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I'm still waiting for some other stuff to come in (forms on a pittiful amount of company stock) but after putting in my W-2 information, the tax service I'm using says I'm going to owe $436. Why? I've got 2 allowances on my W-4: 1 for no one claiming me as a dependent and 1 for being single with a job.
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Jan 27, 2012 19:32
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Pope Mobile posted:I'm still waiting for some other stuff to come in (forms on a pittiful amount of company stock) but after putting in my W-2 information, the tax service I'm using says I'm going to owe $436. Why?
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Jan 27, 2012 19:40
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I'd expect the government to take the proper amount of money out of my paycheck if I'm giving them the correct information on my W-4. E: I just used the witholding calculator on the IRS website and it estimated I'd get $200 back. What the gently caress is this? its all nice on rice fucked around with this message at 20:06 on Jan 27, 2012 |
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Jan 27, 2012 19:48
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Pope Mobile posted:I'd expect the government to take the proper amount of money out of my paycheck if I'm giving them the correct information on my W-4. Down with ADP
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Jan 27, 2012 19:58
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scribe jones posted:why not? 42
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Jan 27, 2012 22:07
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LorneReams posted:Down with ADP
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Jan 27, 2012 23:35
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Pope Mobile posted:I'm still waiting for some other stuff to come in (forms on a pittiful amount of company stock) but after putting in my W-2 information, the tax service I'm using says I'm going to owe $436. Why? Not sure why the other guys are razzing you over this, but you should be pretty close to break even unless you have other sources of income. Seems like you are getting a different answer from another source so it is probably best to just wait until you have everything in front of you and do it all at once.
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Jan 27, 2012 23:47
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furushotakeru posted:Not sure why the other guys are razzing you over this, but you should be pretty close to break even Well, as far as I am concerned, owing $400 is pretty close to break even. 
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Jan 28, 2012 00:20
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I have a question about an IRA. When my wife changed employers in 2010, we rolled her 401k into an IRA. So this year, I have a form 1099-r that says has a taxable amount on it, and the distribution code is 1, which says early disbursement. This amount is the interest earned on her IRA this year. I thought the point of an IRA was you didn't pay taxes on the money it earned until you withdrew it post-retirement? To be clear, we did not withdraw anything from the IRA. We have received zero dollars from it. This isn't a huge amount, but it still seems like an error to me.
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Jan 28, 2012 01:18
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Do I have to pay taxes on cash back I receive from credit cards? If so, should I expect 1099s from them?
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Jan 28, 2012 01:49
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Saint Fu posted:Do I have to pay taxes on cash back I receive from credit cards? If so, should I expect 1099s from them?
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Jan 28, 2012 01:52
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scribe jones posted:the IRS decided they didn't want to hound people about their cash back, FF miles, etc, so they don't make companies send 1099s for them. you should be fine leaving it off. Not only that, they specifically declared that credit card rewards are not income.
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Jan 28, 2012 02:02
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furushotakeru posted:Not only that, they specifically declared that credit card rewards are not income.
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Jan 28, 2012 02:08
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scribe jones posted:oh yeah? I saw the announcement about FF miles but I didn't know they'd made up their minds about straight up cash rewards. was this a PLR? Actually looks like I was mistaken, sorry. It seems the general consensus is that they are not included in gross income but are instead treated as a cash rebate, meaning that they reduce basis in whatever was purchased to generate the reward.
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Jan 28, 2012 02:16
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Well, I got a little overeager with filing my return this year and filed with H&R Block (the free version) and forgot to report proceeds from selling my stock (put $1020 into an ESPP, cashed out at $1560, value of stocks at purchase was $1500). If my math is right-ish I owe something on the order of ~$125 between extra income tax and capital gains tax. How much of a hassle is filing an amended return if I e-filed?
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Jan 28, 2012 02:29
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I have a question about the American Opportunity tax credit. The definition from the IRS website is "It is a tax credit of up to $2,500 of the cost of tuition, fees and course materials paid during the taxable year. Also, 40% of the credit (up to $1,000) is refundable. This means you can get it even if you owe no tax." I only took one credit hour to finish my degree last year so I could only write off about $300. I did have a study abroad, however, and wondered if I could write that off. I am thinking I can only write off the portion of the cost that was towards tuition, but the cost of the program included tuition and I am yet to receive a 1098-t form showing that I paid anything to the university for the 3 credit hours I took over seas. Would any of the money I paid for my study abroad be applicable for this credit? Also, if I do not receive a 1098-t from the university (it is through a different university than the one I graduated from) can I just include what it would normally cost for the amount of credit hours I took over seas?
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Jan 28, 2012 03:02
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loudog999 posted:I have a question about the American Opportunity tax credit. The definition from the IRS website is You need to be considered a full-time student ("enrolled at least half-time") to qualify for the American Opportunity Credit. Perhaps you should look at the Lifetime Learning Credit or the Tuition and Fees deduction. Your educational institution will indicate if you are at least a half-time student on your 1098-T but if you only took one course that might not be the case.
