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Xenoborg posted:H&R Block is kicking out my 1099-R for the Roth saying that the numbers are impossible. Doing some research on this I found the exact process used was a rollover from the traditional and Roth 401k into a traditional IRA, which was then converted to a Roth. Did this mess something up and is why all the realized gains from the Roth 401k are showing up as taxable? I don't really care about paying more, its like $15 more in tax, but I want to make sure its not a mistake and that I report it correctly.
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Feb 7, 2014 16:45
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ashgromnies posted:Is there any way I can view what my withholdings are set at? I owe $1200 again this year, this sucks. Go ask your HR. Or just file another W-4 with whatever personal exemptions you need.
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Feb 7, 2014 18:42
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ashgromnies posted:Is there any way I can view what my withholdings are set at? I owe $1200 again this year, this sucks. It should be on your paycheck.
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Feb 7, 2014 19:40
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Karthe posted:I just want someone to look over my finances and tell me why I owe a poo poo ton of money every year even though I filled out a 1 on the W4. I'd rather sit down face-to-face with someone and talk it out instead of just blindly leaving things to a software package, even if the end result is the same. Just curious, do you receive a normal regular salary or do you have income from bonuses or on call pay that make up part of your income. Usually if you just have a set pay schedule, and you go through the IRS tools for setting your withholding you'll be pretty close. I work in IT and receive an extra XXX dollars every week I'm on call. It's processed as a separate paycheck and therefore the appropriate amount of taxes aren't taken out by payroll, which ends up with us owing at the end of the year. ashgromnies posted:Is there any way I can view what my withholdings are set at? I owe $1200 again this year, this sucks. Should be on your paycheck. At the top of my paystub it says Fed Witholding: 2
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Feb 7, 2014 21:14
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skipdogg posted:Just curious, do you receive a normal regular salary or do you have income from bonuses or on call pay that make up part of your income.
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Feb 7, 2014 21:54
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Getting a 1098-T where Box 5 has a larger amount than Box 2 is totally hosed, right? My school included the amount to which they subsidized my health insurance as a "scholarship or grant" but didn't include the full cost in the amount billed. I don't think a health insurance subsidy is a scholarship or grant, either? Akumu fucked around with this message at 23:33 on Feb 7, 2014 |
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Feb 7, 2014 23:31
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is there a recommended website to e-file my taxes for cheap/free? I used taxact.com last year, and would be willing to do so again, but I'd like to know if I can save a bit of money using a different service.
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Feb 8, 2014 00:09
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neogeo0823 posted:is there a recommended website to e-file my taxes for cheap/free? I used taxact.com last year, and would be willing to do so again, but I'd like to know if I can save a bit of money using a different service. Depending on your income, some of these options may be free: http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
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Feb 8, 2014 00:22
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Akumu posted:Getting a 1098-T where Box 5 has a larger amount than Box 2 is totally hosed, right? That's what I got. Doesn't it just mean you got a bunch of grants that more than covered your fees? JohnnyPalace posted:Depending on your income, some of these options may be free: I went through these stupid things and the only one that seemed decent was either turbotax or it was taxact and they still cost money to file state taxes. Federal was free, but that wasn't very helpful. Copied from the small questions thread: quote:I made 5k in maine, exclusively in maine. In march, I worked in mass for 3 days totalling 144.00 and 6.98 in state tax. I checked on both turbotax and taxact, went back and reentered it twice, I didn't enter it wrong. Apparently it takes your overall income adds it all together, and since I worked 3 days in MA for $144, that allows MA to want to tax me for a portion of my income even though I'm a non-resident. Via taxact i was able to do something with changing to non-resident and putting in other income from like 1700?? to 144 because that's what I loving made not some absurd number. Refund ended up being zero somehow. Then the other issue is taxact wants to charge me $15 each to file both maine state tax and MA. I find this absurd, also I don't have $15, nor do I have $30 for the forseeable future. Turbotax wants to charge $20 when I'm only getting $27 back which is a waste of money. They also offer the ability to take it out of your tax return, but they charge $30 on top of that just for that feature. What.
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Feb 8, 2014 00:33
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GreenBuckanneer posted:Then the other issue is taxact wants to charge me $15 each to file both maine state tax and MA. I find this absurd, also I don't have $15, nor do I have $30 for the forseeable future. Turbotax wants to charge $20 when I'm only getting $27 back which is a waste of money. They also offer the ability to take it out of your tax return, but they charge $30 on top of that just for that feature. What. Get paper forms from MA and ME. Copy the numbers off your tax act form. File for the cost of two stamps.
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Feb 8, 2014 00:50
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Here's another question. I bought a car early last month. I'm seeing that I might be able to deduct somethingorother from my taxes for it. Could someone please explain that bit to me? If I'm e-filing, what's the typical procedure for that?
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Feb 8, 2014 01:11
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GreenBuckanneer posted:That's what I got. Doesn't it just mean you got a bunch of grants that more than covered your fees? I guess that could be the case, but it's not here. The fee that the "scholarship" is going towards is not included in Box 2, and I don't think is even allowed to be included in Box 2.
