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I am self employed Can a collection agency file a 1099 and garnish your tax return if the debt is over six years old and the debtor has been in Ohio for six years?
A collection agency has no legal powers. Some agencies are collection attorneys who can file lawsuits. Regardless, no one can seize another person's property without due process according to the persons state of residency laws. In other words they have to take you to court, win a judgment, execute the judgment, this takes a considerable amount of time. The exception is child support and/or spousal maintenance, or a court order that was already in place.
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You can't. Each year must be filed seperately so you have to file 2 returns. Also, you wouldn't want to because you would lose out...only getting one deduction where 2 are a…llowed and paying at a tax rate bracket for the higher income.
No. If the debtor has received notice that the debt has been cancelled (forgiven) they should receive a IRS form 1099-C as the amount of the forgiven debt is now considered ta…xable income. Given those circumstances, the debt no longer exists and is no longer collectible.
Amending A Tax Return You will have to file an ammended return, you can download the form free from the IRS website, but you have to mail it in… because an ammended return has to be in paper form (not e-filed). * Refile a corrected return. The IRS web site will give you the details, but you simply copy the data from your old form and add in the new information. Then you will have to provide a check for the new amount due. There is a specific way to mark the return so they know it is a corrected return. * You will need to file an amended return. This is done on a Form 1040X. It is different than the normal 1040 and much shorter. It too is available on most PC programs if you did your return that way. You will probably find the 1040X fairly easy. Actually, you only have to input the things that changed...pretty much just on the identified line - like interest income - as filed, the new amount, the change (up or down) - and the resulting totals. True, if your change is from a new or corrected W-2/1099, that may need to be submitted too. If your receiving any W-2/1099 or such, this late, make sure they are actually for the 2006 year, not 2007! (I've received some 1099B for 2007 already).
Yes, with 10 years interest. What about statute of limitations? Well, they can sure TRY, but I wouldn't worry about it too much. And if it becomes a case of where they are h…arassing you, YOU most likely have the more powerful position at this point and can take steps to halt their harassing ways. After the statute of limitations has expired (check with your state to find out exactly how long this is), there is very little legal recourse the collection agency has to collect on the debt owed. Once it has become outdated and removed from your credit report ( after 7 years), it can never again be reported (LEGALLY). I can tell you, I have one now trying to collect a debt that is back from 1991 AND had actually been paid to the original lender. They (collection agencies) are like a bunch of sharks!
How long will bad debt credit cards stay on your credit report if you haven't made any payments on them and they have been in collections for over six years now?
Actually, the debt (as long as it isn't a bankruptcy or judgement) should be removed from your report 7 years from the date of delinquency. Many collection agencies will wait …months, sometimes a year + to put a negative item on your credit report. This way it will effect you longer, and you will be more prone to pay off the debt in the future. If this happens, dispute, dispute, dispute!!! Dispute everything on your report, especially the items that have been incorrectly reported. I recently had a few items removed completely from my report because I disputed the dates, and the creditor couldn't provide ANY form of documentation to support I even had a debt with them. Also, there are statues of limitations in some states on debt collection. How long is too long before someone can file a judgement, ect. For example, in Texas that limitation is 4 years for debt collection. See: http://www.badcreditmd.com/statuteoflimitations.html
It depends on the Statute of Limitations for your state. If it is longer than 7 years, then it is still collectable although it may have fallen from your credit report. If the… SOL is less than 7 years, they can still attempt to collect and even file suit. However, if you follow proper litigation procedure and use the expired SOL as an affirmative defense then no judgment should be granted against you. If you do not respond with a defense then they can get a judgment collection on a debt that is 50 years old! Sadly, collection "attempts" are never time barred. I am not an attorney but an avid reader/learner in collections.
If you are sixty six years old and only have 14000 dollars in income from Social Security do I have to file taxes?
The answer changes with many factors...age, disability, married or not, etc, and what may be defined as income, may not be what you expect, so looking at this link will …help (for anyone): http://www.irs.gov/publications/p501/ar02.html#en_US_publink100041738 And now you fell into the trap of getting my words of wisdom! There are many reasons to file, even if you don't owe. The gov't provides many benefits to people based on the income (or lack) only if they file (last years incentive check is one of many examples). But, appreciate this - if the IRS (not known for being too concerned about anything or one than themselves) says you don't have to file...who do you think that normally benefits - you or them?
