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Tim Whatley posted:Sorry if this has been asked. I received two W2s this year because I switched jobs in July. On top of this, I bought a LLC just to have in December 2012. (There has been no money involved anywhere with it besides when I purchased it) Now that it's been over a year, do I need to do anything with it when filing my taxes? New Hampshire, if that matters. NH may want you to do something, but from a federal perspective (if you have not made a check-the-box election and you are the sole owner of the LLC) your LLC is a disregarded entity and there are no special filing requirements. If there were no expenses or income, then there would be nothing to report. You say you purchased the LLC, did you buy a business? Property? Or do you just mean the filing fee?
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Jan 22, 2014 04:13
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PatMarshall posted:NH may want you to do something, but from a federal perspective (if you have not made a check-the-box election and you are the sole owner of the LLC) your LLC is a disregarded entity and there are no special filing requirements. If there were no expenses or income, then there would be nothing to report. You say you purchased the LLC, did you buy a business? Property? Or do you just mean the filing fee? I'm guessing just the filing fee. It was like $100-150 or something and I owe it again by April 1st to the state to stay in good standing. That's about it. I bought it essentially to hold onto it. Now that I think of it, I would've had to do something with it last year and obviously didn't haha.
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Jan 22, 2014 04:14
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Ugh, Turbotax moved Schedule D from TurboTax Deluxe to TurboTax Premiere, at least in the online version. Annoying.
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Jan 22, 2014 14:42
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smackfu posted:Ugh, Turbotax moved Schedule D from TurboTax Deluxe to TurboTax Premiere, at least in the online version. Annoying. Welcome to intuit's business model, where everything that you did before now costs more money for the same function for no reason.
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Jan 22, 2014 15:30
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Quicken Home and Business is worthless for anyone who doesn't fit into a very specific mold when it comes to schedule C. I'm making my preparations to have an accountant do my taxes this year and the expense tracking is borderline worthless. If you're not in a business that operates on invoices (like myself, selling artwork at conventions is a cash business) you have to fight against it in so many ways that it makes me question why I even bothered with it versus just doing my books in Excel (which I haven't had to stop doing). Intuit sucks.
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Jan 22, 2014 15:59
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smackfu posted:Ugh, Turbotax moved Schedule D from TurboTax Deluxe to TurboTax Premiere, at least in the online version. Annoying. I used TurboTax last year, and they filed my state rerun for free. This year they're charging $40. Are there any other free efilers that will do NC state returns for free or much cheaper, or will I have to pony up this year? edit. H&R block does free NC returns. Donald Kimball fucked around with this message at 17:31 on Jan 22, 2014 |
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Jan 22, 2014 16:42
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Is it too late for me to pay in advance for my taxes? My income this year (approx. $23-25k) came in the form of two big fellowship chunks, which are taxable but don't have any withholding, and I haven't paid any in advance yet. Should I just eat the penalty come tax time? That's what I did last year, but could I just send them a check now for last year's taxes and be done with it? Does it have to be in four chunks?
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Jan 22, 2014 21:09
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berzerker posted:Is it too late for me to pay in advance for my taxes? My income this year (approx. $23-25k) came in the form of two big fellowship chunks, which are taxable but don't have any withholding, and I haven't paid any in advance yet. Should I just eat the penalty come tax time? That's what I did last year, but could I just send them a check now for last year's taxes and be done with it? Does it have to be in four chunks?
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Jan 22, 2014 22:26
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I lived and worked in MA for a company in MA from January to June, lived in NY but continued to work for the same company in MA from July to September, and continued living in NY but on MA unemployment from October to December. The salary had MA state tax withheld. The unemployment income had nothing withheld. If I'm reading the OP correctly, I need to file in both MA and NY. Is that correct?
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Jan 22, 2014 22:30
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Are there any online tax services that actually work you through the official IRS forms instead of having their own special snowflake wizards? I would really like something where I can just pull up the forms I need, any calculated fields get filled in for me, and then at the end it scans the whole thing and alerts you if it thinks you might have missed something. I guess because I'm sort of tempted to do it by hand by I'm afraid I'll miss something. Failing that, any idea what the cheapest online service for people who need to file self-employment taxes? It looks like e-smart tax is $30 but state additional and like other websites they don't want to tell you how much it will really cost until you filled in the information, so you just say "gently caress it" (happens to me every year). Failing a specific recommendation, is there somewhere that does a side-by-side comparison of the price points of various web-based tax services?
