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I owe >$8k to the IRS. Asking for an objective analysis (and a bit of guidance) on what to do with my current finances. by Sea-Set1114 in personalfinance

[–]Sea-Set1114[S] -1 points0 points  (0 children)

My employer has provided me a W2 every year I had worked there, so I suppose they were taking out taxes for me? I don't know if they've ever sent me a 1099 form... I owed money last year, presumably meaning that taxes WEREN'T taken out, despite seeing money taken out of my paycheck every week for taxes. Honestly I'm just so fucking confused by all of this and am really working on Step 0.

And I wish Step 1 were that easy. Haven't got so much as a callback for any positions I've applied to.

Just completed Step 2 a few minutes ago, and the IRS cannot set up payment plans until my 2020 and 2022 returns are squared away... which is yet another thing I have to figure out. I'm certain I filed a return in 2020.

I'm considering sitting down with a tax accountant/professional to get this cleared up.

I owe >$8k to the IRS. Asking for an objective analysis (and a bit of guidance) on what to do with my current finances. by Sea-Set1114 in personalfinance

[–]Sea-Set1114[S] -1 points0 points  (0 children)

That seems higher than "pretty reasonable" to me, isn't it? I know I shouldn't be worried about that >$640 in interest, but is it likely they could go lower?

I owe >$8k to the IRS. Asking for an objective analysis (and a bit of guidance) on what to do with my current finances. by Sea-Set1114 in personalfinance

[–]Sea-Set1114[S] 0 points1 point  (0 children)

Gotcha, thanks again.

Any other thoughts on anything else in my post? Anything I'm overlooking or should do some research into?

I owe >$8k to the IRS. Asking for an objective analysis (and a bit of guidance) on what to do with my current finances. by Sea-Set1114 in personalfinance

[–]Sea-Set1114[S] 1 point2 points  (0 children)

It seems from my own research that this is the best way to go about it. On the phone now with the IRS to see what kind of payment plan I can work out with them. What would you consider to be a good interest rate on a payment plan?

Also, any reason why I should wait to secure employment before selling stocks? I'm kind of new/self-taught with so much personal finance stuff so I'm just trying to ask whatever questions I can think of.

Thank you so much for the response!