one-eye-owl OP t1_je88ior wrote on March 30, 2023 at 3:01 AM

Reply to comment by Impossible_Mix61274 in My husband and I owe 22k in taxes but we only made a combine total of 75k by one-eye-owl

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 on March 30, 2023 at 3:24 AM

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.

Evan_Th t1_je8l14h wrote on March 30, 2023 at 5:00 AM

April 18th this year, to be precise: the 15th and 16th are the weekend, and the 17th is a holiday in the District of Columbia.

[deleted] t1_je8ntmu wrote on March 30, 2023 at 5:33 AM

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izzymaestro t1_je8kqac wrote on March 30, 2023 at 4:57 AM

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.