Back taxes
I have been debating with the irs on back taxes for tax years 2015,16, and 17, as they were declaring money we took out of our 401k for our daughter’s college tuition and expenses as a qualified expense, and are penalizing us. My fourth and final daughter just graduated, however the irs says we owe approximately a total of $60,000 for these tax years. I was paying a monthly installment of $500 per month and they terminated that agreement in March. I have been unable to talk to anyone in the irs office lately to appeal the final amounts that I owe. The person who does my taxes has been providing some direction, but I am concerned about what my next steps should be. Any suggestions? And would you recommend a tax attorney? And who would you recommend? I will be 61 in August and although still working concerned the irs will take what little we have left in our 401k. Thank you and enjoy your segments on WGN with John Williams and Roe Conn.
Terry Says
I don’t think that even the best connected tax attorney could help you right now. And that’s because the IRS is not paying attention to these issues right now. They are swamped with the Stimulus Payment issue, God knows what will happen if they have to start over with another round of stimulus payments.
They hsven’t gotten tax refunds out yet — for those who filed on paper in March when they sent everyone home. And now they are jammed processing 2019 returns just filed last week!
I think you need to stay calm until this settles down. Then the person who does your taxes may be able to contact them. At that point a tax attorney might be a great idea. But I think I’d let things settle down for a few months instead of starting to pay legal fees.
