self employed 1099 tax return

[sanfranguy 0]

i still owe the irs for 07' since i filed 1099 self employed. i have the tax return. will this be a problem that i owe them?

[chris4gretchen 1]

it doesnt matter if you owe or have a refund. What matters is did you make over 125% of the poverty level

Chris

[sanfranguy 0]

i was reading the affidavid of support doc. it says to include last years tax return but i see some people including the last 3 years. should i go with the 3 years or do they just want the current years?

[chris4gretchen 1]

they only require last, but it doesnt hurt to have last 3.

Chris

[diadromous mermaid 36]

i still owe the irs for 07' since i filed 1099 self employed. i have the tax return. will this be a problem that i owe them?

You can't owe '07 taxes, since the filing deadline for tax year 2007 isn't until April 15, 2008. Do you mean that you haven't paid the taxes you incurred as a self-employed individual for income you derived in year 2006?

[Elvis 0]

Sure he can owe taxes for 2007

I do owe tax for 2007

I pay monthly installments because at april 17 I did not have 6000 dollars to pay right away

But like the other guys said it is not about do you owe anything

they just want to know do you make those 125%

[Kazan' Tiger 1]

All that matters is you file tax returns and make over the 125% threshold for your projected family size. The DOS is not the IRS. i.e. When and how you pay is for the later to worry about!

Edited January 30, 2008 by Kazan' Tiger

[sanfranguy 0]

thank god for that. on top of all this k1 process stressing me out now i gotta worry about the interest im gonna accrue with the i.r.s . thanks for the help though people. that was my #1 concern through this whole process.

Sure he can owe taxes for 2007

I do owe tax for 2007

I pay monthly installments because at april 17 I did not have 6000 dollars to pay right away

But like the other guys said it is not about do you owe anything

they just want to know do you make those 125%

how much do they charge interest btw?