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8 minutes ago
- Yahoo
Montana woman discovers husband of 21 years didn't pay his taxes — now IRS is after them. What Dave Ramsey says to do
It's one thing for a spouse to keep a minor secret from their partner — it's another thing to hide an $82,000 tax bill. That's the situation Alice in Montana found herself in when she wrote to The Ramsey Show. Her husband of 21 years failed to pay an $82,000 tax bill from 2021. Now, the IRS is coming after their home, and she wants to know if she should take out a second mortgage to cover the bill or sell it. "I feel blindsided and betrayed," she wrote in. Ramsey's response? "What a mess!" Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Financial infidelity Alice and her husband's finances weren't always smooth, as evidenced by her alluding to a past bankruptcy. However, thanks to a strong 2021 for her husband's real estate business, they wound up owing the IRS $82,000. The money was in the husband's business account, so Alice trusted him to pay them. Instead, he used it to cover other business expenses and a failed side venture without telling her. He also blew off their accountant. Their CPA eventually filed their taxes for them in 2023, sans signatures — an act Ramsey called illegal. 'That's a good way for the CPA to end up in jail,' he quipped. Alice's husband then proceeded to hide IRS notices from her regarding the tax debt. She only found out when she signed for a certificate letter from the IRS saying the agency intends to levy their home for $150,000. Alice turned to Ramsey for guidance: should she buy her husband's share of the house or use a second mortgage to cover the IRS bill? Ramsey assumed that by "buy him out," Alice intended to divorce her husband. After bantering with co-host Rachel Cruze over whether she meant 'bail him' out, Ramsey added that as a nurse, Alice probably had taxes withheld from her paychecks. Now, if Alice and her husband intend to go to marriage counseling, then, between his real estate income and her nursing income, they can pay off the tax debt themselves. But Ramsey added that Alice should sell the house if she's getting a divorce. There was some good news for Alice: she may not be responsible for the taxes in the event of a divorce. "You would file under what's called the innocent spouse provision," he explained. "You were not aware of these taxes; you were not aware of the business activities that created these taxes." Because of this, Ramsey said the IRS shouldn't hold her liable even if her filing status at the time of the debt was married filing jointly. However, he suggested that Alice hire a skilled tax attorney or a knowledgeable CPA to argue her case. Ramsey added that if the house has a lien and is sold, the IRS can only take the money out of the husband's portion if Alice gets approved for innocent spouse relief. But this only works if they get a divorce. Otherwise, Alice and her husband need to work on reestablishing trust. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. How innocent spouse relief works The IRS's innocent spouse relief program is designed to protect people like Alice from liability when their spouses underpay taxes on a joint tax return and they're unaware of it. If you're in a situation like hers, you may be eligible for innocent spouse relief. However, that relief only pertains to taxes on your spouse's income. You cannot claim innocent spouse relief for your income, household employment taxes, business taxes or certain other taxes. You can request innocent spouse relief if: You and your spouse filed a joint tax return Your taxes were underreported in error You did not know about errors on your tax return You reside in a community property state The IRS instructs people to request innocent spouse relief as soon as they become aware that they're on the hook for a tax bill. You must also request innocent spouse relief within two years of receiving a notice from the IRS about a tax bill. The IRS also says that if you didn't sign or consent to file a joint tax return with your spouse, you may be able to limit your responsibility for your spouse's taxes. You can call the number on your tax debt notice to learn more. This situation may apply to Alice, as she stated that their accountant filed their tax return without their signatures or consent. Of course, applying for innocent spouse relief does not guarantee approval. According to Jackson Hewitt Tax Services, in 2021, the IRS received over 26,000 innocent spouse relief requests but only approved about 4,800. Because approval is not guaranteed and there are many nuances involved, it may be best to consult a tax professional with expertise in the area rather than attempt to get relief on your own. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. 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Yahoo
