Income Tax Question. Any help would be appreciated.

Hey guys, this is REALLY off topic thats why Im posting here. I kinda feel like this is a stupid question but I figured I might be able to get some educated guesses or answers here. When filing my income taxes this year, can I possibly wait until next year to file a 1099R I received for an IRA withdrawl? The amount of the withdrawl was fairly small, under $2000.00 Ive heard in the past you can wait up to a year or two without even filing your income taxes, so I was wondering if I might be able to get away with this. I dont want to avoid paying altoghether, Im just so financially strapped right now like the rest of America that this 1099R is going to kill what little money I will be getting back from my taxes. Please reply.

Thanks.

im realy not one to help but i will try

go copletly off the grid!
say so long townsfolk

you will have to file the 1099 on the return for the year of the income.
If you file and do not mention said cash, and they find out, they will audit you and they will prosecute you and you will be even more strapped.
Deal with it as long as we have to give our income to the fed unfortunately.

Thanks for the info. God I hope Ron Paul is elected in 2012.

Ron Paul will NOT save us.
We need to save ourselves.
You might ask a tax expert, even call the IRS and ask if you can make a partial payment.
Or just mail a partial and make em deal with it, as you cannot mail a rubber check.

reply to post by MoreFunky85


Hi, Funky!

Boy do we all understand the being strapped situation!

As stated, you are required to file the 1099R in the year it was earned. However, if you're not able to pay any taxes owed, the IRS will work out a payment plan with you. Check with your local IRS office for the particulars.

A word of warning...if you and the IRS work out that payment plan, don't default on a payment! Give another call and see if the plan can be renegotiated BEFORE that payment is due.

Hope this helps

Thanks for the replies. You guys were very helpful.

Originally posted by g146541

If you file and do not mention said cash, and they find out, they will audit you and they will prosecute you and you will be even more strapped.

No, they won't. They WILL find out and send you a bill with a small penalty attached. Tax on less than $2000 will not be that much. I've had this happen more than once when I screwed up. I just sent in my payment with a letter saying, "Yup, I screwed up." and that was the end of it.