Same as any other...the source of the income is different. Some different things may be applicable to fill out... Those that are self-employed will have to pay self-emplo…yment tax four times a year. This ensures you that you will not have to pay one lump sum at the time your last return is filed. SE tax rate. The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance). Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. You generally have to make estimated tax payments if you expect to owe tax, including SE tax, of $1,000 or more when you file your return. There are two ways to pay as you go: withholding and estimated taxes. If you are a self-employed individual and do not have income tax withheld, you must make estimated tax payments
Unless you are referring to a STATE tax exemption due to age - during a quick search. I could find no such age exemption for filing U.S. Federal tax returns with the IRS…. However, IRS regulations are voluminous and, if I were you, just to make certain, I would cal lthe IRS '800' information number and simply ask.
Depending on the state and the agreement you signed when you took the loan they may have some legal recourse against you. In most cases if you have already paid the interest o…n the loan more than once, you have probably paid them back their money plus so they may be able to work with you. If you are past the point of working it out you can wait unitl they send it off a collection agency and then you can wheel and deal to set it up. Most payday loan companies don't want to deal with you so you should be able to offer them a settlement and go. The only way they can get your refund is if it is decided in a court case.
Can a collection agency put a lien on your car or home when you returned the rental property over 3 years ago?
A collection agency doesn't have the power to do anything other that aggravate you. They can with the agreement of the original creditor turn your account over to a collectio…n attorney. The answer to your question is NO! For the amount in question it would be a small claims court judgment (if they got one). I assume there was an outstanding balance on the rental They might be able to get a wage or bank account garnishment. But that too is questionable. If anyone from a collection agency has told you they can place a lien against your property. They are in violation of the FDCL and could be fined or sued for their actions.
If it's been over 7 years should you pay off an old credit card debt from a collection agency or just let it go?
I was told this by a lawyer. If you have an old debt that is older than a couple of years "DON'T PAY IT". Don't even talk to debt collectors and if you do never promise to ma…ke any type of payment. The reason- A debt is only reportable for 7 years from the terms of the original contract. Each time you promise to pay any part of the debt you form a new contract, extending the time that the debt can remain on your credit report. Paying a defaulted debt, or making arrangements to pay can not legally extend the reporting period for any debt. That fact is established by the Fair Credit Reporting Act. Under certain state's laws, however, paying or making payment arrangements CAN re-set the statute of limitations. SOL is the time period during which a consumer may be sued to recover a debt. This is likely what the attorney was warning about, not the credit reporting period.
Can a collection agency put a judgment against you for an old credit card debt that is 10 years old?
Answer You need to have a look at the relevant legislation in your state to ascertain where you stand. I would suggest that you contact a financi…al counsellor who would be familiar with laws in your state to discuss your options. In Victoria, Australia, debts are statute barred after 7 years - UNLESS one makes a payment on demand thereafter, in which case one is again legally liable for the debt that was incurred.
Answer Yes, there are not time limits in which a collector or creditor can pursue the recovery of monies owed. All US states do have SOL's rela…ting to the time a credior has to file a lawsuit against the debtor.
A 16 year old may need to file a 1099-misc in some instances. This occurs when they are not hired on as an actual employee of the company.
In Georgia can a collection agency garnish your husbands wages for an old credit card debt that was incurred before marriage that he knew nothing about?
That of course is why garnishment exists. Noting the claim that he didn't know anything about it is a poor excuse (and entirely different than saying it he didn't incu…r it)...it certainly is his responsibility both for and to know what his credit and card is being used for. It clearly isn't the credit card company. Want to bet, the Credit company sent many, many bills and notices, phone calls, etc. before going the collection route? Obviously, the marriage doesn't change anything...except to say he maybe had more obligation to make sure the affairs of his prior life were resolved before wanting to leave them behind. Or perhaps you feel everything...that is all belongings and assets as well as debts from before the marriage are to be left behind for some reason? At present four U.S. states - North Carolina, Pennsylvania, South Carolina and Texas - do not allow wage garnishment at all except for debts related to taxes, child support, federally guaranteed student loans, and court-ordered fines or restitution for a crime the debtor committed. Normally the maximum is 25% of wages.
Yes. There should have been a court hearing on this (possibly in Small Claims court?) because they can't do it without the court's authority. Did you happen to ignore a court …summons for this, if so, you were probably found "liable" in absentia.