how stuff works bankruptcy
We had to cash out our 401K last year. Now we owe the IRS 12K. Is there a payment plan we can do and how?
My spouse is working in another state right now and it’s already financially tight. We thought we paid the %10 federal penalty fee. But much to our shock it wasn’t taken out! We already paid off a mountain of bills with that money and almost had to start with a bankruptcy. We can’t sell our house because of the economy in MI, so we are stuck here for now. Just need advice from someone who knows about this kind of stuff..Thanks
Form 9465 (go to www.irs.gov click forms and publications, form number and scroll down to find this form). It’s the Installment Agreement Request. They will usually accept it if your amount if less than 25000 and the tax can be paid off within 5 years. They charge around 100 to set up this payment contract. Make sure you can afford the monthly payment you say you can – if you default by paying late they will demand the amount in full which can be levied directly from your banks accounts. I’ve seen it happen so be careful how much you say you can afford each month and pay it on time!
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