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  #26  
Old 02-08-2016, 09:08 AM
fbopnomore fbopnomore is offline
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Before paying $4000.00 a month on her restitution (unless you were also found to be liable by a court), definitely talk to, and retain your own lawyer. Florida is not a community property state, so you are not automatically liable for one half of your wife's obligations.
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  #27  
Old 02-08-2016, 04:22 PM
martinescal martinescal is offline
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Default Restitution

Perhaps, but if I start paying it off now, everything will be paid off by the time she gets released from prison and then we can start over. Plus, maybe if things are paid off, she will have a bette r chance at getting out on probation early.

Also, for those who asked how it was that I could not know - it's very simple - she lied to me about how much her salary was.

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  #28  
Old 02-08-2016, 04:59 PM
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The problem with that is that in this day and age, one can never be sure that the marriage will last. Since she'll be in prison, doesn't that mean that the payments will come from your own income? Therefore, if she lets you pay off her debt and then divorces you, basically you will have deprived yourself of money that could have been yours even after splitting up your assets and liabilities.

Besides, it is usually better to be in debt while having money or other assets (as long as they can't be seized to repay some debt) than to have little to no debt but no money either. How true that is depends on factors such as interest rates (on the debt and on what you can earn, even after taxes, on the money and assets in your hands). Since your state is not a community property state, it may even make sense to be well-off yourself while your wife is in debt. If you can get away with that, it may make sense even if you remain a couple. Besides, if you must share the debt, why would all the money come from you and not just half? Is it more fair to get out of prison with no financial obligations than to try to pay at least part of the debt she herself created?
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Old 02-08-2016, 08:46 PM
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Quote:
Originally Posted by joybubby View Post
I'm sure I'm not reading this correctly.
I was trying to make a point that regardless of how or who BEFORE this is the end result, not the other way around.

I have a sneaking feeling this is not the whole story as we rarely get as much as a court room does. She was in the wrong, period! But, there could be extenuating circumstances we are not privy to.
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  #30  
Old 02-08-2016, 10:10 PM
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I forgot to mention that if anything can be done to let her pay her own debt herself, to reduce the amount you are paying yourself or to otherwise separate your financial affairs from hers, that has nothing to do with your love, forgiveness, intention to remain in the relationship or resume it later, and so on. It's a financial decision.

You may get to live with her again but for all intents and purposes, you will be living on your own for many years, especially from a financial standpoint. That's why it makes sense to think of protecting your own financial situation and separating it from hers if the law allows it. If you don't think it's right for a married man to have that outlook, remember how she used to think the same way even though, if I understood well, you were not separated like you will soon be. If it is true that you didn't know how much she was earning and spending, she must have kept her own finances separate from yours.
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Old 02-10-2016, 03:08 PM
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Ok, so now I just learned that the doctor's accountant is going to send my wife a 1099 tax form for the $200,000. Apparently she was supposed to pay taxes on that money. I guess I will have to talk with a tax attorney now too.... At 10% income tax or 20,000, plus 15% social security tax or $35.000, that's a total of $55,000 in taxes....

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  #32  
Old 02-10-2016, 03:29 PM
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Holy cow that is a lot in taxes!
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  #33  
Old 02-10-2016, 03:54 PM
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The illegal income was not made in one year. This may matter to the extent that income in a higher tax bracket is taxed at a higher rate. This is why it is often better to be taxed on a smaller income each year than on a large sum at once. In that sense, the tax form is probably wrong (the money was taken gradually over several years). Also ask about the consequences of reimbursement. In fact, if there is some reason for you to pay something yourself, it could be related to some tax advantage, if there is any. Moreover, as a prison inmate, she will have little to no income for a while.

Also, the tax issue is with the IRS. Getting a form from the doctor's office is not the same thing as being asked to pay by the IRS, although I can see how things could be heading that way. And if you are not legally authorized to act on her behalf, you may find yourself unable to do anything, because the tax file is not your own. Technically (I'm not saying you'll really go to prison), just opening her tax mail could be illegal for you to do. And the tax lawyer may be reluctant to advise you on issues that do not belong to you, which is precisely the kind of issues you may want to inquire about.
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Old 02-10-2016, 05:11 PM
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The IRS is a completely new problem, so definitely talk to your tax professional about it. If prior years tax returns were filed omitting the embezzled income, you may still be able to file amended returns for those years, which would distribute the unreported income over different tax periods. Another consideration to discuss is the potential for penalties and interest for the old years. If the entire amount is declared on a 2015 tax return (as reported to the IRS already on the form 1099), that might take prior years penalties and interest out of the equation.

One other important consideration is filing status. If she files a married/filing a separate tax return for 2015 (not a joint return with you), and declares all of the money on the 1099 herself, the IRS won't expect you to pay her underpaid taxes. Since she will be in prison, with no income, the tax problem should be able to be postponed until after her sentence is finished. If she never has the funds to pay, an "offer in compromise" is possible, but ask about that when you meet with your tax preparer too.

To avoid any unforeseen legal problems, have her sign a power of attorney that grants you the authority to act for her, but be sure it is broad enough to cover any possibilities, mail, banking, whatever. I ended up having to do two after my trial attorney messed up the first one. Luckily, my appeals lawyer knew what he was doing on the second one.
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  #35  
Old 02-10-2016, 08:52 PM
CenTexLyn CenTexLyn is offline
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Quote:
Originally Posted by priceam View Post
Holy cow that is a lot in taxes!
I'm betting the number is actually higher given the tax bracket the 1099 will stick them into not to mention the potential for interest and penalties. OP needs to buy a few hours of time with a competent tax attorney if there is to be any hope of chopping into the liability...
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