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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4027
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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how can you claim a hardship on federal taxes,if you had to

Resolved Question:

how can you claim a hardship on federal taxes,if you had to use all of your ira in 2012?
my wife and i essentially doubled our income in 2012,for medical and business reasons.we
don't seem to have enough write offs to offset having to pay $9000.00 in federal taxes.is
there anything we can do?also we are currently unemployed,with no retirement to fall back on. i have been doing our taxes for the last 8 years with tax act online.we got an extension
until october 15th.which is tommorrow.

XXXXX XXXXX(XXXXX@XXXXXX.XXX)
Submitted: 10 months ago.
Category: Tax
Expert:  Stephen G. replied 10 months ago.

Stephen G. :

Hello, my name isXXXXX & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.

Stephen G. :

The only thing you can do at this point is to request an installment payment arrangement. If you owe less than $10,000. it will be approved pretty much automatically.

Stephen G. :

I presume that you have figured in all of your medical expenses.

Stephen G. :

You will owe additional interest and penalties on the the balance due and interest will continue to run until the tax is fully paid.

Customer:

i have figured the medical.not enough

Stephen G. :

There are other potential options since you are unemployed and don't have any liquid assets but that will take more time than tonite and tomorrow.

Customer:

can i continue this on tuesday

Stephen G. :

It is called an "Offer in Compromise" and if you were to go that route, the IRS may accept less that the full amount due.

Stephen G. :

The most important thing is to file your return on time.

Stephen G. :

It can always be amended, later if necessary.

Customer:

we are alreadyclaiming hardship for being behind on mortgage

Stephen G. :

The offer in compromise procedure can't be requested until the return has been processed and the liability determined.

Customer:

i will file tomorrow

Customer:

thank you for your help.jeff

Stephen G. :

Well it sounds like you would be a good candidate for the OIC, but if you want our assistance, that would be another topic to discuss on another question, best done after your liability is determined by the IRS.

Stephen G. :

I'll leave my contact information in case you want to reach me here again.

Stephen G. :

If you need to contact me again with any tax or financial questions, you can just ask for "Steve G" at the beginning of your question. Thanks again for using us for your tax and financial questions. You may get a short survey from the site; if it isn't too much trouble I would appreciate it if you would answer it; the survey results are used to rate our performance;

Customer:

ok.i will be back in touch

Stephen G. :

Please remember to rate my response

Stephen G. :

That is the only way we get credit for our work.

Stephen G. :

Thanks for using JustAnswer.com

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4027
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and other Tax Specialists are ready to help you

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