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AbbiTheDog posted:You are not correct about the 10% of total note. It's simply based on whether you paid in "safe" estimates during the year. Thanks! The idea is that if you'll owe you should pay estimated taxes.
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Mar 19, 2012 18:56
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kaishek posted:Thanks! The idea is that if you'll owe you should pay estimated taxes. So if we look at out our projected tax for the year and see that we will have a refund even when factoring in the 1099 work then we don't have to worry?
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Mar 19, 2012 19:04
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demonachizer posted:So if we look at out our projected tax for the year and see that we will have a refund even when factoring in the 1099 work then we don't have to worry? In theory.
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Mar 19, 2012 20:08
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Binary posted:I'm looking over unclaimed tuition expenses from old tax documents. Can I claim a hope or lifetime learning credit if I received tax free tuition reimbursement for that year for about %70 of the tuition I paid? Sorry to quote my own post, I was hoping to get an answer on this before April 15th.
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Mar 20, 2012 00:52
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If I just put $5000 into a Vanguard Roth IRA for the 2011 Tax Season and I have already filed my taxes, is there any reason for me to amend my tax return? I took the standard deduction and my AGI was 39,0000.
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Mar 20, 2012 01:27
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Reginald posted:If I just put $5000 into a Vanguard Roth IRA for the 2011 Tax Season and I have already filed my taxes, is there any reason for me to amend my tax return? If you're married you might get the saver's credit. Also, your software might track your original contributions in case of early withdrawal later. Or you roll that Roth into another Roth and they lose track of your contributions.
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Mar 20, 2012 03:49
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Binary posted:Sorry to quote my own post, I was hoping to get an answer on this before April 15th. You can't take a deduction/credit for tuition to the extent that you got tax-free scholarship/reimbursements. The SL interest is a separate issue.
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Mar 20, 2012 04:00
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scribe jones posted:You can't take a deduction/credit for tuition to the extent that you got tax-free scholarship/reimbursements. The SL interest is a separate issue. Since I did claim all the tuition as a deduction am I going to get a nasty letter from the IRS? How much will I get for the student loan interest? I assume it's the $1853 times my tax bracket at the tim.
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Mar 21, 2012 01:11
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Binary posted:Since I did claim all the tuition as a deduction am I going to get a nasty letter from the IRS? Does the IRS tie out 1098-T forms? I didn't think they did since they're usually incorrect anyways. Plus some of your other costs don't show up on there.
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Mar 21, 2012 16:29
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AbbiTheDog posted:Does the IRS tie out 1098-T forms? I didn't think they did since they're usually incorrect anyways. Plus some of your other costs don't show up on there.  ), and amend only if it's going to be a noticeable change either way.
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Mar 21, 2012 16:40
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Not US income taxes; let me know if I should move this. I just received a letter from the Florida revenue service saying that I owe tax money on an item I received that I ordered online. I order lots of things online, but this was the only one that arrived via 18-wheeler. It's an $800 desk. The tax company has no idea what the item is or what I paid for it, only that I ordered something from out of state. How should I handle this? Can I just ignore it, like where the annual tax forms try to get you to list everything you ordered online? Letter: 
Dominoes fucked around with this message at 23:57 on Mar 21, 2012 |
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Mar 21, 2012 23:43
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Dominoes posted:Not US income taxes; let me know if I should move this. I just received a letter from the Florida revenue service saying that I owe tax money on an item I received that I ordered online. I order lots of things online, but this was the only one that arrived via 18-wheeler. It's an $800 desk. The tax company has no idea what the item is or what I paid for it, only that I ordered something from out of state.
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Mar 22, 2012 00:09
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Dominoes posted:How should I handle this? Can I just ignore it, like where the annual tax forms try to get you to list everything you ordered online? Did you actually receive that desk? If so, look at a copy of the invoice to see if sales tax was charged; if not, you owe use tax at 6% (apparently). If you need to, contact the company where you bought the goods. You can't ignore it as they are notifying you of a potential tax liability assessment and you need to address it or they may eventually put a lien on your bank account and other assets to try and satisfy the liability.