8 minutes ago
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In 2025, Many Are Realizing Their Parents' Financial Advice Doesn't Fit Anymore. College At Any Cost And Avoiding Stocks? Maybe Not So Smart
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. For decades, advice like 'just get a degree' or 'buy a house as soon as you can' was seen as a sure path to financial stability. But in 2025, many are rethinking those old lessons. On Reddit's r/Frugal forum, a recent post asking which financial tips from older generations no longer apply sparked hundreds of honest, frustrated, and eye-opening replies. Loyalty Is Dead? Person after person pointed out how outdated the 'just work hard and stay loyal' mindset has become. 'Work hard and your employer will notice and take care of you' simply doesn't hold up today, one person wrote. Another added, 'Loyalty rarely gets rewarded anymore, and switching jobs every few years often leads to better pay and opportunities.' Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. One person got the advice to "Work hard and you'll be fine." But they say, 'I'm not fine. And I'm overworked!' The Degree Dilemma 'It doesn't matter what your degree is in, just get a degree and there will be plenty of jobs available when you graduate,' one commenter recalled hearing growing up. But today, many feel that was a setup. 'The Millennial experience was being told we have to go to college; find something you enjoy doing and expect jobs in it; don't worry about loans,' another wrote. 'Then being yelled at when we come out with debt, dumb degrees, and shitty jobs.' Another person said honestly: 'The pamphlet the college gave out said philosophy majors can make six figures!! We're long overdue for a class action on the absolute lies that were sold.' Even science, technology, engineering and mathematics fields, or STEM, long considered safe bets, aren't immune. People noted tech layoffs, unstable biotech sectors and private equity gutting hospitals and clinics. 'Gen Alpha kids are f*****,' one reply concluded. Trending: If there was a new fund backed by Jeff Bezos offering a ? Homeownership No Longer Feels Like A Guarantee Buying a house used to be the gold standard of financial stability. Parents often said things like, 'Decide where you want to work, then buy a house near it,' assuming long-term job security. But that advice doesn't hold up when jobs are unstable and layoffs are common. As one person put it, 'You can't guarantee you'll get a job in the [same part of town where you buy a home]. Not to mention, what happens if/when you get laid off?' Homeownership itself is out of reach for many in the younger generations, even when they finally do own a home. 'My area is notorious for taxing homeowners a lot,' one commenter said, pointing to how repairs, property taxes and surprise expenses can drain savings. Another person shared: 'We are about to pay off our house but the costs to maintain it are nutty... maybe we sell it and pay rent.'The Pension Is Gone, And 401(k)s Aren't Magic One of the original poster's main points was about pensions. 'My dad told me to just get a job with a good pension,' they wrote, noting how rare that is now. Several replies echoed the reality: pensions barely exist outside of government jobs. And even then, they're often not as generous as people assume. Still, some people said the advice wasn't all bad—just outdated. 'Just replace 'get a good job with a good pension' with 'get a job with a good 401(k) match,' and it works,' one commenter suggested. Advice like 'don't spend more than 1/3 of your income on rent' also came up—and was mostly met with eye-rolls. 'It's still good advice,' one person said, 'but whether it's possible is a different matter.' 'Older folks think the best way to get the best deal on a car is to walk in with a sack of cash,' one person said. But in reality, most dealerships these days make their money from financing. Many believe that the economic landscape has shifted too much to make their parents' advice work. Wages haven't kept up with inflation, the cost of living has skyrocketed, and industries that once offered security have become unstable. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. Imagn Images This article In 2025, Many Are Realizing Their Parents' Financial Advice Doesn't Fit Anymore. College At Any Cost And Avoiding Stocks? Maybe Not So Smart originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
10 minutes ago
