California Resident-I am paying off 04 federal the interest is killing me any way out getting out of interest?
This is my ex husbands debt, we were seperated and even this is technically not my debt IRS does not care we were still legally married. Of course he is no where to be found and not working at least legally.
I get no child support and all I can afford is 100.00 monthly payments the interest is all I seem to be paying. What can I do to get the interest down or make it go away? I am honest and would like to pay the debt off but I can't afford to make higher payments. This has put a huge strain on me?
What to do?
2007-03-21 07:18:37 · 3 answers · asked by Justasking 1 in Business & Finance ➔ Taxes ➔ United States
Sorry you got stuck for this. You could talk to your IRS rep and see if they can cut it back some due to hardship, but there probably isn't much you can do.
2007-03-21 07:27:44 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You may get relief from an Offer in Compromise. The rules are complex and the application process is long and exacting.
You'd be well advised to consult with a CPA or tax attorney on this because if you don't do it right you'll be out the $150.00 application fee and any required deposits.
Another possible option would be to try pursuing Innocent Spouse relief. A CPA or tax attorney could help there but you may get some assistance on that for free from the Taxpayers Advocate's Office at the IRS.
2007-03-21 14:29:01 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Hi,
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2007-03-22 19:34:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