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Deb19

Help With Roths & A Tax Problems

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Deb, take care of the tax matter at hand first. I wish I could help more in this area but I only know enough to ask questions.

 

Once you get that settled I invite you to come back and post about your finances. I am very knowledgeable on this front (as are other folks on this forum and bogleheads) and the fact that you have a financial guy is almost certainly bad news. Don't freak out about it, it is a slow moving problem and doesn't need to be immediately addressed. One thing at a time and the taxes are first.

 

However I am happy to walk you through everything on the financial side, step by step. You're more than smart enough pick up everything, no need to be intimidated or stressed. Good luck ?

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Finally...if I can vent one last item. I guess I am trying to seek someone to blame......but where is the IRS's responsibility/role in all of this?? Had they done THEIR job...they would have discovered this mistake and alerted me of this problem whereas I could have fixed it. It has been since 2012.... and still no letter showing a problem?? I caught this myself. It's unacceptable to me that a statute of limitations DOESN'T apply or exist. Because the IRS didn't do THEIR job.....I owe more. Sorry, but thanks for letting me air this. (My dog no longer wants to listen to me.)

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Thats how we all feel. My notice of tax due came with interest due!! Why not inform us first and then start charging interest 30 days after the notice.

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I've never filed separately so I am not sure exactly what information you must supply. Remember you're allowed to file separately and use the Roth if you and your spouse didn't live together. It is quite possible the IRS has no way of verifying that and so assumed everything was in order.

 

The IRS isn't funded well enough to look into each tax return. The public certainly isn't interested in increasing that funding, many/most want to cut it or eliminate it. They pick a few returns and hope that the fear of your return being picked is enough to keep you honest.

 

In my view blaming somebody is a barrier to moving forward, but if I were to cast blame it would go to the wealthy people of this country who have spent lots of money to complicate our tax code in ways that benefit them. It doesn't have to be this way and several countries (I believe Japan is an example) are far superior.

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Ed

 

 

 

I believe it is japan that sends you a postcard telling you how much you owe based on reported income and investments. You pay it and you are done.

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