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I moved this year and had a hell of a time getting HR to stop withholding for NC (I moved to a state with no income tax). Eventually they finally did it and I thought that it was all fixed up. I got my W-2 the other day and for state wages and tips it shows my full yearly salary in the NC line, when I only earned about 1/3 of that in NC. Do I need to get that corrected or is it okay if I just file in NC with the actual amount that I earned in state? My finances are easy so I can just take the pay stub for the last NC paycheck and subtract off the non taxable retirement contributions and add in the portion of interest earned in the beginning of the year.
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Jan 23, 2013 18:01
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Shifty Pony posted:I moved this year and had a hell of a time getting HR to stop withholding for NC (I moved to a state with no income tax). Eventually they finally did it and I thought that it was all fixed up. If you don't have your employer correct your W-2 then NC will almost certainly be asking at some point about why you aren't reporting what they show you earned.
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Jan 23, 2013 18:50
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Thanks, That is what I was worried about. I called up our HR and they each attempted to blame me for not filling out something correctly before transferring me to someone else. NC isn't doing so hot when it comes to budgets so I would expect them to be vigilant. It doesn't help that I know exactly who the useless lazy person to blame for the gently caress up is. I have to run around fixing things because they can't be bothered to do their job and file the right paperwork, and everyone else I know who has dealt with them shares that opinion. If it doesn't get fixed quickly maybe I should get the union involved. This should not keep me from filing my federal return, correct?
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Jan 23, 2013 19:57
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Shifty Pony posted:Thanks, That is what I was worried about. I called up our HR and they each attempted to blame me for not filling out something correctly before transferring me to someone else. NC isn't doing so hot when it comes to budgets so I would expect them to be vigilant. Feds don't care. State issue. Edit: Most software efiles fed and state at same time. If you're in a hurry for feds, might have to paper file the state.
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Jan 23, 2013 20:15
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So I'm in grad school and technically got billed for tuition, but I didn't have to pay it due to my assistanship. Can I still write it off?
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Jan 23, 2013 23:24
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So last year I didn't file at all, because I had no income other than a grant for college amounting to $5500 which went towards tuition. I paid for the rest of my tuition and other bills with student loans and money out of a joint account with my parents. This year, I made around $10k, and had $1000ish withheld, so I should be getting that all back. I just found out about the American Opportunity Credit for tuition paid, which should get me even more money back. Reading about the credit makes me realize I was dumb not to file last year, because I would have gotten it then as well. Can I file back taxes and get the refund now?
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Jan 24, 2013 00:32
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nwin posted:Thanks for this thread, it's always a great help! Any ideas on this?
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Jan 24, 2013 00:42
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Elysium posted:Reading about the credit makes me realize I was dumb not to file last year, because I would have gotten it then as well. Can I file back taxes and get the refund now? You can amend a past year's return. I believe you need form 1040X. PS: There's always a chance that I'm completely wrong since I have no professional idea about taxes.
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Jan 24, 2013 03:25
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marsisol posted:So I'm in grad school and technically got billed for tuition, but I didn't have to pay it due to my assistanship. Can I still write it off? Only if you are reporting your assistanship payments as income Elysium posted:So last year I didn't file at all, because I had no income other than a grant for college amounting to $5500 which went towards tuition. I paid for the rest of my tuition and other bills with student loans and money out of a joint account with my parents. Yes you can file and claim a refund up to three years after the due date of a return nwin posted:Any ideas on this? 1) if there is no state reported on your W-2 I don't see any reason to file. 2) no, you can only deduct tuition that you paid.
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Jan 24, 2013 04:36
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furushotakeru posted:
On the bottom of my w2 it does say Arizona and taxable wages, and then state tax of 0. However, after just running through turbo tax it asked if I earned all my income while in the military and I answered yes and it went straight to zero for amount owed.
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Jan 24, 2013 04:50
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I just received an OMB form from the state stating my 2011 return value. I... have no idea what this is, Why I got it, or what I'm supposed to do with it.  Is this just some bullshit informative paperwork I could get by just looking at last's return, or is this actually going to be important for returns?
