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What should I do if I received a 1099 for $140k in 2022, kept around $65k after paying others via Zelle, and received another 1099 for $71k in 2023 with another one expected this year? I haven't filed my IRS taxes due to overwhelming fear and lack of funds for payment, and I'm only 23 and never had to file taxes before. I have about $10k saved but need it for the winter when work slows down.
What should I do if I received a 1099 for $140k in 2022, kept around $65k after paying others via Zelle, and received another 1099 for $71k in 2023 with another one expected this year? I haven't filed my IRS taxes due to overwhelming fear and lack of funds for payment, and I'm only 23 and never had to file taxes before. I have about $10k saved but need it for the winter when work slows down.
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Robert James, 20+ years of experience in IRS mattersAnswered on September 20,2023
First, file your return. You will save money on penalties. Not filing will just cause more issues and make you more noticeable.
Second, start making regular estimated tax deposits. The best "feather in your cap" when dealing with the IRS, is to be in "current period compliance". Seeing that the problem that caused the balances has been corrected is infinitely better than continuing to perpetuate the problem.
Thirdly, find a tax professional to help you. There are actually a lot of payment options, and as long as you are in compliance with tax filing and communicate with IRS, they can give you some time to improve your financial situation before requiring payments.
Here are a couple of sites to find a tax professional:
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