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Anyone home? Ohio. I'm going to paste a explanation of my…

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Anyone home? Lawyer's Assistant:...

Anyone home?

Lawyer's Assistant: What state is this in? It matters because laws vary by location.

Ohio

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I'm going to paste a explanation of my problem.

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Yes.I retired on May 1 and started collecting SS and Retirement income. I received a large severance check on May 1 of $30,327 from unused vacation and sick time which boosted my typical income. In addition I withdrew $61,000 from a 457B retirement plan to purchase a new automobile. This additionally boosted my income. Freetax calculates that I owe $1636 in Fed taxes. I want to know if there is a way to balance this exceptional year out over future years? I ordered a $75,000 SUV in late October 2017 but it wasn't delivered until Jan 2018. I paid for the SUV in full and had to pay $5,500 in taxes and a $975 destination charge. I may not be able to use these two amounts in 2018 to reduce my income, because my income will be entirely retirement income which will be on the order of $50,000. What can I do to reduce the $1636 owed this year?

Submitted: 4 months ago.Category: Legal
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3/21/2018
Lawyer: Gerald, Esq, Lawyer replied 4 months ago
Gerald, Esq
Gerald, Esq, Lawyer
Category: Legal
Satisfied Customers: 5,366
Experience: Over 30 years of experience
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Lawyer: Gerald, Esq, Lawyer replied 4 months ago

I am working on your answer now. I am sorry for the delay. It takes some time to prepare a complete answer. Please note the phone call requests are generated automatically from the system. I do not control them.

Thank you for your patience and understanding.

Kind regards,

Gerald

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Lawyer: Gerald, Esq, Lawyer replied 4 months ago

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

The IRS will allow you to set up a payment plan so that you can pay the taxes over time. BUT it will not allow you to defer payment entirely until the next tax year.

Nor will the IRS allow you to "even out" your tax obligation across tax years. Taxes are owed in the year that the income was received.

Likewise deductions are claimed in the year they were incurred (except that certain losses can be carried over).

In order to apply for a Tax Payment Plan you can apply online here:

https://www.irs.gov/payments/online-payment-agreement-application

For more detailed information on how the payment plans work see:

https://www.irs.gov/payments/payment-plans-installment-agreements#q02

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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