How do you cope when you hate your job/coworkers?
more by kate169
Wedding photography prices are wack
Question about W-2 received for hours I didn't work
more in Legal
Has this ever happened to you when you used Turbo Tax??
"I take off my ring when I _____"
more in Boards
St. Maarten Suggestions!

Question for accounting/tax savvy bees

posted 4 months ago in Legal
  •  
    1.
    Member
    2,301 posts
    Buzzing bee
    kate169    May 21, 2011   Virginia

    I owe the IRS about 3000ish from a prior year return that I am currently paying back in an installment plan. My husband and I are probably going to file jointly for the first time. Any refund I am able to receive automatically goes right back to pay down my payment plan. My question is, if we file jointly will my husband's refund also go to that prior payment plan? Its off my 2008 return.

     
    2.
    Member
    300 posts
    Helper bee
    smiles731       new york

    Yes, When you file jointly, the IRS considers you and your spouse as one entity. If your new spouse owes money to the IRS, the IRS can seize your new joint refund to pay the debt.

    Read more: Sometimes it pays to file separately http://www.bankrate.com/finance/money-guides/sometimes-it-pays-to-file-separately.aspx#ixzz1kfqgeBBP

     

     
    3.
    Member
    2,301 posts
    Buzzing bee
    kate169    May 21, 2011   Virginia

    I read that article and a couple others like it but it seemed to me that they would seize your money only if you weren't paying it back already. I guess I am just confused. Ah.

     
    4.
    Member
    300 posts
    Helper bee
    smiles731       new york

    @kate169:  Wish I could help you further! I am getting my Master's in Accounting but to become an auditor not a tax accountant...I'll ask my boyfriend if nobody else here can really help- he is doing tax accounting (not personal income taxes...real estate and corporate taxes, but he may know)...

    *Worst Case Scenario: IF the IRS states that his tax refund will be withheld to pay your past due debt, he can easily file an "Injured Spouse Claim" to get him back his part of the tax refund not liable to your debt. (See the article below)

    http://www.ptla.org/injured-spouse-claims

     
    5.
    Member
    2,301 posts
    Buzzing bee
    kate169    May 21, 2011   Virginia

    @smiles731:  Thanks for your help! I really do appreciate it! We're trying to decide if it's better for us to file separately even though he will lose out on deducting his student loan interest that way.

     

    Reply

    You must log in to post.





    Visit our sister sites eHarmony
    Online Dating
    eHarmony Advice
    Dating Advice
    Project Wedding
    Wedding Songs
    JustMommies
    Pregnancy Calendar
    Copyright 2004-2012, Weddingbee.com
     

    Find your vendors on Weddingbee

    Real reviews from brides in your area!

    Favors by Weddingbee

    • Favors by season

    Shop Now ยป

    Find Registry Find Registry Find Registry

    More
    User Posts Today
    hisgoosiegirl 24
    Gemstone 23
    Beckster329 23
    MissBoPeep 20
    Rivendeler 19
    Mrs.KMM 16
    Rojocameo 16
    couawilou 15
    beargoose 15
    BetterSherm 15

    Legal

    User Posts Today
    misskarianne 1
    abbie017 1
    Rush1986 1
    More