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Old 02-20-2015, 10:38 AM
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Tax help needed

This one has me completely beside myself and still having a hard time swallowing this. Basically, my wife took a loan out from her pension 11 years ago for down payment on home purchase. We've been making the loan payments all along but in June 2014 we were literally 3 business days late with that month's payment, so they then considered the loan "in default" and are now being TAXED on the loan balance { which is still a substantial amount } and they are considering that loan balance as INCOME in 2014. so now we not only get NO REFUND but OWE the IRS a substantial sum, according to our tax preparer { one of the major tax preparing chains }. Thing is, we are still paying the loan off and they are cashing our checks! It's not like we made extra income in 2014 but are being taxed in a higher bracket regardless.



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