Question: Dear Steve, My wife always took care of the finances for us. I just gave her my paycheck, last year, she passed away, and I had to learn about all the unpaid bills she had, including three different years owed to the IRS. I’ve been making the payments, but now the ITR claims I …
Question: Dear Steve, IRS warning letters sent to me incorrectly over the last three years have significantly affected my mental health. Like millions of other people (as I have read/heard in the news), I have been getting warning letters from the IRS over the last few years that my assets will be seized or my …
Question: Dear Steve, Will like to know my tax number I need my tax number. Answer: Well, that sucks. It is not clear exactly what kind of number you were issued. You may have a Social Security Number (SSN) that you use or if you don’t have an SSN then you might have applied for …
Question: Dear Steve, I read an article authored by Steve Rhode on February 4, 2021. The article was entitled “How to deal with a new 1099-c issued on old debt using a little-known IRS form 4598. I searched the IRS site for the form but I could not find it. Any suggestions? Ira Answer: Dear …
Just because you got a 1099-C form from forgiven debt is not a reason to immediately panic and think you will automatically owe a lot of taxes on the forgiven debt. In the debt world, a point of contention is the chronic misinformation about forgiven debt from debt settlement or a debt determined to be …
It seems more and more people are getting tax form 1099-C issued now for the forgiveness of old debt from as long as twenty years ago. That’s a problem for consumers. This old debt is sometimes called “zombie debt” because it appears to come back from the dead. The first thing you should do is …
Question: Dear Steve, My wife got 2 1099-C’s this year (1/30/2021). One had an identifiable date as 12/31/2017 and Identifiable Code G and the other had 12/31/2020 the date and a Code F. 2nd creditor (code F) had sold this account to 3rd party debt collector about two years before and we had no agreement …
Question: Dear Steve, I’ve been on a payment plan from the 2014-15-16 installment agreement – IRS keeps hanging up on me, and I cannot get thru to them to lower monthly payments. Can you help lower payments? Robyn Answer: Dear Robyn, Ultimately the IRS is the one controlling your payment. Here is the specific advice …
Question: Dear Steve, A 1099C was issued in my wife’s name for debt her sister incurred and that was credited to my wife as income to the IRS. This was of an approved settlement my sister paid to American Express. I spoke to American Express Customer service three times and was told there is no …
Question: Dear Steve, I had a joint auto loan from 2015, my ex was the only person to ever use the car. Divorced in 2016. Her car her responsibility in divorce we agreed. She didn’t pay, Car repossessed in 2018. Settled Dec 2019/Jan 2020. I sent the payment in December but they didn’t process until …