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Tax Related

The IRS Sent My Payment Back Because of a Erroneous 1099. What Now? – William

“Dear Jim, Filed 1040A early & got my refund. Received a 1099-DIV form later in April. The form was showing an amount that was slightly too high. In order to avoid interest charges, i went ahead and made a payment calculating the tax i would owe using the current 1099-DIV form by April 15. I did not file a 1040X ... Read More »

    Is There a Tax Penalty for Filing Jointly? – Kathy

    “Dear Jim, im about to be married my fiance wants to know if there is a tax penalty when you file married filing jointly Kathy” Thanks for your question Kathy. Your question: Is there a tax penalty when you file jointly? Almost always, it is more beneficial to file jointly to take advantage of the lower tax rates and allowable ... Read More »

      I Can’t Pay My Estimated Quarterly Taxes. – Heather

      “Dear Jim, I’m a freelancer who recieves a 1099 and pays estimated quarterly taxes but last year I was unable to keep up with my payments due to medical bills and other hardships. I do not think I will have enough to pay my 2011 taxes owed by April 15th, as well as, paying my 1st quarter 2012 estimates. I ... Read More »

        My Husband Passed Away. Can I File My Taxes as Single Now? – June

        “Dear Jim, my husband passed away we always filed jointly..can I file as being single this year? will I have to file his income tax…what is the best root to pursue? June” June: Thanks for your question. First of all, I am sorry for your loss. Your first question: Can I file jointly with my deceased husband for 2011 (i.e. ... Read More »

          My Parents Are In Serious Debt. Should They Save for Retirement? – Elizabeth

          Ready to Collapse

          My dad lost a job many years ago, and was depressed and didn’t file their income taxes for 10 years. They owe 77k to the government, and they put in an offer in compromise with the IRS, but were told that they should be able to pay they full amount. At this point they have a chance to submit any ... Read More »

            My Company Has Lost Money For the Past 6 Years. What Will The IRS Think? – Wahi

            “Dear Jim, I’ve a fulltime job as an IT consultant. I also have a food distribution business as well. Your Question * My company has lost every year for the past 6 years, and this year too, I’m in a loss. Since it’s an ‘S’ corp, I’ve been posting the loss on my personal, which help me at least get ... Read More »

              I Don’t Know if I Have to File Taxes Because I Was in School. – Jone

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              “Dear Jim, I have always done my taxes my self, and I didn’t know if I had to file my taxes this year or not. In 2011 I was in school, but I was not working. I was collecting child support for my only income to live on. I received a W-2 from the school and it shows the money ... Read More »

                Homebuyer Credit and Taxes. Do We Have to Pay the IRS? – Theresia

                “Dear Jim, We bought a house in 2008 and got the first time homebuyer credit of 7500$. We sold the house in 2009 due to expected military orders. (We ended up NOT getting military orders) We took a 14,000$ loss on the sale of the house. Last year we made an “installment” payment on the credit of 500$. This year ... Read More »

                  I Got a 1099-C On My House in Miami. How Do I Handle This? – Bill

                  “Dear Jim, Paid $200,000 for second home in miami in 2006. Got a 1099c for $80,000. This is for 2010, and i have not filed 2010 taxes. Just an extension. still can’t figure out how to handle 2010 taxes which i have not yet filed. I think i am too old for all of this. I don’t have the short ... Read More »

                    Can My Father Sell His Home Without Paying Taxes? – Eva

                    “Dear Jim, I am in charge of my dad’s property. My father 82 urs old, lives in Mexico and owns a 2 flat that he rents out here in the US , he has asked me to sell it. In order to take advantage of the 1 time tax free sale of a property for people over 65 does the ... Read More »

                      Can I Get Rid of Back Taxes in My Chapter 7 Bankruptcy? – Jacquelyn

                      “Dear Jim, I am converting from chapter 13 to a chapter 7 and I have owed federal taxes in it they will work with me on it won’t they? Will they work with me to pay back my taxes? Jacquelyn” Dear Jacquelyn, Thanks for the question. Although bankruptcy is filed in federal US Bankruptcy Court, state laws still apply (means ... Read More »

                        My Mother-In-Law Moved From Puerto Rico to the U.S. Does She Need to File a U.S. Tax Return? – Amy

                        “Dear Jim, My mother-in-law moved from Puerto Rico to the US and the only income she has is from a pension that she receives from a lifetime of teaching in PR. Even though she lives in the US, does she need to file a US tax return if she does not receive any US income? Amy” Dear Amy: Thanks for ... Read More »

                          How Does My Husband Get Back His Tax Refund as an Injured Spouse? – Regina

                          “Dear Jim, I have lived in Phoenix arizona since 2003. Attended college in 2003 took a LOA went back in 2005. Have not had any income since 2003. I Was not able to complete course (I know has no bearing). I have been married for four years and I do not work and have no intention of working. I do ... Read More »

                            The Virginia Department of Taxation is Taking All of My Pay. – Leslie

                            “Dear Jim, I owe back taxes to the state of Virginia for ’06 and ’07. I neglected to pay only because I was dealing with a brain tumor. The VA Dept. of Taxation levied a garnishment of 100% of net. VA Dept. of Taxation uses federal tax exemptions not federal limits for garnishment. At least, that is what I am ... Read More »

                              The IRS is Taking Money Out of My SSI Payments. – Barbara

                              “Dear Jim, The IRS is taking money out of my SSI after I sent in the form to the collection agency that is is “supposedely” handling this case. They are G.C. Services out of TN. and I have another case with case citibannk but fortunately they are are still processing it. What can I do about G.C and the IRS? ... Read More »

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