I owe...I owe

[stkr00]

Okay, rant time, but I'll be brief:

Found out yesterday how much we OWE the IRS. Bear with me...

Remember how I was out of work for 9 months? Well, I took out a loan for 1/2 my retirement from the previous job, because I wasn't sure if I would get unemployment or not. I did get the unemployment, but it only covered about 2/3 of my regular pay, so we ended up using the money to pay off some stuff. The unemployment had NO taxes taken out, although I asked them to three times.

Sooooo, 1/2 retirement plus 9 months of unemployment untaxed equals:
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Ready for this?
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<span style='font-size:15pt;line-height:100%'><span style='color:red'>~$9000.00 Owed to the IRS</span></span>

Mother Fu#$%^ @$#$ @#%%^ !

No Busa Mods, No Dry Suit for Diving, No Nothing, damn this sucks!

Okay, I'm done.

 

[monsterspeedfreak]

Holy friggen crap.....that's a Busa.....brand new.
That really sucks stkr

 

[Rich]

Holy $hit that is alot of money.  that is like 2.5 months of pay.



<!--EDIT|Rich
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[fstbusa]

yeah that blows.

 

[†WÃ￾§†ëD]

you need to have someone take a second look, sounds kinda high for 9 monthes unemployement? did you even draw 9k in 9 monthes?

 

[Revlis]

Get thyself a tax attorney, just for a few hours. Sit down with them, go over your case and see if there is something they can work out for you. If nothing else you can usually get your amount owed reduced, and a re-payment schedule in place. It will prolly cost you another $3-600 but it will be money well spent more than likely.

Also, make certain you find the right accountant. Find someone who knows all the little in and outs. There are a surprising number of deductions out there, you just need to find them....

$9k blows huge chunks though man... But it could be a lot worse. My Father wound up with a $52K tax bill once....
That will leave a mark...

 

[ThunderPants]

That sucks, don't worry the money will be well spent by the government, they don't like to waste taxpayer's money

I agree with Rev an accountant should be able to get you some money back. Good luck.

 

[arey]

Bastards

 

[WWJD]

I can give you a 20 spot

 

[pure_ego]

just declare bankruptcy.. worked for kmart... screwed everybody that had stock and they get a clean start... like a reset button for economics... bastids!

 

[BulletTrain]

Dang, bro, that sucks! And I was pissed when I had to write the state a check for one stinkin' dollar.

 

[thrasherfox]

stkr - If you havent allready, hget some serious tax help, thta is a bunch of BS, however I do know from my wife taking out of her retirement, they fricken nail you to the wall for that crap.....

Get some help though, I am sure if you havent had a profeesional look at it, they can probably get that knocked down...



Sheeeesh that sucks man...



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[Ride_or_Fish]

Discussing this with a tax attornery (not tax accountant) seems to be the prudent advice.

 

[justintime2]

I wouldn't be so quick to call BS on the amount owed. Although the amount owed could be wrong, he has several things listed that will stack up the tax dollars quickly, depending on his tax bracket?

 

[stkr00]

Okay, I got some riding in, and I've calmed down some, so here's a little more info.

Between the unemployment and my retirement loan, it was about around $35K that went untaxed. We do have a professional doing our taxes, and my sister-in-law who is a tax accountant for a law firm has also looked at them.

We're basically just screwed, so we are doing a distribution payment of the rest of the retirement (Taxed this time), and we will pay the IRS what we owe. What's left over will payoff a few small debts, and we'll just move on in our lives.

I had only been paying into the supplemental retirement plan for about 3 years, so we're not losing anything we can't make up for. We're still fairly young, and we're both putting 12-14% of our pay into the system right now.

We're looking into filing separately to see if that helps, because the wife is a Pharmacist, and her income puts us, combined, into a higher tax bracket. She makes double what I do. That's what allows me to have my toys.

Thanks for the support, and sorry I didn't get back here sooner. Just had to vent my frustration on the poor back tire of the mighty busa first.

 

[HayabusaEPT]

I would advise you to go have kids right away

 

[VaBusa]

OUCH stkr00...so sorry that you've been hit with that one...

 

[Postal]

Okay, rant time, but I'll be brief:  

Found out yesterday how much we OWE the IRS.  Bear with me...

Remember how I was out of work for 9 months?  Well, I took out a loan for 1/2 my retirement from the previous job, because I wasn't sure if I would get unemployment or not.  I did get the unemployment, but it only covered about 2/3 of my regular pay, so we ended up using the money to pay off some stuff.  The unemployment had NO taxes taken out, although I asked them to three times.

Sooooo, 1/2 retirement plus 9 months of unemployment untaxed equals:
-
-
-
-
-
-
-
-
-
Ready for this?
-
-
-
-
-
-
-
<span style='font-size:15pt;line-height:100%'><span style='color:red'>~$9000.00 Owed to the IRS</span></span>

Mother Fu#$%^  @$#$  @#%%^ !

No Busa Mods, No Dry Suit for Diving, No Nothing, damn this sucks!

Okay, I'm done.

Hey man, try this.... It worked for me!

www.totalmoneymakeover.com

or

www.daveramsey.com

Same guy, same program, both websites.

Good luck!

 

[Mikey D]

I would advise you to go have kids right away  

What he said!

And if you don't get it right the first time...


twy, twy, twy again!


Hey, the guy's moniker is Early Pregnancy Test, he's got to know what he is talking about!

No offence EPT!

 

[stkr00]

I have a daughter, but we made too much money to even get the child credit...WTF?

We'll be okay, it just changes our plans for the summer a little.