Money Matters

[bigjim]

How is back pay determened or figured out and who does it?//bigjim

[nlualum82]

Are you talking about a lump sum of retro from the VA? I'm having a little trouble understanding how you could owe taxes on that!

[Pete53]

Salty I owed over 60,000 most was penalty and interest in 1991. I had used my retirement 401k to live on when I was not working, After 10 years the IRS will drop it as uncollectable. I ended up paying just a small amount.

Good Luck if you get a lump sum you might do what I did. I cashed the check and hid the cash. I hate the IRS worse than the VA.

[LarryJ]

The IRS can't tax your VA monies. They can, and certainly will, tax your Social Security monies.

And, if I owed 43K, I'd either take the dull knife to the woods ('cept I wouldn't cut my throat, I'd just keep on going til I came outta the woods in a different state...........) or I'd get me a lawyer feller to negotiate with the Feds. I darn sure wouldn't tell 'em I was getting a big check, though ( not the lawyer, not the feds ). If that big retro check hits my bank account, it's outta there before the sun goes down, especially if I owed anyone anything. Good thing about Texas, also, is that nobody can garnishee your money/checks, etc., well, nobody BUT the Feds, that is.

And, I sure am glad I'm in a state where there is NO state tax on income. (Texas, Tennessee, Nevada.....).

Okay, I will concede, it is a Chinese guy in a smokey back room of a bar in East St. Louis, throwing darts at at a dart board.

How's that fer compromising?

Y'all keep it between the ditches.......I'm gonna get to go fer a little ride.

Have a GOOOOD weekend. And, remember, it's all just temporary.................ALL of it.