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Jan 24, 2013 07:01
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Received a 1099-C from Bank of America today for a cancellation of debt on a credit card. After doing some research, I'm pretty sure it can be excluded due to insolvency, but I was a little confused by the assets vs liabilities portion. For background, I do not own a house or car. The things I do own include a computer, ps3, clothes, and misc bathroom/kitchen utensils. For assets, I would add up how much these items are worth if I sold them at like a garage sale or something and include whatever was in my checking/savings by the time the debt was cancelled (12/31/12), right? What would I put for liabilities? I am in debt, but I stopped making payments for the student loan and credit card balances in 2009. Do I include those as liabilities? What about rent or utilities? Thank you in advance.
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Jan 24, 2013 07:22
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nwin posted:On the bottom of my w2 it does say Arizona and taxable wages, and then state tax of 0. However, after just running through turbo tax it asked if I earned all my income while in the military and I answered yes and it went straight to zero for amount owed. Oh here we go: Arizona does not tax active duty military pay. Problem solved! You should probably file an AZ return just so the state knows your income is not taxable and won't come looking for a return later. Chokes McGee posted:I just received an OMB form from the state stating my 2011 return value. I... have no idea what this is, Why I got it, or what I'm supposed to do with it. Do you mean a 1099-G for your last year's state refund? It is only relevant if you itemized deductions on your last return and deducted state taxes as part of that. ChikoDemono posted:Received a 1099-C from Bank of America today for a cancellation of debt on a credit card. After doing some research, I'm pretty sure it can be excluded due to insolvency, but I was a little confused by the assets vs liabilities portion. Yes quote:What would I put for liabilities? I am in debt, but I stopped making payments for the student loan and credit card balances in 2009. Do I include those as liabilities? What about rent or utilities? Include any debt that had not been discharged as of immediately prior to the debt being cancelled. If it hasn't been discharged or repaid, it is due. quote:Thank you in advance. You're welcome! furushotakeru fucked around with this message at 18:25 on Jan 24, 2013 |
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Jan 24, 2013 18:23
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Since I live in MA and earn an income in RI, I get two W2s. Whenever I fill out the federal W2 fields in any tax application it always shows that I earned double what I actually did when I go to fill out my state returns (because it was entered once for RI and once for MA). In order to get around it, I have to put in a manually adjustment of 1x my actual income. Is that a red flag? Is there a different way to do this?
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Jan 24, 2013 20:46
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Dragyn posted:Since I live in MA and earn an income in RI, I get two W2s. Whenever I fill out the federal W2 fields in any tax application it always shows that I earned double what I actually did when I go to fill out my state returns (because it was entered once for RI and once for MA). In order to get around it, I have to put in a manually adjustment of 1x my actual income. You should not need to do this. You should be able to enter in your state income independently from your federal income, and therefore only need to put in the W-2 once.
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Jan 24, 2013 20:58
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furushotakeru posted:You should not need to do this. You should be able to enter in your state income independently from your federal income, and therefore only need to put in the W-2 once. I think it's may just be a software flaw, because they all seem quite insistent on pulling the values from my federal 1040. I'll see what I can do then. Thanks! Dragyn fucked around with this message at 22:02 on Jan 24, 2013 |
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Jan 24, 2013 21:09
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furushotakeru posted:Do you mean a 1099-G for your last year's state refund? It is only relevant if you itemized deductions on your last return and deducted state taxes as part of that. Hmm. I don't see "1099G" on it anywhere, and it's not broken down into categories like Kentucky's seems to be. It's pretty much just a bland "welp here's last year's refund" report. I suspect I'm not going to need it and they're just sending it to me as a helpful reminder. I'll probably find out when Turbotax works on my state refund though! Thanks for your help.
