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I am currently doing a year with AmeriCorps, and we get a living stipend (rather than a salary), so I was told that we don't get W-2s for this year -- only next year. So, I just filed my sate & fed taxes with H&R block yesterday (I have another job), they were accepted, got a small refund, all is well. But, today I was just informed that I will, in fact, get a W-2 (or whatever form it is) this year. Can I amend/edit/resubmit my taxes for this year? My income was ~5k for one job and ~5k for the AmeriCorps stipend.
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Jan 30, 2014 17:29
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I suddenly have to pay taxes on a work trip I won (remember to get things in writing kids), and it bumps me into the next bracket ever so gently. I have an employer sponsored 401(k), filing singly, and make more than the cutoff for the Saver Credit. I have not contributed to an IRA and make a standard deduction. From reading about IRA's, it looks like I'm SOL? I was going to contribute to an IRA anyway, and I just need to reduce income by $500 to move down a bracket. Unless I'm understanding this all wrong? I feel really dumb because if I would have known before it showing up on my W4, a small 401(k) contribution increase would have mitigated this.
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Jan 30, 2014 17:48
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Jahoodie posted:I suddenly have to pay taxes on a work trip I won (remember to get things in writing kids), and it bumps me into the next bracket ever so gently. You are aware only that $500 into the next bracket is taxed at that bracket's rate, right? Unless going into another bracket makes you ineligible for certain deductions or credits, it's hardly the end of the world. But you have until April 15 to make a contribution to a Traditional IRA, but depending on your income level, you may or may not be able to deduct it since you have a 401k.
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Jan 30, 2014 17:52
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I totally forgot tax brackets are progressive in my freakout. Thanks for reminding me of Tax 101 stuff.
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Jan 30, 2014 17:59
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Bushwhacked posted:I know this question was touched upon on the OP, but I'm still a little unclear. I'm completely oblivious about filing taxes, since I used to simply throw my papers at my family accountant and let him take care of everything, so this is undoubtedly a dumb question. I just recently moved from New Jersey to Virginia and will be doing my taxes on my own for the first time. The move was right at the beginning of the new year, so I didn't pay any taxes in VA before the end of 2013. I'm assuming I should just go about things as if I'm still in NJ, with my mailing address being the only change? Does anything need to be done on the VA side of things, if I haven't earned any income or paid any taxes in the state? The two states don't have a reciprocal agreement as far as I know so you'll file a personal return in the state you worked in, which should give you a credit to use when you file a return in your state of residence.
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Jan 30, 2014 18:09
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I have a weird issue that I'm not sure I need to do anything about, since I know the mistake and the fix: I left my last job in April, and started my new one in May. The new one's W-2 is fine, no issues. But the W-2 from my previous job has a mistake on it. I had a payroll deduction for a 403(b) account. Because of that, I should have had the SECOND box in item 13 checked (Retirement Account.) But they accidentally checked "statutory employee." This is wrong...I was a regular, salaried, tax-paying employee. Should I both getting a corrected W-2? I discovered this when putting everything into TurboTax recently. I just "corrected" it myself by telling TurboTax that the 'Retirement Account' box was checked instead of the 'Statutory Employee.' But I'm worried that on the off-chance mine is looked at slightly more closely, they'll see the wrong box checked on the IRS's copy of my W-2 (or whatever form they actually get, since I'm not physically giving them my W-2 anymore) and I might get audited, or get my refund reduces or something because of reasons.
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Jan 30, 2014 18:30
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LorneReams posted:Strange question, but I've been playing a LOT of charity poker tournements, and the general vibe I get from the other players is that they just deduct the full entry fee for the year and mark the company that runs the tournys as the charity. Is that correct? I've been trying to get the name of the specific individual charities that each tournament goes to, but it's sometimes hard to figure out. The charity poker stuff I've seen has usually been some percentage of your buy-in going to the charity to make it legal to the state, the rest to the prize pool. The bar poker league I play in near Philly does 10%, so $2 of a $20 buy-in might count as charitable giving for me. But I'm pretty sure it doesn't count as I know my league isn't run by a 501(c)3 and looking at this list of eligible charities doesn't list many with "Poker" in their name, and no Eastern Poker. Maybe one of the tax pros can weigh in on whether giving money to an organization that gives money to charities counts, but I suspect not. Your receipts could count as gambling losses which could work to offset any tournaments you win or other gains from gambling during the year.
