|
DNova posted:Is it permissible to deduct the travel costs for me to fly to where my rental property is from where I live (Europe) in order to deal with certain things in person and to look at more property? seems fine to me!
|
#
?
Mar 31, 2013 22:11
|
|
|
|
| # ? May 9, 2024 22:57 |
|
|
shodanjr_gr posted:So I'm paper filing 1040NREZ and I owe appoximately $700. What's the best way to get the money to the government? Send a check with the return or paying online by card? Paying online by card costs money: http://www.irs.gov/uac/Pay-Taxes-by-Credit-or-Debit-Card For a $700 payment, it would be $3 for debit, $13 for credit. I'd mail a check.
|
|
#
?
Apr 1, 2013 14:44
|
|
|
scribe jones posted:seems fine to me! There's an april answer.
|
|
#
?
Apr 1, 2013 19:02
|
|
|
smackfu posted:Paying online by card costs money: Thanks for the reply. Does the IRS mail a receipt upon process of payment?
|
|
#
?
Apr 1, 2013 20:31
|
|
|
AbbiTheDog posted:There's an april answer. fwiw, I'm asking about 2013. My 2012 is done and filed. I'm just not sure exactly what I can deduct as it relates to my (very small) "business".
|
|
#
?
Apr 1, 2013 21:58
|
|
|
Not sure where I should post this but I think this is the right thread. My dad received a letter from the Franchise Tax Board about owing some cash to some person he filed a joint spouse tax form. That person isn't my mom, he has all his tax forms so... I just want a gist of what to do before he goes to talk to his accountant tomorrow. If this is the wrong thread to post this in, then I apologize.
|
|
#
?
Apr 2, 2013 01:27
|
|
God I fucking love Diablo 3 gold, it even paid for this shitty title
|
Can a non-resident alien (F1 visa) who is employed during the year (receiving a W2 for a position as a Research Assistant) use form 2106 to deduct expenses related to a 12 week internship in a different state? I'm reading conflicting information online about whether this person establishes a "tax home" in the state where he is employed as an RA (for the majority of the year), which would allow him to claim the per-diem expenses of his internship. IRS's website here: http://www.irs.gov/Individuals/International-Taxpayers/Nonresident-Alien-Students-And-the-Tax-Home-Concept seems to support my theory but I'm not 100%.
|
|
#
?
Apr 2, 2013 23:46
|
|
|
Follow up on the "missing" New York state return: I called, and they claim that they have not been able to key in a majority of the paper returns and to check back in 2 weeks. I Googled around and found that this is a major issue this year, and that people who filed even back in January still don't have a return status.
|
|
#
?
Apr 3, 2013 01:06
|
|
|
I'm a graduate student who received a W-2 and a 1099-misc from my school to complete my stipend. According to my school the 1099-misc is a supplemental check in addition to a biweekly check to make up my total graduate stipend (~28k, the w-2 is roughly 25 and the 1099-misc makes up the difference). I was wondering how to file the 1099-misc? Do I have to file a schedule C, but it seems like that is for self-employment. Could I try a schedule F - other income? Technically it's from my school and it's not contracting work.
|
|
#
?
Apr 4, 2013 14:05
|
|
|
singe posted:I'm a graduate student who received a W-2 and a 1099-misc from my school to complete my stipend. According to my school the 1099-misc is a supplemental check in addition to a biweekly check to make up my total graduate stipend (~28k, the w-2 is roughly 25 and the 1099-misc makes up the difference). I was wondering how to file the 1099-misc? Do I have to file a schedule C, but it seems like that is for self-employment. Could I try a schedule F - other income? Technically it's from my school and it's not contracting work. Ugh I have one of those too. I also have a Schedule C for some side work but it's totally separate from the school 1099 so it seems weird for them to be on the same thing...
|
|
#
?