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Jan 24, 2013 23:19
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shodanjr_gr posted:You can amend a past year's return. I believe you need form 1040X. quote:Yes you can file and claim a refund up to three years after the due date of a return Ok, great. Turbotax is telling me I can't just amend a past return because I didn't file at all, so there is nothing to amend. What I am reading is that I'll have to get some of last years tax forms and then mail them in, because you can't efile old taxes. Do I just need a 1040 from 2011? Or something else? Need to make sure whatever I file gets me the American Opportunity Credit.
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Jan 24, 2013 23:44
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Elysium posted:Ok, great. Turbotax is telling me I can't just amend a past return because I didn't file at all, so there is nothing to amend. There's no amending if you didn't file. Just search the IRS website for the 2011 forms in PDF and print those and mail them in.
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Jan 25, 2013 00:48
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Is it possible to file for the American Opportunity Credit for going to college even if you have no taxable income (No W2's, 1099's, etc etc)? Asking for a friend, and an extra 1000 or so would go a long way towards helping him in college.
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Jan 25, 2013 01:05
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Dradien posted:Is it possible to file for the American Opportunity Credit for going to college even if you have no taxable income (No W2's, 1099's, etc etc)? Yes, that is what I am trying to do for last year. Ok so new issue: I graduated in May 2012. I paid for tuition for the January to May 2012 semester on January 17th, 2012. My 2011 1098-T includes this. When I put that into Turbotax it tells me I get the AOC ($1000 refund), hooray. I just NOW (as in 5 minutes ago) got my 2012 1098-T, which says I paid no tuition in 2012 (because it was on last years 1098-T) and it took away all my refund and actually charged me more taxes because it's counting my grant (also from 1/17/2012 against no tuition paid) :sadface: So do I need to file 2011 AND 2010 now to get my 2 years of AOC? Why should I have to pay taxes on my 2012 "income" of my grant which went to my 2012 tuition which I paid in 2012 but apparently doesn't count? Edit: What I'm reading now leads me to believe that the 1098-T is mostly informational, and that I don't have to enter it verbatim into turbotax, I can just report the actual tuition paid (and grant information) for 2012 and call it a day. Elysium fucked around with this message at 18:45 on Jan 25, 2013 |
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Jan 25, 2013 01:10
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So I got 1098-T from my school. The tuition/fees amount is greater than the fellowship award amount stated. The very fact that I got the form is interesting to me since it never happened in the past. However, I am wondering if I have to incorporate this into my return somehow (I'd be filling 1040NR-E). Any comments?
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Jan 25, 2013 05:16
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Heres a question. I did my taxes on turbo tax last year. I calculated my federals and claimed them. Got about 700 bucks back. I calculated my state (wisconsin) and realized I had to pay 400 dollars. I did not submit or pay my state last year. Too broke. I just got my w2's for this tax season. I have a job now though so I can afford to pay last years back taxes. Probably gonna go to hr block next week to get it figured out. What kind of wrist slap/penalty do I have to look forward to? I've never hosed up my taxes like this before and am a little worried.
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Jan 25, 2013 09:15
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davey4283 posted:Heres a question. I did my taxes on turbo tax last year. I calculated my federals and claimed them. Got about 700 bucks back. I calculated my state (wisconsin) and realized I had to pay 400 dollars. I did not submit or pay my state last year. Too broke. I just got my w2's for this tax season. I have a job now though so I can afford to pay last years back taxes. Probably gonna go to hr block next week to get it figured out. What kind of wrist slap/penalty do I have to look forward to? I've never hosed up my taxes like this before and am a little worried. http://www.revenue.wi.gov/faqs/pcs/late.html Based on those numbers, and assuming the delinquent interest doesn't compound, it looks like you'll owe at least $222 in penalties in addition to the $400.
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Jan 25, 2013 15:23
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Cool, Thanks for the heads up.
