Help with a complicated Tax issue from 2017/2018

[Robert Morse]

I sent an email for info Robert Green replied back. Guy is kind of an asshole. Told me he wouldn't even read my email, which was basically word for word the same as the body of this post, without paying for the consultation. I literally have no extra money to keep throwing at people without having some assurance that they can actually do something for me other than waste my time and take the little money I have left.

I also spoke to a bankrupcty lawyer who told me I wouldnt qualify for bankruptcy eve. So its like... I feel like im stuck working for literally nothing more than to pay the irs back, which is not much incentive at all.

You are looking for help. The consultation is under $300. I suggest you find the money if you want help.

 

[baddaytrader]

You are looking for help. The consultation is under $300. I suggest you find the money if you want help.

All I'm looking for is a yes i think I can help you, this is my fee and Ill gladly pay it.

 

[newwurldmn]

any recommendation? I have been looking for help on this since the account was margin called back in October and haven't found a single person who has done more than mislead me in an effort to bill me for their time. It sounds ridiculous and it is ridiculous

I think your issue is a lot cleaner than you wish it were. You didn't elect trader status and you lost money. The rules are pretty clear and you should have known them.

You should be calling Robert Green and asking if he can help you negotiate a settlement with the irs.

 

[tiddlywinks]

I lost 99% of money due the the wild volatility in the stock market, arguably caused by our own government.

You lost 100% due to your own actions and in-actions. You are the cause, you are to blame, not the government.

I am on the hook for 190k in 2017 tax still owed + 25k in interest and fees

Having to give up a minimum of ~70 % of my pre tax pay to the IRS for the next 7+ years , assuming no missed payments, is just too much. The minimum payment plan is at 3600 a month. Thats after my regular taxes are taken from my check.

70% of 135k/yr is 94.5k. Paying 94.5k for 7yrs is 661k. So what is it? 190+k or 660+k? 3600/mth is 43.2k/yr. Ohhh, no one told you penalties and fees stop when you enter a payment plan. You are clearly not a coder in Silicon Hills!

I sent an email for info Robert Green replied back. Guy is kind of an asshole. Told me he wouldn't even read my email, which was basically word for word the same as the body of this post, without paying for the consultation. I literally have no extra money to keep throwing at people without having some assurance that they can actually do something for me other than waste my time and take the little money I have left.

Wobert Gween won't wead my unformatted email.
You don't want his help anyway. You said as much.

I feel like I ran a business and it went bust and now I am personally liable for the rest of my life for this debt. If a hotdog stand made money one day and burned down the next, I dont think you would expect that hotdog sales man to make payments on what was earned because of his loss. I feel like I should be treated similar to having a failed business

That's the way business works. You fail, and you suffer the consequences. The participation trophy you got has zero value at the pawn shop.

filled an extension on my 2017 return. By the time I actually filed my return, the market corrected while I was out of town and my account went bust,

In 2018 I made 3900 trades worth a total of $84 million and traded just about everyday until my account went bust while I was out of the country.

How convenient... not once, but twice! What are the odds? Damn the government and economic news!

In 2017 I had made 450 trades worth a total of $28 million

In 2018 I made 3900 trades worth a total of $84 million

in 2018 I also had about 105k in W2 income adn an additional 50k in 1099 revenue

I particularly like that part.. 8x more trades, (assuming 220 days of trading that's 17 trades per day), AND working a ft 100k job AND another 50k in 1099 "revenue"! Whew, busy guy!

I have no assets at all other than my 401k of $90k a car worth 11k and another car that I have a loan against. I own no property, no boats, nothing else.

Rice and beans to ya! I call BS on your backstory. That's the way it works here on ET with first posts like yours!

 

[baddaytrader]

You lost 100% due to your own actions and in-actions. You are the cause, you are to blame, not the government.




70% of 135k/yr is 94.5k. Paying 94.5k for 7yrs is 661k. So what is it? 190+k or 660+k? 3600/mth is 43.2k/yr. Ohhh, no one told you penalties and fees stop when you enter a payment plan. You are clearly not a coder in Silicon Hills!



Wobert Gween won't wead my unformatted email.
You don't want his help anyway. You said as much.



That's the way business works. You fail, and you suffer the consequences. The participation trophy you got has zero value at the pawn shop.





How convenient... not once, but twice! What are the odds? Damn the government and economic news!






I particularly like that part.. 8x more trades, (assuming 220 days of trading that's 17 trades per day), AND working a ft 100k job AND another 50k in 1099 "revenue"! Whew, busy guy!




Rice and beans to ya! I call BS on your backstory. That's the way it works here on ET with first posts like yours!

Are you autistic? I said 70%, it was a rough estimate. The min the irs said they would take a payment plan was 3600 a month. I’m already paying 2800 or so in taxes. (3600+2800)/11250= .56 so I guess I was off. It’s still a fuck ton to pay on a failed business.

I’m not crying about anything. I’m asking for help to find someone with the knowledge base and experience to assist in my situation. I have literally spoken to 30 or so cpas and got the run around and wasted the remaining money I have. For me to hire someone new it would be on credit.

If you want to see my trades I’ll gladly show them. Not like it matters. I’ve been trading for the last 7 years. 2017 I had a 215% return. 2018 I had a 87% return followed by a -105% loss. I put the last cash I had into the brokerage account to try and avoid the margin call but things didn’t go my way obviously.

Yah I work in consulting. You sound like your sour cause you haven’t been able to figure out how to earn a decent income yet. Best of luck to you on that. Try to take some college courses.

 

[bjw]

if you're really as good a trader as you claim to be, why not learn from your past mistakes, literally live on bread and water for a few years and resume your trading? If your past success is real, you should be up and running again (and paying off the IRS easy) in no time.

 

[smallfil]

It may be worth it to take a loan from your 401K to payoff part of your IRS balance. Then, the IRS might accept a lower monthly payment. I have the link to the Taxpayers Advocate within the IRS that helps Americans with tax problems. They may be able to help you.

https://www.irs.gov/taxpayer-advocate

 

[KevMo]

tl;dr ... no punctuation gave me a headache.

You need someone who specializes in Tax Mitigation...not the ordinary CPA. I know someone, likely not cheap. But, the deals they get for their clients are often quite shocking. I know they will not charge you just to talk to see if they gameplan your pickle.

Hit me up if you want a referral.

 

[nooby_mcnoob]

Many people have a big loss at some point that changes them for the future. This is just yours and your job is to learn from it.

 

[baddaytrader]

if you're really as good a trader as you claim to be, why not learn from your past mistakes, literally live on bread and water for a few years and resume your trading? If your past success is real, you should be up and running again (and paying off the IRS easy) in no time.

honestly thats the plan. however, given my current income, living on bread and water id only be able to save like 5-7k a year. thats no where near enough to resume trading. I usd to be a mod in r/wallstreetbets and posted about this loss, its one of the higher all time posts, pretty much everything i said that would happen from September to March actually happened. Only thing I got wrong is I figured there would be another, larger, market correction something bectween March-June, figured trump would be impeached by now causing a cascade effect in the market with his policies in jeopardy. Right now im working on find another side gig whihc I can likely make an additional 120-145k a year, but i need to get this tax situation sorted out first.