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Will the govt allow you to make payments? I would check on that. One year we unexpectedly owed on our taxes and we were allowed to make interest free payments.
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But, isn't scholarship money supposed to be offset by the cost of school and books? That didn't help as deductions?
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I would talk to an accountant. My dh is a student and we get scholorships / grants. whatever . We never pay any taxes.
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You can definitely make payments on your taxes. Or you can file an extension, though I think with an extension you have to pay some of the amount you think you'll owe. If I were you, I'd check the IRS website for a form that you file to make payments or see how that works. I know from experience that is what we had to do.
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Originally Posted by daymom03
You can definitely make payments on your taxes. Or you can file an extension, though I think with an extension you have to pay some of the amount you think you'll owe. If I were you, I'd check the IRS website for a form that you file to make payments or see how that works. I know from experience that is what we had to do.
Sorry, I should have explained. We live in Canada.
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Originally Posted by daymom03
You can definitely make payments on your taxes. Or you can file an extension, though I think with an extension you have to pay some of the amount you think you'll owe. If I were you, I'd check the IRS website for a form that you file to make payments or see how that works. I know from experience that is what we had to do.
She's right. Go to irs.gov and download Form 9465. It's an installment agreement and you pick how much you can pay and the date you will pay it each month. If you pay a high enough amount each month you won't have penalties or interest. An extension isn't any good as you would have to pay your liability with it.
Good luck!!
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I would pull from your Emergency Fund - that is what it is there for and get the rest from your whole life. We've had to take $$ out of our whole life before. In fact, I recommend going to Term Life - but that is another story!
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Originally Posted by KathrynHannah
Sorry, I should have explained. We live in Canada.
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Well then, if it is "assigned", will the company help at all???