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Jan 30, 2014 18:53
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fordan posted:The charity poker stuff I've seen has usually been some percentage of your buy-in going to the charity to make it legal to the state, the rest to the prize pool. The bar poker league I play in near Philly does 10%, so $2 of a $20 buy-in might count as charitable giving for me. But I'm pretty sure it doesn't count as I know my league isn't run by a 501(c)3 and looking at this list of eligible charities doesn't list many with "Poker" in their name, and no Eastern Poker. Maybe one of the tax pros can weigh in on whether giving money to an organization that gives money to charities counts, but I suspect not. This is what they say: CHARITY POKER The Eastern Poker Tour provides charities with casino quality equipment and strict guidelines on providing quality charity poker tournaments for players who wish to compete for large nightly payouts in exchange for a charitable donation. The proceeds of all tournaments will go towards local non-profits making a difference in the community. So they run the tourny, but the charity is actually getting all the money. The charity is listed now, but previously it wasn't (i.e. this friday is "The Light and Leadership Initiative") Still confusing.
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Jan 30, 2014 19:03
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I read that, but assumed "proceeds" was what was left over after paying the prize pool, the dealers and the profit for Eastern, aka the minimum amount permitted by law in order for the tournament to fall under the charity exemption on gambling. Maybe I'm being cynical. Is there a prize pool? Where does it come from? How does Eastern get paid? Still think that unless they're secretly a 501(c)3 organization under a different name you're not going to be able to legally claim the deduction.
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Jan 30, 2014 19:28
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I sold an Illinois property in 2013 (was primary residence). In Illinois you pay property taxes in arrears (e.g. in 2013 you pay the property tax owed for 2012). When you sell a house you then prorate the taxes owed and give them to the new owner. So basically during the house closing, I credited the buyer $4000 for the taxes owed on the property for the time I lived there in 2013. The property tax that I actually paid in 2013 was for 2012, and is deducted on my 2013 return. Is the $4000 that the buyer was credited tax deductible?
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Jan 30, 2014 20:37
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So my whole last year has been a weird weird weird situation, tax-wise. From 2013, I have 2 W-2s (one primary for the first few months of the year, one full year but tiny), plus several months of unemployment where (I discovered at the very end of my stint) they were NOT withholding taxes, plus my new job where I think they were taxing me at a higher rate. And I'm also apprehensive about this current year, because my current primary job is switching me over to full-time consultant rather than employee, which puts me in self-employed land (and is a whole separate clusterfuck that I kind of can't get out of without failing to pay rent, so I'm stuck with it for now) and I have no idea what the hell quarterly taxes even look like and how to file them and if they take into consideration all the work I do (including the other tiny w-2 I draw) or just the self-employed bits. All the looking I've done has looked insane and said to "look at last year's income to estimate," but my last year's income is a hot mess for obvious reasons and does not reflect accurately on the current year. Also, the way a lot of it is phrased makes it looks like I should have already paid taxes on money I haven't even made yet? (And that I should have filed my quarterly taxes before they even officially had me on the consultancy?) I would love to go to a tax pro if I could but I really can't afford it. I would really, really prefer to do this myself if I can, I'm just deeply confused where to start with this self-employment business. For last year: Am I going to get a form from the Department of Unemployment that will tell me how to file that? Is that straightforward? For this year: Where the hell do I start with this quarterly taxes business?
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Jan 30, 2014 21:53
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Taxes are not due before you are paid the money. Start with Form 1040-ES which is annoying but will help you figure out what's due when. I dunno about the unemployment stuff.
