Author Topic: IRS TRANSCRIPT QUESTIONS  (Read 1352 times)

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duh

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IRS TRANSCRIPT QUESTIONS
« on: April 08, 2016 01:41:13 PM »
In the past I have ordered my IRS Transcripts for a couple of years.

This year I will order those from 2013 thru 2015, but not until Sept or Oct. when I feel the IRS should :vbrofl:  have the 2015 info posted.

Now, my tax guy just told me that due to being fully retired with no reportable income other then social security, that I do not have to file any more taxes.

I meet with him in a couple of hours and will confirm that.

Questions...

What happens if a 1099C goes to the IRS now after this point?

What happens if I request a transcript for a year I am not reporting ant income?

I am only requesting transcripts to cover myself in case any were sent to the IRS and
I was not copied.

Would a request like that trigger an alert in the IRS?


I am not an attorney. My posts about my experiences are for entertainment and  possibly educational purposes only.

If you need legal help, you should seek legal counsel.

tndebtor

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Re: IRS TRANSCRIPT QUESTIONS
« Reply #1 on: April 08, 2016 02:12:18 PM »
The 1099c would kick you into a status of needing to do a tax return even if only for the purpose of showing you don't owe on the 1099c but in some cases, based on assets, you could owe based on the 1099c. And in some cases, depending on the amt of the 1099c if it counts as income in your circumstance, it could make a portion of your SS taxable unless you are over the age of 70.  Additionally, if you have any taxes withheld from your SS it is worth completing the return as you could be owed a refund or if you have dependents.  If you don't get a 1099c and thus don't file a return but the IRS receives one, they will send you a bill for the taxes owed. Best to catch it before they do and pulling transcripts will help with that.

If you have children in your home you will want to file as you could get a return from the child tax credit. Since I don't know your particular circumstances it is difficult to say with all certainty, but may retired individuals are raising grandkids or acting as foster parents so the child tax credit could be applicable.

And on the question of would asking for a transcript on your account when you don't file a return trigger unwanted attention...no it would not flag you for audit. However, they may write you back and require that you send a photo ID before they send you the transcripts Many individuals check their tax transcripts as a mechanism to watch for identity theft or as the result of Identity theft.

Hope that this helps.

Flyingifr

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Re: IRS TRANSCRIPT QUESTIONS
« Reply #2 on: April 08, 2016 08:11:05 PM »
In the past I have ordered my IRS Transcripts for a couple of years.

This year I will order those from 2013 thru 2015, but not until Sept or Oct. when I feel the IRS should :vbrofl:  have the 2015 info posted.

Now, my tax guy just told me that due to being fully retired with no reportable income other then social security, that I do not have to file any more taxes.

I meet with him in a couple of hours and will confirm that.

Questions...

What happens if a 1099C goes to the IRS now after this point?

Depending on the amount of debt cancellation on the 1099C you may or may not have to file.

Quote
What happens if I request a transcript for a year I am not reporting ant income?

If they have one they will give it to you. If not then you will get a blank page.

I am only requesting transcripts to cover myself in case any were sent to the IRS and I was not copied.

Would a request like that trigger an alert in the IRS?
[/quote]

No. The IRS will do a calculation to see if they think you are required to file or not. If they think you may have to file, THAT will trigger the IRS reactions.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

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duh

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Re: IRS TRANSCRIPT QUESTIONS
« Reply #3 on: April 08, 2016 08:56:59 PM »
The 1099c would kick you into a status of needing to do a tax return even if only for the purpose of showing you don't owe on the 1099c but in some cases, based on assets, you could owe based on the 1099c. And in some cases, depending on the amt of the 1099c if it counts as income in your circumstance, it could make a portion of your SS taxable unless you are over the age of 70.  Additionally, if you have any taxes withheld from your SS it is worth completing the return as you could be owed a refund or if you have dependents.  If you don't get a 1099c and thus don't file a return but the IRS receives one, they will send you a bill for the taxes owed. Best to catch it before they do and pulling transcripts will help with that.

If you have children in your home you will want to file as you could get a return from the child tax credit. Since I don't know your particular circumstances it is difficult to say with all certainty, but may retired individuals are raising grandkids or acting as foster parents so the child tax credit could be applicable.

And on the question of would asking for a transcript on your account when you don't file a return trigger unwanted attention...no it would not flag you for audit. However, they may write you back and require that you send a photo ID before they send you the transcripts Many individuals check their tax transcripts as a mechanism to watch for identity theft or as the result of Identity theft.

Hope that this helps.

Thank you.

I wil be 69 in May.

It is just me. No children or dependents to be concerned with.

And no taxes are withheld from my S/S.

Flyingifr, thank you also.

There are 17 potential accounts that were defaulted on and given to a management company in late 2008 and early 2009. Payments were made but the company could not complete anything past March of 2009... (very long story that truly is not applicable to this area)

Some of these accounts are still with the OCs. Some have been sold. All collection activity stopped with charge of from the ones still with the OCs and that is at least 5 to 6 years ago.

Those accounts sold have had no true collection activity on them since 2012, and a couple that went 3 and 4 buyers deep were handles with a good FOAD.

The alleged debt total split amount 19 accounts was north of $140K and I still can prove insolvency if it comes to it.

There was 1 account that sued me. An HSBC for about $1,800.00.  Their hired attorney dismissed with prejudice when I MTCed successfully for JAMS . This was in 2009, completed in 2011. Tthen they sold to Cap 1, who never tried to collect, but did issue a 1099C in 2012 for about $1,300.

There was one account sold, and sold again to a JDB that has been discussed adnauseum on here.  I disputed it was mine and then I initiated in JAMS
before they had a chance to think or sue. For whatever reason they did not want to go to JAMS.... (I believe they had an issue with JAMS that had been discussed here and they gave me.. in writing... signed by their attorney everything I asked for from not re-selling the account, to a no 1099C....

The other 17 are very late in doing anything based on collection activity ceasing and what the law says....

So, I'll be watching over my should for the rest of my life I guess.

No account, based on the info from way back all those years is under $600.

Thanks again.

I am not an attorney. My posts about my experiences are for entertainment and  possibly educational purposes only.

If you need legal help, you should seek legal counsel.

 

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