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HJE-Cobra
Jul 15, 2007

Bear Witness

Hell Gem

Foxfire_ posted:

Here's what the Deluxe version bought you:
- Copy the $2 Foreign Tax Paid number from the 1099-DIV you received to line 1 on Schedule 3: Additional Credits and Payments
- Write $0 on all the other lines
- Sum it up and write $2 on a line on 1040, where it reduces your tax by $2


Here's what the Premium version bought you:
- Copy the buying and selling price from the 1099-B you received to Schedule D: Capital Gains and Loses
- All of the other stuff on the form is not required unless you're doing something weird
- Sum it up and copy it to 1040
- When you get to the "Tax Due" line on 1040, plug the capital gains income and normal income totals into an equation to get the tax instead of using the big table. You didn't do any work for the stock money, so obviously it should be taxed at a lower rate than peasant work-for-wages money


Thanks for breaking it all down for me, really makes that $125 feel worthwhile

At least I didn't spend an additional $40 to avoid taking my wallet out of my pocket, lol

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akma
Jan 30, 2016

I simply lack the motivation to write anything here.

pencilhands posted:

my guess is they gently caress you in the rear end?

Only if they determine you don't like it. If you do, they get more creative.

Duck and Cover
Apr 6, 2007

syntaxfunction posted:

It seems insane to me that you don't use a system like Pay As You Earn/Go where things are tracked automatically, but someone explained it as "America freedom, free market, tax explainers make a tonne of money, don't step on me" and I was like "oh yeah that tracks now".

Well on one side you have like all Americans who do not enjoy doing taxes and on the other you have an industry that bribes senators so that they can continue to exist. Gee I wonder why things are the way they are.

syntaxfunction
Oct 27, 2010
Yeah that's what I said.

Bad Purchase
Jun 17, 2019




you guys are making fun of our tax system now, but wait until our empire collapses and capital flees to the next superpower. after a short decade of civil strife, we’ll have an even more modern and streamlined tax system in the new government. it will put your pathetic systems to shame, mark my words.

Duck and Cover
Apr 6, 2007

syntaxfunction posted:

Yeah that's what I said.

You said something? You can't expect me to read an entire post when there's complaining to do.

redshirt
Aug 11, 2007

Bad Purchase posted:

you guys are making fun of our tax system now, but wait until our empire collapses and capital flees to the next superpower. after a short decade of civil strife, we’ll have an even more modern and streamlined tax system in the new government. it will put your pathetic systems to shame, mark my words.

I trust TurboTax will know I was a good customer.

syntaxfunction
Oct 27, 2010

Bad Purchase posted:

you guys are making fun of our tax system now, but wait until our empire collapses and capital flees to the next superpower. after a short decade of civil strife, we’ll have an even more modern and streamlined tax system in the new government. it will put your pathetic systems to shame, mark my words.

Wouldn't work, if the America system collapses then 1 USD = 0 other money, and so now all the rich over there are moneyless. That's how economy works.

Big Ass On Fire
Jun 16, 2023

syntaxfunction posted:

It seems insane to me that you don't use a system like Pay As You Earn/Go where things are tracked automatically, but someone explained it as "America freedom, free market, tax explainers make a tonne of money, don't step on me" and I was like "oh yeah that tracks now".
I'd love to hear more about your system. Whatever it is it must be better.

If you are employed and not a contractor you do pay as you earn. But it gets super complicated from there. You pay based on how much you withhold and that is based on how many dependents you claim. You can claim yourself or claim no one. And claiming means nothing - you can claim 3 dependents then when it comes time to file say whoops and just owe the government a lot of money. There are as deductions. Are you married, do you own a house, did you pay mortgage interest, did you pay local taxes, did you pay for an education, daycare, did you donate anything from a shirt to a million bucks to a charity etc.................. and all of these can affect how much you pay in taxes. Also it's not just how much money you make but how much money you spend/save before taxes are applied like if you paid for health insurance or put money away into a retirement account (this lowers your taxable income). This is a super watered down version of tax law in the US. There are tiers and loopholes and credits. It's a big shitfest.

Foxfire_
Nov 8, 2010

Duck and Cover posted:

Well on one side you have like all Americans who do not enjoy doing taxes and on the other you have an industry that bribes senators so that they can continue to exist. Gee I wonder why things are the way they are.
The tax prep industry mostly doesn't bribe legislators, because they don't have to. The GOP already has an ideological belief in:
(A) Make paying taxes as unpleasant & visible as possible because that increases political support for cutting taxes & doing flat tax things
(B) Make interactions with government agencies as unpleasant as possible to propagate the belief that the government is inefficient and bad

US tax prep is painful because that directly furthers Republican political goals. It's from Grover Norquist / Americans for Tax Reform lobbying, not Intuit lobbying

Rad-daddio
Apr 25, 2017
i just let my wife handle the finances and watch her struggle to pay taxes and fill out forms while i dominate at Fortnite.

she knew what she was getting into.

redshirt
Aug 11, 2007

Rad-daddio posted:

i just let my wife handle the finances and watch her struggle to pay taxes and fill out forms while i dominate at Fortnite.

she knew what she was getting into.

... is your wife single? Till April 17th?

Rad-daddio
Apr 25, 2017
my gaming chair and industrial-strength cpap machine are itemized deductions apparently.

The chair has to be replaced almost every year due to the oozing pressure sores, but we can count on that deduction at least.

redshirt posted:

... is your wife single? Till April 17th?

file an extension and subscribe to our(her) ASMR tax prep tutorial onlyfans.

GentleReject
Jan 16, 2024
IRS: You owe taxes.

Me: Oh, okay. How much?

IRS: Hmmm... Guess. :)

Me: This much?

IRS: Ooooo sorry, no. TO JAIL!!! >:)

Smugworth
Apr 18, 2003

Gonna spend these g stacks on curtains

Presto
Nov 22, 2002

Keep calm and Harry on.
Mine sucked this year because I dumped the fraction of a BTC I had from 2011 and I didn't know how that's supposed to work.

As soon as I filed I realized I did it wrong and had to do an amendment.

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Duck and Cover
Apr 6, 2007

GentleReject posted:

IRS: You owe taxes.

Me: Oh, okay. How much?

IRS: Hmmm... Guess. :)

Me: This much?

IRS: Ooooo sorry, no. TO JAIL!!! >:)

Nah that last line is more like IRS: You owe us this. Pay it.

The IRS motives aren't really malicious they just want the money owed.

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