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Jan 25, 2013 19:09
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I am using Taxslayer to do my taxes, as I have been for awhile now. I entered my w-2 info and it says I am getting a $3 return from the Fed. I then enter my interest income from one of my bank accounts (a measly $13) and now it says I owe the Fed $9. How can $13 in interest income (which has a 15% tax rate) cause a $14 swing in what I owe/get back from the Fed Gov't? It does not make sense to me, I figured it would be about $2, since its taxed at 15%. Is Taxslayer just wrong and I should contact them? Or is there a logical reason for this. Still waiting on the 1099-INT from my other accounts, scared how those will affect what I owe...
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Jan 26, 2013 02:35
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washburn085 posted:I am using Taxslayer to do my taxes, as I have been for awhile now. I entered my w-2 info and it says I am getting a $3 return from the Fed. I then enter my interest income from one of my bank accounts (a measly $13) and now it says I owe the Fed $9. How can $13 in interest income (15% tax rate) cause a $14 swing in what I owe/get back from the Fed Gov't? It does not make sense to me. Is Taxslayer just wrong and I should contact them? Or is there a logical reason for this. Still waiting on the 1099-INT from my other accounts, scared how those will affect what I owe... Interest is taxed as ordinary income, just like W-2 wages; it's not Long Term capital gains/qualified dividends. Horseshoe theory fucked around with this message at 02:41 on Jan 26, 2013 |
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Jan 26, 2013 02:36
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ThirdPartyView posted:Interest is taxed as ordinary income, just like W-2 wages; it's not Long Term capital gains. But still, why would $13 create a $14 swing in what I owe? At regular income tax rate, I should owe $4 for the $13. Just looking to see if this sounds far fetched and whether I should bring it up with Taxslayer, or not worry about it and just pay? FireMrshlBill fucked around with this message at 02:50 on Jan 26, 2013 |
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Jan 26, 2013 02:40
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washburn085 posted:But still, why would $13 create a $14 swing in what I owe? Look for your taxable income on this 2012 tax table and compare it with $13 less to see if the jump up in the tax due matches the $12 swing you've seen.
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Jan 26, 2013 02:51
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ThirdPartyView posted:Look for your taxable income on this 2012 tax table and compare it with $13 less to see if the jump up in the tax due matches the $12 swing you've seen. Ah, ya. Not rounding my income to the nearest $ until after I add the interest income to the W2 income bumps it to the next level, which is a $14 swing. w2 = $xx,x37.42 interest = $13.19 total = $xx,x50.61 Stupid $0.12 cost me $14. Oh well, looks like it'll be a moot point after I get my other 1099-INT in. Thanks for the help! FireMrshlBill fucked around with this message at 03:15 on Jan 26, 2013 |
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Jan 26, 2013 03:00
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Removing old message no one replied to!
sadus fucked around with this message at 02:31 on Feb 8, 2013 |
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Jan 26, 2013 07:34
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Went back through the last couple pages, but didn't see anything. Point me in the right direction if this has been asked already. 6 months ago I got a new job and work from home full-time. Is it worth doing all the extra work involved to deduct that or however it works? Is it something I can do myself with whatever sites/software out there or should I go to someone and have them do it? I've done my normal basic taxes myself, is working from home much harder? Or is it probably not worth it for 6 months of work?
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Jan 26, 2013 16:47
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I'm completely money stupid but my boyfriend suggested I file my taxes via Turbotax, so that's what I'm trying to do. I graduated college in May 2012 and I'm currently going through my student expenses or whatever it's called and it's asking for 1098-T forms which I'm apparently able to access on my school's website. Turbotax is asking for 2011 and/or 2012, but for some reason I have 2008, 2009, 2010, AND 2012, no 2011. On top of it, my 2012 form says I didn't pay any tuition that year, which is total bull because I definitely did. Is it likely my school hasn't finished filling out the 1098-T forms yet or something? Do I really have to call them up and ask them what gives?