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Jan 30, 2014 22:00
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Sab669 posted:Quick question because this is my first year I've worked full time the entire year. NY has a higher state tax than RI, I believe. Especially if you live in NYC, which charges an additional income tax on top of NYS tax. Other than this: - check to see if both RI and NY returns are marked as part year resident - check and make sure that each item of income is allocated to the correct state - Fix your NY withholding for 2014, if necessary. Bushwhacked posted:I know this question was touched upon on the OP, but I'm still a little unclear. I'm completely oblivious about filing taxes, since I used to simply throw my papers at my family accountant and let him take care of everything, so this is undoubtedly a dumb question. I just recently moved from New Jersey to Virginia and will be doing my taxes on my own for the first time. The move was right at the beginning of the new year, so I didn't pay any taxes in VA before the end of 2013. I'm assuming I should just go about things as if I'm still in NJ, with my mailing address being the only change? Does anything need to be done on the VA side of things, if I haven't earned any income or paid any taxes in the state? You don't have any income earned in VA in 2013, so there is no VA return to file for 2013. Do put your current (VA) address on the return so that mail gets sent to the right place. gaan kak posted:I am currently doing a year with AmeriCorps, and we get a living stipend (rather than a salary), so I was told that we don't get W-2s for this year -- only next year. So, I just filed my sate & fed taxes with H&R block yesterday (I have another job), they were accepted, got a small refund, all is well. But, today I was just informed that I will, in fact, get a W-2 (or whatever form it is) this year. Can I amend/edit/resubmit my taxes for this year? My income was ~5k for one job and ~5k for the AmeriCorps stipend. Yes you can file an amendment to add the new income. HRB or any other tax office should be able to take care of this for you if you can't figure it out on your own or just plain don't feel like doing it yourself. DrBouvenstein posted:I have a weird issue that I'm not sure I need to do anything about, since I know the mistake and the fix: I would not worry about it, personally. It is most likely just a printer alignment issue and probably isn't actually what is being reported (electronically) to the IRS. Droo posted:I sold an Illinois property in 2013 (was primary residence). In Illinois you pay property taxes in arrears (e.g. in 2013 you pay the property tax owed for 2012). When you sell a house you then prorate the taxes owed and give them to the new owner. So basically during the house closing, I credited the buyer $4000 for the taxes owed on the property for the time I lived there in 2013. The property tax that I actually paid in 2013 was for 2012, and is deducted on my 2013 return. Yes, if it was deducted from your sales proceeds. Nicol Bolas posted:So my whole last year has been a weird weird weird situation, tax-wise. As was said before, you owe estimated taxes on the income you earned in that quarter, not for income that you haven't earned yet (unless your income is irregular throughout the year and you are opting to make four equal quarterly payments, in which case it is possible to pay more tax for a quarter than would otherwise be warranted for that amount of income). You should get a 1099-G reporting your unemployment payments. Make sure your "not-employer" is paying you enough for consulting that you can afford professional help 
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Jan 30, 2014 22:22
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Thanks guys. That's quite a bit of stress off me; I'm gonna worry about it when my finances are a little more out of the woods and I start actually receiving payments for services rendered.furushotakeru posted:Make sure your "not-employer" is paying you enough for consulting that you can afford professional help They're really not, but that's not a tax problem. 
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Jan 30, 2014 22:45
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I received a 1099-Q form and I'm a bit confused at the moment. 2013 was my last year in college, and I received money from both a 529 plan and a Stafford loan to cover the costs. From what I understand, if the gross distribution from the 529 plan exceeds the total qualified expenses for my education, I need to report the amount as "other income" on my return. What has me confused is how the money I received from my Stafford loan affects my tax situation. Does it reduce what qualifies as educational expenses (in which case, since room/board/student medical fees don't count, it would wipe that out completely), or does it not factor in at all for this situation?
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Jan 31, 2014 08:47
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Infinotize posted:Question about IRA recharacterizations and contributions I can't seem to get straight from googling or the IRS site. Shamelessly reposting my question. I think I'm allowed to contribute as normal in my case, but not totally sure.
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Jan 31, 2014 13:58
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I work as a contract security guard through a big company, dispatched at a condominium facility. Every year, the HOA takes up a gratuity fund, which residents donate to anonymously, a percentage of which is given to each of the staff, contract or otherwise. I received a 1099 for 2012 well after I had already filed my taxes last year and have yet to receive one for this year. There's a lot of spooky language on the internet about what happens when you don't file 1099s, but I'm not sure if I should be shaking in my boots or not. The amounts I received were relatively small, both under $2k, and taxes were not taken out of them. From what I gather with a quick Google search, I should file a 1040X for last year and wait for this year's to come before filing, but is all of that really necessary, considering the funds distributed are functionally a holiday gift from anonymous contributors? If I do have to file the 1040X, how do I calculate what amount is owed? I received a refund last year, so presumably I'd have to mail the amended return off with a check.
