BigAlienHoopajoo posted:

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?

AbbiTheDog posted:

Have no idea how your software works, but look for Form 8949 input (detail goes here, then pulled onto Sch. D)

furushotakeru posted:

scribe jones posted:

hey here's my printout from Etrade with all the basis information, that's okay right? I mean half of it says UNKNOWN but you're a CPA you can figure it out. okay bye!!!

illcendiary posted:

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?

illcendiary posted:

Any help with this? My girlfriend's CPA mom says that with new rule changes this year the IRS should know what I made on the sale (instead of assuming the entire amount was a gain) and that I shouldn't really bother with an amended return and just wait for them to send me a notice about the amount I owe. Thoughts?

The Macaroni posted:

Charitable contributions question: I went to Fancy Expensive University, and I do admissions interviews for them as a volunteer. Can I deduct the mileage I run up when I drive out to visit with the applicants? I asked the university directly, and they said 1) boilerplate "we dunno ask your tax person" but also 2) "[We] can provide you with a letter that may be used for tax purposes detailing the expenses you incurred on behalf of FEU."

Seems like I should be able to deduct this as mileage on behalf of charity, right?

MechanicalUnderwear posted:

My husband is a student and made less than $19,000 least year. While he is in school - I am the main income earner. Is it true that we do not have to count his income when we file our taxes if we file jointly as married?

MechanicalUnderwear posted:

I followed this questionaire on IRS.gov.

http://www.irs.gov/individuals/article/0,,id=96623,00.html

Does it mean if our combined income is less than $19,000 and not individual income?

BigAlienHoopajoo posted:

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?

Dragyn posted:

You have to pay for it. That's how they get you. The free edition is literally a 1040EZ, which doesn't include a lot of the schedules I believe.

AbbiTheDog posted:

Does the free filing through irs.gov charge for it?

Murgos posted:

My wife is a school teacher and is on the state retirement program and does not pay social security tax and this is the first year I am doing her taxes (just recently married).

I am very confused by how that works in practice. She tells me that every year she ends up owing a lot of taxes. I assume this is from her being taxed at the regular rate on the on the income that she's not paying into social security.

However, doesn't the regular rate include a portion for social security?

How do I signify on a tax return (in turbo tax) that she is exempt from the social security tax?

89 posted:

Hey guys, I just went through my taxes with both TurboTax and TaxACT (didn't file, just put everything in). I made nearly $16,000 last year (yeah yeah, I'm a waiter), but I'm....only getting about $90 back. HOWEVER, I've noticed something.

I worked three different restaurants. When I have my first two in, my tax return is sitting around $700. But, when I put my last one in, my current job that I've had since August, it shoots down to around $90.

What....what would cause that?

I'm just a single, non-house owner, non-business owner, non-crazy anything tax wise 24 year old who also has $62 tax deductible from a student loan I'm paying off.

Help?

BigAlienHoopajoo posted:

Hello I'm back with another dumb question. In October I moved from New York to California and I'm now filling out tax returns for both states. Before I moved, I filled out California tax forms with my employer and started paying California taxes right away. I'm now filling in my information with H&R block and I'm on this section here:

It's asking for residential vs. federal income, which I assume means it wants to know how much money I made in New York before I moved - about 70% of my total income. Assuming I'm filling it out correctly, it then says I owe in the neighborhood of $1100-1200 after deductions. Can that be right? How does that happen exactly?

Edit- there's also a section where it asks if I "received nonresident income from New York source," I'm not sure if that applies since my tax forms show my income being earned separately in New York and California.

Edit 2- I should mention that I'm now working from home for the same New York-based company I was employed with previously.

AlmightyBob posted:

I sold about $311 worth of stuff on amazon last year. What do I need to do? I'm in WA so no state income tax.

catman posted:

I know for NY non-residents NY requires, by law, that box 16 (NY state wages) equals box 1 (federal wages). Is that the case? If it is, without getting into too much unnecessary detail on income allocation, you would allocate your income based on where it was earned. Either way I can't comment on your refund/liability situation.

