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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2193
Experience:  IRS licensed Enrolled Agent and tax instructor
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Income tax

Customer Question

Submitted: 3 months ago.
Category: Tax
Expert:  emc011075 replied 3 months ago.

Hi. How can I help you?

Customer: replied 3 months ago.
I will be going into the IRS to file 2013, 2014, 2015 taxes. I know the amounts I owe but will they calculate the penalties and fees and add it to my bill at that time. I only have so much money available to me. If I pay only the amount I know I owe without the penalties and fees will my IRS transcript show o balance until the catch up to me for the penalties and fees.
I need to show a 0 balance to get a mortage on a house I am trying to buy.
Thanks in advance for your assistance.
Expert:  emc011075 replied 3 months ago.

As soon as your returns are processed, 3 - 6 weeks, the penalties and interest will show up on your transcript and the transcript will not be available until you returns are processed. You can file at the IRS office and have the agent put a time stamp on your copies. This will prove that you filed your returns. You can make a payment of the balance due, but the agent will not give you transcript with 0 balance because returns are not processed at the local offices. Your return will be mailed to the processing center, where it will be transcribed into electronic version, payments applied and interest and penalties added. You transcript will not be available for at least 3 - 4 for weeks.

Customer: replied 3 months ago.
If the agent looks at my file, record or transcript at the IRS office is Washington DC for the specific years of 2013, 2104 and 2015 what will the message be. Will it show just taxes not filed for specific years ,0 balances for these years or just what?
What will the clerk normally see if I ask him to "look me up" and see what I owe. Any idea what his/screen will show
Thanks again
Expert:  emc011075 replied 3 months ago.

Until your returns are processed it will show that no returns had been filed unless IRS already filed a substitute return for you and calculated the balance due. This usually happens if you do not file after years.

What clerk are you talking about? Bank agent or IRS agent? Loan/bank agents do not have access to your IRS information.

Customer: replied 3 months ago.
I was talking about the IRS person I will be speaking with on Tuesday. My plan is to walk in with the 3 returns which I did on turbtax and which shows a specif amount due. My plan is to pay these amounts and get a receipt. I am closing on a house on the 22nd and hopefully the IRS won't reflect any large amounts owing.
Once I have closed and I am in the house hopefully I will be able to pay the fees and penalties that I will be dinged for in a few weeks.
Does my plan make sense to you?
Expert:  emc011075 replied 3 months ago.

You can hand file your returns at your local IRS office, but your returns will not be processed right there right away. You may get a receipt that you made a payment of certain amount that will be credited to your account. You will not get a receipt that everything is paid off.

I do not know what your mortgage broker want. If he wants a transcripts of those filed returns, you may not have it by 22nd. A loan broker can access your credit report but he cannot access your IRS account. You will have to provide him with a transcript.

To estimate your penalty, add about 25% to your 2013 return, about 20% to your 2014 return and about 15% to your 2015 return.

Expert:  emc011075 replied 3 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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