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A tax question

I am sure you will get some good tax advice but let me add my two cents worth, as a non-tax expert - just from my experience. Whatever you do FILE ON TIME. Send in what you can afford and then attach a letter and ask to pay x$'s per month. (Usually balance divided by 12). Unless they think there is fraud, they should approve it and even send you coupons to submit your payment. They will charge you interest but if you file on time there will not be a late filing penality.
 
I would not claim to be an expert, but I did work for H&R Block for 11 years and now do taxes on my own. The IRS does have a form. It is form #9465. It is called an "Installment Agreement Request." You can find it and print it from the IRS website www.IRS.gov or you can call 1-800-829-1040 for customer service. As far as the answers to you questions, You were paid with a 1099 which means that you were "self employed" so you need to make up the taxes that an employer would. And as 39dale said, try to pay as much as you can on time. You will be charged interest and penalties for paying late. If you want any more details or help, feel free to IM or email me. I would be happy to help

Mike
 
i thought if u are self employed, you should have been paying taxes on a quarterly basis in that year.
 
^ yes, if you don't pay quarterly the IRS can (and will) penalize you for not paying on time.........but they don't give you interest on the money that you get back, do they?
 
isn't there a worksheet that u use to find out about how much you should be paying quarterly?
 
yes, you pay a quarter at a time based on the quarter's earnings. The IRS also has publications that you can download or order from their website that explain how to complete the forms.
 
If you end up paying more than a certain fraction of the total you owe (for some reason 10% comes to mind) when you file your taxes, you're required to file quarterly taxes. You'll probably get dinged with penalties and interest as well, but according to my mother (who had to deal with this last year), they're not actually that bad.
 
Not claiming this advice to be accurate....but if you are an independent contractor or self-employed, you usually have to file and pay quarterly taxes. Granted sometimes, this is an estimate but you usually reconcile at the end of the year. Because you receive a 1099, the government will know how much you received.
 
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