Special IRS Tax Break For Many Unemployed 2011 or 2012

March 13, 2012
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If you or your spouse were unemployed for a month or more in 2011 or through April 15, 2012, Uncle Sam has a special IRS break for you: You don’t have to pay any penalty on taxes you owe for six months.

You still have to pay the 3 percent annual interest, but it is still a great deal.

There is a limit to those who had $100,000  in adjusted income and are single or if married, $200,000.

“This year, the I.R.S. is giving a break to those who were jobless. If you were unemployed for at least 30 straight days in 2011 (or in 2012, up to the the tax filing deadline on April 17), you can request a six-month extension to pay this year’s tax bill without being charged a late-payment penalty (although you’ll still be charged interest, currently 3 percent on an annual basis). To take advantage of the grace period and avoid paying your taxes until Oct. 15, you must file Form 1127,” wrote Ann Carrns in the New York Times.

So file you taxes on time and then ask for an extension on paying any money you owe.

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7 Responses to Special IRS Tax Break For Many Unemployed 2011 or 2012

  1. Philip B on March 14, 2012 at 10:20 am

    How about the people who have been unemployed ALL of 2011????

    • George Gombossy on March 14, 2012 at 10:23 am

      Yep
      At least 30 days

      • Valerie White on March 14, 2012 at 12:11 pm

        OK, What if you’ve never been able to pay into IRS because you NEVER had a job, even 2 years after college and have had to live with your parents during that time?? Sheesh.

  2. Philip B on March 14, 2012 at 12:16 pm

    I didn’t have any income for 2011, therefore no tax refund…

    AT LEAST an “economic stimulus” check…

  3. Richard Farr on March 14, 2012 at 3:48 pm

    They call that a tax break. Irs is nothing but a legalized thief of our money. If people are unemployed they shouldn’t be paying any income tax. The money they receive is so small it barely covers your food for the week.

  4. don on March 19, 2012 at 6:51 pm

    Terrible Reporting – aka Bogus Headline “Special IRS Tax Break For Anyone Unemployed 2011 or 2012″

    That benefit is NOT available to higher income filers. (My wife does have a Nice job). Why does George Gombossy say Anyone Unemployed – I assume lack of due diligence on his part??

    -don

    • George Gombossy on March 19, 2012 at 7:29 pm

      You are right
      I corrected it
      Thank you

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