tl;dr
My family and I only have 13k of savings, and my husband & his company did not properly fill out his 1040 which means he owes about $4,900-$5,000 to the IRS and he wants to pay that off ASAP. On top of that he wants to travel to see his parents in China this year which should cost in total $5,000. All of this is happening while he plans to quit his job in 2 weeks due to him not liking the work environment anymore. What is the correct financial move here, and what can I do with possibly making $1,300 monthly (depending on performance reviews) starting this week to save money?
So my husband is leaving a 44k job by the end of the month, and I did support his decision due to the work environment. However, as I just found out last night there is a financial issue that we did not for-see. My husband is a W2 worker, but his company did not set up his 1040 to deduct federal taxes, and even though his tax person alerted him earlier this year, he didn't fix it I assume. I did my research and if my information is correctsince it's under $10,000 (If I did the math right, he should owe around $4,900-$5,000 the most), I know we have 3 years to pay it off. However, my husband wants to dip into our savings of technically 20k (but lets just say $13k is what I feel comfortable saying we actually have, I refuse to dip into my 401k) to pay it off right away and he also wants to travel to see his family in China that should cost us in total $4,000 **(and we're not including travel expenses of things we will buy while we're there). When all is said and done, we still have personal bills to pay. We are living with my family, and do contribute rent but I know I'll have to talk to my father about this. I do work, but its only part time at home and I have been taken off probation so I can work more hours, but the most I can bring up is $1,300 a month.
I guess I just want to know what is the best financial move. Pay the IRS now like my husband suggested and still travel, or just choose one as a priority.
Submitted January 21, 2018 at 11:43AM by Pressure_Rhapsody http://ift.tt/2n0bt4W