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Jan 26, 2013 21:14
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Shnooks posted:I'm completely money stupid but my boyfriend suggested I file my taxes via Turbotax, so that's what I'm trying to do. I don't know what's going on with your 2011 1098-T (you'll probably have to call the school if you don't have an old paper copy), but my guess for the deal with your 2012 form is that the payments for your last semester were made in calendar year 2011. I graduated in May 2012 as well and my 2012 1098-T only has some piddly fee I paid right before graduation. The amount reported on the 1098-T is the total payments made to the school during the calendar year, even if the actual schooling happens in the next year. If box 7 is checked on one of your older forms, that's what happened for that year. Edit: I don't think your school is just late on finishing your 2011 form. I'm pretty sure they're legally required to furnish your 1098-T to you by Jan 31st, so they're either a year late or it got lost on the way to the website. Shear Modulus fucked around with this message at 23:38 on Jan 26, 2013 |
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Jan 26, 2013 23:31
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Holy poo poo. I didn't expect going back to school to be so complicated come tax time. I've always just used Turbo Tax and finished them very quickly, but I'm having some trouble with my 1098-T and the American Opportunity Credit. I'm going to try to make as much as sense as possible here. Any help would be unbelievably appreciated because I'm about to throw my hands up in the air and go to a professional. Anyway, With regard to the 1098-T, my amount billed for this year at a local community college is $3,967. When I'm inputting the information from the form into Turbo Tax, I get the following page: "You told us that Box 2 (tuition/expenses billed) on Your 1098-T had an amount of $3,967. Sometimes this amount differs from what you may have actually paid. Did you actually pay $3,967 for Your tuition/expenses (including scholarship, fellowships and grants) in 2012 to Jefferson Community College?" Technically, I paid ~$500 of my own money at the start of Fall semester, with the rest coming from grants/loans. I also received a loan refund above and beyond tuition and fees to cover the cost of books and rent, etc.. My tax notification from the school has a Qualified Payments field that reads "$428.25" which appears to take into account my loan refund. I'm just not sure which figure to use in response to that question. The college received the full amount billed of $3967 through what I paid out of pocket and financial aid ($1550 in grants, the rest in federal loans). I received a refund of about $2500 which was used for both qualified education expenses and unqualified expenses. When TT asks me how much my qualified expenses were I account for the cost of books and supplies (about $1000). When TT asks me "How much of the $1,550 you received in scholarships, fellowships, grants, or other education assistance was used to pay for nonqualified expenses?," I say $1550 because this money went to room/board, although my tax refund is actually higher if I didn't use this money for those expenses(?). I just really don't want to mess this up considering the incredible difference between getting the credit and not getting it. Without the American Opportunity Credit or any education information entered I would receive a refund of about $400 ($24819 income, $2400 withheld). With the information entered and either my actual out of pocket tuition/fee payments or the total out of pocket plus financial aid tuition/fee payments, I would get the Credit and a refund ranging from $1700 to $2900 depending. If that's clear enough to have an easy answer, I'd appreciate someone taking the time. Thanks again.
