QUESTION
Do I have to list back taxes on schedule E and F?
Asked on Jun 17th, 2013 on Bankruptcy - Florida
More details to this question:
Do I list tax years owed (fed and State) for 2010, 2011, 2012 on schedule E (I'm filing this month), and prior yrs. (fed and state) on schedule F (these debts based on years and assessments are no longer priority claims)? I met all the rules on all tax years as well. Or do I place them all on schedule E and give the amounts not subject to priority, and list them individually by year, on the schedule E, understanding that the amounts on schedule E will be the full amount of the tax owed for 2010-2012. With the state taxes is it ok, to list them multiple times on the schedule for each year, since they have different account numbers, and the software I’m using only allows for one account number per debt listing for my schedules. The last question is how is my debt total accurate when I have multiple collection agencies saying they own the debt, I’m not sure who owns them anymore so I put the same dollar amount in the "amount of claim" by the original creditors name and several collections agency's as well. Thanks.
7 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You have to list all creditors and all debt. If you list a creditor more than once that is okay.
Answered on Jun 19th, 2013 at 12:50 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Normally taxes go on schedule E.
Answered on Jun 19th, 2013 at 12:19 AM
The schedule where you place a debt does not affect the nature of the debt in any way, so I generally put all tax debt on Schedule E & lump everything together. With repect to collection companies, I list the current collector first & list the original creditor & former collectors underneath them as "additional notice parties" with a balance as $0. The court maintains statistical records as to the total unsecured debt & if each collector is listed as having the right to the entire debt, it messes up the report to the USDOJ & could result in claims being overpaid.
Answered on Jun 18th, 2013 at 8:58 PM
Deborah F. Bowinski
What software program are you using? Are you filing for yourself, or are you a petition preparer? Taxes are tricky and have to be looked at very carefully in order to evaluate whether or not they are priority. You mention assessment dates but you so not say whether or when the returns were filed. This is not the right place to seek such specific legal advice.
Answered on Jun 18th, 2013 at 1:33 PM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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You need to get an attorney to do this for you. You may not realize this but if you wait long enough, you won't have to pay some or all of your income taxes. However, if you file now, you'll definitely be paying a large chunk, if not all of it. I just wrote an in-depth article on the dischargeability of taxes in bankruptcy (currently awaiting publishing). The rules are extremely complicated and most "good" attorneys only know the very basics of how it works. I highly recommend that you don't do it yourself and that even if you want to do it yourself, buy an hour or two of an attorney's time to check out the tax consequences.
Answered on Jun 18th, 2013 at 1:32 PM
You should list whatever tax debts you think are priority in Schedule E, and the remaining tax debts in Schedule F. You only need to list each creditor once in each schedule. And, when there are multiple collection agencies collecting on the same debt, you should list the original creditor and the current balance owed, and then list the collection agencies as "other parties", or whatever your software calls them, linked to that one debt.
Answered on Jun 18th, 2013 at 1:32 PM
Sanford M. Martin
First, federal and state tax liabilities should be listed on Schedule E only. Second, unsecured debts such as credit cards should be listed on Schedule F only once with the complete debt, information regarding the debt, and the present holder of the debt. Since debts can be sold or transferred, you may have been contacted by multiple agencies but do not list each agency. After filing a chapter 7, the list of creditors can be changed, or the holder of the debt will file for priority as a creditor. You appear to need a petition prepare or attorney to assist you. Realize that failure to file a complete and up to date form can extend the time and cost of filing BR.
Answered on Jun 18th, 2013 at 1:31 PM