Learn how to navigate the IRS LT38 Collection Notice, a letter that signals you have an outstanding tax balance. Understand its purpose, including how to resolve outstanding balances and explore payment options. Discover strategies for filing missing returns, addressing penalties, and securing relief from financial hardships.

Here we'll dive into understanding the notice in 2024, why you received it, and the steps to resolve it, including filing any missing tax returns and options for paying your unpaid balance. For those who can't pay in full, we explore setting up a payment plan or dealing with financial hardship. Additionally, we cover penalties and interest, highlighting the IRS's relief for certain tax years and how to claim refunds. Special circumstances, such as dealing with fraud or seeking innocent spouse relief, are also discussed, providing a comprehensive roadmap to navigate and resolve IRS notices confidently.

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Money Instructor is the leading source for financial education and skills development. For over two decades, we have been assisting educators, students, parents, and others in teaching and learning about money skills, personal finance, money management, investing, business, and career development. We provide resources and tools to help teachers, parents, and institutions teach these crucial skills to young people. By doing so, we also aim to reinforce basic math, reading, vocabulary, and other fundamental skills that are essential for success in life.
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Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.

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