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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.
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Apr 9, 2013 02:46
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Figured everything out.. thanks! manwithoutskin fucked around with this message at 14:17 on Apr 9, 2013 |
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Apr 9, 2013 02:47
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PhantomOfTheCopier posted: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. Oh geez, this would be perfect except it assumes that because my jobs that start in July/August don't have any withholding yet (since they haven't started!) they won't have any withholding at all. That's pretty unfortunate. So it's majorly underestimating the amount of total withholding I'll have at the end of the year - it's calculating that only Job #1 will have any withholding. I'll lay things out in a bit more detail. Here are my projected salaries (I recalculated them, so these numbers are a bit different than what I said before): Job #1, Jan-Dec: $9,200 Job#2, July-Aug: $4,090 Job#3, Aug-Dec: $9,300 Taxable fellowships: $10,000 Total: $32,590 Assume the three jobs ($22,590) all have withholding with the standard 1 allowance. Given the $10,000 that does not have withholding, how much extra will I owe the IRS? I feel like this shouldn't be so hard, but I don't know what I'm missing.  Also, to be clear, this is completely different than my income scenario in 2012 so I really don't think guesstimating from 2012 is a good idea.
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Apr 9, 2013 04:03
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shodanjr_gr posted: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 self-quoting since the thread seems to be getting a bit of activity from the resident tax geniuses. I've had a long chat with the IRS on the phone and the lady seemed to agree with me. However, there's this one dude who posts on another tax advice forum online and adamantly holds the opinion that since I am a student, even though I am employeed, I can not establish a tax home (contrarily to what the IRS sites above). Any further advice would be great on this.
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Apr 9, 2013 04:09
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Can anyone explain to me how much a person would have to owe the government in order to be required to pay a underpayment penalty instead of just paying the principal of what they owe the government at the end of the year? edit: quote:Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. There are special rules for farmers and fishermen. Please refer to Publication 505, Tax Withholding and Estimated Tax, for additional information. So I suppose I would have to owe >$1,000 in order to owe a penalty? Is that $2,000 for a married couple? Sephiroth_IRA fucked around with this message at 17:27 on Apr 9, 2013 |
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Apr 9, 2013 17:05
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Was the amount of tax you already paid/ had withheld greater than or equal to your total tax from last year? If so, you do not owe and underpayment penalty.
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Apr 9, 2013 20:18
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Have any of you other preparers had any clients who's federal refunds have been held up because of the 5405 Repayment of First-Time Homebuyer Credit form? I'm not 100% sure that's what's holding up my clients return but they've received their state refund already and there's no other odd forms on their return. If you've encountered this were you able to find out a way to speed up the processing of the return? How long did your client's return end up being delayed?
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Apr 9, 2013 22:01
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Robo Kitty posted:Oh geez, this would be perfect... What's perfect about it is that it gave me a reasonable number: "Your anticipated income tax for 2013 is $2,940". When I calculated it by hand with the 2012 form, I got $3001; with Pub 505 (2013) I got $2942.25. I think it's safe to say your estimated tax will be around $2950 (any other interest, etc.)? An employer will follow Pub 15 Circular E to calculate withholding. If you set one exemption for each of the above: Job 1 should withhold $310, Job 2 should withhold nothing, and Job 3 should withhold $320 for the year, so you will owe $2320. If each job is set with zero exemptions, Pub 15 Circ E gives annual withholdings per job of $700, $189, and $710, and you will owe $1351 which you should spread over your jobs by filling in W4 Line 6 with an appropriate per-paycheck withholding. The IRS calculator said you will need to withhold "an additional amount of $1,874 for the balance of 2013" (because it knows that three months have passed already, and I put in $0 for the amount already withheld). In summary, you'll owe around $2950 total on the form (assuming these numbers), so you need to subtract what has already been withheld, prorate the zero-exemption number for Job 1 for the next eight months ($467), subtract off the other two zero-exemption numbers, and divide the result into Line 6 of your W4 appropriately. Easy.  Right?Oh, and for gently caress's sake check in with the IRS Calculator in July and August at the least.
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Apr 9, 2013 23:07
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shodanjr_gr posted:I'm self-quoting since the thread seems to be getting a bit of activity from the resident tax geniuses. I've had a long chat with the IRS on the phone and the lady seemed to agree with me. However, there's this one dude who posts on another tax advice forum online and adamantly holds the opinion that since I am a student, even though I am employeed, I can not establish a tax home (contrarily to what the IRS sites above). I agree with the IRS lady, I think you have established a tax home at the place where you regularly work as an RA; you should be able to deduct deductible travel expenses related to your temporary employment elsewhere. The guy in the other forum is correct that merely being a student does not establish a tax home, but working certainly does. Again, take this with a grain of salt, I have literally never looked at this issue before your post and my research consisted of reading the (really good) article you linked.
