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Started By
Message
Divorce Taxes...Am I just screwed?
Posted on 4/12/25 at 11:15 pm
Posted on 4/12/25 at 11:15 pm
So long story short, divorced last year (October) and filing taxes this year I got hit as a single filer and owe a chunk. After shelling out for the divorce (lawyer, settlement, alimony ect) I can’t do that ATM. No dependents. Am I just screwed?
This post was edited on 4/14/25 at 1:40 pm
4
Posted on 4/13/25 at 12:14 am to IamNotaRobot
Just get on a payment plan. Very easy. Congrats on the divorce
Posted on 4/13/25 at 5:49 am to IamNotaRobot
I just did mine yesterday and owed 10K, I set up a payment plan $250.00 a month but will pay it off early.
When I feel like it.
Isn't it nice paying taxes as DOGE tells us that our money goes to fund transexual education and house illegal immigrants so they can vote against us.
When I feel like it.
Isn't it nice paying taxes as DOGE tells us that our money goes to fund transexual education and house illegal immigrants so they can vote against us.
Posted on 4/13/25 at 6:00 am to The Torch
quote:
I just did mine yesterday and owed 10K, I set up a payment plan $250.00 a month but will pay it off early.
Genuinely curious, what interest rate does the gov charge you on that 10k?
Posted on 4/13/25 at 6:13 am to Lsut81
quote:
Genuinely curious, what interest rate does the gov charge you on that 10k?
I don't know yet, you have to request a payment plan then they send you a contract but from what I could find it will be 6-7% currently.
Posted on 4/13/25 at 7:26 am to The Torch
Is it at least pro-rated to when the divorce was finalized? Never thought about tax implications of a divorce. The guy gets screwed enough already. Perhaps send a heartfelt appeal to President Trump. He's been through a divorce or two. Maybe he'll throw you a Trump card to play against the IRS he despises.
Posted on 4/13/25 at 8:15 am to The Torch
quote:
they send you a contract but from what I could find it will be 6-7% currently.
Why the frick would you pay 7% to the govt instead of just paying off 10k?
With the market as is, not like you're gonna outpace in the market by that much. Seems like more of a burden than anything.
Posted on 4/13/25 at 8:51 am to Lsut81
All of this
Posted on 4/13/25 at 9:35 am to SmackoverHawg
No proration. Filing status is determined by marital status on 12-31 of tax year. It would be a strategic date to marry on just as Jan 1 would be a good day to finalize a divorce.
Posted on 4/13/25 at 10:25 am to The Torch
quote:
I don't know yet, you have to request a payment plan then they send you a contract but from what I could find it will be 6-7% currently.
Unless you have no way to pay it off now that sounds like a horrible financial decision
Posted on 4/13/25 at 1:41 pm to The Torch
Twists me around an axle
Wouldn't file but the damage would be unreal
Wouldn't file but the damage would be unreal
Posted on 4/13/25 at 6:55 pm to The Torch
quote:
just did mine yesterday and owed 10K
I just got hit for 14k. I miss the good ole days of owning 6k - 8k.
Posted on 4/13/25 at 10:49 pm to IamNotaRobot
I moved my resident to Rota. In the CNMI. No federal taxes.
Posted on 4/14/25 at 6:08 am to Lsut81
quote:
Why the frick would you pay 7% to the govt instead of just paying off 10k?
Somewhere it said 3%, I'm waiting to see what they say.
I could pull some money from investments but there's withdrawal penalties/ charges plus I can have it paid off by the end of the year.
My main point was to defer my tax payment for 5-6 months.
Posted on 4/14/25 at 12:21 pm to The Torch
I'm going to be in the same situation in a few months. Not to take over the thread, but did you cash out some of your retirement in the settlement? And if you did, who pays the taxes on that, the person cashing it out, or the person receiving the money (wife)?
Posted on 4/14/25 at 1:19 pm to GEAUXT
quote:
Unless you have no way to pay it off now that sounds like a horrible financial decision
OP laid it out pretty clearly as to why he can't.
Posted on 4/14/25 at 1:22 pm to TIGERSby10
quote:
And if you did, who pays the taxes on that, the person cashing it out, or the person receiving the money (wife)?
There shouldn't be a need to cash it out, she should just roll it into her IRA or Roth IRA, that's what I did in TX. If she wants to get cash out, that's her Fing problem. Unless you get totally screwed, your duty will be to give her X% of the value of the retirement, what she chooses to do with it (and the tax consequences of doing so) are her problem.
Posted on 4/14/25 at 8:34 pm to TheOcean
That’s what I tried to do but it wasn’t available yet. Maybe because I just filed. I went ahead and made a payment, though. On the IRS site it has long term and short term payment options. Have to see if the interest is less on long term if I make bigger payments or if it is all the same.
Posted on 4/14/25 at 10:15 pm to IamNotaRobot
Interest is 7% per annum and adjusts quarterly
Late pay penalty is 0.5% per month or portion of month sbd does not change
So not exactly, but close enough to about 13% rate.
Late pay penalty is 0.5% per month or portion of month sbd does not change
So not exactly, but close enough to about 13% rate.
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