|
Thanks again man.
|
#
?
Feb 17, 2012 23:00
|
|
|
|
| # ? May 11, 2024 13:03 |
|
|
I got a $1000 "honorarium" last year. It's a fellowship, separate from my graduate student stipend (which gets a W-2). It was not pre-taxed. I am using Turbo Tax online. It went into my federal return okay, but the state (NJ) one is asking for an ID number for the grantor. Is this the same as the EIN from my W-2? If not, the answer is "call payroll," isn't it?  It's doubly annoying because it's not even taxable in NJ, but it's going into my return automatically from the federal one  edit: For that matter, where does it go on the federal return? It doesn't seem to fit under "scholarships" because it's not for school/tuition expenses, but I AM a student... I don't know where else to put it. Is "scholarships" right for something like a fellowship? pants on head fucked around with this message at 03:27 on Feb 18, 2012 |
|
#
?
Feb 18, 2012 03:23
|
|
|
pants on head posted:I got a $1000 "honorarium" last year. It's a fellowship, separate from my graduate student stipend (which gets a W-2). It was not pre-taxed. I am using Turbo Tax online. It went into my federal return okay, but the state (NJ) one is asking for an ID number for the grantor. Is this the same as the EIN from my W-2? If not, the answer is "call payroll," isn't it? Your honorarium is self employment income. You have to report it on Schedule C ( or c-ez ).
|
|
#
?
Feb 18, 2012 08:24
|
|
|
seymore posted:Your honorarium is self employment income. You have to report it on Schedule C ( or c-ez ). Really? That seems strange. I wasn't clear maybe, but it comes from the same university as my stipend and has always been described as a fellowship to me. Honorarium is what it says on the paper that came with the check but I haven't done anything in return for it except take a 0 credit class. I will see if I can get any ideas from the people whose program it's attached to. Thanks.
|
|
#
?
Feb 18, 2012 14:13
|
|
|
I didn't receive a 1098-T from my university for 2011, and I graduated in May of that year. I called the campus' finance center and they said I wouldn't get one since the last time I registered for classes was in December of 2010, and as such it wouldn't count towards my 2011 filing. Is this right, did my spring 2011 semester show on last year's 1098-T and as such there's nothing this year?
|
|
#
?
Feb 19, 2012 05:51
|
|
|
pants on head posted:Really? That seems strange. I wasn't clear maybe, but it comes from the same university as my stipend and has always been described as a fellowship to me. Honorarium is what it says on the paper that came with the check but I haven't done anything in return for it except take a 0 credit class. I will see if I can get any ideas from the people whose program it's attached to. Thanks. You are right in that the taxation of that amount is entirely dependant upon what, exactly, the payment is for. A true Honorarium received for services rendered is self employment income. But if it really a type of tuition payment/scholarship etc. then it would not be.
|
|
#
?
Feb 19, 2012 08:04
|
|
|
Is the estimated tax rate 13.3% in 2012? Apparently it dropped last year and I didnt notice, ended up paying 15.3% all year. I guess the overpayment this year doesnt show up til my 2012 taxes according to TurboTax?
|
|
#
?
Feb 19, 2012 19:50
|
|
|
dms666 posted:Is the estimated tax rate 13.3% in 2012? Apparently it dropped last year and I didnt notice, ended up paying 15.3% all year. I guess the overpayment this year doesnt show up til my 2012 taxes according to TurboTax? There is not one single estimated tax rate. Your tax rate depends entirely upon your net taxable income for the year. You first have to estimate your 2012 tax liability. If your income/deductions are going to be identical for 2011 and 2012 then yhour tax liability should be basically the same.
|
|
#
?
Feb 19, 2012 22:13
|
|
|
I've read(in an instant win contest) that you're supposed to the paperwork one would need to file taxes(W-2, 1099) by January 31st? I have gotten it from my current employer, but one of the employers I worked for last year hasn't sent anything to me. I'd like to get it ASAP so I can take advantage of reduced tax preparation rates. Is there a law or something I can quote to them to attempt to get my 1099 back sooner?
|
|
#
?
Feb 20, 2012 03:02
|
|
|
Ineptus Mechanicus posted:I didn't receive a 1098-T from my university for 2011, and I graduated in May of that year. I called the campus' finance center and they said I wouldn't get one since the last time I registered for classes was in December of 2010, and as such it wouldn't count towards my 2011 filing. Is this right, did my spring 2011 semester show on last year's 1098-T and as such there's nothing this year? It was probably on the prior year 1098-T, however, you would use whatever you paid in 2011 (cash basis) for your 2011 tax return (but if you already used it prior year then you shouldn't double-count it).
|
|
#
?
