Wondering what my best path forward is, here's the boneheaded moves I made to get here.
2019 taxes prepped using turbotax. Wife lost her job in 2019 while paying off a 401k loan. We couldn't afford to pay it back, so it was defaulted and counted as income. With the penalty, tax burden was over 8k. I don't have the money to pay it, so like an idiot, I didn't file them. Researching the penalties, it looks like I can add at least %30 in fees and penalties.
I never received my last 2 stimulus checks, but when I do file my 2019 taxes, it will place me outside the earning limit to get that check (the $600/family member stimulus). I didn't recieve my $1400/family member check either, I'm guessing because I didn't do my taxes.
Background out of the way, what's my course of action? Submit my 2019 taxes like I should have, then do my 2020 taxes with the latest turbotax program? Any advice or suggestions is greatly appreciated.