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Jan 27, 2013 01:13
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Eric WK posted:Holy poo poo. I didn't expect going back to school to be so complicated come tax time. I've always just used Turbo Tax and finished them very quickly, but I'm having some trouble with my 1098-T and the American Opportunity Credit. I'm going to try to make as much as sense as possible here. Any help would be unbelievably appreciated because I'm about to throw my hands up in the air and go to a professional. Anyway, The only amounts you are allowed to claim towards the American Opportunity Credit or Lifelong Learning credit are your "adjusted qualified education expenses," which is equal to your qualified educational expenses minus any tax-free educational assistance you got (and some other stuff, ie refunds for dropping a class). Money counts as tax-free educational assistance if it's used only for tuition, etc AND is not counted by you towards your gross income. Generally, tax-free education assistance is stuff like scholarships (including Pell grants), fellowships, employer assistance, etc. So if you get a bill of $3000 for tuition and get $2000 in grants, you can only claim adjusted qualified educational expenses of $1000. What is a loan refund? Is that like an extra amount they tacked onto your loan for you to pay for books and rent and stuff? I don't have a lot of experience with student loans, so I'm not 100% sure about that. If you're counting it towards your gross income you would have to pay taxes on it and it wouldn't decrease your adjusted qualified educational expenses, but if it's tax-free and you use it towards QEE then I would think it does reduce your AQEE. I don't know enough to say for sure though. Sorry! You might be able to figure out more by reading this IRS document, which has all the rules for the education credits. Edit: Lots of edits for clarity. Shear Modulus fucked around with this message at 05:41 on Jan 27, 2013 |
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Jan 27, 2013 05:30
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I have a new employer, and they paid for relocation. These relocation expenses were included in Box 1 of my W-2, IE they're being included as income; my W-2 even has a section labeled "W-2 Box 1 Earning Analysis" showing the breakdown of Box 1 (salary+wages, relocation, deductions for pre-tax 401k and pre-tax medical). Can I claim these relocation expenses as a deduction? Turbotax wants me to split these up into "moving expenses, room and board expenses, etc"; is this important, or can I just deduct the entire "Relocation" number that my company put on my W-2? e: Publication 521 seems to indicate that I can deduct relocation expenses since they were included on my W-2 (and not reimbursed separately), I'm just looking for confirmation at this point. Also, part of my relocation included shipping a car and renting a car temporarily (~ 2 weeks) until the old car arrived. Publication 521 doesn't make it clear whether or not the cost of renting a car is deductible (does renting a car count as transportation?) QuarkJets fucked around with this message at 21:58 on Jan 27, 2013 |
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Jan 27, 2013 12:40
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Just a quick question on where/how much I need to file income-wise. I moved from WI to MA in October, worked for the MA office of the same company I was working at in WI, but kept my legal residence in WI. I got three W-2s: 1)WI income, WI withholding 2)MA income, WI withholding 3)MA income, MA withholding #2 and #3 have the same amount of wages earned. Am I right in assuming state-wise, all I need to file is the full-year WI, and non-resident MA? Was I taxed in both states for MA income?
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Jan 27, 2013 18:26
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I work for the state and just received my W2 and have a question about it. I'm a bit alarmed. I started this particular job in October of 2012, so I only have a few months of wages on this tax form. It says "Total Federal Income Tax witheld: $60". $60!? For the entire 2 months I've been there?! I look on my paystubs and I"m 90% sure (they are online at work) That I"m having more than a few bucks held out every time for federal taxes. Am I due to pay a large sum back? I've received a return every year I've filed ever, and I intentionally pay in more so I can get a return back (it helps me plan my finances a bit better to know I will never owe after April 15). Or am I just reading the silly thing wrong and I'm OK? Also as an aside, I give stuff to Goodwill each year and get a receipt. If you were to look at market value of the stuff donates, it's probably a good $200 a year. If I'm doing the Standard Deduction, is it even worth laying that out since the SD is an all encompassing deduction, or should I lay those out since they may be counted outside of that deduction? Thanks!
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Jan 28, 2013 04:40
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Jastiger posted:I work for the state and just received my W2 and have a question about it. I'm a bit alarmed. Did you add up the total amount of Federal Income Taxes withheld for the 3 months of payrolls and see if they differ from the total on the W-2? I would do that and if it is the case, would ask for a corrected W-2. Otherwise you may or may not be subject to taxes due (depending on your salary paid, the standard deduction, personal deduction and non-refundable and refundable credits that may apply besides the Federal withholdings). quote:Also as an aside, I give stuff to Goodwill each year and get a receipt. If you were to look at market value of the stuff donates, it's probably a good $200 a year. If I'm doing the Standard Deduction, is it even worth laying that out since the SD is an all encompassing deduction, or should I lay those out since they may be counted outside of that deduction? If you only have $200 worth of goods contributed and don't have other itemized deductions to take (such as mortgage interest, etc) that exceed the standard deduction in total (after going above any relevant AGI floors), then it's not worth laying out the receipts since you're not going to be able to use them (since the charitable contribution deduction is an itemized deduction).
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Jan 28, 2013 05:41
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