Feb 20, 2012 04:07
|
|
|
Harmburger posted:I've read(in an instant win contest) that you're supposed to the paperwork one would need to file taxes(W-2, 1099) by January 31st? I have gotten it from my current employer, but one of the employers I worked for last year hasn't sent anything to me. I'd like to get it ASAP so I can take advantage of reduced tax preparation rates. Is there a law or something I can quote to them to attempt to get my 1099 back sooner? This is a good starting point : http://www.irs.gov/govt/tribes/article/0,,id=102552,00.html
|
|
#
?
Feb 20, 2012 05:51
|
|
|
I was suddenly offered a job I cannot really turn down in a city about 2 hours from where I currently live. I will be W-2 status through an outside company that was contracted to do work for another blah blah blah... However, because of the short notice I'm going to have to hole up in a hotel for a couple weeks, at least. Until an apartment can be secured. I believe for contract work/business travel you can deduct these sorts of expenses. However, I don't know if it applies to this case since I wont be 1099. But the work is guaranteed to be temporary and only last through December at the latest. What can I deduct for hotel expenses, if anything, until I find a permanent place to live?
|
|
#
?
Feb 20, 2012 22:46
|
|
|
Sylink posted:I was suddenly offered a job I cannot really turn down in a city about 2 hours from where I currently live.
|
|
#
?
Feb 20, 2012 22:52
|
|
|
This is the case even though the company I'm actually working for is in New Jersey? While I'll be in a different state entirely?
|
|
#
?
Feb 20, 2012 23:25
|
|
|
scribe jones posted:your hotel expenses are personal and nondeductible. also look up the time and distance tests to see if you can deduct the costs of the move itself. Come now, a 2 hour drive is going to be at least 50 miles away.
|
|
#
?
Feb 20, 2012 23:36
|
|
|
furushotakeru posted:Come now, a 2 hour drive is going to be at least 50 miles away. Coming from the guy who lives in Cali? You should know better than that.
|
|
#
?
Feb 21, 2012 00:27
|
|
|
I'm ready to send out a 1040x do to a 1099-INT that came in after I submitted my tax return with TurboTax (1040A), I'm having trouble figuring out what I need to send in. I created my amended return on TurboTax and it gave me the 1040X and 1040A form to print out. Since I'm amending for a 1099-INT do I also need to send the Schedule B form? The total amount comes in under $1500. Thanks for any help.
|
|
#
?
Feb 21, 2012 22:56
|
|
|
Yaos posted:I'm ready to send out a 1040x do to a 1099-INT that came in after I submitted my tax return with TurboTax (1040A), I'm having trouble figuring out what I need to send in. I created my amended return on TurboTax and it gave me the 1040X and 1040A form to print out. Since I'm amending for a 1099-INT do I also need to send the Schedule B form? The total amount comes in under $1500. How much interest are we talking about? If it is less than a few hundred dollars I would probably not bother with an amendment. The IRS will kick out a notice sometime in the next 7-9 months with a proposed assessment and you can just pay it then. If you are sending in the amendment then I would include a schedule B even if it isn't required.
|
|
#
?
Feb 21, 2012 23:58
|
|
|
furushotakeru posted:How much interest are we talking about? If it is less than a few hundred dollars I would probably not bother with an amendment. The IRS will kick out a notice sometime in the next 7-9 months with a proposed assessment and you can just pay it then. Other idea: What do the instructions for Form 1040X say to send in?
|
|
#
?
Feb 22, 2012 00:36
|
|
|
AbbiTheDog posted:Other idea: What do the instructions for Form 1040X say to send in? Thanks for the help guys, I'll add the schedule B in the mix.
|
|
#
?
Feb 22, 2012 00:43
|
|
|
I'm worried that my spouse and I may have made a mistake in how we paid for our down payment on our house. My wife transferred funds from her savings account to my checking account to write the check with. Does this have tax implications? I'm worried that this would be counted as a gift (I don't know what the tax rules on gifts are) and reported as such. Any clarification would be very helpful. Thanks!
|
|
#
?
Feb 22, 2012 17:15
|
|
|
Murgos posted:I'm worried that my spouse and I may have made a mistake in how we paid for our down payment on our house.
|
|
#
?