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Apr 10, 2013 03:14
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There are a few things I'd like to ask as a foreign-born US citizen. I've been working in Turkey, my other country of citizenship, for close to four years now, both as a freelancer and as a full-time employee. I'm vaguely aware that maybe I should be filing some sort of thing with the IRS but it's just... there's no urgency to it and my older sister and cousins never bothered with it. The money I make annually is below the level at which I would actually need to pay taxes as afforded by exemptions for expats, but I guess it should be reported, somehow? My mom files US taxes but she's above the exemption level. Also, two problems: a) Turkey is not a country with which the US has a tax agreement and b) My tax situation in Turkey is murky at best--my employer reports my salary at close to minimum wage levels and pays the rest under the table; this is a common pratice here. Some key points:
Usually I wouldn't give a drat but I'm shifting toward a position in my career where I could feasibly telecommute from the US. I would love to be back in the Pacific Northwest. My living costs could be equal to or less than what I pay here minus health insurance--housing (inc. gas, power, water) costs me $1,200 monthly for a 500 sq. ft. apartment over here in Turkey. Once settled, I'd be working out of my apartment. My wages would be deposited into my usual bank accounts in Turkey. Options to use that money stateside include ATM withdrawals from my foreign ATM card (it involves some fees, of course), PayPal, SWIFT transfers, Western Union and the like (also comedy bitcoin option). I'd eventually need a US bank account, a US credit card, and some kind of health insurance if I'm planning to live there. As I'd be paying rent and bills among other things, I'm guessing the IRS would eventually become curious. So how might I even begin to deal with taxes as a telecommuter employed full-time by a company in a foreign country that I am a citizen of? My net salary is about $50,000. I'm guessing the IRS would consider that my gross income. Would I be self employed or what? Or maybe I should file taxes as someone employed abroad while I'm actually here and then it will be easier to work out if I'm back in the US. I really want something where I could avoid complicated invoice and form stuff, or quarterly payments, 'cause I just know nothing about them. Like I said, I've never even seen an IRS form in my life. I'm willing to pay for the privilege of living in the US if need be---online tax calculators suggest that I'd be paying 10-15% annually, which I would be cool with, but they might not be applicable for me. Taxes are big and scary! I'd be happy to be back in the States but that can't happen if I need to pay exorbitant taxes or deal with excessive paperwork. cancelope fucked around with this message at 06:32 on Apr 10, 2013 |
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Apr 10, 2013 06:18
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I can't help you with your tax questions but if you ever need to move money internationally, use xe.com. It's fast, free, and their exchange rates are very tight.
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Apr 10, 2013 06:41
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sheri posted:Was the amount of tax you already paid/ had withheld greater than or equal to your total tax from last year? If so, you do not owe and underpayment penalty. I don't have my papers in front of me but I had more with-held in 2011 but I probably paid less because we had significant expenses that year, itemized and got a pretty big return. Right now I'm just adjusting my withholding because I've realized I probably won't be able to itemize anymore (Going to sell the home and own one outright instead) in the future. edit: So I confirmed that I would avoid an underpayment penalty if I owed <$1,000 at the end of the year, but I can't find information as to whether or not this number adjusts for people who are married and filing jointly. Sephiroth_IRA fucked around with this message at 16:46 on Apr 10, 2013 |
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Apr 10, 2013 13:05
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asaf posted:stuff I'm guessing that your employer doesn't issue a W-2? Nor does he probably withhold social security and Medicare taxes. Since I doubt he'd want to do that, the self-employment option seems to be the way to go. In that case, keep track of your expenses, such as the software you use to telecommute, bank fees, and the like, and also set up a room in your apartment as a home office and only use that for your job. So that you can take the home office deduction for a portion of your rent & utilities. (Supposedly the IRS is simplifying the procedure to calculate that expense, but I'll believe it when I receive notice of the committee to decide the schedule of the hearings in the federal register). Also, any taxes withheld to pay Turkey could be taken as a credit or deduction on the US taxes. As far as now, yes, technically you are supposed to report your income and the fact that it is below the exclusion level to the IRS. Couldn't hurt to start, the forms aren't terribly complicated (form 2555-EZ should suffice), but once you're back in the US claiming self-employment income, it couldn't hurt to go to one of the tax-preparing places to make sure everything is in order and filed correctly.
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Apr 10, 2013 16:15
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Any professionals here move from Lacerte to Ultratax? Good/bad?
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Apr 10, 2013 17:43
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So I'm in a bind because I have some stock sales that took place this year that have no cost basis and since the stocks were purchased over 10 and 5 years ago by an older broker, I have no way to find the purchase cost on these sales. Any best tips in this situation?