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Jan 28, 2012 03:43
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catman posted:You need to be considered a full-time student ("enrolled at least half-time") to qualify for the American Opportunity Credit. Perhaps you should look at the Lifetime Learning Credit or the Tuition and Fees deduction. Your educational institution will indicate if you are at least a half-time student on your 1098-T but if you only took one course that might not be the case. On the 1098-T that I received the box for at least half time is checked, I had a full course load the previous semester.
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Jan 28, 2012 04:06
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I'm a college student listed as a dependent. I got a software development internship at a small start up this summer and was hired on as an independent contractor. I ended up getting credit during fall quarter for my internship/co-op. Since it's tax season, they requested a w-9 form which I turned in. I ended up having to fill out a 1040 Schedule C form. I had no idea how to file for income or expenses. I earned around $5100 from July - December from the internship and they provided me with all of the tools (computers, software .etc). I think the only cost expense I used was driving to work. I got lost in all of the paperwork so I ended up googling the same situation I was in. (Dependent College Student Intern Independent Contractor, How to file 1040) This is where the problem comes up. Reading up on how to file as a independent contractor, i found that interns aren't eligible, and are considered employees. What do I do? And if I went to fill out a form, is a 1040 Schedule C form enough? edit: I'm not trying to get my employer in trouble, since getting a letter of rec is nice. But what's the risk of an audit and do I get in trouble also?
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Jan 28, 2012 07:27
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My girlfriend lived with me for most of 2011 and I was hoping to use her as a dependent on my tax returns. I pay for her food, shelter, etc. She made about $5500+ and is considered disabled (On Medicare, Medicaid, gets Social Security etc) but when I try to claim her on my taxes it will not allow me. Did she make too much money to be cosnidered dependent? She turned 21 last year as well.
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Jan 29, 2012 01:30
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Alexander Nevermind posted:My girlfriend lived with me for most of 2011 and I was hoping to use her as a dependent on my tax returns. I pay for her food, shelter, etc. She made about $5500+ and is considered disabled (On Medicare, Medicaid, gets Social Security etc) but when I try to claim her on my taxes it will not allow me. Did she make too much money to be cosnidered dependent? She turned 21 last year as well. Yes, but also an unrelated person must live with you the entire year in order to be your dependent.
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Jan 29, 2012 01:39
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furushotakeru posted:Yes, but also an unrelated person must live with you the entire year in order to be your dependent. I gotcha. But even if she lives with me the entire year, if she makes more than 3750 (I think it is) I can't claim her correct?
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Jan 29, 2012 02:13
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Alexander Nevermind posted:I gotcha. But even if she lives with me the entire year, if she makes more than 3750 (I think it is) I can't claim her correct? Yes
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Jan 29, 2012 02:28
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Hopefully this isn't a stupid question. I bought a house in late 2010 and I've been renting one of the bedrooms to my wife's cousin for all of 2011. If I understand correctly, I have to have been charging him a "fair rental price" in order to deduct my rental expenses (ie, mortgage interest, utilities, etc) against the rental income I received from him. Is that correct? I've been charging him $350/mo for a small-ish bedroom in the basement of an older 3 bedroom house. Similar rentals on craigslist are anywhere from $375 to $600 depending on the size and quality, so I'm definitely on the low end but still in the same ballpark. Is this too big of a stretch, especially considering he's family? If so, what does that mean - do I still claim the income but can't claim any deductions against it? Do I claim the income in the same section in TurboTax (ie, rental income) or is it considered something else?
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Jan 29, 2012 05:14
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furushotakeru posted:Actually looks like I was mistaken, sorry. It seems the general consensus is that they are not included in gross income but are instead treated as a cash rebate, meaning that they reduce basis in whatever was purchased to generate the reward. That is my understanding as well.
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Jan 29, 2012 05:24
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Sorry I'm slow, so the rebates don't need to be included in my taxable income?
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Jan 29, 2012 05:26
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PickledFetus posted:Hopefully this isn't a stupid question. I bought a house in late 2010 and I've been renting one of the bedrooms to my wife's cousin for all of 2011. If I understand correctly, I have to have been charging him a "fair rental price" in order to deduct my rental expenses (ie, mortgage interest, utilities, etc) against the rental income I received from him. Is that correct? You are fine on the rental rate. Report the income and a pro-rated portion of expenses
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Jan 29, 2012 05:32
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Saint Fu posted:Sorry I'm slow, so the rebates don't need to be included in my taxable income? No.
