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I filed my taxes (incorrectly) using FreeTaxUSA, where it showed I owed money. I set up the taxes to have an automatic direct deposit from my checking account sent to the government. I then amended my taxes and did them correctly where it shows I am getting a refund. However even after filing the amended, I see that the government has withdrawn the -1,204.00 from my bank account. Will these funds be added to my due refund? What do I need to do? I e-mailed freetaxusa and they have not responded.
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Mar 2, 2013 23:55
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File a 1040X which is an amended tax return. Add the $1204 that you paid to on line 15 and it should increase the refund you were owed by that amount. Don't know anything about the software you used, but you do need to submit a copy of the original return with your 1040X.
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Mar 3, 2013 00:11
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sullat posted:File a 1040X which is an amended tax return. Add the $1204 that you paid to on line 15 and it should increase the refund you were owed by that amount. Don't know anything about the software you used, but you do need to submit a copy of the original return with your 1040X. ok. Does this mean I need to redo my redo of my taxes? edit: Can I contact the local IRS office and work with them? BRB MAKIN BACON fucked around with this message at 00:30 on Mar 3, 2013 |
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Mar 3, 2013 00:21
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BRB MAKIN BACON posted:ok. Does this mean I need to redo my redo of my taxes? Are you saying you tried to file your regular 1040 twice? Or did you already file a 1040X?
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Mar 3, 2013 03:14
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I amended the 1040x but I did not mail it in with a hard copy of the old/incorrect return. I will fix the 1040x and mail in both copies tomorrow. Thanks for the help!
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Mar 3, 2013 03:59
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Last year I made $3000 doing some freelance web development. I didn't get a W2 or anything; all of the money went through a Paypal account. I want to claim this on my 1040EZ -- can I just add it to my other income in box 1? Do I need to attach a supplemental page saying where it came from?
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Mar 3, 2013 23:59
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Large Hardon Collider posted:Last year I made $3000 doing some freelance web development. I didn't get a W2 or anything; all of the money went through a Paypal account. I want to claim this on my 1040EZ -- can I just add it to my other income in box 1? Do I need to attach a supplemental page saying where it came from? That's going to be Schedule C/C-EZ self-employment income, which is Box 12 (and you'll be subject to self-employment tax). You'll need to fill in the Schedule C/C-EZ and Schedule SE, although those Schedules should (mostly) fill themselves out besides the income, any related expenses (which you'll need documentation for in case you get audited one day) and maybe having to calculate stuff like depreciation on related business equipment (if applicable).
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Mar 4, 2013 03:21
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Can anyone provide an explanation of the difference between the Hope Credit, American Opportunity Credit, and the Tuition & Fees Deduction? A credit is better than a deduction, right? My wife has taken the Hope Credit twice, so I know that's out. So then it's down to American Opportunity vs Tuition & Fees Deduction. I'm using TaxSlayer, and when I put in 2000 for the American Opportunity Credit (what is apparently the max allowed) my estimated return is 200 less than when I put in $4000 for the Tuition & Fees Deduction. But then why would I ever use the credit if the deduction is cheaper? I'm so confused.
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Mar 5, 2013 03:22
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FISHMANPET posted:I'm using TaxSlayer, and when I put in 2000 for the American Opportunity Credit (what is apparently the max allowed) my estimated return is 200 less than when I put in $4000 for the Tuition & Fees Deduction. But then why would I ever use the credit if the deduction is cheaper? I'm so confused. There are times when it's more favorable to take an above-the-line deduction (T&F Deduction in this case) instead of the credit, particularly since the American Opportunity Credit is only 40% refundable (that is, only up to $1,000 is potentially refundable) so it may not make sense when you can instead reduce the taxable income amount by up to $4,000, clearing up refundable credits/payments (such as federal withholdings, EITC, etc) to refund more than you would using the AOC. That's why you run the T&F Deduction vs. the AOC since it's not always going to be best to take one or the other.
