Apr 15, 2019 19:53:20 GMT -5
Holy Moly and more! What were the triggers (more income, fewer deductions, both.....)? That sucks yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. I was going to say, as long as you paid in as much as you owed last year, you met the safe harbor and there won't be any penalties for owing so much, but you didn't file at all last year? Did they owe you?
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oped
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Post by oped on Apr 15, 2019 20:01:39 GMT -5
Yeah, they honestly care less about you paying on time than they do about you filing on time. The filing percentages are much higher than the payment percentages. Sorry.
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haapai
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Post by haapai on Apr 15, 2019 20:07:26 GMT -5
I sympathize. Or maybe I emphasize. Whatever those two words mean, you could be me. - I shoved my paper tax returns through a brass slot at about 12:30 this afternoon. I deliberately ignored any messages that might be around regarding pickup and processing times because I was both fed up and had absolutely no time to ferry mail to a Post Office that had a later pickup.
- Prior experience has taught me that the world absolutely stinks at telling non-traditional folks, or even trad folks who have experienced a big change in income, or just folks who have a change in filing status, what they are in for regarding their federal income tax obligations. It is insanely easy to get accustomed to a marginal tax rate and tax base that leads to a whole lot of inexact thinking that bites hard once you leave your former range.
- I hated the new 1040 plus schedules. The new format obliterated my confidence. In prior years, I would have a basic idea of my under- or over-payment established by the end of January. This year, I had no such sense of where I stood.
Luckily for me, my income et al were pretty much the same last year as the prior year, so I didn't get pantsed . If there had there been any big changes, or if I had passed any inflection points,well, I might just know a bit more about tax payment plans than I knew yesterday.
Even when you have previously experienced big swings in taxable income and marginal tax rates, it ain't uncommon to be surprised when you actually file.
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NoNamePerson
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Post by NoNamePerson on Apr 15, 2019 20:32:49 GMT -5
Holy Moly and more! What were the triggers (more income, fewer deductions, both.....)? That sucks yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. I could be wrong but I don't think the IRS calls anyone. Mail only? So don't be taking phone calls. I had to do payments once and think there was a form to fill out. Mine wasn't that much but had been laid off and told them I had a choice - pay rent or them. Long long ago though. They set it up where I had it paid off by next filing date. Got a job and paid it off real early. I agree with person who sai get a loan and be done since hefty amount. Good luck either way.
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CCL
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Post by CCL on Apr 15, 2019 20:33:17 GMT -5
I guess I'm different. I take a look at my tax situation every 3 or 4 months just to be sure I'm on track.
I had to pay several thousand extra this year, but I expected it, due to Roth conversions. I made sure I had a bit more withheld than what my tax was for 2017, so I wouldn't be penalized.
Good luck with everything going forward. I did get audited by mail a couple years ago and the IRS was no problem to work with, in my situation, at least. A lot of correspondence back and forth, but they weren't big and scary like everyone told me they were.
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andi9899
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Post by andi9899 on Apr 15, 2019 20:49:04 GMT -5
I'll stop bitching about what I owe now.
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Deleted
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Post by Deleted on Apr 15, 2019 21:09:05 GMT -5
Holy Moly and more! What were the triggers (more income, fewer deductions, both.....)? That sucks yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. I don't think I would try to claim a clean record if you didn't file 2017. I didn't enjoy my recent experience with the IRS, and I was in the right. They weren't recognizing a recharacterization of a Roth conversion.
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tskeeter
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Post by tskeeter on Apr 16, 2019 0:27:56 GMT -5
I'll stop bitching about what I owe now. Why do that? Bitching about the IRS is a well recognized recreational activity and social lubricant. It’s almost as much fun as bitching about the nursing home food because the slice of cheddar cheese wasn’t placed properly on your apple pie.
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TheHaitian
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Post by TheHaitian on Apr 16, 2019 1:46:56 GMT -5
I need to show my wife this thread... she is still complaining because we had to send $502 to the state and $1,502 to the Feds.
May go down or up after we are done with the S-Corp (hope down). Too broke to owe more...
