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I made a non collectible settlement with IRS for $ 25.00 a

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month and it will b...
I made a non collectible settlement with IRS for $ 25.00 a month and it will b paid in 2more months. My wife has a trust fund income and her salary. We have always filed a separate returnQuestion if we file joint return for 2016 and thereafter is my wife trust and salary liable for my unlollectible debt in the future
Submitted: 6 months ago.Category: Tax
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5/5/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 6 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,864
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane.

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice to clients on three continents since 1986.

Bear with me just a moment and I’ll provide my initial response and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 6 months ago

First, is this a settlement where the debt is to pay an offer in compromise (OIC)? If so, the debt essentially disappears as long as you comply with the timely filed return and taxes paid for the 5 subsequent years requirement of an OIC.

...

If this is a payment plan on tax debt and the debt is paid completely in two months, then only the $50 amount could be deducted from any refund on a jointly filed return.

...

And in terms of her trust. If the trust isn't IRRevocable then that and any asset she owns JOINTLY with you could still be attached for YOUR tax debt - but again, only for amounts you still owe.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 6 months ago

Please let me know if you have ANY questions at all, before rating me.

I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content.

Otherwise I’ll receive no compensation for the time & expertise here at all, from JustAnswer.

Thank you!

Lane

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

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