Apr 5, 2013 03:28
|
|
|
singe posted:I'm a graduate student who received a W-2 and a 1099-misc from my school to complete my stipend. According to my school the 1099-misc is a supplemental check in addition to a biweekly check to make up my total graduate stipend (~28k, the w-2 is roughly 25 and the 1099-misc makes up the difference). I was wondering how to file the 1099-misc? Do I have to file a schedule C, but it seems like that is for self-employment. Could I try a schedule F - other income? Technically it's from my school and it's not contracting work. Based on what you stated here, this is subject to SE tax and should be reported on line 2 of schedule SE. You don't need to file a schedule C. The income will also be reported on line 21 of the 1040. Admiral101 fucked around with this message at 15:44 on Apr 5, 2013 |
|
#
?
Apr 5, 2013 15:36
|
|
|
My wife and I are both active duty military, and for tax purposes residents of two different states (NY and CT, respectively.) This seems to create some confusion come tax time with our filing status for our state returns We file Married Filing Joint for Federal taxes In NY, it states you must file the same status as your federal. CT makes no such restriction, as far as I know. Question is, do we file MFJ in both states, and just indicate that only one of us is a resident on each one? Or am I thinking about this totally the wrong way? We tried to go to H&R Block to get their take on it but after the woman working there couldn't add or understand the difference between Connecticut and Kentucky we had to leave. Any help is appreciated tax goons.
|
|
#
?
Apr 5, 2013 23:41
|
|
|
Deicide posted:My wife and I are both active duty military, and for tax purposes residents of two different states (NY and CT, respectively.) This seems to create some confusion come tax time with our filing status for our state returns Most states seem to say that you must use the same filing status as your federal return, unless your spouse is a non resident of that state in which case you can file MFS. When you file a part year or non resident return you will usually pay tax on only the income earned in that state, but at the rate it would be on all your income. This means if your state A taxable income is only enough to put you in a 5% bracket but your overall income would put you in the 8% (just random numbers I'm using to illustrate) you would pay tax to state A at a rate of 8% rather than 5%. So it can benefit you to file separately. The downside is that it's a pain in the rear end as you have to prepare and file three separate returns.
|
|
#
?
Apr 6, 2013 09:41
|
|
|
I apologize if this has already been covered, I did a few word searches in the thread and didn't come up with anything. Last year, my employer took 548 out of my paycheck every month for my portion of my group health insurance plan. It was listed as an after-tax deduction for the entire year (I was only able to change it to pre-tax this January). Can I deduct for the cost of my plan because it was listed as an after-tax deduction for all of 2012?
|
|
#
?
Apr 6, 2013 22:37
|
|
|
Could changing your W-4 status to married really affect your federal withholding by a fair (2k-ish in my case) amount? My wife and I got married in August 2010. I'm fairly sure that's about when we changed our W4 status (whoops) and unfortunately I don't think we did the "multiple earners worksheet". I don't think it had much effect on our 2010 withholdings, as we ended up with a small return of like 200 bucks, which was business as usual. In 2011 however, both of our federals withholding are significantly lower than they were in 2010 - combined, our withholdings were $2200 less than they were last year. I don't think anything really changed in our lives, tax-wise, except for that, so it was a little surprising this year. Ouch. Luckily the purchase of our home last year helped balance out the cost a little bit.
|
|
#
?
Apr 7, 2013 04:32
|
|
|
Kinkajou posted:I apologize if this has already been covered, I did a few word searches in the thread and didn't come up with anything. Last year, my employer took 548 out of my paycheck every month for my portion of my group health insurance plan. It was listed as an after-tax deduction for the entire year (I was only able to change it to pre-tax this January). Can I deduct for the cost of my plan because it was listed as an after-tax deduction for all of 2012? It might be deductible as an itemized deduction, but only to the extent that your out of pocket medical costs (including the insurance) exceeds 7.5% of your income for the year. Voodoo posted:Could changing your W-4 status to married really affect your federal withholding by a fair (2k-ish in my case) amount? Maybe?
|
|
#
?