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Mar 5, 2013 03:30
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Ha, it turns out I'm dumb and don't understand numbers, the Lifetime Learning Credit is worth $1100 more than the T&F deduction. Though I found something that explains when T&F would be move valuable than the credit: http://voices.yahoo.com/when-tuition-fees-deduction-worth-taking-2667780.html
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Mar 5, 2013 03:52
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FISHMANPET posted:Ha, it turns out I'm dumb and don't understand numbers, the Lifetime Learning Credit is worth $1100 more than the T&F deduction. Your software *should* pick the best one for you. Never used it so don't know for sure.
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Mar 5, 2013 03:56
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Tax Slayer is pretty dumb and I don't know why I keep using it.
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Mar 5, 2013 03:59
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FISHMANPET posted:Tax Slayer is pretty dumb and I don't know why I keep using it. Tax Slayer can suck it. They didn't let me put in multiple 1098-T forms for an individual student <  >. Some of us out there attended more than one institution in 2012.
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Mar 6, 2013 00:59
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canyoneer posted:Tax Slayer can suck it. They didn't let me put in multiple 1098-T forms for an individual student < Your mom goes to college.
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Mar 6, 2013 02:42
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So, I jumped the gun and filed my taxes as soon as I got my W-2, because I wanted my money back. Problem is, after I filed, I received another W-2 for a job I started as a very minimal part-time gig that did not work out at all. I received a total of 3 paychecks totaling $450. I did fill out a W-4 with them, so they did withhold everything but federal income tax. Do I need to file an amended tax return? I think I remember something about not having to claim income if it's under $500, but does that count per employer, or as a total of income for the whole year? Thanks!
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Mar 6, 2013 04:19
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Caydence posted:So, I jumped the gun and filed my taxes as soon as I got my W-2, because I wanted my money back. You can amend (form 1040X) and that needs to be paper filed. Or you can wait until October when the IRS will process the other forms and send you a letter stating if you owe any extra tax.
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Mar 6, 2013 04:42
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Caydence posted:So, I jumped the gun and filed my taxes as soon as I got my W-2, because I wanted my money back.
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Mar 6, 2013 07:02
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FISHMANPET posted:Can anyone provide an explanation of the difference between the Hope Credit, American Opportunity Credit, and the Tuition & Fees Deduction? A credit is better than a deduction, right? The Hope credit became the American Opportunity Credit and was extended so that it can be taken up to 4 years in the first 4 years a student is pursuing a degree. Your choices are AOC, Lifetime Learning Credit, and the deduction. For most students the AOC is better, but it depends on your individual situation. Check the limits on the AOC again-you should be able to use up to $4000 of expenses, and the maximum credit amount is $2500->$1500 nonrefundable credit and $1000 refundable.
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Mar 6, 2013 12:42
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10-8 posted:You have to report all income, regardless of amount. What you're thinking of is the rule that a Form 1099 isn't required in most instances for small dollar amounts. However, you still have to report income even if you don't get a W-2 or 1099. Thank you!
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Mar 6, 2013 15:26
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Didn't see any recent stuff about independent contractors and business expense. So, I'm helping with taxes for a small company that only has IC's. We're going over how much we paid each guy over the course of a year, and one of the crew leaders starts talking about how the money paid for driving their car is not a part of their normal wages and isn't taxed. The company has always wrapped that up with their wages as a single line item for the year. Which way is the correct way to do this? For a touch more explanation, if somebody has to drive their car as opposed to the company car, they are paid 60 cents a mile. It's a little extra for a job to help cover the expense of using their car and for allowing the company to take on more than one job for that day.
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Mar 6, 2013 19:41
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BirdOfPlay posted:Didn't see any recent stuff about independent contractors and business expense. Because they're IC's - the payments would be included on their 1099, and they would then deduct their mileage on their tax return (the federal mileage rate is only 55.5 cents in 2012, so 4.5 cents of every mile of reimbursement is effectively going to be taxable).
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Mar 6, 2013 19:46
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Admiral101 posted:Because they're IC's - the payments would be included on their 1099, and they would then deduct their mileage on their tax return (the federal mileage rate is only 55.5 cents in 2012, so 4.5 cents of every mile of reimbursement is effectively going to be taxable). A more practical point would be the classification of IC vs. employee. If the state/feds poke around the company would be hosed. Fun Fact: the IRS (and some states) can go after any "responsible party" for repayment of trust fund taxes and penalties, including the accountants! Enjoy.
