Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-06-2018, 11:48 PM
Junior Member
 
Join Date: Feb 2018
Posts: 2
Options?? Debt discharge greatly increased my income making me pay back prem. tax credit

An unexpected credit card debt discharge greatly increased my usually very low income, and appears to have to be used in my modified AGI on Form 8962 Premium Tax Credit. It results in me having to pay back $1500 in subsidies I received for my mandated insurance. That credit card debt is from many years ago, and wasn't paid because of financial issues that have never recovered, and I can afford this even less now. It's not as if I really had the money to pay for my insurance. Are there any options for me? Another form to supplement and help this issue, perhaps? Please help with any suggestions or solutions. Thank you!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-12-2018, 03:27 PM
Junior Member
 
Join Date: Feb 2018
Posts: 2
do not worry

You can use an IRS form to request a payment plan (see form 9465 or 9465FS). There are a few requirements you have to meet in order to secure this payment plan (many years to pay w/ equal payments).

If you have the ability to repay w/i 120 days, you should not use the 9465 forms; rather apply online or via phone for a Request To Pay In Full.

The IRS can even forgive the tax debt, but much paperwork needs to be done before you get to that point.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 02-12-2018, 04:53 PM
Junior Member
 
Join Date: Feb 2018
Posts: 2
no problem

If worse comes to worse you can ask for a payment plan from the IRS.

Go online or call for Request to Pay In Full (if able to pay w/I 120 days) or do a form 9465/9465-FS.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 02-13-2018, 09:20 PM
Junior Member
 
Join Date: Feb 2018
Posts: 2
Thank you!

Thank you for your ideas.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can CANCELED DEBT (Other Income L-29) be excluded when computing 8962 Premium Tax Credit? taxwacked Medical 1 10-07-2015 05:00 AM
Can CREDIT DEBT (Other Income L-29) be excluded when computing 8962 Premium Tax Credit? taxwacked Medical 0 10-06-2015 06:32 PM
Five Important Facts about the Making Work Pay Credit Samatg For 2010 0 01-21-2011 07:21 PM
The Making Work Pay Credit is still working for YOU Samatg For 2010 0 09-23-2010 04:10 PM
What is the Making Work Pay Tax Credit and how much is it for 2009? TaxGuru For 2009 0 01-31-2010 03:33 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning