I owe $4923 in back taxes from 2002 + $2177 (interest)
Total $7100.41
I'm receiving a Death benefit of 30k. All I have to do if sign and send paperwork in, however I know the $7100 will be taken off the top.
I called I.R.S. today to try and settle with them (hopefully for less) before they see the $$$$$.
The women (Ms. White) said I didn't file for 2008,2009,2011 and also 2012.They were showing stock transactions and had to see the gains or losses before any settlement can be made on the back taxes.
I've been working off the books since 2008 so i've shown no income since then and also didn't file those years
.
I have about 5k total in losses from stock sales combined.in 2008,2009,2011 and 2012
My question is..Once I file my 08-12 returns and call back the I.R.S. to determine a settlement, will the $7100 2002 figure be less because of the losses?
If so how much less? All 5k or a portion?
I'm not singing the paperwork until this is resolved.
Thanks
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To remove first post, remove entire topic.
I owe $4923 in back taxes from 2002 + $2177 (interest)
Total $7100.41
I'm receiving a Death benefit of 30k. All I have to do if sign and send paperwork in, however I know the $7100 will be taken off the top.
I called I.R.S. today to try and settle with them (hopefully for less) before they see the $$$$$.
The women (Ms. White) said I didn't file for 2008,2009,2011 and also 2012.They were showing stock transactions and had to see the gains or losses before any settlement can be made on the back taxes.
I've been working off the books since 2008 so i've shown no income since then and also didn't file those years
.
I have about 5k total in losses from stock sales combined.in 2008,2009,2011 and 2012
My question is..Once I file my 08-12 returns and call back the I.R.S. to determine a settlement, will the $7100 2002 figure be less because of the losses?
If so how much less? All 5k or a portion?
I'm not singing the paperwork until this is resolved.
To answer your main question...No. Each tax return is it's own entity. Losses from one year can not be deducted from another. In other words, if my business loses $5 in 2013, I still start 2014 at zero, not $5 in the hole. So, your accumulated losses from 2008-2012 have no bearing on what you owe from 2002.
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To answer your main question...No. Each tax return is it's own entity. Losses from one year can not be deducted from another. In other words, if my business loses $5 in 2013, I still start 2014 at zero, not $5 in the hole. So, your accumulated losses from 2008-2012 have no bearing on what you owe from 2002.
To answer your main question...No. Each tax return is it's own entity. Losses from one year can not be deducted from another. In other words, if my business loses $5 in 2013, I still start 2014 at zero, not $5 in the hole. So, your accumulated losses from 2008-2012 have no bearing on what you owe from 2002.
Thank you for your answer..
Would it be safe to say I might then be due a return for those loses?
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Quote Originally Posted by Getty3:
To answer your main question...No. Each tax return is it's own entity. Losses from one year can not be deducted from another. In other words, if my business loses $5 in 2013, I still start 2014 at zero, not $5 in the hole. So, your accumulated losses from 2008-2012 have no bearing on what you owe from 2002.
Thank you for your answer..
Would it be safe to say I might then be due a return for those loses?
Actually, I was wrong. The above link is the IRS publication for carrying over a net operating loss. Looks like you'll need an accountant, though. Good Luck.
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Actually, I was wrong. The above link is the IRS publication for carrying over a net operating loss. Looks like you'll need an accountant, though. Good Luck.
Upon reading thru some of this publication, it appears that a net operating loss can be carried back for a maximum of 3 years, meaning you won't be able to erase any of your $7000 debt since it occurred prior to the carryback period. Back to square one. My original observation in post #2 is correct albeit not accurate, if that makes any sense.
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Upon reading thru some of this publication, it appears that a net operating loss can be carried back for a maximum of 3 years, meaning you won't be able to erase any of your $7000 debt since it occurred prior to the carryback period. Back to square one. My original observation in post #2 is correct albeit not accurate, if that makes any sense.
Would it be safe to say I might then be due a return for those loses?
Tax refund is a refund of taxes you have paid above and beyond what you should have.
You may (in some situations) deduct loses from income when determining the taxes you owe.