Apr 7, 2013 05:50
|
|
|
PatMarshall posted:Report your bank account on TD F 90-22.1 ("FBAR") available here: http://www.irs.gov/pub/irs-pdf/f90221.pdf The 1040 asks me for W-2 forms and excluded taxes and whatnot on my income. Because I live in South Korea, I have no idea what to do about this at all because that's a US Employer thing. Furthermore, you said that the 1040 is necessary presuming that I've "cashed out" or what-have-you, which I haven't actually yet. Does this mean I don't need to file a 1040? I've done the form you linked for me and I also am doing the 2555-EZ as well because of the foreign exclusion comment you gave.
|
|
#
?
Apr 7, 2013 09:09
|
|
|
Hi everyone! I have a really awesome situation on my hands. I work as a server in a high end restaurant and make enough to do fairly well. At least I thought. Because the IRS does not take out tax because I get tipped nightly, I, and a lot of my co-workers owe a lot of money come tax season. Instead of filing quarterly, I waited to file until yesterday so I owe the state about $2500 and the Feds about $8000. I do not have this money, and have been told by several people I can work out a payment plan. Here's the rub though: I did not file 2011 because I am a giant immature moron and knew I would have to pay and just sort of stuck my head in the sand about it. I want to file and make this right, because the longer I wait the worse it gets. I am not planning to buy a house or anything big (I don't even drive or own a car) but I know it can gently caress poo poo UP in the future if I need to prove income and I have not filed taxes. I know that I owe about the same as this year, plus penalties and interest. I am looking into this on Monday. I know I need to call people and set stuff up. What can I expect? How hosed am I? I have enough savings to knock MA State Tax for 2012 right off the bat, and plan to put down maybe a grand or so towards the Feds, and then will look at a monthly payment, HOPEFULLY. I know I have been delinquent in the past but I need to make it right, and am serious about it. I just can't pour ALL of my savings into this right now, I need SOMETHING in my bank account! How hosed am I?
|
|
#
?
Apr 7, 2013 15:53
|
|
|
TequilaMockingbird posted:Hi everyone! I have a really awesome situation on my hands. Not too hosed. File 2011 and 2012 ASAP, paying as much as you can. Once the returns have been processed, they'll send you letters showing the balances due (tax + penalties + interest). At that point you can go online and set up a payment plan.
|
|
#
?
Apr 7, 2013 16:21
|
|
|
Really? They won't cite my not having taxes filed as reason to not help me set up a payment plan I am comfortable with? I'm just afraid they'll try and get more from me than I am able to pay. I'm a pretty reasonable person and do well on the phone (because hey, I talk to people for a living and convince them to give me money they are not obligated to in order to live) and am not scared to talk to people - I just am worried about the legal ramifications and what they are capable of legally extracting from me, and if that number is more than I am able to pay comfortably (or not so comfortably, I know I need to make sacrifices to rectify the situation I have wrought) per month. Has anyone had an experience with owing a lot? I am terrified of the IRS because they have come at my father HARD before and I can see how intense they can get - that being said he has SIGNIFICANTLY more assets than I (read: baller status) with investments in everything ever so his all his financial documentation has to be so meticulous to prove he is doing the right thing and not screwing off on taxes or making fucktarded shady deductions that it borders on full-blown neuroses. I wanted to ask him about this because he is in finance BUT our relationship isn't great and we are not close, so that I am turning to the interwebz for financial advice, or, at least, how to take the first step in being a fiscally responsible citizen and subsequently unfucking my life.
|
|
#
?
Apr 7, 2013 16:40
|
|
|
There are two things working against you for getting a payment plan set up: 1. Nonfiling status. This goes away once you get current with your returns; and 2. Estimates. If you're making enough in non-W-2 income to owe $8k at the end of the year, the IRS would really rather you be paying quarterly estimates, and failure to do so can (I think) be a factor against getting a payment plan accepted. To clear this one up, at the same time that you file your 2012 and 2011 returns, you should scrape together as much as you can and make a Q1 2013 estimated tax payment. That will show your good faith in trying to get current and should grease the skids considerably. As a rule of thumb, you should be paying as much a month as you can stand, because the interest clock continues to run. The smallest amount they'll accept is (balance due / 72 months). So if you owe $8k for this year, and $9k for last year, the smallest monthly payment you could do would be $236. I also don't know about your dad's situation, but he may have been dealing with IRS in the "bad old days" (before the Reform Act of 1998), when they were allowed to be a lot more aggressive. That's unlikely to happen to you today.
|
|
#
?