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Jan 29, 2012 05:32
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Rabid Snake posted:I'm a college student listed as a dependent. I got a software development internship at a small start up this summer and was hired on as an independent contractor. I ended up getting credit during fall quarter for my internship/co-op. I agree, we treat all of our interns as employees. You can either talk to your employer and ask them to fix the situation, or go ahead and report your earnings on schedule C.
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Jan 29, 2012 05:36
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Are brokerages required to send out a form detailing Equity Option transactions? Basically the equivalent to a 1099-B, which does not report option trades. If not, basically I would need to pull up monthly brokerage statements and put all the options trades in 1 by 1?
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Jan 29, 2012 05:48
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kaishek posted:First question: That is not even remotely how that works. You don't get a refund, dollar for dollar, of student loan interest paid - if you pay $500 in interest, the government does not cut you a check for $500. Student loan interest is deductible from your income as an above-the-line deduction. So the credit you get will be amount of student loan interest paid times your tax rate (i.e., if you paid $100 in interest and are taxed at 15%, then you'll save 15$ in taxes by excluding $100 from your income). Thanks for the explanation. That makes much more sense. Does anyone have any answers for my 2 state return? I moved in August from Iowa to Nebraska and continued to work in Iowa. Nebraska only uses the federal W-4, which I updated to reflect my Nebraska address. I continued to have federal and Iowa withholding deducted from paychecks but have nothing on my W-2 for NE withholding. TurboTax seems to think I'm square with NE while getting a smallish refund from IA. Does that sound right?
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Jan 29, 2012 05:57
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NancyPants posted:Thanks for the explanation. That makes much more sense. My earlier reply seemed brusque - sorry if I came across as short. For question 2, I am definitely not a tax professional, but what I googled says: the great state of Nebraska posted:Partial-year residents of Nebraska who have income derived from or connected with Nebraska sources must file a Form 1040N and Nebraska Schedule III. This seems to indicate that because your income was not from "Nebraska derived from or connected with Nebraska sources", it is exempt from Nebraska state income tax - thus your tax software is correct. For IA, you'd likely get a small refund because you were a non-resident for part of the year and you get a tax credit for the time you lived out-of-state per form 2011 IA 126 ("Iowa Nonresident and Part-year Resident Credit").
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Jan 29, 2012 06:22
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I bought a new car this year for the first time ever. Is the cost of new car registration deductible just like the annual fee? Filing in Iowa FYI.
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Jan 29, 2012 23:46
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I had an assistantship for my last semester as a full-time graduate student in the spring, which paid for my tuition and most fees, but I still took out a loan and have $4900 in the "Amounts billed for qualified tuition and related expenses" on the 1098-T. I did not expect this to show up because I was not paying tuition. Am I correct that I can only claim, for the lifetime learner credit, the portion of the $4900 that was used for education fees that did not get covered by my assistantship? The loan was mostly used for living expenses.
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Jan 30, 2012 06:13
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Reginald posted:I had an assistantship for my last semester as a full-time graduate student in the spring, which paid for my tuition and most fees, but I still took out a loan and have $4900 in the "Amounts billed for qualified tuition and related expenses" on the 1098-T. Amounts that do not reduce qualified education expenses. Do not reduce qualified education expenses by amounts paid with funds the student receives as: -Payment for services, such as wages, -A loan, http://www.irs.gov/publications/p970/ch03.html#en_US_2010_publink1000178168 I think you're good in claiming the whole $4900.
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Jan 30, 2012 15:42
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PIPBoy 2000 posted:I bought a new car this year for the first time ever. Is the cost of new car registration deductible just like the annual fee? Filing in Iowa FYI. As long as it is based on the value of the car, yes.
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Jan 30, 2012 16:37
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Nifty posted:Are brokerages required to send out a form detailing Equity Option transactions? Basically the equivalent to a 1099-B, which does not report option trades. No they do not report it to the IRS, but an annual summary or gain/loss report is typically provided on the 1099 under "information not reported to the IRS".
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Jan 30, 2012 16:38
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Stupid question, coming in hot! My W-4 info has me down for 2 exemptions (1 for me, 1 for single + one job). However, I really don't see how I can put both down on the 1040 (line 6d). Or are they unrelated? That would logically make sense based on the math on the form, I just need confirmation before I look any dumber.
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Jan 30, 2012 21:39
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Cuban Chowder Factory posted:Stupid question, coming in hot! The two figures are unrelated. You can only claim one exemption on your tax return for each person on the return. If it is just you filing (no spouse or dependents) then 1 is the correct amount to claim.
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Jan 30, 2012 23:17
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I'm using H&R Block's online tax software and I'm trying to report my stock losses for the year, which as I understand it goes on Schedule D. Unfortunately I can't find that form listed anywhere. I'm using the basic free edition and I think I might need the Deluxe edition for that, but I can't figure out how to upgrade or ask a simple question without having to pay for it. Anyone know what's up?
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Jan 31, 2012 00:14
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