I have never heard of the IRS replacing lost income. At most, if you lost income you would not owe taxes, but not get money from the government to makeup losses.
As with all advise... It is only worth what you pay for it...
1. Take care of the years you did not file a tax return. Even if you received no income, file a return showing no income.
2. After you have cleaned up the years that you did not file and owe nothing for. Then contact the IRS again and ask what it would take to settle. See if they will take what you originally owed only, if not ask about paying only what you originally owed and interest, if not that ask about the least they would take. Remember, when you do come to an agreed amount, you have to pay it immediately, not down the road, normally negotiated amounts have a time limit. And I seriously doubt they will let you negotiate an amount, give you the death benefit in whole and then pay them.
Bottom line is they have the death benefit and until you owe them nothing they will not give a penny to you. Sort of like your friend owes you $200 dollars and another friend asks you to pass on $500 in cash to the friend that owes you $200. Would you pass on the entire $500 in cash or would you take your $200 off the top? And pass on $300 making everybody square...
As with all free advise, you get what you pay for...
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Quote Originally Posted by BigChris51:
Thank you for your answer..
Would it be safe to say I might then be due a return for those loses?
Tax refund is a refund of taxes you have paid above and beyond what you should have.
You may (in some situations) deduct loses from income when determining the taxes you owe.
I have never heard of the IRS replacing lost income. At most, if you lost income you would not owe taxes, but not get money from the government to makeup losses.
As with all advise... It is only worth what you pay for it...
1. Take care of the years you did not file a tax return. Even if you received no income, file a return showing no income.
2. After you have cleaned up the years that you did not file and owe nothing for. Then contact the IRS again and ask what it would take to settle. See if they will take what you originally owed only, if not ask about paying only what you originally owed and interest, if not that ask about the least they would take. Remember, when you do come to an agreed amount, you have to pay it immediately, not down the road, normally negotiated amounts have a time limit. And I seriously doubt they will let you negotiate an amount, give you the death benefit in whole and then pay them.
Bottom line is they have the death benefit and until you owe them nothing they will not give a penny to you. Sort of like your friend owes you $200 dollars and another friend asks you to pass on $500 in cash to the friend that owes you $200. Would you pass on the entire $500 in cash or would you take your $200 off the top? And pass on $300 making everybody square...
As with all free advise, you get what you pay for...
How do they know how much you owe them when you have been working "off the books" in the recent years? You haven't paid any taxes for those years yet so you're going to be paying MORE depending on how much income you had for those years.
What am I missing?
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How do they know how much you owe them when you have been working "off the books" in the recent years? You haven't paid any taxes for those years yet so you're going to be paying MORE depending on how much income you had for those years.
How do they know how much you owe them when you have been working "off the books" in the recent years? You haven't paid any taxes for those years yet so you're going to be paying MORE depending on how much income you had for those years.
What am I missing?
He says he made stock sales during the time period. They are reported on form 1099-B most commonly and are submitted by the broker/seller to the IRS. His "other" income may not be traceable, but these are.
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Quote Originally Posted by HutchEmAll:
How do they know how much you owe them when you have been working "off the books" in the recent years? You haven't paid any taxes for those years yet so you're going to be paying MORE depending on how much income you had for those years.
What am I missing?
He says he made stock sales during the time period. They are reported on form 1099-B most commonly and are submitted by the broker/seller to the IRS. His "other" income may not be traceable, but these are.
Do you really think if you claim a stock loss for those years without any income that the IRS isn't going to ask you about that? Now that they have you on their radar, they aren't going to do a lifestyle audit? A check in to your bank account? Jeesh.
You have got to be kidding me.
My earlier post is the stupidity of thinking you are going to get advice here, and that you shouldn't actually go get advice from someone who knows what they are doing. I would say you should tell the truth. Im pretty sure the IRS is going to be able to darn you in ways you never dreamed of.
Support your local animal shelter. I am on twitter.
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Come on.
Do you really think if you claim a stock loss for those years without any income that the IRS isn't going to ask you about that? Now that they have you on their radar, they aren't going to do a lifestyle audit? A check in to your bank account? Jeesh.
