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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3002
Experience:  IRS licensed Enrolled Agent and tax instructor
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I really need your recommendations on my complex tax

Customer Question

Good afternoon, I really need your recommendations on my complex tax situation. Currently I owe nearly $3000 on my 2012 Income tax return that the IRS is now collecting thru garnishment on mine and spouse incomes. The IRS informed me to file my 2013 &
2014 tax returns in order to set up any repayment plans. I lost/ misplaced all the tax documents but fortunately locate all tax documents except spouse's 1099 (retirement income). Still looking around house for it. As well I received an inheritance from deceased
aunt. Upon her death in 2013, I received $67,000 of which $24,000 gone to funeral expenses, attorney and court fees. In 2014, I was now recieving monthly inheritance payments of $3299 of which I share half with a relative. My tax situation is now a nightmare
because I didn't filed timely because court proceedings concerning the estate and procrastination. The inhertance has now blown up my annual salary of $62,000 to well over $100,000. The IRS is now knocking on my door for my returns. I need a plan of how and
who to consult to get my taxs done. My inheritance is wonderful but has now created stress. How do I split the tax liability on that monthly $3299 that I share with my relative the co- executor?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

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

Regarding your wife's 1099R, if you don't have the form, you request your wife's IRS form transcript. It will have all the information you need to complete your tax return. Here's how to get it:

Regarding the inheritance, generally inheritance are not taxable. Are you receiving distribution from the trust? Cash inheritance is usually paid in lump sum.

Expert:  emc011075 replied 1 year ago.

And who is the beneficiary? Both of you or just you? If you are splitting YOUR inheritance with somebody else, it will be considered your gift to him/her and unfortunately not deductible.

Expert:  emc011075 replied 1 year ago.

Any questions? Is there anything else I can help you with today?