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I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
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V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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I did not work to take care of my father fulltime until his passing- this was 18 months ago. I cashed out my own 401K savings, ended upo getting divorced, and declared bankruptcy. Will I get money back if I file taxes for the years I failed to?
I could be mistaken but I remember reading where any debt that was forgiven [such as with bankruptcy, mortgages, loans, etc] would be regarded as "income" even though is isn't in your pocket.
Here are some rules for who needs to file federal taxes. It is virtually everyone who made any money. States are usually even stricter on filing, so don't forget your state income taxes.
I would agree with cmagnum except that there is mandatory federal withholding of 20% on most 401(k) distributions - basically, any 401(k) distribution paid in a lump sum (or several partial lump sums) to a person younger than 70 1/2 who is no longer an active employee. If you took the distribution and rolled it over to an IRA and later cashed the IRA out, you can avoid the withholding but you still can't avoid the tax, so you would owe taxes plus interest and penalties in that case.
For the years you had taxable income like when you cashed in your 401 K, you will owe back taxes with penalty plus interest. I know this for my mother failed to file and pay her taxes for about 5 years and it was a mess to clean up. I would not go with a big name company because you will pay more for the brand name. Find a good CPA in your area for they can deal with this sort of thing for far less money. Even there do some shopping because some CPA's like to charge way too much for what you are asking for. Also, it does help to have all your information in order for them. Some like that so much that they take your helpfulness into account when figuring up the bill.
You are required to file a return (federal) for any year in which your income exceeded the combination of the standard deduction and the personal exemption for the year. For 2014, that was $10,150 (standard deduction for a single person $6200 plus personal exemption $3950). You'd have to look up the numbers for prior years - I don't know them offhand. If you had less income than that but you paid taxes, you could file just for a refund.
Cashing out your 401(k) would normally result in taxable income. If you had the usual 20% federal withholding taken out, you may be eligible for a refund of some of that money.
It might be a good time - now, in the off season - to talk to a reputable tax professional. H&R block, Jackson-Hewitt, any of the big chains would probably have good answers for the state where you live. Sorry you had no better options than all that, and sorry you have lost your dad and your marriage, both!!
It sounds like your life went into major train wreck mode. Anyway... the simple answer is yes, you should file your taxes for any year that you had some money coming in. If your 401K was large and cashed all at one time, your tax burden for that year might be high. Did they withhold taxes when you cashed it out? I hope so. That will make it easier. If you cashed out your 401K over a few years time, be sure to file for each year.
You don't have to file for years that you had no money coming in. Some people do this for their own records during non-working years. It can be easier than to drop out of sight for a few years, then reappear.
Do you get alimony or any type of support? Did you file jointly with your spouse while you were married. These are all things to consider. The bottom line answer is yes, if you had income you need to file taxes.
Your timeline isn't really to me. Perhaps you could explain?
1. Did you not work until your father died 18 months ago? How long were you unemployed and did you have any income during that time, such as caregiver income for taking care of your father?
2. You must have worked for some time in order to have a 401K. When did you cash it out? I'm assuming you didn't report this since you didn't file taxes?
3. You haven't filed taxes for the calendar years 2014, 2013, 2012 and 2011, is this right? Did you have income during those periods or was it only your 401K cash out? No income as a caregiver?
4. When did you file for bankruptcy?
As to the question of whether you'll have refunds if you file back taxes, no one can really answer that without knowing at least the answer to the questions I asked.
The overriding issue is in my mind not so much whether you'll get anything back but how much you owe, especially on the 401K cashout (depending on how much you put in, how much you cashed out, etc.).
I honestly think you should see a tax advisor; you're flirting with some major tax issues here and need professional guidance. If you did owe taxes from any of the 4 years and didn't pay them, you're not looking at refunds but rather payment of back taxes with penalties and interest.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
https://www.irs.gov/publications/p17/ch01.html#en_US_2014_publink1000170388
Cashing out your 401(k) would normally result in taxable income. If you had the usual 20% federal withholding taken out, you may be eligible for a refund of some of that money.
You don't have to file for years that you had no money coming in. Some people do this for their own records during non-working years. It can be easier than to drop out of sight for a few years, then reappear.
Do you get alimony or any type of support? Did you file jointly with your spouse while you were married. These are all things to consider. The bottom line answer is yes, if you had income you need to file taxes.
1. Did you not work until your father died 18 months ago? How long were you unemployed and did you have any income during that time, such as caregiver income for taking care of your father?
2. You must have worked for some time in order to have a 401K. When did you cash it out? I'm assuming you didn't report this since you didn't file taxes?
3. You haven't filed taxes for the calendar years 2014, 2013, 2012 and 2011, is this right? Did you have income during those periods or was it only your 401K cash out? No income as a caregiver?
4. When did you file for bankruptcy?
As to the question of whether you'll have refunds if you file back taxes, no one can really answer that without knowing at least the answer to the questions I asked.
The overriding issue is in my mind not so much whether you'll get anything back but how much you owe, especially on the 401K cashout (depending on how much you put in, how much you cashed out, etc.).
I honestly think you should see a tax advisor; you're flirting with some major tax issues here and need professional guidance. If you did owe taxes from any of the 4 years and didn't pay them, you're not looking at refunds but rather payment of back taxes with penalties and interest.
Was there some reason you didn't file taxes?