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  • Sad tax story

    My husband and several others lost their jobs about 2 years ago. All these men were 50 years or older and having to start over. It was not easy but my husband was lucky to find a job that paid almost what he was making. Another man still hasn't found a job. He decided to take some out of his 401K to pay off the house, cars and have money to live on. He did some research and found he would have to take $20,000 for taxes. Only he was wrong. The penalty was steeper then he *thought* and he now owes $20,000 MORE dollars for taxes.
    It pays to talk to someone who knows the tax laws. Here he is, still without a job, and owing $20,000 in taxes.

    [ 04-14-2003, 12:12 PM: Message edited by: Mitzi1 ]

  • #2
    That's terrible! My story isn't so sad, just irritating. The first year my wife and I were married, we got $3600 back in taxes, which was AWESOME for a newly married couple. This is our second tax year together, and we owed $1100 until we put in our over $15000 in itemized deductions! Even then, we only get $800 back between State and Federal, and that's only claiming "1" (I've since changed it to "0").

    Taxes are terrible sometimes, but I don't mind paying them. I just wish that I would NOT have to over or underpay. If it was simpler, there wouldn't be this BS "How much will I have to pay? Or get back?" thing every friggin year.
    I am disrespectful to dirt. Can you see that I am serious? - Mr. Sparkle

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    • #3
      Someone made the suggestion (I think it was InSane1) about requesting an additional $5 in withholding every pay-period, and that by doing that, she never had to worry about under-paying. Actually, I'm afraid that I'm underpaying at all *three* of my jobs right now, which means I'm going to be in for the hurt next tax-season!

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      • #4
        A coworker is going through the nastiest divorce I've ever seen. After a year of delaying tactics by his wife (resulting in over $14,000 in attorney's fees - for him alone) he finally got to his final hearing.

        At the hearing, she drops this in passing:

        She "got tired of waiting for him" to provide information for taxes (despite the fact that said information had been provided to her attorney months ago). So she went and had them done on her own. She had little income (she lost her job and has a spotty work history) and deducted all the interest from their $300K mortgate and $20K second mortgage. So she got a big fat refund.

        Unfortunately, this left my friend with all of the penalties for their 401k withdrawal. Plus, because she dropped this on him on 4/9, he's unlikely to get his taxes done before 4/15, incuring more penalties.

        Even her attorney was shocked at this action and agreed that the taxes would have to be amended for a more fair distribution of benefits and penalties. But this just means that he must continue to deal with a woman that has made his life a living hell for the past couple years -- despite the fact that they're actually divorced.
        Caution and worry never accomplished anything.

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        • #5
          How sad. My ex-DIL tried several tactics with our son but she was easily dealt with. (Make a scary face and she ran like h*ll). I hope the courts will eventually deal with this woman, kirch. Divorce is hard in the best of circumstances. I hope he eventually finds a sympathetic judge who will put an end to her manipulations. What helped my son was to know that someday he would be rid of her. So will your friend.

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          • #6
            An interesting side note on my previous post. The judge in my coworker's case spoke to his attorney after the hearing. According to the attorney, it's highly unusual for a judge to comment on any case he has tried or will be trying. When the attorney stated that, for a time at least, it looked like the judge might delay the final divorce. The judge replied that, though it may have looked like that at times, he never had any intention of delaying the divorce. Said the judge, "Come hell or high water, I was granting that divorce today. Your client had to get away from that woman."
            Caution and worry never accomplished anything.

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            • #7
              My son had an excellent attorney. It was stated in the decree that 1. My son would return belongings by April 2 and 2. His wife would return his belongings. She chose to interpret that as my son having to give her her things by April 2 but it was entirely up to her when she would return his things. My son called his attorney who called her. He told her to RETURN HIS THINGS BY APRIL 2 or he would file a petition to the court. Then she would have to pay her Attorney and the courts AND HIM. He billed her 50$ for the phone call and gave my son a 25% discount, saving him 400$. I think judges also *read between the lines*. They can tell who is being the hard case.

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