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I have owed the IRS for the last 2 years of my tax returns and I have talked about it a few times here and the MAJOR STRESS of owing them about $16,000 for 2 years of tax returns.
When my mom passed I got $24,000 as a pay out from her IRA and did not pay the taxes on the money like I should have. I ended up owing $7,500 in 2007 then was claiming the exempt status for a lot of 2008 trying to make ends meet, WELL both caught up to me and I now owe the IRS about $16,000
They where going after my wages and the CVS attahcment already kicked in but not the at&t as of yet. I got that letter yesterday for the at&t attachment and called them.
The first rep was one of the rudest ladies I have EVER talked to and she kept talking over me and eventually hung up on me.
I called back and got one of the nicest men I have ever talked to.
Just with CVS they where getting almost $400 a month with his help I was able to get on a payment plan for $100 every other week with my at&t checks so $100 out of each check every other week. After 1 year it goes to $170 every check until paid off. I can pay a lump sum later on if I get it this winter.
I’m a little scared about $170 every other week starting in a year but I might be able to call them back and adjust the amount at that time.
I’ll be paying them $200 a month instead of the $400 from just CVS and whateer at&t would have given them.
Right now just from my part time job at CVS they are taking almost $400 a month so this is MUCH better in the long run!!!Why do they get so much???
Jasmine wrote:Well, at least that’s better than having them take all. Hugs!!
I was VERY scared they where not going to leave me enough to eat on
The IRS can be brutal when it comes to money received after a death. When my Grandfather passed he left some land to my dad and his siblings. They ended up selling it. Then tax time came and my dad got hit hard on the sale…don’t know about my aunt and uncle.
One of my duties at my job is payroll and I tell you, when you owe taxes or child support–they can be brutal to the people owing. I call as a represntative of the employer to ask questions and they are usually nice to me. But I’ve heard horror stories from the guys, especially when they try to go down to the agency collecting child support—two words–NO MERCY! One guy was complaining because he didn’t work a full week and wanted less garnished from his check that week–pretty much the answer is–what did you make–send it in and if you didn’t make any money, we want the offending organ from your body!
The guys think I could do something–well I can’t–it’s up to them–I have to garnish, or else. Some have called and gotten a payment plan rather than having the amounts garnished from their checks. Sounds like you worked out a good deal DM, but maybe you could try and see if you can get a payment plan if the garnish is too hard on you. But then, you’d better pay on time or the garnish will return!
UMMM That is my payment plan $200 a month for a year then $340 a month for 4 years. They are removing the wage attachment from both jobs and the money is ONLY coming out of my at&t regular check every other week automatically so I don’t have to worry if I get low hours at CVS for a week or so, which I have heard they will be cutting hours soon. I also get 3 checks a month for 2 months so the extra money will only help reduce the balance and help me later
If I DO get a NASTY winter and decide to make a LARGE payment I might be abel to re-do the agreement after they get the money attached to my account and lower the $340 for the 4 years, that number REALLY scares meSounds like you got as good a deal as you could probably get (other than getting some sort of debt forgiveness). 🙂
Hopefully the winter will be bad out your way. If it is, I’d stash as much extra money as you can from the overtime and use it towards a nice lump sum and safety blanket spring comes along. I’m not sure if where you work takes enough out in the way of taxes, but I’d see about making sure they do. My brother marked down to have less taken out of his taxes one year and boy was he zinged at the end of the year. He did arrange to make payments and paid it off, but it’s easier to get extra money back from taxes than trying to come up with an extra amount if you can. Good luck for a rough winter! 8)
I can claim down to 0 and have the ability to have them take even more per check if I want to. I was at 0 and $10.00 more per check for both State and Feds but when I bought this Condo I had to adjust that and now I’m trying adjust back up to give them more
If we get a NASTY winter this year I’m going to try and pay off as much of it as I canMany people thought I was STUPID for giving them so much but I told them I would rather NEVER owe the IRS or state because they don’t play when you owe them
I got VERY lucky to get this agreement and it comes out automatically so I can’t forget and miss a payment here or there
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