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Jan 31, 2014 15:58
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Thanks, furushotakeru. I went back and modified the residency info and now I'm getting like $200 back from NY instead of paying them $1700 
Sab669 fucked around with this message at 18:28 on Jan 31, 2014 |
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Jan 31, 2014 16:52
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JulianD posted:I was trying to get my feet wet with stocks for the first time this year, and I made only $1.02 from a single sale. I have a form 1099-B, but I'm trying to file my taxes using software, which is now informing me I have to upgrade to a paid edition of the software in order to input that information. I feel like I should still file the form even though it was such a small gain, but it's going to cost $50 to file now. Is there any free software that will support inputting this information? Yeah, that sucks. The tax software companies pick fairly arbitrary divisions between their levels. And yes, do file the form, because it's really easy for the IRS to check those numbers against your return. TaxAct's free online option does say it includes the capital gains form, so that might work for you: http://www.taxact.com/taxes-online/free-online-tax.asp?s=OLSTD BTW, I wonder if the IRS will let more small gains slide now that they now the basis for a lot of stock transactions. Before they would assume any $1000 sale was a $1000 gain and treat it like a major issue, but if they know it's only a $1 gain now...
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Jan 31, 2014 18:16
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Literally Elvis posted:I work as a contract security guard through a big company, dispatched at a condominium facility. Every year, the HOA takes up a gratuity fund, which residents donate to anonymously, a percentage of which is given to each of the staff, contract or otherwise. I received a 1099 for 2012 well after I had already filed my taxes last year and have yet to receive one for this year. The IRS computers work slow, but they still work. You'll get a CP2000 notice in the mail probably in the next six months or so where they simply calculate what they think you owe and bill you. If you disagree, you can write back and dispute it or pay the tax. They also copy the state you live in, so if you live in a state with income taxes they'll send you a bill also. For the current year, you're supposed to pay taxes on money you receive whether you get a 1099 or not, so your little taxpaying soul should be honest and report the income even if you haven't gotten a 1099. It's YOUR responsibility to track this during the year and not rely on the 1099 to tell you the amount.
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Jan 31, 2014 18:38
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smackfu posted:Yeah, that sucks. The tax software companies pick fairly arbitrary divisions between their levels. And yes, do file the form, because it's really easy for the IRS to check those numbers against your return. Great, thanks for pointing me in the right direction. I still have to wait two more weeks until the IRS finalizes form 8936 to file, unfortunately, but at least I can get a start on everything else.
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Jan 31, 2014 20:09
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I was a part-year resident of NY and CA both in 2013; moving from CA to NY after roughly 1/2 the year. I just got my W-2 from my (one) job and it is done like this (made-up numbers, but the magnitudes are correct) Box 1: 10,000 Box 16 - CA: 4,000 Box 16 - NY: 10,000 - in other words, box 16 on my W-2 showing income earned for NY is the same as box 1, which includes income earned in both CA and NY. Box 18 - NYC: 6,000 - in other words, the difference between my box 1 amount and my box 16-california amount - what I think I actually earned while in NY. My company's payroll department insists this is correct and that there is some NYS regulation that what is printed in box 16 on an NY W-2 always be the same as box 1, which makes no sense - I didn't earn 40% of that income in NY! Why would I be taxed on it? I can reallocate it in TurboTax to specify what part belongs to NY, and think that is the right thing to do, but will NYS get wind of this somehow and will this cause me trouble? Is there really some bizarre NYS law that I need to somehow be taxed on money I didn't earn in NYS?
