So I am going to end up owing taxes to state and federal this year. My question is if I am paying towards it to pay it off and am not delinquent on them does that have any affect on my clearance?
Well, the first step is to file on time, and make whatever payments you can when you file.
I think if you are able to set up a payment plan and keep up it with, that should be OK. Make sure you know if you need to report this to your security office.
Thank you! I always file my taxes ontime so that’s not at all an issue. My plan was to set up a payment plan with both to get it payed as soon as possible. Luckily I have a chunk in my savings that will help pay off the majority to begin with. As far as self reporting to my security office do you know of any minimum requirements for non delinquent owed taxes that must be self reported? I plan on asking my FSO Monday to confirm but was seeing on the contractor side if anyone knew?
Hey I have a question- so my contractor requested a SF-714 Financial Disclosure Form which is due on April 30th. I have no issues submitting this but I do have some questions/confusion. So first non of my debts are past due and have an exceptional payment history. I do however have taxes owed to the IRS and state. The email they sent to my requested dates 1/1/2022 to 12/312021. So am I to assume that it’s only relevant to those dates? Secondly how will this affect my security clearance if I have debt and report it? How will the government view it? Is there a line of too much debt or do they base it off of your last years annual salary and debt to income ratio?
I think @Marko posted a story about somebody with like two million dollars in debt who got cleared. $500 in delinquent debt could be as much as a concern as $500,000 in debt that you’ve got under control.
I am not that familiar with those financial disclosure forms but I think you need to report the state of your finances as of 31 December. I myself expect to owe money to the feds and state this year but that’s been the case for a while now and it hasn’t been a problem… but some years back I fell behind in filing taxes and that required some explaining on my part