You have got to be kidding me.
My earlier post is the stupidity of thinking you are going to get advice here, and that you shouldn't actually go get advice from someone who knows what they are doing. I would say you should tell the truth. Im pretty sure the IRS is going to be able to darn you in ways you never dreamed of.
Do you really think if you claim a stock loss for those years without any income that the IRS isn't going to ask you about that? Now that they have you on their radar, they aren't going to do a lifestyle audit? A check in to your bank account? Jeesh.
You have got to be kidding me.
Obviously I'm quite unfamiliar with IRS practices, but these actually exist? Just to ensure you're properly paying taxes on all qualified income?
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Quote Originally Posted by vanzack:
Come on.
Do you really think if you claim a stock loss for those years without any income that the IRS isn't going to ask you about that? Now that they have you on their radar, they aren't going to do a lifestyle audit? A check in to your bank account? Jeesh.
You have got to be kidding me.
Obviously I'm quite unfamiliar with IRS practices, but these actually exist? Just to ensure you're properly paying taxes on all qualified income?
Hahaa omg this original poster is your typical covers moron. Wants to know if he's due a "return" on a year he not only didnt pay taxes, but didnt even file.
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Hahaa omg this original poster is your typical covers moron. Wants to know if he's due a "return" on a year he not only didnt pay taxes, but didnt even file.
Hahaa omg this original poster is your typical covers moron. Wants to know if he's due a "return" on a year he not only didnt pay taxes, but didnt even file.
You see this is why covers threads get all outta whack because mo mo's like you take everything outta context,
Read my original post and you will see I wrote
I have about 5k total in losses from stock sales combined.in 2008,2009,2011 and 2012
My question is..Once I file my 08-12 returns and call back the I.R.S. to determine a settlement, will the $7100 2002 figure be less because of the losses?
If so how much less? All 5k or a portion?
I later learned the IRS cannot go back more than 3 years so 2002 would be treated differently from other years.
Again Covers is great but when morons take things outta text because they cannot read and comprehend clearly this is the result. Clearly you're not an accountant.
Thank you for your input. Next time get your facts straight before you embarrass yourself again.
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Quote Originally Posted by Michael990:
Hahaa omg this original poster is your typical covers moron. Wants to know if he's due a "return" on a year he not only didnt pay taxes, but didnt even file.
You see this is why covers threads get all outta whack because mo mo's like you take everything outta context,
Read my original post and you will see I wrote
I have about 5k total in losses from stock sales combined.in 2008,2009,2011 and 2012
My question is..Once I file my 08-12 returns and call back the I.R.S. to determine a settlement, will the $7100 2002 figure be less because of the losses?
If so how much less? All 5k or a portion?
I later learned the IRS cannot go back more than 3 years so 2002 would be treated differently from other years.
Again Covers is great but when morons take things outta text because they cannot read and comprehend clearly this is the result. Clearly you're not an accountant.
Thank you for your input. Next time get your facts straight before you embarrass yourself again.
You see this is why covers threads get all outta whack because mo mo's like you take everything outta context,
Read my original post and you will see I wrote
I have about 5k total in losses from stock sales combined.in 2008,2009,2011 and 2012
My question is..Once I file my 08-12 returns and call back the I.R.S. to determine a settlement, will the $7100 2002 figure be less because of the losses?
If so how much less? All 5k or a portion?
I later learned the IRS cannot go back more than 3 years so 2002 would be treated differently from other years.
Again Covers is great but when morons take things outta text because they cannot read and comprehend clearly this is the result. Clearly you're not an accountant.
Thank you for your input. Next time get your facts straight before you embarrass yourself again.
Climb down off the high horse... You are the fukup who screwed up with the IRS... You are the one that cannot grasp the basics concept... To get a Tax Refund you have to Pay Taxes... Something I venture the average poster here knows without even thinking about it...
