Their Son Wants A Bailout After Racking Up $200,000 In Taxes, Interest, And Penalties. Dave Ramsey Says, 'I Probably Wouldn't' Step In Today

Core Insights - The article discusses the financial struggles of a retired couple, Jeff and his wife, who are considering selling assets to help their son with a significant tax debt of over $200,000 owed to the IRS [1][2]. Group 1: Family Financial Situation - Jeff and his wife have a net worth of approximately $2.3 million and are facing a dilemma regarding their son's financial irresponsibility [1]. - Their son, in his 40s, has a history of tax issues dating back to his time in California, where he worked as an independent contractor in the music industry [1][2]. - The son has not filed state or federal taxes for the past four years and has failed to pay estimated taxes for 2023, as well as withholding and unemployment taxes [2][3]. Group 2: Consequences of Financial Decisions - Jeff estimates that around half of the $200,000 owed by his son is due to penalties and interest [3]. - The son recently left his insurance job and is now in a sales position earning approximately $75,000 annually plus bonuses, raising concerns about his ability to manage finances [3]. - Jeff and his wife have previously intervened financially for their son, including co-signing loans and paying for private schooling [4]. Group 3: Parental Dilemma - Jeff considered using part of his son's future inheritance to cover the tax bill but found the financial implications concerning, particularly the risk of the IRS placing a lien on their home [5]. - Financial advisors on "The Ramsey Show" suggested that the son, as an adult with a decent income, should take responsibility for his financial situation [5].