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Mar 22, 2012 04:29
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ThirdPartyView posted:Did you actually receive that desk? If so, look at a copy of the invoice to see if sales tax was charged; if not, you owe use tax at 6% (apparently). If you need to, contact the company where you bought the goods. You can't ignore it as they are notifying you of a potential tax liability assessment and you need to address it or they may eventually put a lien on your bank account and other assets to try and satisfy the liability. P.S. Can I show this to people? No one seems to believe that use tax laws are enforced. I could probably win a few bets.
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Mar 22, 2012 06:22
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I traded stocks for the first time in 2011, and I ended up with a loss of $2900. I understand that if I had made a loss of say $5000, then I could claim $3000 of the loss for 2011, and defer the remaining $2000 until 2012. However, is it possible for me to defer the loss of $2900 until I do my 2012 taxes? I did not have a job in 2011 but I do have one this year. Thus I think that it would be more beneficial for me to use the loss on my 2012 taxes, as it might mean that the $2900 does not get taxed in a higher tax bracket.
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Mar 22, 2012 22:13
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Jose Cuervo posted:I traded stocks for the first time in 2011, and I ended up with a loss of $2900. I understand that if I had made a loss of say $5000, then I could claim $3000 of the loss for 2011, and defer the remaining $2000 until 2012. However, is it possible for me to defer the loss of $2900 until I do my 2012 taxes? I did not have a job in 2011 but I do have one this year. Thus I think that it would be more beneficial for me to use the loss on my 2012 taxes, as it might mean that the $2900 does not get taxed in a higher tax bracket.
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Mar 22, 2012 22:37
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ThirdPartyView posted:Did you actually receive that desk? If so, look at a copy of the invoice to see if sales tax was charged; if not, you owe use tax at 6% (apparently). If you need to, contact the company where you bought the goods. You can't ignore it as they are notifying you of a potential tax liability assessment and you need to address it or they may eventually put a lien on your bank account and other assets to try and satisfy the liability. Small White Dragon posted:Having gotten this type of letter before from the FL DOR (albeit not for use tax), after 30 days they would send a second letter. After another 30 days, they'd send a final letter. And 30 days after that, it's turned over to collections. Thanks; sounds like I should just send them the $50. I do have the desk; I ordered it online. Feel free to spread the note; just make sure to send your state government 6% of whatever you win in the bets.
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Mar 22, 2012 23:34
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That's pretty smart of them to go after the big cargo companies. I bet a $800 desk is small potatoes for them.
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Mar 22, 2012 23:46
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I have a weird one. I was unemployed from Januay 2011 until July 2011, during which time I recieved unemployment and I chose the pre-taxing option, where the taxes are taken out before it is given to me. Then, from August 2011 to right now, I've been employed in South Korea as a English teacher. I have no W-2 forms to speak of. I'm a little unsure of what I need to file or even how I am supposed to file. Has anyone ever encountered this before?
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Mar 23, 2012 05:13
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Okay, I have no idea why this isn't easier for me to figure out. I'm using TurboTax. Last year I got a decent refund (~$1000). This year I'm not. I expected that, since I sold investments this year, but I can't figure out the amount (owe ~$1600 fed ~$1700 state-New York). Am I getting taxed on those capital gains both federally and locally? So that "15%" tax rate really means if I sold long term stock for $10000, I'm paying ~$3000 in taxes? That can't possibly be right, right? I see space to enter capital gains on both worksheets, but I got a bit lost in the middle of them as to how it all plays out. Basically, the probable explanation is that my W-2 wages increased significantly (34k to 48k), but I thought withholdings should have dealt with most of that. I think the fact that ~8k was in bonuses that weren't withheld at the same rate MIGHT explain why I owe so much? (more than the 1500 I expected to pay from capital gains.) Any ideas? I know this is asking for free advice and there's not a lot of hard data for you here, but maybe something in what I'm asking is possible to answer? I assume TurboTax usually right about capital gains tax, yes? I shouldn't be mistrusting them? Thanks for anyone able to help or suggest an explanation. onefish fucked around with this message at 08:45 on Mar 23, 2012 |
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Mar 23, 2012 08:24
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quote:Am I getting taxed on those capital gains both federally and locally? So that "15%" tax rate really means if I sold long term stock for $10000, I'm paying ~$3000 in taxes? That can't possibly be right, right? I see space to enter capital gains on both worksheets, but I got a bit lost in the middle of them as to how it all plays out. It doesn't sound like you're including your basis in the stock. You only pay tax on the gain. If you sold it for 10k, what did you buy it for? If you bought it for 6k, and sold it for 10k, 4k would be your gain, and you would only be taxed on that 4k. How this gain is taxed on the state level varies.