BigAlienHoopajoo posted:

Box 16 is split into two lines with the money I made while living in New York and the money I made while living in California - they add up to the total in Box 1. Box 17 is the tax I paid in each state respectively. Not sure if that makes things any clearer......I think I'm still hosed...

furushotakeru posted:

If you tell the software that you were a part year resident for both states it should only tax you on the income you earned in each state. If it seems like it isn't working that way and you can't figure it out perhaps it is time to hire someone to do the return for you.

BigAlienHoopajoo posted:

Yeah it definitely seems like something is off. I don't see how I could possibly end up owing 1200 freaking dollars it just doesn't make sense to me. I'm going to give TurboTax a shot since I've used them in years past with no problems and right now this is literally the only thing preventing me from filing. If that doesn't work I will get someone.

furushotakeru posted:

One thing to consider is that while you will only pay tax to CA on your income earned in CA and to NY on the income earned in NY, you will pay tax to both states at the rate that would apply for your combined income. IE if you earned $25K in each state you will only pay tax on $25K to each state, but will pay it at the tax rate that would apply to $50K of income.

Eris posted:

More exciting questions!

I left a job and decided to cash out my 401k and move it to a traditional IRA. I never deposited the check, but signed it over or whatever I did at the time, over to Vanguard.

I just got a 1099-R form from Paychex (the guardian of the 401k) for the disbursement. Is this the one-time taxes I'm paying on this chunk of money? Something else? I thought I remembered something about if I never actually cashed the check and it went right into another retirement account, I was in the clear?

CellBlock posted:

My company lets me take money out of my paychecks to buy shares of the company, and they match an equal amount of my deduction. (It's like an ESPP with a 50% discount, I suppose.)

One, TurboTax won't let me put in more than 50% as a discount, so I don't actually file this like an ESPP, I just file it as if I were selling shares that I bought. (My employer does include their match on my W2 as part of my compensation, so I am receiving the shares as "income.") Is that ok, or am I breaking a rule somewhere?

Two, the shares just go into an account (held in Canada, which complicates matters because their forms don't match what the IRS would send) that I can sell the shares out of whenever. How do I tell whether each sale is long-term or short-term? Is it FIFO? If so, I can figure it out based on my transaction history.

AbbiTheDog posted:

Don't know about turbotax (don't use it), but watch out for foreign bank accounts. There's now two filing requirements - one for accounts $10k and up, the other for accounts $50k and up (at any time during the year).

CellBlock posted:

It's not a bank account - I work for a Canadian company, so when they give us stock, it's held by SunLife Canada. (The balance hasn't ever been above 10k, anyway.)

When you say "don't use it" are you saying that you don't use it, or that I shouldn't use it?

AbbiTheDog posted:

I don't use it, sorry. The one time a client had me try to help them with the online turbo tax I got frustrated as all get out and quit.

CellBlock posted:

That's fine. I figured you probably didn't, I was just worried that maybe there was a reason I shouldn't.

I've found personally that it doesn't really make any of the hard stuff easier, it's just better organized and already has a copy of all the forms I might need. (I used to telefile, actually, when that was a thing and I was poor enough that I could use the 1040EZ. When telefile went away, I was still poor enough to e-file for free, so I started using Turbo Tax, and I keep going back because they've got copies of my returns going back to like 2005.)

Anyway, software aside, if I've got a bucket of shares of stock purchased at various times going back to mid-2009, can I just put all my purchases and sales in order and use first-in-first-out to determine the holding period for sales I made in 2011? The statement I get from SunLife just lists a sale date and a cost basis.

Thanks for the heads up about the foreign holdings, too. If my company's stock appreciates respectably and I don't have to raid the account for cash, the balance might creep up toward 10k soon.