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I owe I.R.S. from money rec"d wife Ins.She died of cancer. I

Customer Question
I owe I.R.S. from money...
I owe I.R.S. from money rec"d wife Ins.She died of cancer. I have had a heart attack
and two strokes. I am not working and income I get help with is a Food Card ($219.00) mo.
and money from my mother who is on chemo. If and when I recover, how much money
will I have to pay each month??
Submitted: 2 years ago.Category: Tax
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Answered in 5 minutes by:
8/11/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,220
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

First lets deal with why you are being taxed... Settlements and lawsuits for personal injury and sickness are not taxable.

...

Also insurance proceeds from health insurance is not taxed in most circumstances. (But one exception is employer-sponsored health insurance for workers' domestic partners, which is considered taxable income under federal law.

An employee must pay tax on what his or her partner's coverage costs the company; some employers "gross up" an employee's salary to cover that tax.)

...

But lets say that there is a tax bill owed from some other source...if THAt case, you may be able to work out an installment payment plan with IRS for a little as $25 per month .... That's the least they will typically set up.

...

However, you MAY also qualify (given your circumstances) for what's called an Offer In Compromise

...

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances:

  • Ability to pay;
  • Income;
  • Expenses; and
  • Asset equity.

IRS generally approves an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.

...

Let me know what questions you have

...

Lane

...

If this HAS helped, I'd appreciate a positive rating, by clicking or touching, the smiles or stars on your screen ... that's the ONLY WAY I'm credited for the work here.

...

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Customer reply replied 2 years ago
This is my EMail - Mark does not have a computer. Also I am not privy at this time to go over
the info - it is at Pa. (135 miles away) I am just trying to help him. At this time his cell phone is not
working. He has NO MONEY.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

OK, let me know hw I can help further.

...

And if this HAS given an idea of the oprions I would appreciate your positive rating by clicking on or touching the stars on your screen.

...

That's the ONLY way I'll receive a portion of what you paid JustAnswer, for my time and expertise here.

...

Thank you,

Lane

.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,220
13,220 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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