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Mar 23, 2012 12:26
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Admiral101 posted:It doesn't sound like you're including your basis in the stock. You only pay tax on the gain. If you sold it for 10k, what did you buy it for? If you bought it for 6k, and sold it for 10k, 4k would be your gain, and you would only be taxed on that 4k. Oh right. My fault for not explaining. This was Apple stock bought for me as a gift in March 1997 -- basis is so low that I rounded it out in my post estimates. (Sold a bit over half, and yes, I wish I had sold in 2012 rather than 2011.) Thanks, though. I think I've made this work in my head, since I found the stubs and determined that my employer didn't withhold any tax (other than FICA?) from my bonuses. So that was $8000 to hit with state and federal income taxes in the 25% bracket. That plus the cap gains as "unplanned for" taxes, plus the fact that I wouldn't have had as big a refund anyway since salary increased, could basically explain why I went from ~$1k refund to ~$3k owed, I think. onefish fucked around with this message at 14:08 on Mar 23, 2012 |
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Mar 23, 2012 14:06
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Bonuses are supposed to be withheld at 25%. So that was wrong by the employer. The capital gains is just life. It would be interesting if the new cost-basis reporting eventually leads to withholding on capital gains. Probably not since they would have to revers the withholding on capital losses.
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Mar 23, 2012 15:24
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Cameron posted:I have a weird one. I was unemployed from Januay 2011 until July 2011, during which time I recieved unemployment and I chose the pre-taxing option, where the taxes are taken out before it is given to me. Then, from August 2011 to right now, I've been employed in South Korea as a English teacher. I have no W-2 forms to speak of. I'm a little unsure of what I need to file or even how I am supposed to file. Has anyone ever encountered this before? Did you pay taxes in South Korea? Depending on the tax treaty with the US, you probably would get the Foreign Tax Credit to offset at least part of the US taxes you owe. You technically do have to file Form 1040, it just depends on the tax treaties with South Korea, which I'm not familiar with.
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Mar 24, 2012 03:21
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Dominoes posted:Thanks; sounds like I should just send them the $50. I do have the desk; I ordered it online. Feel free to spread the note; just make sure to send your state government 6% of whatever you win in the bets. The States are becoming more aggressive, and more sophisticated every day. I think more and more people will be seeing letters like this country wide.
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Mar 24, 2012 19:49
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Cameron posted:I have a weird one. I was unemployed from Januay 2011 until July 2011, during which time I recieved unemployment and I chose the pre-taxing option, where the taxes are taken out before it is given to me. Then, from August 2011 to right now, I've been employed in South Korea as a English teacher. I have no W-2 forms to speak of. I'm a little unsure of what I need to file or even how I am supposed to file. Has anyone ever encountered this before? Good news, there is a treaty. Bad news, there is a treaty and you need to look at it. I glanced over it, seems pretty straight forward ( to a tax goober like me ). Here is the link : http://www.irs.gov/businesses/international/article/0,,id=169602,00.html I am swamped at the moment or I would have spent more time looking at it for you. Read it over, see what you think, ask questions and I will try to help.
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Mar 24, 2012 19:59
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Pshh like you have anything better to do
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Mar 24, 2012 20:48
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Opened a client's oil and gas K-1 package the other day, and instead of "Dear Shareholder" the letter was addressed to "Dear Unitholder". Heh. so tired
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Mar 25, 2012 03:17
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So I'm going through my 1099-B from my brokerage and inputting all my trades into turbotax. Two questions: 1) Turbotax didn't correctly import anything from Ameritrade, even though they're supposedly compatible. Do you guys have more powerful software that actually works? I spent four hours today manually typing in trades and I can't believe that anyone that does this for a living would stand for that. 2) Am I correct in my understanding that option trades are not reported to the IRS on any form? I've documented them all on my taxes, but the IRS doesn't receive anything to match them against? That seems ripe for abuse/fraud. Why doesn't the 1099-B cover options trades?
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Mar 26, 2012 02:05
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TacoHavoc posted:So I'm going through my 1099-B from my brokerage and inputting all my trades into turbotax. Two questions: Supposedly Lacerte can import from Ameritrade but I am sure it uses the same engine as turbo tax import so who knows. When it comes to excessive numbers of stock trades, I usually just use summary transactions. One each for short term and long term for each account.