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Cookies Galore
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Post by Cookies Galore on Apr 16, 2019 5:20:08 GMT -5
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bookkeeper
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Post by bookkeeper on Apr 16, 2019 7:33:19 GMT -5
I guess I'm different. I take a look at my tax situation every 3 or 4 months just to be sure I'm on track. I had to pay several thousand extra this year, but I expected it, due to Roth conversions. I made sure I had a bit more withheld than what my tax was for 2017, so I wouldn't be penalized. Good luck with everything going forward. I did get audited by mail a couple years ago and the IRS was no problem to work with, in my situation, at least. A lot of correspondence back and forth, but they weren't big and scary like everyone told me they were. The federal tax forms have been available online for over two months. The proposed forms were available much before that. The federal tax deadline is April 15 every year. Two things in life that are a constant, death and taxes. You can take charge and be in the driver's seat about your tax liability or you can let the IRS take you for a ride. I prefer to be pro active and calculate my tax liability throughout the year with special attention paid to year end. When DH and I were working we went over the tax liability at the same time we made coming year payroll elections for 401k, Credit Union savings, and IRA's. Plan your work and work the plan.
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Deleted
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Post by Deleted on Apr 16, 2019 8:33:14 GMT -5
You can take charge and be in the driver's seat about your tax liability or you can let the IRS take you for a ride. I prefer to be pro active and calculate my tax liability throughout the year with special attention paid to year end. Well, with a screen name of "bookkeeper", I'd expect that. Not everyone is numbers-oriented and not everything is predictable. Last year, in addition to the usual capital gain distributions from mutual funds, some of which occur in December (although you can get estimates earlier), there were the tax law changes. Forms weren't available for quite awhile and, as I discovered when trying to wade through them, the interaction among forms can get VERY messy when long-term capital gains and dividends are included. I spent hours on this and did come up with a decent ballpark estimate but I'm very good at Excel and I'm quantitative anyway. And the $10K SALT limitation which has hit so many people so hard was a last-minute surprise. Between Federal and State due, plus Q1 Federal and State installments, I also sent out $7K worth of checks, despite having paid the Quarterly Estimates calculated by TurboTax for 2018, and I'm not even affected by the SALT limitation.
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alabamagal
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Post by alabamagal on Apr 16, 2019 8:54:48 GMT -5
We had some experiences owing the IRS money and working out payment plans back when we were struggling with owning a business. There were no threatening phone calls, most documentation was via mail.
As long as you file - are you doing your 2027 filing also? - and agree to make regular payments and have the means to make payments and follow up and make the payments on time, it will be fine. Send in your filing maybe even with a form saying you cannot make payment, then wait a few weeks and call the IRS. Be prepared to be on hold for a while, but you can eventually talk to someone and set up a payment plan. Please stay in contact with them, other than long hold times we never had any problems with the people we worked with.
Setting up payment plan with IRS should have lower interest rates than most credit cards, and does not show up in credit reports as long as you make payments.
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bean29
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Post by bean29 on Apr 16, 2019 9:28:44 GMT -5
Holy Moly and more! What were the triggers (more income, fewer deductions, both.....)? That sucks yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. I just e-filed DD's 2017 State when I did her 2018. I was missing a W-2 to mail it, and I was thinking there was something else I was going to fix. Well at about 11:30 pm on Sunday Night, as I am filling out the state return on line...I got to the state property tax credit (which renters are also eligible for), that's probably what I had to fix! I had to run downstairs and look at all her leases (she lived in 3 different apartments in 2017), but the renter's credit increased her refund from $68 to $109. I hadn't e-filed it b/c TurboTax wanted $35 for the state e-file (you get 5 free Federal e-files, but you have to pay for the state). You can go on the state website and e-file for free, but it is a little extra work. 2017 had been hanging around b/c it was not a lot of $$, and I needed a W-2 and a signature on the form. Had I realized I could e-file online for free and just type the info in, I would have done it a long time ago. I had downloaded the W-2 to TT and did not have the actual W-2 to mail it in.
I owed more than you, but I am on extension. I am missing a 1099. Story of my life. Also, I need to get some Credit Card Statements from DH. I went to the bank and drew on my line of credit. I think they will give you a year on a payment plan, as long as you are under $10,000.
