Wild speculation it is, then.

$75K taxable still wouldn't be close. I think the only way they could've gotten to that number would be if, as other people have mentioned, they had to pay back healthcare premiums. Even then $25K might be a bit of a stretch. Most likely, these numbers OP provided are missing a ton of context to really know

There is an important question above. OP states they spent savings that was going to be used to open a business. Where was this money? Was it in a retirement account and therefore subject to taxes?

I don’t have those numbers at hand.

If I have a joint bank account with my wife, is the FDIC insured for $500K?

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What were boxes 1 and 2 on your W-2s?

maybe if they were 1099 and not w2

I agreed with comments that T bill are the safest and exempt from state and local income taxes. Note there will be US debt ceiling discussion some where in July and later. I really doubt US government will stop paying its debts (T bills and others), but we will just monitor the event at that time. If you decide put into CD or brokered CD, make sure to keep within $250K per bank. Even if a bank fails, FDIC is insured.

I agree with paying off entire LOC but just u sure if using up all that cash to do so will be the right move.

https://www.freetaxusa.com

So 2 years and you are back to where you were with a paid off LOC today. Plus you still have the option to tap the LOC if absolutely needed while saving on the interest paid. I'd pay it off.

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If she's being told she owes $25k a self serve website isn't going to help. It's worth a couple hundred to make sure it's done right by a professional.

Yes abt 190k is correct. We can save abt 4k a month to replenish.

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Owed about 2K. Had a sign on bonus but otherwise no other income. Pay is very similar between the two jobs. Can’t say about the payroll software. Though based on this experience I have questions.

You set up the payment plan with the IRS directly, but a good tax accountant (CPA ideally) can help you with it.

That could be it. You don’t qualify for a subsidy if your employer, or spouses employer, offers a suitable plan. I don’t remember the specifics of the plan, but a good chance that’s it.

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?

There's not much you can do to fix the mistake, but you can manage your credit in a way that the algorithms will give you extra credit to get your scores back up. The no brainer part is to keep making all of your payments on time. My second suggestion is to avoid anyone pulling your credit report. The algorithm is (incorrectly) afraid you are losing your ability to pay back your debts, so if you apply for more credit, that will further that concern. The last suggestion is to keep your balances on all revolving credit cards less than 20% of the credit limit. Its important to use them, so don't leave the balance at $0, but keeping it under 20% (or as low as possible) gives you the best chance to improve your scores. My suggestion to my clients is to put a tank of gas in your car using your credit card and then pay the balance every month when you get the statement. By consistently doing this, you will get your scores back up pretty quickly. Good luck!

Use freetaxusa instead and see what it says.

Freetaxusa? Or is there also one called taxfreeusa?

There's also taxfreeusa.com as well

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