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Mar 6, 2013 20:17
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Disclaimer: Bad at taxes. I'm gathering all documents to file a final tax return for my deceased mother. She had traditional IRAs with two different companies, and had not retired yet. One company has sent a Form 5498, and the other sent nothing. I called them to ask if they would send anything, and the guy said no since it's an IRA and if she didn't withdraw anything from it then it doesn't have to be reported on taxes. I don't have a full picture of the history of these accounts (if she withdrew/deposited anything this year, etc, but I assume deposits and general growth) and am tempted to just go with what the guy said, but I have a nagging feeling I have to report this large account somewhere especially since the other IRA sent me a Thing. This one was her main retirement account. Damn Bananas fucked around with this message at 20:52 on Mar 6, 2013 |
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Mar 6, 2013 20:49
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Admiral101 posted:Because they're IC's - the payments would be included on their 1099, and they would then deduct their mileage on their tax return (the federal mileage rate is only 55.5 cents in 2012, so 4.5 cents of every mile of reimbursement is effectively going to be taxable). Cool thanks. And is on the part of the IC's to record said mileage or does that need to be handled by the company with a distinct line item? So, something like, you got paid x for working, a y for driving you car. AbbiTheDog posted:A more practical point would be the classification of IC vs. employee. If the state/feds poke around the company would be hosed. I'm not up to rehashing that argument with him. Partly cause I'm sour cause the IC thing hosed me the last time I tried to file taxes. And partly, cause I don't want to have to do the legwork showing that I'm right. I think I might start pushing to make everyone reclassified as "part-time, as needed," if that's a thing...
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Mar 6, 2013 20:51
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drat Bananas posted:Disclaimer: Bad at taxes. If there were distributions from the retirement accounts, there would be a 1099-R to report the distribution(s). You should not be concerned with the growth/earnings within these accounts because traditional IRAs permit tax-free growth (until distributed). BirdOfPlay posted:Cool thanks. And is on the part of the IC's to record said mileage or does that need to be handled by the company with a distinct line item? So, something like, you got paid x for working, a y for driving you car. It's up to the IC's to have the logs etc necessary to substantiate the mileage that they'll be claiming on their personal tax return. You do not have the differentiate between the two payments on the 1099-MISC.
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Mar 6, 2013 21:44
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BirdOfPlay posted:I'm not up to rehashing that argument with him. Partly cause I'm sour cause the IC thing hosed me the last time I tried to file taxes. And partly, cause I don't want to have to do the legwork showing that I'm right. Is the company a construction business?
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Mar 6, 2013 22:30
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edit: Program assumed my entire earnings for the year were while living in Maryland. Corrected and problem fixed!
Tortilla Maker fucked around with this message at 02:21 on Mar 7, 2013 |
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Mar 7, 2013 00:07
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As always, thank you Admiral.AbbiTheDog posted:Is the company a construction business? Close. Moving labor. The guys are only working when on the job.
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Mar 7, 2013 01:55
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BirdOfPlay posted:As always, thank you Admiral. Ugh, he's going to be screwed when one of them gets injured on the job and files a worker's comp claim. Or he lays one off and they file for unemployment. I don't know what state he's in, but here in Oregon the state will pay unemployment even to IC and then chase the employers for late taxes.
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Mar 7, 2013 02:41
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Ok, so halfway through 2012 I was hired on full time by my job. Because of this I have both a W-2 form and a 1099-Misc form to file for. My question is, will I still receive the tax refund on the W-2 wages even though I will be paying through the nose upfront because of the 1099? I realize there will be no refund for the 1099-Misc wages as I haven't payed any taxes on them yet but will I still receive a refund for W-2 wages or is that somehow deducted from what I will owe for the year instead of being sent out to me at refund time. Thanks in advance.
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Mar 7, 2013 05:41
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SilkyP posted:Ok, so halfway through 2012 I was hired on full time by my job. Because of this I have both a W-2 form and a 1099-Misc form to file for. My question is, will I still receive the tax refund on the W-2 wages even though I will be paying through the nose upfront because of the 1099? I realize there will be no refund for the 1099-Misc wages as I haven't payed any taxes on them yet but will I still receive a refund for W-2 wages or is that somehow deducted from what I will owe for the year instead of being sent out to me at refund time. Thanks in advance. Your income from the entire year is taxable. So 1099 + w2 = income. After you go through deductions and exemptions you're left with taxable income, the tax is calculated on that. That includes both the 1099 income and the w2 income. The tax owed is compared to the tax already withheld from the w2. If there's anything left, you get a refund, if withholding doesn't cover the tax owed there is a balance due. So that amount withheld will be deducted from what you owe for the entire year.