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Apr 10, 2013 21:35
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AbbiTheDog posted:Any professionals here move from Lacerte to Ultratax? Good/bad? Any time you move from any software to any other software it sucks rear end because you have to go check the accumulated depreciation and other carry forwards for every single client. I discovered this when I went from Lacerte to Drake for the 2009 filing season. When I went back to Lacerte the next year, I just redid every 2009 return in Lacerte and then proforma'd it over because it was just easier that way. When doing that I discovered about a half dozen amendments that I had to prepare because something didn't transfer properly and I didn't catch it. Capital loss, minimum tax credit, foreign tax credit, NOL, etc. carryovers also did not transfer and had to be re-entered manually. This is not a problem unique to Lacerte or to Drake. My understanding is that it has the potential to happen between any two software vendors because they all handle current year calculations differently.
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Apr 10, 2013 23:00
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Acethomas posted:So I'm in a bind because I have some stock sales that took place this year that have no cost basis and since the stocks were purchased over 10 and 5 years ago by an older broker, I have no way to find the purchase cost on these sales. Any best tips in this situation? What kind of proceeds are we talking?
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Apr 10, 2013 23:51
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Admiral101 posted:What kind of proceeds are we talking? Total maybe around 3k for one transaction and 1800-2k for another transaction, I think the whole thing is under 5k. It was really old stock I got for working at a company (but I did pay for it, it was just deducted from my check) and a super old Disney Drip account that ended up becoming regular stock.
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Apr 11, 2013 00:18
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Do you have the acquisition date? Looking at the stock price on market for that date should be a pretty good indicator.
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Apr 11, 2013 02:15
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Admiral101 posted:Do you have the acquisition date? Looking at the stock price on market for that date should be a pretty good indicator. The wrong way to handle this is to just not report the sales on your 1040. The IRS already got a report of the sales and if you don't report something you're going to get a matching notice and have to prove your basis to someone who's actually paying attention at that point. If you report the gross sales to match the 1099-B (or whatever form you got) and then estimate your basis, you won't get a matching notice and you'll only be hassled about it if you get selected for audit, which is unlikely.
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Apr 11, 2013 04:05
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10-8 posted:This. Estimate the cost basis as best you can. If you know the day the shares were bought, use the average trading price for that day. If you know the month, use the average trading price for that month. If you only know the year, use the average trading price for the year. If you don't even know the year you're probably out of luck if you get audited. Thanks guys, I'll make my best guesses. Both purchases are actually made up of 2-4 years of smaller purchases so I'll just make some educated guesses.
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Apr 11, 2013 05:54
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Mobile double post
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Apr 11, 2013 05:57
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Consider me extremely ignorant. Here's my situation: I've been paying back taxes on last year in installments. I should nearly be caught up but I don't have anyway of knowing. Getting through to the IRS on the phone has proven difficult. Right now they take out what amount I could pay monthyl that I originally filed the form I filed months ago. I got an acceptance letter that it was sufficient and that was the last I heard of it. To ameliorate this for both me and the IRS: Do they have an online system where I can make payments and check my outstanding balance?
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Apr 11, 2013 12:13
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No. 9 posted:Consider me extremely ignorant. Here's my situation: I've been paying back taxes on last year in installments. I should nearly be caught up but I don't have anyway of knowing. Getting through to the IRS on the phone has proven difficult. Right now they take out what amount I could pay monthyl that I originally filed the form I filed months ago. I got an acceptance letter that it was sufficient and that was the last I heard of it. Maybe there's a quicker way, I'm not sure, but you can order a free account transcript here and it'll arrive via mail in 7-10 days.
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Apr 11, 2013 13:48
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10-8 posted:Maybe there's a quicker way, I'm not sure, but you can order a free account transcript here and it'll arrive via mail in 7-10 days. They also mail monthly statements. Have you moved recently?
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Apr 11, 2013 15:23
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This seems rather simple, but I can't get a straightforward answer from searching H&R Block's site or Google re: Roth IRA. H&R BLock is saying I'm not able to contribute any money to my Roth IRA, but that seems plain wrong. I am filing as Single and have a modified AGI much less than $110k in wages and compensation, I think. Even with capital gains, it's still a far amount under (as pure net income including stock sales, it might be more than the $110k limit). I have extra cash sitting around, so I wanted to contribute some to a Roth IRA this year. I didn't have my account info handy for my Mainstay Roth IRA (where my previously established account is), so I opened a Roth IRA account two days ago at E*TRADE and moved the full contribution into there -- $5000 -- from my general stocks/trading account also at E*TRADE. However, when I entered this in to H&R Block, it said my maximum contribution for the year was $0, and that I should withdraw the excess. (I put in $5000 as my 2012 contribution into their online software, and said that all $5000 of was deposited between Jan 1 and Apr 15 of 2013. Where is it getting this maximum of $0? Shouldn't it be a max of $5000? If $0 is correct and I should transfer the money out, should I tell E*TRADE to transfer it back as "excess contributions" and potentially incur the $25 fee, or should I just close the newly-created account as a revocation and maybe try again next year when I have a better handle on my eligible contributions? That might be more of a pain since it would require a written notice. I haven't contributed to my Roth IRA in several years, so it's not like I've already hit some wall there this year.
