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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am a previous loan officer. I havent filed my tax returns

Resolved Question:

I am a previous loan officer. I havent filed my tax returns since 2005. Moved to Fl from MA in 05 lived there 2 years, lost house in forecloseure. Moved back to MA with inlaws. For past 2 years sporadic under the table income in construction field. Landed full time construction job in Oct 08 W2 income. My question is two fold. I would like to do my own taxes, but cant find all my 1099 and w2 forms. Is there a way to get this info from the IRS to find what they have on file for me? Also will I have to pay tax on my forecloseure deficiency? was finalized in late 07
Submitted: 5 years ago.
Category: Tax
Expert:  Merlo replied 5 years ago.
Hello loanboy,

You can request a copy of your actual return from the IRS by filling out Form 4506. There is a $57 fee required for each tax year return being requested, and it may take up to 60 days before you receive the copy. Even though you did not actually file a return for certain years, this packet would include actual copies of any W-2 forms or 1099 forms that were filed with the IRS.

You may also request from the IRS a Transcript of your return. A tax return transcript is not an actual copy of your W-2 or 1099 forms, but it will show you the dollar amounts that were reported to the IRS and the taxes withheld. To request a Transcript from the IRS fill out Form 4506-T. There is no charge for requesting Transcripts and they generally take about two weeks to receive. The only drawback to the transcript is that it will not contain any state information as far as state taxes that were withheld from your pay. It only shows the federal information.

Regarding the foreclosure in 2007 --

The Mortgage Forgiveness Debt Relief Act of 2007 allows you to exclude certain cancelled debt on your principal residence from your income. It applies to mortgage debts that are cancelled during the calendar years of 2007, 2008 and 2009. You would still receive a 1099-C form or a 1099-A from your bank showing the amount of the debt that was cancelled, and you would still report this to the IRS using Form 982 which you attach to your tax return, but you will not owe tax on the debt forgiven.

I am giving you a link below to a section of the IRS website which explains this in more detail.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.

http://www.irs.gov/individuals/article/0,,id=179414,00.html


Customer: replied 5 years ago.
Thank you very much! great info....any way to get this same info from the IRS online?
Expert:  Merlo replied 5 years ago.
Hello again loanboy,

I wish there was. It would make everyone's life a lot easier.

The IRS has been procrastinating for several years now about making certain information available over the internet, but so far they have not even taken step 1 to accomplish this.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you again loanboy.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 4 other Tax Specialists are ready to help you
Customer: replied 5 years ago.
Thank you Merlo...sorry about the delay in paying, just got back to my email. You have been very helpful
Expert:  Merlo replied 5 years ago.
No problem loanboy.

Let me know if you have more questions.

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