How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29574
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I made 372000.00 last year. This year I lost my customer and

Customer Question

I made 372000.00 last year. This year I lost my customer and have had back surgery so I cant and haven't worked. My income for 2016 is going to be nothing compared to last year. Do I need to call the IRS and let them know? Or what should I do and will this get me audited
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

There is no need to inform the IRS before you will file your tax return.

If you are paying estimated taxes - you may recalculate your expected 2016 tax liability and adjust estimate tax payments.

Other that that - there is nothing you need to worry.


Customer: replied 1 year ago.
At this point I have no estimated tax payments for 2016. Won't they wonder why I'm not paying quarterly. Also, I only paid in 55,000.00. Not realizing I would make as much as I did. Will I need to pay in at least another 20,000.00 on April 15th not to get penalized?
Expert:  Lev replied 1 year ago.

That would not be an issue either.

The IRS will ONLY start to "think" about you if your 2016 tax return will not be filed before Apr 15, 2017.

Expert:  Lev replied 1 year ago.

If you overpaid estimated taxes - you will be able to claim a refund on your tax return.

If you will not owe any additional taxes - or will owe less than $1000 - there will not be any underpayment penalty.

I feel that you are overreacting.


I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.