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Tax Refund

For those of you that are getting a tax refund...great. For those that need to pay, well that would be me. My question-If you can't afford to pay the whole thing at once and do monthly payments is the interest very high? If you have experienced this please give me advice and comfort too. I owe about $6,000 but will be writing a check for $1,000 on Monday because I really don't have it.

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Anonymous

Asked by Anonymous at 12:23 PM on Apr. 12, 2013 in Money & Work

Answers (7)
  • Not sure what the interest rate is but I'm sure it's fairly high and they pile on penalty fees as well. Personally I'd try getting a personal loan to cover it. Then I'd look at 2014 and see what you can do so you don't have to pay it again next year.
    baconbits

    Answer by baconbits at 12:26 PM on Apr. 12, 2013

  • You can also get an extension on the payment. Talk to the IRS and work something out with them.
    m-avi

    Answer by m-avi at 12:35 PM on Apr. 12, 2013

  • i just went to google and found this site for you.
    http://financialplan.about.com/od/taxplanning/a/cantpaytax.htm

    truthfully i was trying to find the name and number of that agency who helps lower your taxes but i found this one instead. it should answer all your questions about the interest and how much you can send at a time.
    noel1978

    Answer by noel1978 at 12:44 PM on Apr. 12, 2013

  • My boyfriend was hit with a big surprise bill, too, partly because he made more money than last year and partly because of tax code changes. We were told it would be better to get a loan or even a cash advance from a credit card and pay the bill because the IRS charges insane interest rates. Best of luck to you.
    Ballad

    Answer by Ballad at 1:34 PM on Apr. 12, 2013

  • you owe on.... state? or federal too?
    hibbingmom

    Answer by hibbingmom at 6:31 PM on Apr. 12, 2013

  • gdiamante

    Answer by gdiamante at 1:12 AM on Apr. 13, 2013

  • Thank you ladies!! This really helps.
    Anonymous

    Comment by Anonymous (original poster) at 9:44 PM on Apr. 13, 2013

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