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The IRS sent me a lock in letter. I claim 10 exemptions

Customer Question
The IRS sent me...

The IRS sent me a lock in letter. I claim 10 exemptions because of mortgage interest and property taxes. They are threatening to reduce my exemptions to zero. That Wil force me into bankruptcy. Is there anything I can do?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I pay all my bills on time, including $240 per month to the IRS for unpaid taxes.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

The reason I got behind in my taxes is that I withdrew all the money in my 401k. I have been in a very difficult financial position for several years, but I always pay my bills on time, and it looks like I'll be in much better financial shape in 2 years, but if I declare bankruptcy, my life is ruined.

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

I would certainly appreciate any help that you can provide me on this matter!

Submitted: 7 months ago.Category: Tax
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Answered in 1 minute by:
11/24/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,220
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

The IRS sends lock in letters when too many allowances have been claimed which results in a Balance Due when the tax return is filed.

You are given a date by which to appeal or verify your allowances to the IRS. If the claim is not defended to the satisfaction of the IRS, the employer must withhold according to the IRS’s lock-in letter or face penalties. At this point you cannot submit a new W-4 to your employer, but must send it to the IRS for approval.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

If you can show the IRS that your allowances will not make you owe when you file then they will release that lock in.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

Hello, I wanted to check back with you to see how your situation turned out.

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