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IRS Answers the "What If" Tax
Questions of an Economic Downturn
IRS Tax Tips TT-2009-22, Feb. 3, 2009. What
if I lose my job? Is my unemployment check taxable? Can I afford to take
money out of my retirement account? These are just a few of the "What If"
questions people are dealing with these days.
The IRS recognizes that many people are going through difficult times
financially. Often, there is an IRS tax impact to events such as job
loss, debt forgiveness or dipping into a retirement account. If your
income has decreased, you may even be eligible for certain IRS
tax credits, such as the Earned Income Tax Credit, which can mean
money in your pocket.
Most importantly, if you believe you may have trouble paying your tax
bill, contact the IRS immediately. There are steps the IRS can take to
help. To avoid additional penalties, you should always file your tax
return on time even if you are unable pay your tax bill.
Here are some “What if” questions that are answered on the official IRS
Web site. Simply go to
IRS.gov and type
the keywords "What If" in the “Search” box at the top of the page.
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