![]() |
| ||||||||||||
| |||||||||||||
| |||||||||||||
| |||||||
| | |
![]() |
| | LinkBack | Thread Tools | Rate Thread | Display Modes |
|
#1
| |||
| |||
Divorce and Tax DebtWhat 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
| |||
| |||
| What (if anything) does the judgment in your lawsuit say about your questions? |
|
#3
| |||
| |||
| 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
| |||
| |||
| 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. |
![]() |