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Mar 26, 2012 02:08
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furushotakeru posted:
Wait, this is really a thing? I can just summarize my ameritrade account in two lines? Not 100+ for each individual trade?
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Mar 26, 2012 02:37
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furushotakeru posted:When it comes to excessive numbers of stock trades, I usually just use summary transactions. One each for short term and long term for each account. Do the schedule D properly. Dominoes fucked around with this message at 05:26 on Mar 26, 2012 |
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Mar 26, 2012 03:49
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Dominoes posted:I did that two years ago. I got a letter a year later stating that I owed the IRS $12,000 based on $50,000 of income. I had really only made a few thousand dollars. The IRS did the math themselves, and counted each sale as income without deducting the losses. I got it sorted with a letter explaining their mistake and the total values. My master plan is to mail the IRS a gain/loss report if they ever bitch, which has yet to happen. As long as the gross proceeds you report are at least as much as the aggregate of your 1099-B's for the year their computers aren't even going to blink.
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Mar 26, 2012 04:28
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TacoHavoc posted:Wait, this is really a thing? I can just summarize my ameritrade account in two lines? Not 100+ for each individual trade? It is time spent that I have to bill my clients for and I don't really view it as value added time so I refuse to do it, in general.
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Mar 26, 2012 04:30
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furushotakeru posted:My master plan is to mail the IRS a gain/loss report if they ever bitch, which has yet to happen. We have been having the client send in a copy of their brokerage statement/1099-B's with a Form 8453, which should do the trick. Then at least when the IRS sends them a letter we can say that we're sending in the information a second time 
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Mar 26, 2012 05:23
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furushotakeru posted:My master plan is to mail the IRS a gain/loss report if they ever bitch, which has yet to happen. I've been summarizing in my practice for years, never had a problem, even with the clients with $10mil+ in gross stock sales. The matching notice you got might have been if you didn't properly tie out the gross sales (which is what their computers look for). As Scribe said, you can use a separate efile form and attach a PDF file if you desire. My tax software (made by same company as turbo tax) has done a lovely job importing for the other CPAs I know that tried it. Messed up numbers, didn't bring in cost basis, etc.
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Mar 26, 2012 16:11
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Dominoes posted:I did that two years ago. I got a letter a year later stating that I owed the IRS $12,000 based on $50,000 of income. I had really only made a few thousand dollars. The IRS did the math themselves, and counted each sale as income without deducting the purchases. I got it sorted with a letter explaining their mistake and the total values.
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Mar 26, 2012 16:29
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smackfu posted:It sounds like you screwed something up. When you summarize, on the schedule D, column e (sales price) still has to be correct. You can't just make column h (gain/loss) correct. Column h is the only one used for tax calculation, but column e is what the IRS cross checks against the 1099-Bs. Does anyone know if the IRS cross-references 1099-S forms to the 4797 or the Sch. D? We've got clients that either are homebuilders on schedule C or investors in real estate, and we create dummy 4797 with no gains simply to tie out the gross sales.
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Mar 26, 2012 16:56
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AbbiTheDog posted:I've been summarizing in my practice for years, never had a problem, even with the clients with $10mil+ in gross stock sales. The matching notice you got might have been if you didn't properly tie out the gross sales (which is what their computers look for). I paid for the import service this year and it has done an OK job so far. I had one client import 1000+ stock sales from several Merrill Lynch and Schwab accounts and the only thing it didn't handle was wash sales, so I just had to input those few adjustments manually. With the scan/import with brokerage statements it will actually create a spreadsheet for you that you can edit before importing the results, which is kind of nice. The biggest problem we have run into is the lack of duplicate transaction detection. We had one client fill out an e-organizer, then do the direct import, then we scanned and imported. It was a nightmare to sort out due to all the duplicated entries and my staff definitely let me hear about it. So it is best to only use one of those services per return for now, not all of them.
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Mar 26, 2012 17:40
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furushotakeru posted:We had one client fill out an e-organizer, How does this work for you? I've hesitated to try it for the following: 1) Clients don't know what they're doing and we chase down their errors 2) They claim "I'm doing all the work, what am I paying you for?"
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Mar 26, 2012 18:15
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