Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I am on social security disability and owe approximately 15000.00

Customer Question
back taxes. How do I...
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: 4 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
8/22/2013
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 4 years ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

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
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
Ask your own question now
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 4 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.
Ask Your Own Tax Question
Ask Megan C Your Own Question
Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
16,592 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Megan C is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

16,592 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I draw social security and v. A. Disability benefits. I have
I draw social security and v. A. Disability benefits. I have been told by people at v a that those benefits are not taxable . Could you please let me know how this works in my case … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
Has the disabled tax credit been changed? In the beginning,
has the disabled tax credit been changed? In the beginning, type 2 diabetes was used as an example of a disabilty that would be approved. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
A dentist purchases the assets of a retiring dentist. The
A young dentist purchases the assets of a retiring dentist. The portion of the purchase price allocated to Dental Equipment is 150,000. The book value of the Dental Equipment on the retiring dentist's… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
Can I own assets in a LLC and not be a member of the LLC?
Can I own assets in a LLC and not be a member of the LLC? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
I am on social security disability benefits. I have been off
I am on social security disability benefits. I have been off of work since 2013. I received long term disability from my employer for which I had to repay them for the 3 years that I received pay. My … read more
Carter McBride
Carter McBride
LLM
239 satisfied customers
My employer had a disability benefits plan that paid my full
hi. my employer had a disability benefits plan that paid my full salary during my short term disability. theytook out my usual tax amount for fed and state. The income amounted to roughly $53K. Worker… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
I've been recieving full disability benefits for over 15
I've been recieving full disability benefits for over 15 years. I went to prison in Az. for 2.5 years .....got released 1 aug. 2017 and stil haven't got my benefits back. When I go to the SS web-site … read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
I purchased an asset in 2013 and sold like kind asset 2016
I purchased an asset in 2013 and sold like kind asset 2016 can we use the like kind exchange on this purchase sale? the asset we sold was used as collateral for the asset purchased in 2013 … read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
I am on disability I am a US citizen my benefit is
I am on disability I am a US citizen my benefit is calculated on only my US income from 1992. I lived and worked in Canada from 1976-92 according to the transformation agreement shouldn't my contribut… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
Is Social Security Disability Benefits paid out according to
Is Social Security Disability Benefits paid out according to the life span years you worked or the last five years you worked? I asked this question because I was told I do not have enough money in th… read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
Can the IRS seize my assets for neither having health
Second opinion] Can the IRS seize my assets for neither having health insurance or paying the penalties.… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
2,739 satisfied customers
Miss are social security benefits taxable by the irs. Are
miss Wilson are social security benefits taxable by the irs … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
Can IRS seize assets for non-payment of penalties/ no health insurance
Can the IRS seize my assets for neither having health insurance or paying the penalties? This is in the state of Ohio. I file returns every year but haven't had insurance since 2014. I simply paid wha… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
An S Corporation is selling its assets under an Asset
An S Corporation is selling its assets under an Asset Purchase Agreement. The 2 stockholders materially participate in the operation of the business. The business provides credit card processing softw… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
I had received Social Security Disability benefits for the
I had received Social Security Disability benefits for the last 3 1/2 years. I am age 62 right now, and will be 63 in March, 2018. I've only resided in Connecticut my entire life, but now reside in FL… read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
What is disability tax credit? do i get disability tax
what is disability tax credit ? do i get disability tax credit every year or just once … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
I am currently receiving VA Disability Benefits. Will these
I am currently receiving VA Disability Benefits. Will these cease when I start receiving my Social Security benefits? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x