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Just got a call from the offer unit they want my client to pay the additional estimated payment for 2019. The client already paid $3900 for the year they want an additional $4000 by August 1st.
The client only has a small portion of that and wants to get rest from his IRA, however, we used the balance of IRA $10K for the offer amount.
Can my client pull that money from the IRA and change the offer to what is leftover in the IRA?
Thanks
CarlosCarlos,
Hmmmm. Good one. Maybe request an amendment to take into account the liquidation of the IRA (I think Eric has talked about compromising a pending offer). Otherwise you might have to let the client know that he/she needs to beg from family and friends to get the money to pay the estimates.
Hopefully Eric will chime in with his thoughts.
Good luck.
Sincerely,
Jim Wade
Carlos,
Does the client owe that money? If the P&L shows they wont owe that than I would push back. If they do and failed to maintain compliance you can try but the IRS will not consider the IRA spent and agree to amend the Offer because I bet the offer included a current tax amount they were supposed to pay. You can try but do not be surprised if they refuse to agree to an amended offer.
I would have them get the IRA, pay in the additional amount, and hopefully make up the $4K balance before the final offer payment needs to be made if accepted.
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