Home     Law Advice     Insurance Advice     Community    
Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
Go Back   FreeAdvice Legal Forum > TAX LAW > Tax Law

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 08-17-2005, 04:39 PM
amt amt is offline
Junior Member
 
Join Date: Aug 2005
Posts: 2

Divorce and Tax Debt


What is the name of your state? texas

I just recently got a divorce. I also did my tax return a few days ago. Because of losing my job last September, I had my 401k and retirement account distributed and am now faced with the 10% penalty on my tax return. After all was said and done, the tax return showed that we owed $14,000. Since we are divorced, will I have to pay the entire $14,000 or can it be split in half? My husband only early $7,000 last year, but can he still be held responsible for half of the debt?

I'm just really struggling...have 2 kids in high school, and 1 in college, but husband was an alcoholic so just couldn't "hang in there" any longer.

Please advise. Thanks!
  #2  
Old 08-17-2005, 04:44 PM
Senior Member
 
Join Date: Aug 2005
Location: St. Odo of Cluny Parish
Posts: 29,043
What (if anything) does the judgment in your lawsuit say about your questions?
  #3  
Old 08-18-2005, 04:47 PM
amt amt is offline
Junior Member
 
Join Date: Aug 2005
Posts: 2
By lawsuit, are you referring to the divorce decree? It does not say anything regarding the current years taxes, only next years taxes. Next year (2005 taxes), it says that each party will be responsible for filing separately.

I would just like to think that of this $14,000, that 1/2 would be my responsibility and half would be my ex-husband's.
  #4  
Old 08-18-2005, 04:59 PM
Senior Member
 
Join Date: Aug 2003
Posts: 1,848
If you filed a joint return, each of you is responsible for the entire debt, and the IRS will get the money from whichever one of you it can find first.

If I've said it once, I've said it a thousand times, don't put your money in a retirement account if you have any inkling that you'll need the money before you reach the appropriate age.

There is a penalty exception for $10,000 of college expenses, I believe. Hopefully you or your preparer used that when filing your taxes.

Snipes
__________________
This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 08:16 AM.



IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.

F
reeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.