Apr 7, 2013 16:55
|
|
|
Love Stole the Day posted:The 1040 asks me for W-2 forms and excluded taxes and whatnot on my income. Because I live in South Korea, I have no idea what to do about this at all because that's a US Employer thing. Sorry, I should have been clearer; you will need to file a 1040 (or 1040EZ etc.) this year. Attach your form 2555-EZ to your 1040. I believe you enter your income from the Korean job in wages on line 7, then subtract the exclusion on line 21, but I don't prepare 1040s and once things get into the nitty gritty of specific lines, etc. I'm just reading the instructions like everyone else. This IRS publication is a good source for any other questions you may have: http://www.irs.gov/pub/irs-pdf/p54.pdf. It sounds like there were no realization events on your investments, but check the paperwork from your account; if it was a US fund, they should send you a 1099 showing any income that would need to be reported. If the fund is foreign, things get a little more complicated, especially if its a PFIC or something. You might want to check with an actual accountant if that's the case (or just in general, as I am but a dude on the internet).
|
|
#
?
Apr 7, 2013 17:24
|
|
|
I am getting ready to file my taxes through TurboTax. After inputting all data, we somehow owe $560 to the state. I was told of a tax credit in West Virginia for alternative fuel vehicles. My wife and I purchased a new 2012 Ford Focus in October '12. It is capable of burning E85 gasoline. I assume from this link http://www.afdc.energy.gov/laws/laws/WV that we will be able to deduct 35% of the cost of the vehicle. I can't for the life of me figure out how to input this credit. At the TurboTax prompt it just asks if its a plug-in vehicle or fuel cell vehicle, no E85 or AFV. Any help is appreciated.
|
|
#
?
Apr 7, 2013 20:00
|
|
|
scribe jones posted:There are two things working against you for getting a payment plan set up: Since you owe state, see if you can pay the state off when you file 2012. Not sure about where you live, but here in Oregon the revenue department are dicks and will levy/lien/garnish like crazy to collect a couple grand, and they DON'T have a formal installment payment agreement. The IRS, as long as you stay current, in contact, and don't ignore them they will tend to be fairly easy to work with.
|
|
#
?
Apr 7, 2013 20:08
|
|
|
AbbiTheDog posted:Since you owe state, see if you can pay the state off when you file 2012. Not sure about where you live, but here in Oregon the revenue department are dicks and will levy/lien/garnish like crazy to collect a couple grand, and they DON'T have a formal installment payment agreement. Launch the Oregon Department of Revenue into the sun.
|
|
#
?
Apr 7, 2013 21:45
|
|
|
scribe jones posted:Sure they do! They take your balance due, divide it by 12, and that's your monthly payment. And the worst thing they do is they won't hire me. Bastards.
|
|
#
?
Apr 7, 2013 21:49
|
|
|
I'm trying to set up estimated tax payments for 2013 and have no clue what I'm doing - the 1040ES instructions are just flying right over my head. As a grad student I have multiple income sources, some of which have withholding and some do not. For 2012 I underpaid my taxes by not accounting for the non-withheld sources and I'm trying to address that for next year so I'm not hit with another large tax bill. It's hard to tell exactly what my gross income will be for 2013 but I estimate it'll be around $30,000, of which about $10,000 will not have withholding (this is significantly different from 2012, so I can't judge based on 2012). I'd like some help calculating how much to pay to the IRS throughout 2013. Thanks, tax goons.
|
|
#
?
Apr 8, 2013 02:40
|
|
|
Robo Kitty posted:I'm trying to set up estimated tax payments for 2013 and have no clue what I'm doing - the 1040ES instructions are just flying right over my head. Depends on what type of income it is. If it is scholarship/fellowship/assistanceship payments it isn't subject to SE tax. If you are working as a contractor then it is.
|
|
#
?
