2008 taxes owed for Federal and State - How should they be listed? [Archive]

jj26

03-24-2009, 11:53 PM

Had a question regarding 2008 taxes. I just filed my federal and state for the 2008 year and owe on both quite a nice chunk of change.

As far as listing it on the Ch.7 BK petition, would you list it on Schedule E under the "Taxes and Certain Other Debts Owed to Governmental Units". And if so, do you list it as an Amount Entitled to Priority or Amount Not Entitled to Priority? I don't know if it fits under the 11 USC 507(a)(8) or not.

If not there, then where would it be listed? I rent, so I didn't think it would go under Schedule D.

I might call the IRS sometime tomorrow and see if they have any info, but if anyone has knowledge on this, any info would be appreciated.

JRScott

03-25-2009, 02:20 AM

Unpaid income taxes is priority debt. Keep in mind it can't be discharged in a chapter 7 since it is not more than 3 years old. At the same time as a priority debt if you are an asset case they should get their portion of the assets which could lower your liability in the long range.



	Bankruptcy Forum > Before the Discharge > Chapter 7 > 2008 taxes owed for Federal and State - How should they be listed? PDA 2008 taxes owed for Federal and State - How should they be listed? jj26 03-24-2009, 11:53 PM Had a question regarding 2008 taxes. I just filed my federal and state for the 2008 year and owe on both quite a nice chunk of change. As far as listing it on the Ch.7 BK petition, would you list it on Schedule E under the "Taxes and Certain Other Debts Owed to Governmental Units". And if so, do you list it as an Amount Entitled to Priority or Amount Not Entitled to Priority? I don't know if it fits under the 11 USC 507(a)(8) or not. If not there, then where would it be listed? I rent, so I didn't think it would go under Schedule D. I might call the IRS sometime tomorrow and see if they have any info, but if anyone has knowledge on this, any info would be appreciated. JRScott 03-25-2009, 02:20 AM Unpaid income taxes is priority debt. Keep in mind it can't be discharged in a chapter 7 since it is not more than 3 years old. At the same time as a priority debt if you are an asset case they should get their portion of the assets which could lower your liability in the long range.