I was going through a Divorce, had a second job that, unknown to me, wasn't taking enough tax out. I was unaware of the problem and the law and now I'm stuck owing Uncle Sam for the first time in 40 years. I want to pay what I owe but the rest is killing me. I can't afford a lawyer, see above 'divorce' - lol.
thank you.
2007-08-14 08:20:21 · 7 answers · asked by ioio 2 in Business & Finance ➔ Taxes ➔ United States
File form 2210 and check the box in Part II to request a waiver of the penalty. Be sure to check the correct box, depending on whether you are asking them to waive the entire penalty or only part of the penalty.
2007-08-14 08:34:27 · answer #1 · answered by StephenWeinstein 7 · 0⤊ 2⤋
If the problem was that the second job wasn't taking enough tax out, it must have been a huge second job if the interest and penalties on the extra tax where they didn't take out enough is all that large. Something doesn't compute here - seems like there must be much more involved.
You can ask for a waiver of penalties but will need a good reason. You're probably stuck with the interest.
2007-08-14 15:41:17 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Unfortunately, you will probably have to pay the interest and penalties. However, if you're having trouble paying, the IRS will work out a payment plan with you if you call them and ask.
Your employer withholds taxes based on the information you give them, and it's your responsibility to either make sure your withholding is adequate, or make quarterly estimated tax payments during the year. I've been dinged on this issue too.
2007-08-14 15:25:58 · answer #3 · answered by rainfingers 4 · 0⤊ 0⤋
You can always ask the IRS to waive the penalty and interest. The IRS is at times willing to waive the penalties and/or interest if you have a good reason for them doing so. The worst that the IRS can say is no. But I hate to say it, but I doubt that the IRS will waive either the penalties or the interest in your case. They may say that it's your responsibility to make sure that enough withholdings are taken out of your paycheck(s) to cover taxes. To prevent this from happening in the future, I have attached a paycheck calculator website for you to enter your payroll info into. www.paycheckcity.com
2007-08-14 16:03:24 · answer #4 · answered by Anonymous · 0⤊ 2⤋
You may be able to ask for an abatement of the penalty but in most cases the interest must be charged by law.
2007-08-14 15:25:21 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Dude, would you rather owe an extra 1000 dollars now or another 20000 later? -- That's really what you are saying when you say you can't afford a lawyer to help you on this.
Get yourself a lawyer even though it will cost you money you don't currently have...
2007-08-14 15:25:25 · answer #6 · answered by special-chemical-x 6 · 0⤊ 2⤋
The IRS is the worlds largest Mafia
2007-08-14 15:30:06 · answer #7 · answered by xyz 6 · 0⤊ 5⤋