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Quote Originally Posted by BigChris51:
You see this is why covers threads get all outta whack because mo mo's like you take everything outta context,
Read my original post and you will see I wrote
I have about 5k total in losses from stock sales combined.in 2008,2009,2011 and 2012
My question is..Once I file my 08-12 returns and call back the I.R.S. to determine a settlement, will the $7100 2002 figure be less because of the losses?
If so how much less? All 5k or a portion?
I later learned the IRS cannot go back more than 3 years so 2002 would be treated differently from other years.
Again Covers is great but when morons take things outta text because they cannot read and comprehend clearly this is the result. Clearly you're not an accountant.
Thank you for your input. Next time get your facts straight before you embarrass yourself again.
Climb down off the high horse... You are the fukup who screwed up with the IRS... You are the one that cannot grasp the basics concept... To get a Tax Refund you have to Pay Taxes... Something I venture the average poster here knows without even thinking about it...
The women (Ms. White) said I didn't file for 2008,2009,2011 and also 2012
___________________
Don't you think you're going to have to file returns for these year? And if you do, you will be paying MORE taxes. That will more than off-set any deductions you can take for you stock losses (even if they allowed it based on your situation).
A wise person once told me: If you ever start a business, you better have a good accountant. Same is true in your personal life.
And PAY YOUR TAXES YOU DEAD BEAT.
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The women (Ms. White) said I didn't file for 2008,2009,2011 and also 2012
___________________
Don't you think you're going to have to file returns for these year? And if you do, you will be paying MORE taxes. That will more than off-set any deductions you can take for you stock losses (even if they allowed it based on your situation).
A wise person once told me: If you ever start a business, you better have a good accountant. Same is true in your personal life.
The women (Ms. White) said I didn't file for 2008,2009,2011 and also 2012
___________________
Don't you think you're going to have to file returns for these year? And if you do, you will be paying MORE taxes. That will more than off-set any deductions you can take for you stock losses (even if they allowed it based on your situation).
A wise person once told me: If you ever start a business, you better have a good accountant. Same is true in your personal life.
And PAY YOUR TAXES YOU DEAD BEAT.
Yes correct...Forms and W4's have already been given to accountant..
So according to this clown a deadbeat is someone that doesn't pay the government....
Not child support? BUT THE u.s. Government.
GO get your shine box....Legend
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Quote Originally Posted by HutchEmAll:
The women (Ms. White) said I didn't file for 2008,2009,2011 and also 2012
___________________
Don't you think you're going to have to file returns for these year? And if you do, you will be paying MORE taxes. That will more than off-set any deductions you can take for you stock losses (even if they allowed it based on your situation).
A wise person once told me: If you ever start a business, you better have a good accountant. Same is true in your personal life.
And PAY YOUR TAXES YOU DEAD BEAT.
Yes correct...Forms and W4's have already been given to accountant..
So according to this clown a deadbeat is someone that doesn't pay the government....
Yes, I would say you're a deadbeat as well. You're the drunk at a party that once it's time to pitch in for more beer you're nowhere to be found, but you have no problem to continue drinking after.
You can't use losses on an investment to get a refund. They can be used to offset your income, but you won't get a refund if you didn't pay any taxes. So basically not only do you not want to pay taxes, but you have no problem asking for a handout because you're a loser picking stocks as well? What's next you want the government to pay you when you lose a few bets? I guess if there's one good thing for your situation is that you're not smart enough to make a little taxable income so you can get the earned income credit. How much is you welfare check a month?
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Yes, I would say you're a deadbeat as well. You're the drunk at a party that once it's time to pitch in for more beer you're nowhere to be found, but you have no problem to continue drinking after.
You can't use losses on an investment to get a refund. They can be used to offset your income, but you won't get a refund if you didn't pay any taxes. So basically not only do you not want to pay taxes, but you have no problem asking for a handout because you're a loser picking stocks as well? What's next you want the government to pay you when you lose a few bets? I guess if there's one good thing for your situation is that you're not smart enough to make a little taxable income so you can get the earned income credit. How much is you welfare check a month?
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As with all free advise, you get what you pay for...
You just said you were off the books those years and paid no taxes
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