Their Son Wants A Bailout After Racking Up $200,000 In Taxes, Interest, And Penalties. Dave Ramsey Says, ‘I Probably Wouldn’t’ Step In Today
Jeff and his wife retired in the early 70s with a net value of approximately $ 2.3 million in Indiana. But now they encounter a painful decision: are they selling property or Investment Funds To save my sons who owe more than $ 200,000 to IRS?
His 40 -year -old son returned to Indiana from Los Angeles to take over Jeff’s insurance agent 11 years ago. In California, he had a tax problem as he worked as an independent contractor in the music industry. Jeff helped him create a repayment plan and assumed that the course was learned.
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It wasn’t.
“I would ask him if he was about it, and he would just explode and wouldn’t talk about it,” Jeff said. Dave Ramsey And Jade Warshaw In the last episode “Ramsey show. “
Three months ago, his son called again with bad news: in the last four years, he had not opened any state or federal tax and had not paid an estimated tax for 2023. In addition, he did not pay 941 withholding or unemployment tax.
Jeff predicted that half of the $ 200,000, which his son was currently owed to, is of penalties and interest. His son has recently resigned from the insurance business and is currently a new sales role that wins about $ 75,000 plus bonuses per year.
“Frankly, he has no job for him to have self -employed, J Jeff said.
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This Jeff and his wife came into play for the first time. Years ago, they had to get their sons out of high school and send him to a survival camp. Them A car loan signed He couldn’t stand up. Them paid for a private school In California.
“Something happened one after another, Jef Jeff said. Im I’m fine because I’m not an answer, ”he said.
“Jade and I both say unfortunately, I probably wouldn’t do it,” he said. “Warshaw added that he is an adult that gains a good life to avoid living in poverty and that he should take responsibility for him.
Jeff had thought to cover the tax bill using a part of his son’s future legacy. However, the figures were not collected and he was worried that IRS would put foreclosures on the family house.
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Ramsey pointed out that this and the rescue problem are two separate issues. “Do I change the will in a few years? I can. Now you can change it, you can change it later.”