I was really owning a lot, but I was looking at my return, and I could not figure out why I was getting a credit for my rental properties buy not for DH's business. When I went to Help and asked how to get TT to indicate QBI for his business, it came up that there were bugs in the "early" version of the program. Turbo Tax updates every time you log in, so , but I got instructions from other users how to override the program, and get it to work. You get a credit for 20% of your business income, but you have to figure self employment tax on 100% of your income. It phases out our rolls back if you are over a certain amount of income, but we were still below that point.
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bean29
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Post by bean29 on Apr 16, 2019 9:32:44 GMT -5
I guess I'm different. I take a look at my tax situation every 3 or 4 months just to be sure I'm on track. I had to pay several thousand extra this year, but I expected it, due to Roth conversions. I made sure I had a bit more withheld than what my tax was for 2017, so I wouldn't be penalized. Good luck with everything going forward. I did get audited by mail a couple years ago and the IRS was no problem to work with, in my situation, at least. A lot of correspondence back and forth, but they weren't big and scary like everyone told me they were. The federal tax forms have been available online for over two months. The proposed forms were available much before that. The federal tax deadline is April 15 every year. Two things in life that are a constant, death and taxes. You can take charge and be in the driver's seat about your tax liability or you can let the IRS take you for a ride. I prefer to be pro active and calculate my tax liability throughout the year with special attention paid to year end. When DH and I were working we went over the tax liability at the same time we made coming year payroll elections for 401k, Credit Union savings, and IRA's. Plan your work and work the plan. Snark
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TheOtherMe
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Post by TheOtherMe on Apr 16, 2019 9:33:40 GMT -5
Holy Moly and more! What were the triggers (more income, fewer deductions, both.....)? That sucks yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. If 2017 has not been filed, you do not have a clean record with the IRS. That needs to be filed ASAP and I hope you didn't owe. The penalties for a delinquent return with a balance due gets steeper over time. It makes the non payment much worse. It was my understanding now the IRS generally contacts you by mail. The correspondence with have a number you can call. Yes, if you owe for 2017 and 2018, you might want to consider a loan. In general, as long as you are respectful and truthful, IRS agents are the same. I have overheard Collections agents go off the deep end with people when people have not been truthful or start screaming at them from the get go.
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bean29
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Post by bean29 on Apr 16, 2019 9:36:47 GMT -5
Yeah, my itemized deductions were $30,000 last year. I did not pay my property taxes in full this year (I only paid $1,000) but even so I maxed the $10,000 limit. I ended up taking the Standard Deduction. The SALT limit affected us big time, we were only saved by the QBI reduction in income.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 16, 2019 10:18:34 GMT -5
How were you sitting last year? Did you do a line by line to see what the change was? Want me to redo them for you? lol, I would love that! I think I will take them to someone to check over because I do think they may be off - but I'm not sure that it will result in anything big - maybe I would even owe more? Turbo tax was terrible - worst year ever. I've been keeping with them due to all the historical data - but this year I wasted an hour trying to get to where you start in. they had some dumb elaborate welcome and it kept playing that over and over again whenever I tried to get to my prior year returns. Finally - it says you have to purchase plus to see prior years. Fine. But then I couldn't even pay for plus and see those! It submitted my returns without giving me a chance to view them, and when I went to down load a copy afterwards to inspect - it had to gall to ask me why. I had a big change in overall income, plus the different jobs, so my AGI was about 30k more than last year. I had thought that they would take a lot of taxes out of my vacation payout - and they did! But only about 10% of that was for federal taxes, and the vacation pay and the second job income combined put alot of money into the next tax bracket - but I didn't realize how that would affect things with losing a lot of deductions as well, and I never knew from one semester to the next if I was teaching so didn't make any adjustments for that, but ended up teaching all year - so - yeah - just a lot of things. I checked my current pay stub, and it looks like I am ok for 2019 (cuz I only have one job now anyway! So - pretty easy). I was kind of expecting that the taxes would be off and I might owe - but I did not expect this much! I was expecting the usual deductions, and didn't realize I would be over the limit for everything except mortgage and property taxes - that was a surprise.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 16, 2019 10:23:57 GMT -5
yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. If 2017 has not been filed, you do not have a clean record with the IRS. That needs to be filed ASAP and I hope you didn't owe. The penalties for a delinquent return with a balance due gets steeper over time. It makes the non payment much worse. It was my understanding now the IRS generally contacts you by mail. The correspondence with have a number you can call. Yes, if you owe for 2017 and 2018, you might want to consider a loan. In general, as long as you are respectful and truthful, IRS agents are the same. I have overheard Collections agents go off the deep end with people when people have not been truthful or start screaming at them from the get go. I just meant that I never owed any large sums - I didn't have a history of gaming my taxes to get a free loan from them. Never needed a payment plan. I've been late with the taxes probably about 4 years in the last 20 of filing, but they always owed me money, so they tend to not be too concerned about that part! This is the third time I am a year late on a return. Thank goodness I filed on time for this year! This would be the bad year for me to be negligent on that score!