Feb 22, 2012 17:51
|
|
|
Sometimes I wonder about TurboTax. It seems like a reasonably common situation is to have a federal tax-exempt fund, and then part of that fund is actually from your state so it is also state tax-exempt. And the brokerage gives you a little insert with your 1099 that says "1.9% of the income of fund X is from state Y". So Turbotax pretty much provides no guidance on this at all, and just says "enter the amount for every state" (all 50 of them, really?) or you can unknowingly put in "multiple states" and pass up a few bucks on your state income tax. And even better, their fancy direct data import doesn't pull in this data, so it comes up as an error on final review. I had to break out Excel to figure out my numbers, which kind of defeats the point of tax software in my opinion. Just venting, I guess... are the pro packages better at this kind of thing?
|
|
#
?
Feb 22, 2012 18:11
|
|
|
smackfu posted:Sometimes I wonder about TurboTax. It seems like a reasonably common situation is to have a federal tax-exempt fund, and then part of that fund is actually from your state so it is also state tax-exempt. And the brokerage gives you a little insert with your 1099 that says "1.9% of the income of fund X is from state Y". 
|
|
#
?
Feb 22, 2012 18:16
|
|
|
smackfu posted:Sometimes I wonder about TurboTax. It seems like a reasonably common situation is to have a federal tax-exempt fund, and then part of that fund is actually from your state so it is also state tax-exempt. And the brokerage gives you a little insert with your 1099 that says "1.9% of the income of fund X is from state Y". Don't worry, CA has your back on this. Unless at least 50% of the fund's income is from CA muni sources they no longer allow you to exempt ANY income from a multi-state fund. So the solution is obviously to move to CA.
|
|
#
?
Feb 22, 2012 18:32
|
|
|
furushotakeru posted:Don't worry, CA has your back on this. Unless at least 50% of the fund's income is from CA muni sources they no longer allow you to exempt ANY income from a multi-state fund. So the solution is obviously to move to CA. Sucker! Here in OR we get OR, Puerto Rico, Guam, Virgin Islands, etc.
|
|
#
?
Feb 22, 2012 18:41
|
|
|
It was pointed out to me this is a better place to ask this than it's own thread. A little bit of background: My wife was born in the US, to an American father and Canadian mother. They lived in the US until she was 3, and then moved to Canada. She has a US Social Insurance Number, but all of the rest of her documentation is Canadian (Passport, SIN, etc.) She has dual citizenship. I read an article in the Globe and Mail recently that mentioned that all US citizens are required to file an information return each year listing all assets valued at over $10k, and failure to do so can result in huge penalties. (The article had the example of a man who's lived in Canada for 25 years, had a very small RRSP balance, and was being levied penalties that were greatly exceeding the value of the RRSP because they're levied each year.) Luckily, her name has only been attached to accounts valued at greater than 10k for the last couple of years, but this still has me nervous. Are there any tax professionals here who can give me an idea as to what filing requirements she has as a non-resident US citizen regarding asset information returns, and tax returns?
|
|
#
?
Feb 23, 2012 15:37
|
|
|
I actually have a question sort of similar to the guy above about my sister - she is a U.S. citizen working for a foreign company (they operate entirely outside of the U.S.) and while she has a U.S. bank account with a bit of money in it, she is paid in foreign currency into a foreign bank. As part of her job she is also given room and board. I tried to do some research on my own about if she needs to file a tax return, and if so how she would go about it, and I found things in the tax code that indicated there's some kind of compensation limit as an expat, but I'm not sure if her lodging would need to be included in that (or how to determine the worth of that in $US). I know that this is a pretty complex question so I'm just hoping someone can give me a rough idea of what to do, or what sites to look at, or what firms' tax professionals would be best equipped to handle this. My dad is used to doing all of the family tax returns on his own, but if I could come to him with some solid guidance on the steps we need to take, he may relent on this. Particularly if the small amount of interest she earns on her BofA accounts need to be reported in any way. Thanks for any help or links anyone can give! Edit: I am poking around here and it looks to me like, as she is single, she needs to file if she's earned more than 9,500 USD during the year (including lodging), but since her tax home is in a foreign country she qualifies for a foreign income / housing exclusion of up to $92,900 in 2011. Since she doesn't earn that much over there, and her US income is probably like, $50 from her savings account, it sounds like maybe she doesn't have to file at all? Does this sound right? Thanks again for the help. Sophia fucked around with this message at 20:20 on Feb 23, 2012 |
|
#
?
Feb 23, 2012 19:56
|
|
|
I've had to file US taxes every year that I've been living in Canada, even if I made under the exclusion limit. It's my understanding that you have to file every year regardless. I COULD be wrong on this next part, but it's also my understanding that if you make under the exclusion limit, you don't necessarily have to file right away. If you would owe taxes to the US, you need to file right away. In my opinion, it's still best to make sure you file every year just so you don't misplace documents and/or forget. So yes, she'd still have to file, but it MAY not necessarily be required right away. Then again, I could be wrong. If I am, I'll edit this as necessary.
|
|
#
?
