Possi Posted April 12, 2016 Report Share Posted April 12, 2016 Retired couple in their 70s is buying a house. The underwriter says they need tax returns. They "only have SS income" and are not required to file. Haven't filed for years. So I was going to write a letter to the underwriter when I get the bomb dropped on me. Seems grandpa cleans the church and has 1099 misc income, Box 7, $3900! If it has to go on the Sch C, they will not only owe $551 this year, but I have to do a 2014 return too, which will be LATE and PENALTIES! What would you do? WHAT would you do? Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 12, 2016 Report Share Posted April 12, 2016 file it late and there will be penalties. Not your fault they didn't tell you about the income. 3 Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 12, 2016 Report Share Posted April 12, 2016 I wise woman told me one time you can't get emotional about tax returns. Just do them correctly. Yes, it is income from self-employment. I would add to that don't volunteer the penalty and interest. 3 Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 12, 2016 Report Share Posted April 12, 2016 If it helps, just think, they are receiving SS benefits that will be long gone in 30 years when we qualify to sign up and get zippo. 1 Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 12, 2016 Report Share Posted April 12, 2016 I qualify in less than 10 if I sign up at 62, 12 at full retirement age. Speak for yourself! 2 Quote Link to comment Share on other sites More sharing options...
FDNY Posted April 12, 2016 Report Share Posted April 12, 2016 9 hours ago, RitaB said: If it helps, just think, they are receiving SS benefits that will be long gone in 30 years when we qualify to sign up and get zippo. Wow, was I wrong, I thought you looked to be much younger than 32. 1 Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 12, 2016 Report Share Posted April 12, 2016 11 minutes ago, FDNY said: Wow, was I wrong, I thought you looked to be much younger than 32. Filters. 2 Quote Link to comment Share on other sites More sharing options...
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