864 - tax return: insufficient income for one year

[zenguy 0]

Here's my situation:

Because of health issues, i was unable to work for a majority of 2005, thus filing taxes for an amount less than the required 125% above poverty level requirements. How can I compensate for that? Can I show additional funds i.e. investments, bank accounts? Has anyone faced this issue before? How have you avoided/responded to an RFE?

Thank you

[Jasman0717 9]

How are you for 06 and 07?

[Geist 0]

Don't worry about it. I had insufficient income for ALL 3 previous filing years---2006, 2005, and 2004 because I was a college student through most of those and thus not working most of the time. I really think that they look mostly at current income. As long as that's high enough, you should be fine. Include your assets as well if you think that would help, but I wouldn't lose too much sleep over it.

[zenguy 0]

How are you for 06 and 07?

06 and 07 are all good, with income qualifying and exceeding the 125% poverty limit guidelines.

Don't worry about it. I had insufficient income for ALL 3 previous filing years---2006, 2005, and 2004 because I was a college student through most of those and thus not working most of the time. I really think that they look mostly at current income. As long as that's high enough, you should be fine. Include your assets as well if you think that would help, but I wouldn't lose too much sleep over it.

Good to know. Thank you!

[Mononoke28 135]

They only request income for the current year and recommend to send past IRS information. Again this is optional, so if you're good for recent years, you're good to go.

Diana

[ELW 5]

I was in India not earning any money and the first year I filed tax returns (in my life, I'm 41) was 2006. Not a word or request from anyone, for any other year tax forms. (I did include an explanation letter, which you can give too, if you are worried.)