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Jan 31, 2014 23:06
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Hey guys, been looking online but I can't quite figure out how to word it so I figured I would just ask here. My girlfriend and I are wondering whether getting married before filing our taxes would be worth it or not. She gave birth to our first child on Christmas Day. We have been planning on getting married this year but if we would be getting a significantly higher return for getting married now we would definitely do it. I'm just not sure if it matters that we got married AFTER my son was born. As far as I know if we file separately without getting married she would be receiving around $1000 for the baby, and from what I've read that would increase to $3000+ if we filed together, but again I'm pretty uninformed in this area so I don't know. Any help would be appreciated!
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Jan 31, 2014 23:47
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Sab669 posted:Thanks, furushotakeru. I went back and modified the residency info and now I'm getting like $200 back from NY instead of paying them $1700 Great. I'll send you my invoice for $950 (1/2 of the difference is fair, right? )
furushotakeru fucked around with this message at 00:18 on Feb 1, 2014 |
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Feb 1, 2014 00:10
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zeldadude posted:Hey guys, been looking online but I can't quite figure out how to word it so I figured I would just ask here. Well you can't go back in time and be married on December 31, 2013, so you can't file together. Feel free to get married some time this year so you can file your 2014 taxes together if it makes sense to do so.
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Feb 1, 2014 00:11
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Bisty Q. posted:I was a part-year resident of NY and CA both in 2013; moving from CA to NY after roughly 1/2 the year. Yeah NY DOR is stupid and they smell funny too. Just allocate everything properly when you prepare the return and you will be fine.
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Feb 1, 2014 00:18
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Infinotize posted:Shamelessly reposting my question. I think I'm allowed to contribute as normal in my case, but not totally sure. What you did this time wasn't a recharacterization, it was a conversion. Yes, converted amounts need to have tax paid on them in the year of the conversion, and no the conversion does not count toward your annual contribution limit.
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Feb 1, 2014 00:20
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Ancillary Character posted:Well you can't go back in time and be married on December 31, 2013, so you can't file together. Feel free to get married some time this year so you can file your 2014 taxes together if it makes sense to do so. Yeah that's what I figured, just wanted to check though, thanks!
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Feb 1, 2014 00:22
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furushotakeru posted:What you did this time wasn't a recharacterization, it was a conversion. Yes, converted amounts need to have tax paid on them in the year of the conversion, and no the conversion does not count toward your annual contribution limit. Thanks a lot!
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Feb 1, 2014 15:21
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Ive had two of an ex girlfriends kids living with me through 2013, one is 12 (male) and enrolled in the local school district, the other is 19 (male) and has been unemployed throughout the previous year (2013). I am not legal guardian to either one, as in I have no paperwork saying these are legally my kids. I'd like to claim both of them this year on my tax return as they meet the five qualifications for claiming as a dependant. My question is do I need any additional paperwork or forms to accompany my 1040ez form?
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Feb 1, 2014 15:39
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Quick question: I own a rental property. I had to replace a window that a tenant broke. The windows are old as hell so I went ahead and replaced all of them. Can I claim a prorated amount of the final bill as a "repair" expense for the broken window for this year, and depreciate the rest, or do I have to depreciate the entire thing as a capital improvement? Thanks!
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Feb 1, 2014 17:11
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potentiometer posted:Ive had two of an ex girlfriends kids living with me through 2013, one is 12 (male) and enrolled in the local school district, the other is 19 (male) and has been unemployed throughout the previous year (2013). I am not legal guardian to either one, as in I have no paperwork saying these are legally my kids. Since the title for the 1040EZ is "Income Tax Return for Single and Joint Filers With No Dependents", I think you have to file a 1040A instead. You don't need to submit any forms to prove they are qualifying relatives eligible to be your dependent, only their names and SSNs on the Exemptions section. I think the only way you would run into an issue is if someone else (your ex, perhaps) tried to claim them as dependents in the same year.
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Feb 1, 2014 17:12
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My fiancee made $60k last year as an independent contractor and self-employment taxes are killer. Someone suggested forming an S-Corp. But everything I can read on it seems geared for people who make more than this. I've seen some mentions that there are costs to having an S-corp (e.g. unemployment taxes). How can I find out if it would be worth it given this relatively low net income? Obviously it's too late for 2013. But her situation in 2014 is different--she's in school for the year so she won't be making nearly as much. She's hoping at least $5500 so she can max out her Roth IRA but I doubt it'll be more than say $20k. Probably counter-productive to form an S-corp this year, right?