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Jan 23, 2014 00:09
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Quick HSA question. Say I am contributing 3000/year out of my paycheck to my HSA, but I'm married and have family coverage on my insurance so the max is like 6000 or close to that. If I know that there will be a large expense coming up in near future (eg planned surgery or a pregnancy) and I don't have enough in the HSA to cover it at the time, can I contribute that money from my own bank account to the HSA in advance? If I can do that and then claim it on my taxes for that year basically I'm giving myself a discount at my marginal tax rate right?
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Jan 23, 2014 15:39
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Welp, I hosed up my withholdings. I graduated med school in 2012 and started residency in 2012. When I calculated my withholdings at that time, went for 8 and still ended up with a return because I paid tuition, took educational credits, etc that year while only working for 6 months, and earned 24k. I forgot to change them for 2013 where I earned 54000 and only paid 2400 in federal taxes. Turns out I owe 3500 in federal taxes.  I recalculated my withholdings on the IRS calculator and it shows 2. Does this sound about right for a single unmarried no kids guy who will earn about 56k for 2014?
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Jan 23, 2014 16:18
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If your AGI is between $30,000 and $58,000 there are a number of free online software options. Check your state's Department of Revenue website, they should have options like: https://turbotax.intuit.com/taxfreedom/ https://www.olt.com/main/oltstateff/default.asp?linkID=IL https://www.taxactonline.com/s_online_tax2012/index.asp?sc=12050302 I've used TurboTax Freedom Edition for the past two years and never had a problem (and after paying someone to do my taxes this year, probably should have just used it again).
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Jan 23, 2014 17:22
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GanjamonII posted:Quick HSA question. Maximum contribution for family coverage (under 50 years old) for 2013 is $6,450. If you contributed $3,000 out of your paycheck, you can contribute up to an additional $3,450 by April 15th and designate it as a 2013 contribution (and deduct the additional contribution on your 2013 tax return, assuming you qualify).
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Jan 23, 2014 19:28
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TheEye posted:I lived and worked in MA for a company in MA from January to June, lived in NY but continued to work for the same company in MA from July to September, and continued living in NY but on MA unemployment from October to December. The salary had MA state tax withheld. The unemployment income had nothing withheld. Yes. NY will want to tax the money you earned while living in NY, even if it has MA taxes withheld on it instead of NY. NY should give you a credit for taxes paid to MA on your NY taxable income. Look into the "other state tax credit".
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Jan 23, 2014 19:30
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I'm trying to determine why my refund went into the Owed column this year. Some basic info: Married Filing jointly Military (Home of record is Arizona, currently stationed in Texas) I worked in the military all year Wife got a job around march 2013, working in Texas. I brought in 51000 in wages, and paid in 5550 in Federal withholdings (Claiming 0 on my w-4) Wife brought in 15000 and only paid 450 in Federal withholdings (Claiming 1 on her W-4) Last year she didn't work (Student), I had the same military job, and made 45000, paying 4700 in fed withholdings. Here's all I can think of that changed...let me know if I'm off course here. Last year she was a student, no income. We did qualify for some educational credits to the tune of about 1000. We ended up receiving about a $3000 refund. This year, no educational credits and standard deductions. We can use the 1040EZ since no credits (we don't own a home, etc.), and the EZ form and turbotax is saying we owe about $50. If I look at the percentage withheld from her paycheck, it is way lower than mine (3% compared to about 10%). I'm not sure how payroll works, but when she submitted that original W-4 and claimed 1, it seems like she should have had more withheld, no? So her small amount of withholdings, plus the fact of no credits this year, ends up meaning we owe, which I'm fine with, just trying to understand the drastic difference and how she didn't have closer to 1000-1500 withheld from her pay (is this really just because she claimed 1 instead of 0? It seems like a lot). Thanks for any light you all can shed on this.
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Jan 23, 2014 23:46
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SurgicalOntologist posted:Are there any online tax services that actually work you through the official IRS forms instead of having their own special snowflake wizards? I would really like something where I can just pull up the forms I need, any calculated fields get filled in for me, and then at the end it scans the whole thing and alerts you if it thinks you might have missed something. I guess because I'm sort of tempted to do it by hand by I'm afraid I'll miss something. Free File Fillable Forms for your federal needs. The link is at the bottom of the page.
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Jan 24, 2014 00:53
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nwin posted:I'm trying to determine why my refund went into the Owed column this year. Some basic info: I can't tell if this is a joke or not. Your wife worked but was underwithheld, and you don't have a credit that you had last year, so now you owe. Have her increase her withholdings.
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Jan 24, 2014 01:37
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scribe jones posted:I can't tell if this is a joke or not. Your wife worked but was underwithheld, and you don't have a credit that you had last year, so now you owe. Have her increase her withholdings. Not a joke at all, I'm just surprised the underwithholding made that much of a difference considering the credit was only about 1k. So, what would be the best course of action in the future for both of us on our W-4's? I don't want a 5k refund each year, but I also don't want to owe. The tax calculator I'm looking at says I need to claim 2 and she needs to claim 1. That seems like it would give quite the refund though.
