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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2315
Experience:  IRS licensed Enrolled Agent and tax instructor
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I asked a question earlier about my taxes, but got no

Customer Question

I asked a question earlier about my taxes, but got no answer. I ended up with having a $5500 tax bill owing for 2015 because I earned more money than I expected to last year. Is it possible to negotiate a settlement or reduction in tax owed? I am no longer earning at the rate I was last year in a temporary job, and I am struggling to even cover my mortgage this year. In November I become eligible for Medicare, but until then I cannot even afford my heath insurance premium.
Submitted: 5 months ago.
Category: Tax
Customer: replied 5 months ago.
I meant to say the tax bill I owe is for having to repay all of the government stipend I received for my government healthcare policy under Obamacare. I got a temporary job last year and was able to earn much more than expected, but the previous year my income was only $24000 and this year it will be about $30000. I don't know how I can pay off the $5000 I owe and I have heard of other people being able to negotiate a settlement with the IRS. Is this something I can do without paying an attorney to do it?
Expert:  emc011075 replied 5 months ago.

Hi. My name is ***** ***** I will be happy to help you.

You have couple of options here. You can request installment agreement with estimates payments about $100 (your balance divided by 60 months) or try offer in compromise. There are procedures to be followed and you will need to disclose your assets, future income and bank statements.

Here's a quick pre-qualifier: http://irs.treasury.gov/oic_pre_qualifier/

But I have to warn you, if the balance due is the Advance premium tax credit, the IRS may not negotiate. You do not need an attorney, an experienced tax professional may be able to help.

Expert:  emc011075 replied 5 months ago.

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

Expert:  emc011075 replied 5 months ago.

I see you offline now. So 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.