Apr 8, 2013 06:54
|
|
|
furushotakeru posted:Depends on what type of income it is. If it is scholarship/fellowship/assistanceship payments it isn't subject to SE tax. If you are working as a contractor then it is. Most of it is a fellowship, some of it is my department paying for my health insurance coverage (which I think still gets listed as a fellowship for some reason). I've been told it's taxable income because it's not going directly to my tuition/fees (and therefore not "qualified expenses"); it's listed on the 1098-T in the "Scholarships or Grants" box 5. I know that I'm not considered self-employed here so the Medicare/SS SE taxes don't apply, but from what I understand it's still subject to income tax?
|
|
#
?
Apr 8, 2013 07:22
|
|
|
It is still subject to income tax, yes. My suggestion is to adjust your withholding so you don't have to make estimated tax payments, ie estimate your tax on that $30k using the ES package and then file a new W-4 with fewer exemptions.
|
|
#
?
Apr 8, 2013 16:31
|
|
|
In the process of filing my 2011 Tax Return. I know I have interest and penalties, but I owe about 2k before that is applied/figured out, as opposed to the 9k that I was thinking it might be. It's not a great situation to be in, but I think things are looking up now that I am handling my business. Now I just need to file for the first quarter of 2013 to show I am in good faith and then I am going to contact the IRS regarding the best way to pay them back. If I lay out my story they should be able to tell me what "chunk" of debt to take out first - I have 3 maybe 4 grand to put towards it right now and can do feasibly either all of 2011, my state return for 2012, a piece of the federal 2012, or this first quarter of 2013. This has to be good news for both them and me....right? In other news I am going to go have a big glass of Scotch for lunch.
|
|
#
?
Apr 8, 2013 17:03
|
|
|
TequilaMockingbird posted:In the process of filing my 2011 Tax Return. I know I have interest and penalties, but I owe about 2k before that is applied/figured out, as opposed to the 9k that I was thinking it might be. However it turns out, please update the thread. I am very curious. I've heard they're very flexible with people who want to catch up, but I haven't heard any first-hand stories. Good luck!
|
|
#
?
Apr 8, 2013 18:22
|
|
|
The IRS is flexible but ultimately your installment payment will depend on a math formula. If you want to know how much the IRS thinks you should be able to pay each month, you can download Form 433-A and fill it out with your information. That's what the IRS is going to make you complete when you request an installment agreement, and the IRS will base its decisions on that form.
|
|
#
?
Apr 8, 2013 18:55
|
|
|
10-8 posted:The IRS is flexible but ultimately your installment payment will depend on a math formula. If you want to know how much the IRS thinks you should be able to pay each month, you can download Form 433-A and fill it out with your information. That's what the IRS is going to make you complete when you request an installment agreement, and the IRS will base its decisions on that form. OP owes less than $50k so they won't ask for a 433-A, just a 9465, which is way less of a hassle. This changed recently iirc.
|
|
#
?
Apr 8, 2013 20:33
|
|
|
scribe jones posted:OP owes less than $50k so they won't ask for a 433-A, just a 9465, which is way less of a hassle. This changed recently iirc. Or just do it online http://www.irs.gov/Individuals/Online-Payment-Agreement-Application
|
|
#
?
Apr 8, 2013 20:38
|
|
|
10-8 posted:That's what the IRS is going to make you complete when you request an installment agreement, and the IRS will base its decisions on that form. This part is what worries me. I am reading the form now but it is asking me to list things like personal assets like furniture, even. I do not have a car and I do not have a house so I can't sell these things. Do they really expect me to try and sell my lovely couch for cash to pay them? I also make all my money in tips which is how I got here in the first place. My income literally varies from day to day! I've made up to $900 in a day because some dude just happened to walk in and pop a bunch of bottles of Cristal washed down with Louis XIII after dinner and liked my face, and I have gone home OUT money because I bought coffee and had to pay to ride the bus and no one came in because it was raining sideways. What do they want me to say under the wages category?! Asking about current year taxes too. I'll have to file that for the quarter now-ish. There are some bright spots in my potential formula according to this form. I am willing to alter my lifestyle to correct this, there is no two ways about it, but they are asking about health insurance payments I have to make, utilities such as gas and INTERWEBZ, food, clothing, misc. so I won't be living in a cardboard box. EDIT: Spelling. DOUBLE EDIT: I was out and met an old friend I used to work with and was spilling my tax woes over a drink. He is filing the first time in TWELVE YEARS. He said he owed "a lot of money." He is also a server at the same kinds of places I work (I work at a total baller steakhouse) so I can ONLY IMAGINE. Suddenly one missed year of filing doesn't seem so bad. TequilaMockingbird fucked around with this message at 20:47 on Apr 8, 2013 |
|
#
?
