I am getting ready to file Chapter 7. You can read my filing thread here https://www.bkforum.com/forum/before...ct-of-michigan
I have some IRS debt from 2019 and 2020. I am thinking this is old enough that it should be able to go away. I did find IRS Publication 908 but just wondering if anyone has any idea how I will come out with this debt.
I owe about 10K from 2019 and about 700.00 from 2020. I don't understand the 10K but might have something to do with a house sale in 2019 but anything I got from that (not a bunch) should be excluded based on what I've read. I am wondering exactly what comes off the IRS debt. My debt would include owed federal tax, owed self employment tax, and of course, fees, penalties and interest. The owed figures I am quoting are from the IRS. I am not looking to try and figure out why 2019 is so much, I just want an idea on what should go away with the Chapter 7.
The last return I filed was for 2020. I did make self employment money in 2021,2022, and 2023 and will definitely owe some (not much) for each of those years. I do not appear to have any IRS collections for those years. I don't have any tax info (1099's) for those years. They were probably OK years earning wise but due to some rule changes I did not get 1099 from quite a few of the companies I worked for. They mostly paid through PayPal so they quit issuing 1099s and they told me I should get it from PayPal. I guess for those years PayPal was not issuing a 1099 unless you had over 20K in payments which I did not get from any single company. Some companies were paying by direct deposit and should have sent a 1099 but a lot of stuff got lost from a repoed storage unit for non payment so I have nothing.
Right now the IRS is not saying I owe for any years but 2019 and 2020. Do I need to care about the other years before I file? I have nothing for 21 ans 22. With no 1099s I would not even know where to start and the bank account I had is long gone. I can file for 23 and 24. I would owe maybe a few hundred for 2023 and nothing for 2024 (maybe even a small earned income credit refund).
I am sure I owe the state but I have not been getting anything from them at all in the last year or so. I have not filed state taxes since 2017. I will just list them as a creditor and will try to see what they think I owe. I am not finding bills online from them like the IRS.
I am also wondering about the owed self employment tax. Is that something that comes off or is that considered different from owed federal money? Also the penalties and interest are excessive for the 10K year. About half of it! Will those go away?
Like I said I have not read Pub 908 yet and it really does not matter as its not like I have the money to pay it or anything.
Anything you folks know that would be helpful as I am looking to get filed this week.
Thanks
Dan
I have some IRS debt from 2019 and 2020. I am thinking this is old enough that it should be able to go away. I did find IRS Publication 908 but just wondering if anyone has any idea how I will come out with this debt.
I owe about 10K from 2019 and about 700.00 from 2020. I don't understand the 10K but might have something to do with a house sale in 2019 but anything I got from that (not a bunch) should be excluded based on what I've read. I am wondering exactly what comes off the IRS debt. My debt would include owed federal tax, owed self employment tax, and of course, fees, penalties and interest. The owed figures I am quoting are from the IRS. I am not looking to try and figure out why 2019 is so much, I just want an idea on what should go away with the Chapter 7.
The last return I filed was for 2020. I did make self employment money in 2021,2022, and 2023 and will definitely owe some (not much) for each of those years. I do not appear to have any IRS collections for those years. I don't have any tax info (1099's) for those years. They were probably OK years earning wise but due to some rule changes I did not get 1099 from quite a few of the companies I worked for. They mostly paid through PayPal so they quit issuing 1099s and they told me I should get it from PayPal. I guess for those years PayPal was not issuing a 1099 unless you had over 20K in payments which I did not get from any single company. Some companies were paying by direct deposit and should have sent a 1099 but a lot of stuff got lost from a repoed storage unit for non payment so I have nothing.
Right now the IRS is not saying I owe for any years but 2019 and 2020. Do I need to care about the other years before I file? I have nothing for 21 ans 22. With no 1099s I would not even know where to start and the bank account I had is long gone. I can file for 23 and 24. I would owe maybe a few hundred for 2023 and nothing for 2024 (maybe even a small earned income credit refund).
I am sure I owe the state but I have not been getting anything from them at all in the last year or so. I have not filed state taxes since 2017. I will just list them as a creditor and will try to see what they think I owe. I am not finding bills online from them like the IRS.
I am also wondering about the owed self employment tax. Is that something that comes off or is that considered different from owed federal money? Also the penalties and interest are excessive for the 10K year. About half of it! Will those go away?
Like I said I have not read Pub 908 yet and it really does not matter as its not like I have the money to pay it or anything.
Anything you folks know that would be helpful as I am looking to get filed this week.
Thanks
Dan
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