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Feb 1, 2014 17:49
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JohnnyPalace posted:Since the title for the 1040EZ is "Income Tax Return for Single and Joint Filers With No Dependents", I think you have to file a 1040A instead. You don't need to submit any forms to prove they are qualifying relatives eligible to be your dependent, only their names and SSNs on the Exemptions section. I think the only way you would run into an issue is if someone else (your ex, perhaps) tried to claim them as dependents in the same year. Oh crap, its been awhile since ive filed with dependants so 1040A it is. Grandma had the exemption last year and ive let her know that i'm taking it this year so there shouldn't be any issues. If asked there won't be any problems showing residency on either one. Thanks for the reply!
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Feb 1, 2014 18:49
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SurgicalOntologist posted:My fiancee made $60k last year as an independent contractor and self-employment taxes are killer. Someone suggested forming an S-Corp. But everything I can read on it seems geared for people who make more than this. I've seen some mentions that there are costs to having an S-corp (e.g. unemployment taxes). How can I find out if it would be worth it given this relatively low net income? Issue with the S corp is as follows: 1) You lose the office in home deduction. There's a way around it but it's a hassle. 2) He has to take payroll, which means payroll processing and extra costs 3) The more practical issue of how a sole consultant ISN'T taking all the profits on a W-2, if you aren't selling inventory or have any employees. The IRS wants S Corp owners to take "reasonable compensation" and if he's consulting and not selling anything, you would have a hard time arguing why his wages shouldn't equal the $60k to start with, which negates the entire point of the S Corp.
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Feb 1, 2014 18:51
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JohnnyPalace posted:Since the title for the 1040EZ is "Income Tax Return for Single and Joint Filers With No Dependents", I think you have to file a 1040A instead. You don't need to submit any forms to prove they are qualifying relatives eligible to be your dependent, only their names and SSNs on the Exemptions section. I think the only way you would run into an issue is if someone else (your ex, perhaps) tried to claim them as dependents in the same year. The IRS computers catch this immediately when you try to e-file and send you a little electronic notice. "One of your dependents was claimed on another return already!" If that's the case and you still want to claim them you would need to paper file and attach an explanation.
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Feb 1, 2014 18:52
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AbbiTheDog posted:3) The more practical issue of how a sole consultant ISN'T taking all the profits on a W-2, if you aren't selling inventory or have any employees. The IRS wants S Corp owners to take "reasonable compensation" and if he's consulting and not selling anything, you would have a hard time arguing why his wages shouldn't equal the $60k to start with, which negates the entire point of the S Corp. That's what I was thinking, thanks for confirming. I was wondering if maybe 40/20 would work, but if that would be suspicious it's probably a no-go.
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Feb 1, 2014 19:54
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SurgicalOntologist posted:That's what I was thinking, thanks for confirming. I was wondering if maybe 40/20 would work, but if that would be suspicious it's probably a no-go. Unfortunately, the IRS audit rate for corp is insanely low compared to being self-employed on a schedule c. So the IRS probably wouldn't catch you until/if you got audited, and then they would go back and nail you for open years too. I would not recommend it. Some people will incorporate, take it all (or mostly) on a W-2 anyways simply to lower their audit risk.
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Feb 1, 2014 20:08
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Tyro posted:Quick question: I own a rental property. I had to replace a window that a tenant broke. The windows are old as hell so I went ahead and replaced all of them. Expensing the portion allocable to the broken window is probably fine. As best as I can tell, replacing all the windows doesn't rise to the level of a remodel (where you'd have to capitalize the whole thing).
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Feb 1, 2014 20:35
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scribe jones posted:Expensing the portion allocable to the broken window is probably fine. As best as I can tell, replacing all the windows doesn't rise to the level of a remodel (where you'd have to capitalize the whole thing). Have you read the new IRS regs with the 23 examples? Effective 2014 tax year but early application encouraged? HAVE YOU!?!?!? Come on man, letting these expenses slide through the cracks contribute to our nation's deficit every year.
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Feb 1, 2014 20:55
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