Gut Rumbles

April 08, 2005

oh, shit!

I had a CPA look at my taxes today. I just filed for an extension and I have been on the phone to Kerr-McGee Benefits people for the past hour or so.

Oh, shit! is all I have to say. My 1099 form for the lump-sum retirement I took doesn't say what Kerr-McGee told me when I took it. Either the form is wrong or they lied their asses off to me.

I also somehow made $58,000 in salary last year. THAT I don't understand, because they ran my ass off in October of 2003. According to MY records, I received my last salary paycheck from Kerr-McGee the first week of December, 2003, when we officially parted company. I received my 100% fully-vested retirement check in January, 2004.

Now, it appears I earned $58,000 that I never saw and my retirement was NOT fully vested, so I may owe a 10% penalty on that lump-sum settlement, which pretty well means that the government gets half of it.

This is a fucking mess.


B-O-H-I-C-A !!

Posted by: DONGER on April 8, 2005 01:45 PM

If Kerr-McGee thinks you earned $58,000, they damn well better get it to you.

More likely Big Chief Fuh-Kuh-Mup did their paperwork and they'll have to fix it.

It's always best to check those forms as soon as you get them, and call errors to their attention immediately.

Waiting until April, not so much. You can get an extension on filing, but the IRS don't give extensions on payment.

Posted by: McGehee on April 8, 2005 01:55 PM

I procrastinate. I should be dragged off and shot, which might be what the IRS intends to do with me.

Posted by: Acidman on April 8, 2005 02:28 PM

You do have to send them an "estimate" of what you think you will owe. Even if you underpay, the penalties aren't that severe.

Posted by: rightisright on April 8, 2005 03:35 PM

If you get in a pinch, email me and I'll tell you how to get around some of this. I am on the phone for at least 30-60 minutes every day telling other CPAs how to handle sticky problems. Don't panic.

Posted by: Woody on April 8, 2005 05:46 PM

They at least gave ya a jar of KY on the way out the door, didn't they?? Just damn, as Dax would say!

Posted by: Michele on April 8, 2005 09:10 PM

I procrastinate.

Not anymore, I'll bet. At least when it comes to doing your taxes.

Posted by: McGehee on April 8, 2005 09:29 PM
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