Well, I just recently recieved my W2 forms in the mail. I worked a part-time job at a dealership early in 2004...and everything seems pretty straight on that form. But as I looked over my BAE Systems(my current employer), I noticed that under the heading:

Federal Income Tax: NONE
VA State Tax: NONE
I had no Federal or VA State tax taken out of my last 15 months of pay.

Turns out my dad and I had turned in my W4 for the '03 year saying I was "exempt" and that also was saying I would be "exempt" for 2004.

So, if I understand correctly, I should owe around 10k for the money I earned in the last 15 months.

Would someome come to VA and me?

Anyway have any advice or anything? I don't have anywhere near 10k saved up...in fact I had just gotten some insurance $ from a bik accident...and I'm glad I didn't spend anymore of it than I did on modding the S.

 

watch out fer yer corn hole, bud

 

Yea....I got lube ready.

 

How can you work "Part time" for early 2004 and owe $10K in taxes. How much did you make $40,000??????


It sounds to me your estimate of taxes owed is way to high.

If you owe taxes on $10k of income, you are going to get $7k exempt from tax if you are not claimed as a dependant and only owe on $3k which will be less than $1 thou for both federal and state.

The moral of the story is don't let your dad fill out your W4 form.

 

vader1: Dad isn't helping me anymore.

The part-time job I mad $5,000...and had taxes taken out.

The full-time(BAE), I mad 36k...and had NOTHING taken out.

 

You need to go see a CPA and work out a payment plan with the IRS. Maybe you'll get lucky and they'll waive penalties and some interest. I've had them do this for several clients.

I suggest that you don't try to deal with the Service yourself. They are not your friend. A reputable CPA or tax attorney will have contacts at the Service and may be able to get things done that you couldn't. FWIW, I wouldn't take this problem to H&R Block.

You'll have to go through the same drill with the State agents.

Maybe Morris will jump in....he's a CPA, I believe.

Good luck

 

Have fun in jail! And tell Bubba I said hi. J/K!

 

You should owe like $4000 for fed.

You won't go to jail, you will have to pay a fine.

I strongly recommend that you contact a IRS field agent ASAP, explain the situation and he/she will be able to guide you in such a way that you might be able to avoid some fines. Bring everything including bank records. Be honest and be ready to pay (check book).

Don't flip out about the criminal implacations because they are going to know you didn't purposly evade paying taxes sence your standing right there with a check book in hand. Besides this year be aware that you might get in trouble for last year however I wouldn't bring that up at all. Just stick to gettin this one straightened out first.

You'll be fine, well except for you pocket book.

 

If you don't have the cash, the IRS will let you pay on the installment plan.

 

I fail to understand how you didn't notice this for 15 months.