- Los Angeles Times
European leaders rally behind Ukraine ahead of Trump-Putin meeting
KYIV, Ukraine — European nations have rallied behind Ukraine, saying peace in the war-torn nation can't be resolved without Kyiv, ahead of a planned meeting this week between President Trump and Russia's Vladimir Putin. Trump had said Friday's meeting in Alaska with his Russian counterpart was to discuss ending the more than three-year war. Ukrainian President Volodymyr Zelensky responded by thanking European allies and wrote on X on Sunday: 'The end of the war must be fair, and I am grateful to everyone who stands with Ukraine and our people.' Saturday's statement by top European leaders came after the White House confirmed the U.S president was willing to grant Putin the one-on-one meeting Russia has long pushed for, and suggestions from Trump that a peace deal could include 'some swapping of territories.' That raised fears that Ukraine may be pressured into giving up land or accepting other curbs on its sovereignty. A White House official, who spoke on condition of anonymity as they aren't allowed to speak publicly, told the Associated Press that Trump remained open to a trilateral summit with both the Russian and Ukrainian leaders, but for now he will have the bilateral meeting requested by Putin. Trump had earlier said he would meet with Putin even if the Russian leader would not meet with Zelensky. On Saturday, U.S. Vice President JD Vance met with top European and Ukrainian officials at the British Foreign Secretary's weekend residence to discuss how to end the war. The Trump-Putin meeting could prove pivotal in a war that began when Russia invaded its smaller neighbor in 2022 and has led to tens of thousands of deaths, although Moscow and Kyiv remain far apart on their conditions for peace. Saturday's statement, signed by the president of the European Union and leaders of France, Germany, Italy, Poland, Finland and the U.K., stressed the need for a 'just and lasting peace' for Ukraine, including 'robust and credible' security guarantees. 'Ukraine has the freedom of choice over its own destiny. Meaningful negotiations can only take place in the context of a ceasefire or reduction of hostilities,' the statement said. 'The path to peace in Ukraine cannot be decided without Ukraine. We remain committed to the principle that international borders must not be changed by force,' the Europeans added. A monthlong U.S.-led push to achieve a truce in Ukraine has so far proved fruitless, with Kyiv agreeing in principle while the Kremlin has held out for terms more to its liking. Trump had also moved up an ultimatum to impose additional sanctions on Russia and introduce secondary tariffs targeting countries that buy Russian oil if Moscow did not move toward a settlement. The deadline was Friday. The White House did not answer questions Saturday about possible sanctions. Russia last week reiterated demands that Ukraine give up territory, abandon its bid to join NATO and accept limits on its military in exchange for a withdrawal of Russian troops from the rest of the country. Particularly galling for Kyiv is Moscow's insistence that it cede pockets of eastern and southern Ukraine the Kremlin claims to have annexed, despite lacking full military control. Mark Galeotti, an expert in Russian politics who heads the Mayak Intelligence consultancy in the United Kingdom, says Moscow's tactic of encircling towns in eastern Ukraine has brought a string of territorial gains for Russia, and Putin 'seems to feel he is still winning.' 'Putin does not appear to feel under pressure,' Galeotti argued in an analysis published Sunday by Britain's Sunday Times newspaper. He said that for Putin, 'further delaying any more serious U.S. action and the optics of a meeting with the U.S. president will already be wins.' Zelensky said Saturday that Ukraine 'will not give Russia any awards for what it has done' and that 'Ukrainians will not give their land to the occupier.' Ukrainian officials previously told the AP privately that Kyiv would be amenable to a peace deal that would de facto recognize Ukraine's inability to regain lost territories militarily. But Zelensky on Saturday insisted that formally ceding land was out of the question. Galeotti argued that any deal that involves Ukraine abandoning territory would be 'agonizing' and politically dangerous for Zelensky. Andriy Yermak, a top aide to Zelensky, noted on Sunday that Kyiv will strive to boost its position ahead of the planned Trump-Putin meeting. 'Ahead lies an important week of diplomacy,' he said. Kullab writes for the Associated Press. AP writer Michelle L. Price in Washington, D.C., contributed to this report.
