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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12661
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have received a letter from National Mortgage Settlement

Resolved Question:

I have received a letter from National Mortgage Settlement Administration and they are asking me if I am subject to (back-up witholding) if I owe the IRS any money. I am 84 years old and do owe them around $200. Are they talking ab out people like me or they asking people or companies this question. I am due a refund from the National Mortgage due to a house I was trying to buy in Douglas, Ga. When My husband passed, I had to let the house go. I was not having any tax taken out of my \retirement checks buy I am now. Thank you XXXXX 1301 Saddle reek Dr., McDonough, Ga. 30253. XXX-XXX-XXXX hank You
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

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.

MyVirtualCPA :

Typically, US citizens are not subject to backup withholding. So long as you provide the requestor of information with your name and social security number, and have not been notified by the IRS that you are subject to backup withholding

MyVirtualCPA :

then you are not subject to backup withholding.

MyVirtualCPA :

You will not be subject to backup withholding simply because you owe the IRS money

MyVirtualCPA :

So, unless the IRS has informed you that you are subject to backup withholding, you are not subject to backup withholding

MyVirtualCPA :

Is there anything else that I can assist you with today? I would say it's a safe bet that you are NOT subject to backup withholding. Please let me know if you need anything additional. If not, please rate my response "excellent" so that I may receive credit for assisting you today

Customer:

I have received a letter informing I owe the $200

MyVirtualCPA :

That does not make you subject to backup withholding

MyVirtualCPA :

That just means you owe the IRS 200

Customer:

what is backup holding?

MyVirtualCPA :

Backup withholding is typically for non-US citizens, and also people who don't give their social security number to people that pay them money so that an information return (1099) can be filed

Customer:

thanks hav e a nice day!!!

MyVirtualCPA :

You too. If you would, please take a moment to rate my response as "excellent' so that I may receive credit for assisting today. You can find the rating feature on the bottom of your screen.

Customer:

do you think your answer is "excellent"

Customer:

just kidding Myrtle

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12661
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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