Will they throw me in prison?
February 29, 2012 4:33 PM Subscribe
I am way short on my estimated quarterly federal taxes this year, am freaking out, and need some honest insight into how much trouble I am in.
posted by 4ster to work & money (24 answers total) 1 user marked this as a favorite
I made a miscalculation where I paid a good deal of my income towards some credit card debt, thinking I could catch up on my federal taxes later. However, I was not able to.
My estimated state taxes have been paid in full, and I have sent $3600 to the Feds, but I am still $6000 behind.
I am embarrassed by this, and really stressed out. Here are my questions:
What happens in situations like this?
Will the IRS let me make payments to "catch up?"
If so, generally how bad is the interest on this debt I owe the IRS?
How long do they give to pay it back?
Thanks so much for any help and insight you can provide.