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Asked 2/11/2008
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Can you average your income over several years I cashed in a 401K becuase I lost my job. They did not withhold enough money and now I owe taxes. Can I average my income over several years to lower the amount I owe? |
Answer 1/2 - Submitted 2/11/2008
You can't just average your income.
the taxes you pay for 2007 are based on what you actually earned in 2007 and anything you did in 2007 such as cashing in a 401K.
You can either take out a loan to pay for your taxes if you can't pay them, or if you do not already owe the IRS from previous years, you can start an installment loan with the IRS.
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