All Things Taxes

IRS Answers the “What If” Tax Questions of an Economic Downturn

Posted By JK Harris on February 25, 2009

From the IRS Newsroom:

What if I lose my job? Is my unemployment check taxable? Can I afford to take money out of my retirement account? These are just a few of the “What If” questions people are dealing with these days.

The IRS recognizes that many people are going through difficult times financially. Often, there is a tax impact to events such as job loss, debt forgiveness or dipping into a retirement account. If your income has decreased, you may even be eligible for certain tax credits, such as the Earned Income Tax Credit, which can mean money in your pocket.

Most importantly, if you believe you may have trouble paying your tax bill, contact the IRS immediately. There are steps the IRS can take to help. To avoid additional penalties, you should always file your tax return on time even if you are unable pay your tax bill.

Here are some “What if” questions that are answered on the official IRS Web site. Simply go to www.irs.gov and type the keywords “What If” in the “Search” box at the top of the page.

Job Related

What if I lose my job?
What if my income declines?
What if I withdraw money from my IRA?
What if my 401(k) drops in value

Debt Related

What if I lose my home through foreclosure?
What if I sell my home for a loss?
What if my debt is forgiven?

Tax Related

What if I can’t pay my taxes?
What if I can’t pay my installment agreement?
What if I can’t resolve my tax problem with the IRS?
What if I need legal representation to help with my tax problem but can’t afford it?

Category: Tax Problems
Tags: economic downturn, Tax Problems, tax questions

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February 2009
S	M	T	W	T	F	S
« Jan		Mar »
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28

2009 Tax Calendar

October 2 -Deposit payroll tax for payments on Sept 26-29 (if the semiweekly rule applies).

October 7 -Deposit payroll tax for payments on Sept 30 - Oct 2 (if the semiweekly deposit rule applies).

October 9 -Deposit payroll tax for payments on Oct 3-6 (if the semiweekly rule applies).

October 13 Employers:
-Employees are required to report to you tips of $20 or more earned during September.

October 15 Individuals:
-If you filed a Form 4868, file your 2008 calendar year tax return.

Partnerships:
-File your 2008 tax return if you were given a 6-month extension. Electing Large Partnerships:
-Deposit payroll tax for September if the monthly deposit rule applies. Deposit payroll tax for payments on Oct 7-9 if the semiweekly deposit rule applies. If you filed a Form 7004, file your 2008 calendar year tax return. If you filed Form 5558, file 2008 Form 5500.

October 16 -Deposit payroll tax for payments on Oct 10-13 (if the semiweekly deposit rule applies).

October 21 -Deposit payroll tax for payments on Oct 14-16 (if the semiweekly rule applies).

October 23 -Deposit payroll tax for payments on Oct 17-20(if the semiweekly rule applies).

October 28 -Deposit payroll tax for payments on Oct 21-23 (if semiweekly rule applies)

October 30 -Deposit Payroll tax for payments on Oct 24-27 if the semiweekly rule applies.

IRS Answers the “What If” Tax Questions of an Economic Downturn

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