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raeoflyte
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Post by raeoflyte on Apr 16, 2019 10:32:03 GMT -5
yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. If 2017 has not been filed, you do not have a clean record with the IRS. That needs to be filed ASAP and I hope you didn't owe. The penalties for a delinquent return with a balance due gets steeper over time. It makes the non payment much worse. It was my understanding now the IRS generally contacts you by mail. The correspondence with have a number you can call. Yes, if you owe for 2017 and 2018, you might want to consider a loan. In general, as long as you are respectful and truthful, IRS agents are the same. I have overheard Collections agents go off the deep end with people when people have not been truthful or start screaming at them from the get go. If they owe you money, they don't care if you ever file though?
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 16, 2019 10:37:28 GMT -5
yep - and multiple jobs and a job change, and a big back vacay payout from the first one, so confusing! And then - I crossed a threshold where I get no deductions or anything for college tuition (was paying 3 in 2018). Just the perfect storm I guess. I'm hoping a reasonable person calls me and not one wanting to throw their weight around and chastise me. I knew being this much in the red to the IRS is not good, and they are pissy about it. But it's never happened before, so I hope my clean record will count. But - I never filed 2017 , do all the other stuff going on, and now I couldn't do it efile, have it ready to mail out tomorrow - but worried that I will get the call on this before that gets there/processed, etc. I was going to say, as long as you paid in as much as you owed last year, you met the safe harbor and there won't be any penalties for owing so much, but you didn't file at all last year? Did they owe you? oooo - I didn't know about that! Yes, I paid in about the same or more! and they I'd typically get a 1 or more k back. Whew! Thank you for that piece of it! I am feeling relieved, and of course this morning a little over my initial shock and dismay. And - I'm probably really catastrophizing this in my head because 7k seems like a huge amount of money - but I've heard of people owing the IRS 25k and more at the end of a year (not anyone personally - you know, on the internet ) so I'm probably still relatively small potatoes to them and it will just be a cursory call and agreement on terms. I did sign up for auto-deduction for the payment - which usually appeases creditors! According to the 2017 return I mailed today, they owe me over 2k from 2017, so that will go to a big chunk of this. Then I think I am ok to pay off over the next 6 months. But - a total buzzkill for sure.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 16, 2019 10:39:54 GMT -5
If 2017 has not been filed, you do not have a clean record with the IRS. That needs to be filed ASAP and I hope you didn't owe. The penalties for a delinquent return with a balance due gets steeper over time. It makes the non payment much worse. It was my understanding now the IRS generally contacts you by mail. The correspondence with have a number you can call. Yes, if you owe for 2017 and 2018, you might want to consider a loan. In general, as long as you are respectful and truthful, IRS agents are the same. I have overheard Collections agents go off the deep end with people when people have not been truthful or start screaming at them from the get go. If they owe you money, they don't care if you ever file though? there are no fees or penalties if you don't owe them money. Leastwise, wasn't ever before. As I said, I've been a year late twice before, never had anyone say anything to me or charge anything. Last time it was about 7-10 years ago - so it could have changed.
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