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Jan 24, 2014 02:28
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nwin posted:Not a joke at all, I'm just surprised the underwithholding made that much of a difference considering the credit was only about 1k. If you're claiming 0 and she claims 1 and you're paying $50, claiming 2 while she claims 1 will cause you to pay quite a bit more at year end.
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Jan 24, 2014 02:32
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I might be in the minority here but I consider $50 plus or minus to be pretty well even money when it comes to doing taxes. If that were my case, I wouldn't change anything unless I expected significant changes in my income or credits.
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Jan 24, 2014 02:37
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baquerd posted:If you're claiming 0 and she claims 1 and you're paying $50, claiming 2 while she claims 1 will cause you to pay quite a bit more at year end.  Good point-clearly not thinking the best tonight.Another point though-if I did go off the calculator I was using and claimed 2, that would seem completely rear end backwards because while I would be getting a bigger net paycheck each period, like you said-I would owe a ton at year end. Do most people generally claim LESS than the actual amount of dependents, which is why you (or at least I) always seem to hear a lot about people getting refunds? nwin fucked around with this message at 02:46 on Jan 24, 2014 |
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Jan 24, 2014 02:40
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Bisty Q. posted:Free File Fillable Forms for your federal needs. The link is at the bottom of the page. drat, it requires income >= $58k. Some day...
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Jan 24, 2014 18:13
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SurgicalOntologist posted:drat, it requires income >= $58k. Some day... No it doesn't. It looks that way based on the page linked, but anyone can use the free fillable forms, once they become available.
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Jan 24, 2014 18:18
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Oh, I get it. They just assume that if you qualify for the easier option, you'll use it. That's a misleading way to label your buttons, IRS  . Well, thanks for clearing it up.
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Jan 24, 2014 18:22
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nwin posted:
W-4 2014 posted:Two earners or multiple jobs. This is especially true in cases of great income disparity. In your wife's case, since she claimed 1, the tax was withheld as if she would be going taxes on only her income, and with so little income, she qualifies for very little tax.
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Jan 24, 2014 21:10
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TenjouUtena posted:This is especially true in cases of great income disparity. In your wife's case, since she claimed 1, the tax was withheld as if she would be going taxes on only her income, and with so little income, she qualifies for very little tax. Thank you! This makes sense now!
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Jan 24, 2014 21:37
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Residency Evil posted:Welp, I hosed up my withholdings. I graduated med school in 2012 and started residency in 2012. When I calculated my withholdings at that time, went for 8 and still ended up with a return because I paid tuition, took educational credits, etc that year while only working for 6 months, and earned 24k. I forgot to change them for 2013 where I earned 54000 and only paid 2400 in federal taxes. Turns out I owe 3500 in federal taxes. Bump, anyone?
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Jan 24, 2014 21:55
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Residency Evil posted:Bump, anyone? If you are single with no dependents and do not itemize then single with 2 exemptions is correct.
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Jan 24, 2014 23:47
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I've used TurboTax the past few years (Deluxe Edition online). Can I use a cheaper edition this year and still have access to my archived tax returns online? I just have student loan interest to declare - would the Free or Basic edition be sufficient to declare my student loan interest?
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Jan 25, 2014 01:46
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EugeneJ posted:I've used TurboTax the past few years (Deluxe Edition online). Can I use a cheaper edition this year and still have access to my archived tax returns online? Unless they changed it from last year, you can do a simple federal return that includes student interest deductions using the free version of TurboTax. Just be ready for them to ask you to upgrade about a billion times. It also won't tie into your prior year TurboTax returns, so you will spend a little extra time doing data entry (your name, address, etc.).
