Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I just asked a question and put the $5 down and them I was…

Customer Question
I just asked a...

I just asked a question and put the $5 down and them I was left up in the air. When I tried to get back to you this website said they were connecting me with an immigration lawyer? What's going on

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I just typed my question and was waiting for an answer? Where is my tax person to talk with

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Do you have my original question

Submitted: 2 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 7 minutes by:
4/2/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,430
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. …. My name’s Lane,

I hold a law degree (J.D.), 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.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

(By the way, if the site makes one of those automated call offers, That did not come from me. Be glad to do a phone consult, but this comes with an additional cost, so don’t accept unless you’d like to talk)

Ask Your Own Tax Question
Customer reply replied 2 months ago
What I want to know is does this qualify for one of the exemptions and can I adjust my income to include this debt so I only end up with enough to get Obamacare?
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

It looks from my end as if you've asked this as a second (new) question. I read the other that you posted, however.

...

It was really more of a statement than a question ... but I think I know what you may be asking ... how to HANDLE that 1099-C

...

You MAY be able to completely exclude the income that's created when a lender writes your debt off, takes their own bad debt deduction, and send the 1099-C.

...

You can do this under whats called the insolvency exclusion.

...

If, on the date of the identifiable event (box 1 of the 1099-C) your assets are at a total value that's less than the total value of your debts

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

Looks like we crossed there, but yes, IF you are insolvent on that day, you use form 982 to exclude the amount of debt (to the extent of you insolvency) and it's not reported on the 1040 at all.

...

I'm attaching the worksheet that IRS wants you to use to calculate the insolvency number

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

The worksheet isn't filed, you simply include form 982 with your return and keep the worksheet for your records

...

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

But if you need more here, please let me know,

Lane

Ask Your Own Tax Question
Customer reply replied 2 months ago
I have a condo and did at that time so I wasn't insolvent. The date on the 1099c is 3/8/2017
Customer reply replied 2 months ago
I don't have an additional $52 to call you. I have already paid $38.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

As I said above, if the site makes one of those automated call offers, That did not come from me. Be glad to do a phone consult, but this comes with an additional cost, so don’t accept unless you’d like to talk)

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

Then, so sorry, if on 03-08/2017 your debt (INCLUDING the debt that was forgiven, any mortgages, etc) is not more than the market value of your assets, then you wouldn't be insolvent.

...

After what you said about the refi, (harp like - many times they simply recapitalize and add the unpaid amounts to the back end of the mortgage) I thought that might get you over the line

Ask Your Own Tax Question
Customer reply replied 2 months ago
This didn't really answer my question. I was giving background to my situation when the question box cut me off. I didn't know how to get back with you so I went back to try to connect my question. I already knew about the insolvency question and I was not insolvent at the time the 1099c was dated. My question, which I never got to to ask you was: since I pay myself out of my partner's VA disability payment, can I adjust the AMT , including the 1099c amt, to equal just enough to qualify for Obamacare
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,430
14,430 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,567 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
Can you address MD tax returns? I was a non resident of MD
I was a non resident of MD but had a rental propertyI rented for 6.5 years. I didn't realized I had to file MD return 505 … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
Can I deduct Goodwill, Trade Name, Non Compete Clause
Can I deduct Goodwill, Trade Name, Non Compete Clause against the gross sales price of my business? … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
Is FICA and medicare considered part of federal income tax?
is FICA and medicare considered part of federal income tax? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,045 satisfied customers
I am an employee for a non-profit organization who was
I am an employee for a non-profit organization who was deployed to Puerto Rico to assist with the Hurricane Maria. I've only been here 40 days and others have been 180 more days or past 6 months. My q… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,263 satisfied customers
If a non-profit organization is created and sponsors an
If a non-profit organization is created and sponsors an event, like a wine fair, does it have to pay taxes on the income if it is not a 501(c)? (The income would be used as working capital for the fol… read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
Is there a Federal or Utah State law that requires non-
Hi! Is there a Federal or Utah State law that requires non- profit, 501(C)3 charities to return a donation if the donor asks (the money is not being used as per the donation)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
351 satisfied customers
If you are a member of a registered non-profit organization
if you are a member of a registered non-profit organization does an employee making less than $900.00 a year for office work have to file this with the IRA ? … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
Non profit UBIT and the 990T. Helping a friend non profit
Non profit UBIT and the 990T. Helping a friend non profit that recently sold rental house with a mtg. So I have the calculation on what of the total gain is taxable. But now confused on how to report … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,045 satisfied customers
Can a private individual invest in a non-profit organization
Can a private individual invest in a non-profit organization in the state of Iowa … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
VA form asks for adjusted gross income (disability form). We
VA form asks for adjusted gross income (disability form). We file joint; can we separate his income from mine for the form? How? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
3,033 satisfied customers
Tax question I paid to a non profit organization in India,
Tax questionI paid to a non profit organization in India, for Rs. 25000. Can this qualify as a tax deduction? Is it eligible? Please provide IRS references.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
TRUST RETURN FORM 1041. THE ONLY ASSET (THE DECEDENT'S HOME)
I AM FILING TRUST RETURN FORM 1041. THE ONLY ASSET (THE DECEDENT'S HOME) WAS USED AS A RENTAL PROPERTY FOR 9 YEARS AND THERE IS CAPITAL GAIN. … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
We are a 501(c)3 fiscal sponsor for another non-profit. They
We are a 501(c)3 fiscal sponsor for another non-profit. They now have established their own 501(c)3 status, and we need to transfer the assets on our books that actually belong to them. What's the bes… read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
I earned 16040 in 2017 from a small non-for profit. The
I earned 16040 in 2017 from a small non-for profit. The non-for -profit neglected to file a w-2 for me, but is happy to do so now. Is it a problem that he has not withheld social security and health l… read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
Can I form a non-profit organization as a subsidiary under a
Can I form a non-profit organization as a subsidiary under a for-profit organization? … read more
Carter McBride
Carter McBride
LLM
1,150 satisfied customers
Trying to determine the tax status of a non profit group. We
trying to determine the tax status of a non profit group … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,430 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