The Unemployed have been screwed again

DesperateInRI wrote:

knarf wrote:On the other site was a IRS thread on how to go about filing for extensions, and the like. Is that original poster here, and if so, can you re-post this important info?

All that info was pulled. I will try to find it on the IRS website and post. Great idea, by the way. Without that 2,400 exemption this year, a lot of folks are going to owe money they don't have.

I'm not that poster - but I saw your question.
It is Form 4868 -which you can download at the IRS website or pick one up wherever you get your forms and Instruction booklets
(I get mine at the local Library).
The form itself is less than half a page - and it comes with it's own instructions. I'ts pretty basic and simple. You don't have to give any reason for asking for an extension and it is granted AUTOMATICALLY. That extends your time for 6 months (taking you to October). HOWEVER - if you OWE any taxes - they are still DUE in April (THAT MAKES NO SENSE WHATSOEVER - but that's the way it is). The extension simply means that they will be leaving you alone about it until October - and probably for a while after that
because of the number of people who file extensions - but don't DEPEND on that. The thing to be careful about is that October
sneaks up on you VERY QUICKLY. Been there - done that. I hope this helps.

Thanks alone, but I do remember someone saying you can actually extend it out for almost a 1.5 years. Unless I read it wrong, which I've been known to do on many occasions.

knarf wrote:Thanks alone, but I do remember someone saying you can actually extend it out for almost a 1.5 years. Unless I read it wrong, which I've been known to do on many occasions.

That may be right I'm just not familiar with it. I hope it's true - a lot of folks are in need. Of course - the taxes themselves
are still owed and possibly interest and penalties. It stinks when you're stuck like that.

If you claim a hardship. But merely because you can't pay and you and the IRS have both agreed to enter into a negotiated settlement, is not a "hardship" in the eyes of the IRS -- is my point. Your penalty will still be accruing, even while you are negotiating with the IRS, who may take weeks, if not months, to respon to your latest offer.

ex animo

davidfarrar

batazoid wrote:If you claim a hardship. But merely because you can't pay and you and the IRS have both agreed to enter into a negotiated settlement, isn't in the IRS's eyes a ""hardship" is my point, your penalty will still be increasing, even while you are negotiating with the IRS, who may take weeks, if not months, to respon to your.

ex animo

davidfarrar

Not true if you follow the proper procedure. Please see the information here, directly from the IRS website. Thank you.
https://dawu.forumotion.com/t281-information-for-filing-extensions-with-the-irs

You could be right. At the time this happen to me...I did still have my house...but they eventually took it, based on my penalty accured while we negotiated.

But if you ain't got nothing...what can they do, throw you in jail? Which may not be all that bad, at least you'll get fed.

ex animo
davidfarrar

I've long exhausted unemployment so I've been dipping into my 401k. I have about $20 in my checking so I'll likely get hit with taxes on my 401k, not to mention additional taxes from Illinois. I hate this. Sadly, Obama has turned out to be just as bad as Bush.

I owe money from past years to the IRS. I called in November to tell them that I was unemployed. They can't by law take your unemployment benefits if that is all the income that you have. They put me on a non collect basis for one year. The letter said that I will be in the program for a year and after that they will send me a questionaire and evaluate my situation again. I called them on November the 12th and they sent me the letter yesterday. So it takes about 4 months for them to get around to it I guess. Just keep an eye on it and stay in contact with the IRS. Believe it or not they are actually there to help you. Just don't hide from them.

OK, Anyone help! I owe 1400. and If I file an extension and can't pay anything when I mail in the extension form. Then say in Oct when the filing has to be sent in.. Can I also in October fill out or request the installment agreement??? I know they will hit me with a late pmt. penalty of .5% per month. from April 15th to Oct. and also the 4% interest back dated to April. But if they allow me to make payments It will not matter.
I am asking this because I wonder if you send nothing and file an extension that may make an installment agreement null. But they say on the web that taxes can be installments any or all Of what you owe!! I also saw where installment agreements is automatic extension.. if you don't owe over 10K and have not filed bankrupsy! So If again I file and extension and know they back date interest and also now penalties to April can I still get the automatic installment agreement???

Otherwise I will send in April and they are suppose to send you a bill and then you call them and then they approve the installments. And they also may waive penalties if you have good excuse and unemployed is a good excuse! ????

Hello anyone???