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Jan 25, 2014 02:53
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It's time for the annual feature: Batshit Tax Questions from Three Phase for furushotakeru!  I got my W2 today, everything seems copacetic except for one detail: On W2 prepared for 2012 (with older payroll software), it had an address like this: quote:Three Phase Now I technically live at a ZIP+4 address 12345-6789 On the W2 for 2013 (new payroll software), it has this: quote:Three Phase What happened was I left the extended Zip (AKA "Zip+4") section blank (the required fields were highlighted, the +4 was not a required field and I didn't know it off the top of my head) in the payroll data entry. The software probably just popped in zeroes since nothing was there. I did a little digging, and the general consensus I've heard is that on a W2, the critical things are: A. The SSN being correct B. The employer information/EID being correct C. The monetary amounts being correct D. The name being correct When I am prompted to enter the W2 information in my tax software, should I use the listed ZIP (12345-0000) on the W2, something else (12345-0000 or 12345-6789) or do I need to get my W2 replaced/corrected? I've heard multiple answers on this: Match the zip code even if it's wrong Zip code doesn't really matter I also noticed this comment pertaining to reject codes, but this is for the state of Illinois so I'm not sure if it matters: quote:0508 The nine-digit ZIP Code (SEQ 0095) may contain a five-digit ZIP. If nine is intended, no spaces or hyphens are allowed. If five is intended, there are no leading or imbedded spaces; the first five characters are numeric; and, the last four characters are blanks or zeros. When state is “IL” the five-digit ZIP Code must be greater than 60000 and less than 63000, or equal to 47591, 52601, 52761, 63343, 63461, 63673. If you could let me know what you think on this, furu, I would be very appreciative. Three-Phase fucked around with this message at 04:26 on Jan 25, 2014 |
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Jan 25, 2014 04:23
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I moved from Chicago to upstate New York for a job last May. I have it mostly figured out, because Turbotax makes this poo poo really easy. But I'm wondering how exact my moving expense estimate has to be. I packed myself and all the poo poo I could fit into my sedan, all by myself. I didn't use movers or u-haul or storage or anything complicated. I didn't stay in a hotel, I just drove straight through. I don't have receipts for gas, so I just multiplied the standard rate of $.24/mile (found on the IRS website) by miles driven and got this: I know I paid tolls on the way, but I can't remember how much they cost. I took toll roads in IL, IN, and OH. And maybe part of PA, but I don't really remember. Can I just round up as a guesstimate? If I tack on another, idk... $25 or $30 to the mileage rate I calculated, am I going to be OK?
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Jan 25, 2014 05:11
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Please note that if you are a goon who lives with their parents' basement, you may only be able to claim 1 allowance as a person can only be claimed once, so if your parents claim you, you can't claim yourself. Same goes for married folk. If your spouse claims you, you can't claim yourself. A single goon likely can also claim an allowance for having only one job or one main job and a job that earns less than $1500 in a year. If you have 0 allowances you owe federal income taxes from the very first dollar you make in a year. Rad!
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Jan 25, 2014 14:39
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martyrdumb posted:I moved from Chicago to upstate New York for a job last May. I have it mostly figured out, because Turbotax makes this poo poo really easy. But I'm wondering how exact my moving expense estimate has to be. I packed myself and all the poo poo I could fit into my sedan, all by myself. I didn't use movers or u-haul or storage or anything complicated. I didn't stay in a hotel, I just drove straight through. I don't have receipts for gas, so I just multiplied the standard rate of $.24/mile (found on the IRS website) by miles driven and got this: $25 or $30 exceeds the Internal Revenue Service's Standards for Filing an Ethical & Accurate Tax Return (SFEATR). Filing that return with that degree of error will result in criminal penalties and the potential for investigation by agents from the FBI and CIA and also for John Koskinen to personally audit your 1040.
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Jan 25, 2014 17:39
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Admiral101 posted:$25 or $30 exceeds the Internal Revenue Service's Standards for Filing an Ethical & Accurate Tax Return (SFEATR). Filing that return with that degree of error will result in criminal penalties and the potential for investigation by agents from the FBI and CIA and also for John Koskinen to personally audit your 1040.
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Jan 25, 2014 20:53
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Three-Phase posted:It's time for the annual feature: Batshit Tax Questions from Three Phase for furushotakeru! It doesn't matter. If you type it in one way and it gets rejected, try it the other way instead
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Jan 25, 2014 21:18
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Admiral101 posted:$25 or $30 exceeds the Internal Revenue Service's Standards for Filing an Ethical & Accurate Tax Return (SFEATR). Filing that return with that degree of error will result in criminal penalties and the potential for investigation by agents from the FBI and CIA and also for John Koskinen to personally audit your 1040. So punchy and it's not even February yet. Can't wait to see how salty this thread gets by the first week of April 
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Jan 25, 2014 21:20
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TenjouUtena posted:This is especially true in cases of great income disparity. In your wife's case, since she claimed 1, the tax was withheld as if she would be going taxes on only her income, and with so little income, she qualifies for very little tax. Let me throw something else at this. What if I filed Married Filing Seperately? By my faulty logic, I made 50k claiming 0, so I would get a refund. Since she only made 15k and claimed 1, would she possibly get a refund too? I've got to be completely wrong in this, I just want to understand why.
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Jan 26, 2014 00:18
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nwin posted:Let me throw something else at this. What if I filed Married Filing Seperately? Don't look at this as "How Much Refund do I get" but "How much tax do I pay"
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Jan 26, 2014 00:23
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