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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am on social security disability and owe approximately 15000.00

Resolved Question:

I am on social security disability and owe approximately 15000.00 back taxes. How do I deal with the IRS? HOW DO I GO ABOUT REPAYING WHEN ALL I HAVE IS SOCIAL SECURITY?
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years 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 :

How are you today?

MyVirtualCPA :

Generally speaking, in most cases the IRS will take 15% of your social security benefits to apply to your back tax debt. This is true only if your benefits are greater than $750 per month

MyVirtualCPA :

If your benefits are less than $750 per month, they will not take anything

MyVirtualCPA :

If all you have is social security, and you have little to no assets, you may be able to put in an Offer in Compromise to pay the IRS one lump sum to settle your tax debt currently

Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 3 years ago.
Thanks, Gini for your positive rating. Please come back and visit MyVirtualCPA any time you need a tax, finance, or social security question answered. It was a pleasure working with you today.