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Apr 12, 2013 07:01
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AbbiTheDog posted:They also mail monthly statements. Have you moved recently? Yeah, I've moved around considerably. I think I got one like 11 months ago. Nothing quicker than requesting a form?
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Apr 12, 2013 07:20
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SpelledBackwards posted:(as pure net income including stock sales, it might be more than the $110k limit) What does "pure net income including stock sales" mean? MAGI includes capital gains from stock sales.
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Apr 12, 2013 13:20
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Admiral101 posted:What does "pure net income including stock sales" mean? I am an idiot. What I meant was, gross compensation including gross proceeds from stock sales would've likely put me over the MAGI limit or very close to it, but since it's just capital gains from the sales, I'd still be around $80k as far as MAGI is concerned.
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Apr 12, 2013 15:30
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Jealous Cow posted:Follow up on the "missing" New York state return: Another follow up on this: 8 weeks after they received the return the status has changed to "We have received your return and determined that it needs additional review. Most reviews are completed in 4 to 6 weeks but may take much longer." I wish I could charge them interest.
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Apr 12, 2013 15:35
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No. 9 posted:Yeah, I've moved around considerably. I think I got one like 11 months ago. Nothing quicker than requesting a form? The IRS won't know you've changed your address unless you a) can and tell them or b) file a tax form and list your new address on there. They'll just be pissed at you now since you've been ignoring them.
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Apr 12, 2013 18:36
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SpelledBackwards posted:This seems rather simple, but I can't get a straightforward answer from searching H&R Block's site or Google re: Roth IRA. H&R BLock is saying I'm not able to contribute any money to my Roth IRA, but that seems plain wrong. It is really simple, which means I doubt any of us are going to be able to help you since it's probably something entered wrong in the tax software. Maybe try figuring out your MAGI on this worksheet: http://www.irs.gov/publications/p590/ch02.html#en_US_2012_publink1000230988 Another option is to have your tax software print out all the worksheets, and look through them to see if you can find an error somewhere.
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Apr 12, 2013 20:38
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AbbiTheDog posted:The IRS won't know you've changed your address unless you a) can and tell them or b) file a tax form and list your new address on there. Actually the post office informs them if you put in a forwarding order. Big brother needs to know how to keep track of you 
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Apr 12, 2013 21:15
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furushotakeru posted:Actually the post office informs them if you put in a forwarding order. Big brother needs to know how to keep track of you If. Sounds like he's moved a lot this year.
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Apr 12, 2013 21:31
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smackfu posted:It is really simple, which means I doubt any of us are going to be able to help you since it's probably something entered wrong in the tax software. I eventually enabled both Traditional and Roth IRA options, removed all the info I had entered there, and after a frustrating cycle of saving going back, it finally cleared all that garbage out and didn't say I had any more penalties, or anything like that. To be on the safe side, I called up E*TRADE and had them reverse my Roth IRA contribution earlier this week and close the account I had just set up. Thanks again for your help, which led me to poking the software harder.
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Apr 13, 2013 00:51
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I'm 19 and I've had a part-time job since July of '09. I usually make less than $2,000 dollars a year, but I've never filed for a federal tax refund because I didn't care/was lazy. Since I've never filed any kind of tax return or refund or anything like that, is it possible for me to get a refund for years past, or only this year?
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Apr 13, 2013 00:59
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Rubber Slug posted:I'm 19 and I've had a part-time job since July of '09. I usually make less than $2,000 dollars a year, but I've never filed for a federal tax refund because I didn't care/was lazy. Since I've never filed any kind of tax return or refund or anything like that, is it possible for me to get a refund for years past, or only this year? You can still file a late return until 3 years past the due date - the 2009 return was due April 15, 2010, so you have until Monday to file it before you lose the chance forever. 2010 and 2011 can still be filed anytime.
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Apr 13, 2013 02:36
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If I file an extension for this year's, does that extend the date for 2009 as well, or is that set in stone?
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Apr 13, 2013 03:19
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Rubber Slug posted:If I file an extension for this year's, does that extend the date for 2009 as well, or is that set in stone? The statute of limitations to claim a refund is three years from the due date of a return. Filing an extension for 2012 does not change the due date for 2009.
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Apr 13, 2013 05:53
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furushotakeru posted:The statute of limitations to claim a refund is three years from the due date of a return. Filing an extension for 2012 does not change the due date for 2009. poo poo, he's got three whole days to get it mailed.
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Apr 13, 2013 18:11
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