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Posted by Aodhan on August 17, 2007, 12:02 am
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> Yes, payment plans that do not reduce the overall liability
> are common - but NOT in your case. A $290 per month payment
> would pay off a $10,000 liability in a little over three
> years. It may be that when you entered into the agreement
> the tax was $10,000 but the interest and penalties had not
> been applied yet - or perhaps another adjustment was made or
> another tax year added. You can order a Transcript of
> Account to see what has happened.
I have ordered one, it should be here in a couple days. I
will have to get my files from storage, but IIRC, it was
stated to me when I set up the plan that the $10,000 (Round
figure, it was just slightly more than that) was the total
owed including penalties, etc. For the years in question I
was single and earning in the range of 40,000 per year. I
earned almost 70 last year and owed 1000, I can't imagine
that much more on 3 years of much less income.
Thanks for your input.
John
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