I owe around $35K tax for the year 2021.
Most of it due to short term capital gains and $1500 from W2 tax due.
I make around $7K a month, but have some debt and short term capital losses in 2022.
Is there way I can apply for Offer In Compromise for the tax amount I owe?
What is the eligibility for that.
I tried the Offer In Compromise Pre-Qualifier, but I see below message based the number I entered.
https://irs.treasury.gov/oic_pre_qualifier/faces/OIC_Screen13_ExpenseNotQualified.jsp
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read what the IRS concluded. based on the income and assets/liabilities you entered you do not qualify.
check what you entered. if it's correct your only option would likely be an installment agreement.
put it this way you can pay about $2,600/month +net assets of $32K. or put another way in a year you could pay $64K which is more than what you owe.
OIC generally requires the inability to pay within a reasonable amount of time.
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