My annual salary will be 50K plus the 1099A will around 40K that would put me in a higher tax bracket which I will not have the money for. I have no other assets and ruined credit, should I file for bankruptcy at this point or can I do a offer of compromise with the IRS on the federal taxes?
2007-12-04 12:17:53 · 4 answers · asked by rhtzzn 2 in Business & Finance ➔ Personal Finance
I was laid off from my job when I made 44K then the new job I start in late Oct. will pay me 50% less so my total income will be around 50K for 07.
2007-12-04 12:49:02 · update #1
You CAN'T file bankruptcy on Federal taxes. You don't qualify for an Offer-in-Compromise either. You would basically have to prove you will NEVER be able to pay. With an income over $50K, you WILL be able to pay. Look into an installment payment plan.
2007-12-04 12:47:58 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
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RE :Due to a foreclosure and the 1099A on top of my annual salary should I declare bankruptcy.?
My annual salary will be 50K plus the 1099A will around 40K that would put me in a higher tax bracket which I will not have the money for. I have no other assets and ruined credit, should I file for bankruptcy at this point or can I do a offer of compromise with the IRS on the federal taxes?
Update: I was laid off from my job when I made 44K then the new job I start in late Oct. will pay me 50% less so my total income will be around 50K for 07.
Follow 3 answers
2016-10-04 14:13:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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RE Due to a foreclosure and the 1099A on top of my annual salary should I declare bankruptcy.?
My annual salary will be 50K plus the 1099A will around 40K that would put me in a higher tax bracket which I will not have the money for. I have no other assets and ruined credit, should I file for bankruptcy at this point or can I do a offer of compromise with the IRS on the federal taxes?
2014-10-03 05:17:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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RE Due to a foreclosure and the 1099A on top of my annual salary should I declare bankruptcy.?
My annual salary will be 50K plus the 1099A will around 40K that would put me in a higher tax bracket which I will not have the money for. I have no other assets and ruined credit, should I file for bankruptcy at this point or can I do a offer of compromise with the IRS on the federal taxes?
2014-09-25 22:50:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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RE:Due to a foreclosure and the 1099A on top of my annual salary should I declare bankruptcy.?
2014-08-03 05:12:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