Submitted by one-eye-owl t3_1263ycv in personalfinance
Impossible_Mix61274 t1_je82zth wrote
First, I hope you are doing well. Chemo can be rough physically and emotionally.
Did you take money from anywhere else to supplement your income when you weren’t able to work full time?
one-eye-owl OP t1_je87dxu wrote
Thank you so much, So during diagnoses and then chemo i had very rough time so I couldn't work much. I withdrew from my savings account and some cash i kept.
Impossible_Mix61274 t1_je8843t wrote
I thought maybe you took money from something like a retirement account or another restricted asset type that led to your higher taxes but it doesn’t sound like it
one-eye-owl OP t1_je88ior wrote
No we immigrated a little later in life and between putting out kids to school and owning a small home we did not learn about roth ira and 401k until later down the road. I am filing an extension to get things sorted though so hopefully it give us some time to get it together. thanks you again
SoullessCycle t1_je8b98g wrote
Haven’t read through all your comments yet, but just in case no one else mentions it: an extension means you have more time to file, not that you have more time to pay.
You’re going to get into owing penalties if you don’t pay what you owe by April 15.
izzymaestro t1_je8kqac wrote
Ok immigrated might be a whole different issue. Did your savings come from a foreign held asset or account?
If so, you may very well be subject to foreign income tax if you haven't previously declared the asset.
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