Feb 23, 2012 22:19
|
|
|
Ah ha, I think you're right, based on this:IRS posted:For purposes of determining whether you must file a return, gross income includes any income that you can exclude as foreign earned income or as a foreign housing amount. So it sounds like she should file but she won't actually have much taxable income after the exclusion.
|
|
#
?
Feb 23, 2012 22:27
|
|
|
Fiesty Francis posted:It was pointed out to me this is a better place to ask this than it's own thread. My suggestion is generally to file the returns for the past years. The penalties only apply for "willful failure to file". If they try to assess a penalty, respond with a letter saying that she was unaware of the requirement to file since she has lived in Canada for essentially her whole life. Of greater concern might be that US citizens are taxed on their worldwide income. Between the foreign earned income exclusion, foreign tax credit, and the treaty between the US and Canada she probably won't end up owing anything, but technically she should be filing a US tax return for each year. I doubt anyone actually does, but that's the rules.
|
|
#
?
Feb 23, 2012 23:55
|
|
|
Sophia posted:I actually have a question sort of similar to the guy above about my sister - she is a U.S. citizen working for a foreign company (they operate entirely outside of the U.S.) and while she has a U.S. bank account with a bit of money in it, she is paid in foreign currency into a foreign bank. As part of her job she is also given room and board. If she earned less than $9,500 in a given year she does not need to file.
|
|
#
?
Feb 24, 2012 00:20
|
|
|
I sold $12,000 in stocks which were gifted to me in October for paying off student loans. Will I have a huge tax bill for that?
|
|
#
?
Feb 24, 2012 00:38
|
|
|
burritonegro posted:I sold $12,000 in stocks which were gifted to me in October for paying off student loans. Will I have a huge tax bill for that? You get the donor's basis when you receive a gift, so it depends on how much they paid for the stocks you sold.
|
|
#
?
Feb 24, 2012 00:41
|
|
|
Pretty simple question hopefully: I e-filed a few weeks ago, the "Where's my refund" site says I'll receive my refund by direct deposit on the 21st of february... It's the 23rd, and the status hasn't changed, and no (refund) money has been deposited in my account. Before you ask: I have no outstanding debts with the government (Child support, Back taxes, whatever), My taxes were easy and straightforward (I'm 22, filed single independent, made around $27k, getting $616 back), and I triple checked my routing number to my bank account. I'm with Wells Fargo. I just want my money back so I can use it as delicious, delicious debt relief!
|
|
#
?
Feb 24, 2012 00:50
|
|
|
furushotakeru posted:If she earned less than $9,500 in a given year she does not need to file. But is that if she earned less than $9,500 in the US, or if she earned less than that worldwide? She definitely earned more than that in the country she's in, and based on what you said earlier I'm guessing it's worldwide income that conts. And in that case it sounds like we might need to do some filings for prior years as well... Thank you all again for the expertise; I was starting to really go in circles.
|
|
#
?
Feb 24, 2012 00:54
|
|
|
Sophia posted:But is that if she earned less than $9,500 in the US, or if she earned less than that worldwide? She definitely earned more than that in the country she's in, and based on what you said earlier I'm guessing it's worldwide income that conts. Worldwide income.
|
|
#
?
Feb 24, 2012 01:04
|
|
|
spouse posted:Pretty simple question hopefully: I e-filed a few weeks ago, the "Where's my refund" site says I'll receive my refund by direct deposit on the 21st of february... It's the 23rd, and the status hasn't changed, and no (refund) money has been deposited in my account. They've been running about a week behind in my experience. I was 'supposed' to get my return Feb 15th, but it didn't clear until the 22nd. It showed up as a pending transaction on the 17th though which is weird.
|
|
#
?
Feb 24, 2012 01:13
|
|
|
skipdogg posted:They've been running about a week behind in my experience. I was 'supposed' to get my return Feb 15th, but it didn't clear until the 22nd. It showed up as a pending transaction on the 17th though which is weird. Good to know... Guess I'll wait.
|
|
#
?
Feb 24, 2012 01:13
|
|
|
|
| # ? May 11, 2024 13:03 |
|
|
Due to some uncertainty over tuition reimbursement I may owe up to $400 for 2009. Howeever I'm not sure if I actually owe this amount or anything at all. Would I have heard something by now if I owed?
|
|
#
?
Feb 24, 2012 01:36
|
|