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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I became bipolar a number of years ago, although this was only

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I became bipolar a number of years ago, although this was only diagnosed a few years ago, and I only got on the right medication recently.

The point is that I have essentially no records. Asking the IRS will show nothing. It as if I had a cash business - like the way Diners work here in NY. (Although not a cash business, almost none of the income was reported to the IRS.) So a subpoena for records will show nothing.

So how will I do this. I have some memories of what I earned - I had a few very good years, and then earned almost nothing. I also made an investment in the business which was lost and I always took the position that my businesses was investing in businesses so my gains and losses would be ordinary - therefore offsetting the good years. But again, no records of this investment.

So bottom-line what will I do - make my best guess and sign something? What do you do when you have no records?

Thanks.

Jack
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Jack

Unfortunately no records, and no payments of social security tax mean that social security will not have a record of your earnings. The taxes weren't paid, and therefore you will not have eligibility for benefits. If you are low income, you might qualify for SSI and Medicaid - but that would require that you have little to no income, and little to no assets whatsoever.

It would be virtually impossible to go back and get credit for all the work you did. I'm so sorry that I don't have better news for you.

You simply apply for records and see what they have in their records for you. You may be surprised to find out that your earnings have been properly credited.

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Customer: replied 4 years ago.

You don't understand. I have checked and I am qualified for Medicare when I reach 65. I don't need Medicaid because I am earning money now and paying for insurance. I have paid some money into social security and will get some when I am 65.


 


The question is how do I file a tax return when I have little or no records for the tax return. Do I make up the numbers by guessing? Don't assume the IRS has any records for me recently. They don't. So how do I write up an old return without documentation?

Well, you could use your bank statements to count your deposits to claim as income. If not, you would have to guess how much you made. If you don't have any documentation, then I guess you could write down your best estimate. If the IRS doesn't have any record of you I doubt highly that they are going to squawk too loudly about you offering to pay money in.

The other option would be to get your income reported transcript from the IRS. However, you say they don't have a record of your income so that would be of little help.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid, but the Web site will still collect your payment. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site**
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