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Mar 7, 2013 06:35
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sullat posted:Your income from the entire year is taxable. So 1099 + w2 = income. After you go through deductions and exemptions you're left with taxable income, the tax is calculated on that. That includes both the 1099 income and the w2 income. The tax owed is compared to the tax already withheld from the w2. If there's anything left, you get a refund, if withholding doesn't cover the tax owed there is a balance due. So that amount withheld will be deducted from what you owe for the entire year. Alright so with my W-2 form only, its looking like I would be getting about 700 hundred back. With the 1099 only I owe about a grand. So if that's the case should I only be paying about 300 dollars when I file? Somehow filing them together will cost 1400 dollars. I'm so confused :/ Does this mean I will pay the 1400 and then get back 700 from the return?
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Mar 7, 2013 07:03
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SilkyP posted:Alright so with my W-2 form only, its looking like I would be getting about 700 hundred back. With the 1099 only I owe about a grand. So if that's the case should I only be paying about 300 dollars when I file? Somehow filing them together will cost 1400 dollars. I'm so confused :/ Does this mean I will pay the 1400 and then get back 700 from the return? Income tax is based on marginal income, you can't just subtract 300 from 1000 and call it good. Just put it all into TurboTax and do what it says. scribe jones fucked around with this message at 07:54 on Mar 7, 2013 |
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Mar 7, 2013 07:52
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IRS just sent me a letter indicating that my form wasn't signed. As it would now be suspect that they received the form I sent, even though Where's My Tax Refund indicates that it's being processed, is there any way to verify that they have the correct information, particularly the direct deposit routing information? Should I try to get a 1040X in at the same time so they cut a check instead?
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Mar 8, 2013 00:41
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Is TurboTax the best software tto use? Should I buy the software or use it online?
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Mar 8, 2013 13:19
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Tax Question. Technically applies to 2014 returns but laws would be the same then too. Anyway I am on a business trip for 2 months right now. Most of the expenses were charged to a corporate card but a few are being charged to my personal card (to get expensed/re-imbursed). $47/day on food and the $1700 car rental bill will both be direct deposited into my personal checking. How would income tax work on those? Will all that count as income tax and be taxed at my tax bracket? Cuz if so that is pretty hosed and I will end up having to pay like 25% fed income taxes on the car rental and any food I buy. I am hoping it will not count as my 'income' since these are expenses incurred as result of business trip. If I have to pay $400 out of pocket for taxes on the car rental I probably would have reconsidered this trip
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Mar 8, 2013 14:55
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Hmm, those never show up on any tax documents for me, most importantly they're not on the W2. I submit documentation and my employer cuts me a check, and that's that.
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Mar 8, 2013 16:08
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My experience has been like slap's. If you are being reimbursed by your employer, they'll give you money for the expense and it won't affect your taxes at all - more likely than not, your employer is taking a tax deduction for these expenses. If your business trip here would last more than a year, that's when things switch up a bit in terms of taxes.
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Mar 8, 2013 16:31
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I think I got audited for EITC. They said it was a CP75 sent out. I read that these are common but do they just do this randomly because I'm pretty sure my child is ours and our filing is very simple with just 2 W2's and a College 1098-T. They said they sent it Monday but I've yet to receive it. Any idea what they will be wanting from me? Also should I mail it back or fax it?
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Mar 8, 2013 22:39
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Toolband posted:I think I got audited for EITC. They said it was a CP75 sent out. I read that these are common but do they just do this randomly because I'm pretty sure my child is ours and our filing is very simple with just 2 W2's and a College 1098-T. They said they sent it Monday but I've yet to receive it. Any idea what they will be wanting from me? Also should I mail it back or fax it? http://www.irs.gov/Individuals/Understanding-Your-CP75-Notice
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Mar 8, 2013 22:45
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