Apr 8, 2013 20:42
|
|
|
TequilaMockingbird posted:This part is what worries me. Use form 433-F instead of 433-A, as the F is a much shorter form and is what they are looking for when applying for an installment agreement anyway. List whatever assets they ask about - they won't ask you to liquidate anything. If you owe them a very large amount of money and have equity in your house or something they might ask for proof that you have tried to borrow against it before granting a request, but for small stuff like furniture and smaller balances they won't give you a hard time. They are mostly interested in the income and expense portion of it as that is how they will determine what you can afford to pay. Average your monthly income over the past three months. If you don't feel the result is representative of your actual average income, then average it over the past year (take your W-2 from 2012 and divide by 12).
|
|
#
?
Apr 8, 2013 20:45
|
|
|
furushotakeru posted:Use form 433-F instead of 433-A, as the F is a much shorter form and is what they are looking for when applying for an installment agreement anyway. List whatever assets they ask about - they won't ask you to liquidate anything. Thanks! I shall do this. I am so glad ya'll are helping me figure this out. This really isn't my realm of knowledge and I was so scared I would have to call my father to ask about finance/tax stuff (because our relationship is so strained) but now I am able to assemble all the information I need before I seriously delve into dealing with the IRS regarding my fucktardery. I feel more prepared and a lot better than I did before I filed. They are also asking me to list money in bank accounts I have now. I will have significantly less if I pay a "chunk" of what I owe, which I can do this instant. Should I write a check for this NOW and then report the updated balance of my account because it takes down the original amount I owe (and subsequently lessening the amount of money they can compound/add/whatever verb the interest on?) Edit: I am thinking I will knock off the three-ish or so grand (with penalties) I owe from 2011 first just to knock the drat thing out of my way psycologically and prevent any more daily compounded interest from accruing. Will they expect me to pillage my savings too? I need SOMETHING in there to fall back on in case poo poo Gets Real (medical, whatever). TequilaMockingbird fucked around with this message at 20:58 on Apr 8, 2013 |
|
#
?
Apr 8, 2013 20:53
|
|
|
TequilaMockingbird posted:Thanks! I shall do this. I am so glad ya'll are helping me figure this out. This really isn't my realm of knowledge and I was so scared I would have to call my father to ask about finance/tax stuff (because our relationship is so strained) but now I am able to assemble all the information I need before I seriously delve into dealing with the IRS regarding my fucktardery. I feel more prepared and a lot better than I did before I filed. I just went through the hassle of doing the 433-F for a client because the IRS told me to, then when I called up to work out the installment we just did it over the phone with no transmission of the form. Very strange. I asked if they wanted it, they told me no.
|
|
#
?
Apr 9, 2013 00:22
|
|
|
|
| # ? May 9, 2024 22:57 |
|
|
Robo Kitty posted:I'm trying to set up estimated tax payments for 2013 and have no clue what I'm doing - the 1040ES instructions are just flying right over my head. Have you tried http://apps.irs.gov/app/withholdingcalculator/ ? What you can probably judge based on 2012 that it's probably a bit unlikely for the entire tax code to change, so perhaps you should fill out the 2012 1040 with your 2013 numbers to see what happens? Personal exemptions and deduction amounts change so little from year to year that you're unlikely to hit a major snag with this technique. Of course, the online calculator considers all that, so it should be a bit faster.
|
|
#
?
Apr 9, 2013 00:24
|
|
