L
lsherwood1
Guest
What is the name of your state? Arkansas
I had to deplete my Thrift Savings with my employer to pay off some bills ($26,000). I had 10% held out for federal taxes. While I understand that I must now pay state taxes as there were no state taxes taken out initially, I still have an enormous amount to pay for Federal taxes. Now this will cause a burden on me, and I am in no better shape than what I was before I used my savings to pay off those bills! Can I claim this extra income over a period of years? If so, what Federal income tax form do I use?
I had to deplete my Thrift Savings with my employer to pay off some bills ($26,000). I had 10% held out for federal taxes. While I understand that I must now pay state taxes as there were no state taxes taken out initially, I still have an enormous amount to pay for Federal taxes. Now this will cause a burden on me, and I am in no better shape than what I was before I used my savings to pay off those bills! Can I claim this extra income over a period of years? If so, what Federal income tax form do I use?