I had anticipated closing tomorrow, 4/14, but my state's USDA office is currently running 3 weeks behind so that won't be happening! 
One of the reasons we had set 4/14 as the closing date was so that I could close on the property prior to having to file taxes. A substantial windfall last year (won a vehicle) caused my tax bill to increase and I owe Uncle Sam $6500. Had I been able to close prior, I would have set up a payment plan and covered my debt that way.
However, doing so now before I close could jeopardize my loan. From what I understand, if I file and request a payment plan, closing could get pushed back up to two months in order for the IRS to do the paperwork and for that additional debt to become "seasoned" and applied to my DTI ratio. Waiting an additional 2 months is not an option, so that's out!
One option is to go ahead and pay it all in full- something I can do, but it will take a chunk out of my savings that was going to be used for moving expenses/furniture. Still a feasible option as it would incur no new debt.
Another option is to file an extension, although I am not sure if this is a feasible option for me. I know that taxes owed are still due when I file, even if I file the extension. So I am not sure if by doing so will not set the ball rolling on the aforementioned payment plan scenario, thus potentially delaying closing. . .
Anyone have experience with this type of scenario? I would be willing to take the penalty ($300) if it gives me until October to pay and still satisfies the underwriters.
I have asked my LO what I should do and he couldn't tell me with absolute certainty that by filing an extension I would be "buying" myself a few extra months.
Any help and insight would be appreciated!
You can file an extension. I have no idea how that affects your loan situation. Doesn't the lender require 2015-2014 actual tax returns?
