Skip to main content
No photo

Blakely Cahoon’s Answers

3 total

  • If divorce settlement proceeds were to be paid out of husband's 401k, am I responsible for paying the taxes and penalties

    My question is regarding a divorce settlement. The sum of money I was awarded is supposed to be paid from my ex's company pension account and his 401K. He and his lawyer are now saying that I am responsible for all the taxes and penalties for with...

    Blakely’s Answer

    I would advise speaking with your divorce attorney regarding a Qualified Domestic Retirement Order (QDRO). There are limited tax consequences to divorce settlements when done correctly. The Order should help you determine how to address the potential tax issues you are running into.

    See question 
  • Am I entitled to a refund if I overpaid on my federal income tax

    I am concerned I have overpaid in taxes for the 2006 tax year. My accountant in Florida where I just moved from has horrible comminication skills (speaks mainly through my mother and not me, I guess because I am fairly young, 23 years and don't un...

    Blakely’s Answer

    If you are owed a refund from tax year 2006 you will need to file an amended tax return for that tax year. I would advise taking all of your tax paperwork including a copy of your return to a new accountant for assistance. You can also use tax software with your original paperwork (W2, 1099 and other tax information) to determine what, if any amount, you may be owed.

    See question 
  • What action can I take against the IRS for refusal to pay me my 2002 income tax refund

    The IRS won't pay me my 2002 Federal Income Tax refund because it was sent in late.How do they have the right to do this when it is my money?What can I do ?

    Blakely’s Answer

    The answer to your questions depends on how late you were filing your federal income tax return. A taxpayer generally only has three (3) years to file for a refund. If you were within that three year time period then you should file for the refund. If you are outside of the time limit then the Internal Revenue Code would limit your ability to receive the money now.

    See question