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Feb 8, 2014 02:19
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GreenBuckanneer posted:I went through these stupid things and the only one that seemed decent was either turbotax or it was taxact and they still cost money to file state taxes. Federal was free, but that wasn't very helpful. I'm sure it depends on the state, but the H&R Block option had NY state taxes included in the free-file tier.
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Feb 8, 2014 02:25
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Guy Axlerod posted:I'm sure it depends on the state, but the H&R Block option had NY state taxes included in the free-file tier. In NY, they aren't allowed to charge you for e-filing 
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Feb 8, 2014 03:51
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I received $1074 in "consulting" income for taking part in a day-long study. This event was more or less related to my general career field. Unfortunately, this is forcing me to fill out Schedule C for self employment. $74 of that was reimbursement for my transportation to and from - I know I can deduct that as travel expenses. I attended an academic conference during the year that was related to this field - it was not for work, and I paid for it myself. You could consider this as part of my consulting work, networking, learning skills and conducting research. TaxACT tells me I can deduct the per diem for the location (San Fransisco) but at that rate, my earnings are over 100% used up and I basically record a loss. If I do that, does that basically guarantee an audit? What about reporting no income/no loss? What about reporting expenses that amount to ~90% of my income? Is there a way to deduct some of this conference travel (registration fees, etc.) but not the full per diem (to leave at least some of the income reported)?
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Feb 8, 2014 05:30
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It sounds like your deductions won't be more than your standard deduction anyway, so just use that.
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Feb 8, 2014 05:38
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kaishek posted:Heh, sorry - anyways, there a million different things that could affect why your tax situation changed. Saying "I usually get back X but this year I got back Y" is sort of meaningless - there are only two numbers that matter, how much you owe (calculated based on your income, type of income, amount of deductions, and amount of any credits) and how much you've already paid (how much was withheld from your paycheck or paid in quarterly estimated payments). If the latter exceeds the former, you get a refund. If it doesn't, you don't or you owe. I'm a few days late on this, but thank you- this is perfect and should be in the OP.
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Feb 8, 2014 05:56
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Bisty Q. posted:In NY, they aren't allowed to charge you for e-filing E-File is mandatory in NY, so that makes sense. But they could still charge you for the preparation, right?
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Feb 8, 2014 13:33
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neogeo0823 posted:is there a recommended website to e-file my taxes for cheap/free? I used taxact.com last year, and would be willing to do so again, but I'd like to know if I can save a bit of money using a different service. If you made less than $58000, you can file fed and state for free through myfreetaxes.com. I work for a non-profit that offers free tax preparation through the IRS VITA program and free self-preparation through http://www.myfreetaxes.com/lincolncap. Myfreetaxes uses the H&R block platform, but it's free if you're under the income limit and you access the service through the myfreetaxes link.
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Feb 8, 2014 17:27
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I hope these are easy questions to answer: - I work in DC but live in Maryland. My employer incorrectly had me paying (withholding?) DC taxes part of the year rather than MD. Is it better to a) talk to my HR department and have them re-do my W-2; b) just enter the info as appearing on my current W-2 and file a DC non-resident form (but then what do I do for MD during that time?); c) other - Wife finished graduate school halfway across the country. She moved up to the DC area and found a job here. Do these moving expenses qualify for the..."Moving Expenses" section on Turbotax? Or is this strictly for cases in which you already have a job and say you're transferred/re-located within the organization? Or you apply for a job out of state and moving expenses aren't covered? Or can moving to relocate with a spouse a valid expense to account here? Hope those are clear. Many thanks in advance.
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Feb 8, 2014 17:32
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kaishek posted:If I do that, does that basically guarantee an audit? What about reporting no income/no loss? What about reporting expenses that amount to ~90% of my income? Is there a way to deduct some of this conference travel (registration fees, etc.) but not the full per diem (to leave at least some of the income reported)?
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Feb 8, 2014 17:35
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Akumu posted:Getting a 1098-T where Box 5 has a larger amount than Box 2 is totally hosed, right? If you get more scholarships and grants than you had qualified expenses, you have to report the excess scholarship/grant money as income. It happens for some people. Don't take the number in box 2 at face value-you count qualified expenses that were paid during 2013, which might not be what they billed during 2013, AND schools are notoriously inaccurate when reporting qualified expenses. The best way to make sure you're counting all the qualified expenses is to contact student accounts and get an account statement showing all the charges and payments related to your account in 2013. Look through that and add up the qualified expenses from your account statement and see how they compare to the scholarships/grants/stipends you got in 2013. If your expenses are still smaller, you'll report the difference as income. If the expenses are larger, look at the American Opportunity Credit and Lifetime Learning Credit and see if you'd qualify for either. For the American Opportunity Credit you can also add in required books that you bought from a source other than the school.
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Feb 8, 2014 17:44
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I need to do an amended Federal tax return because I missed out on a pretty big tax credit. I know that you can't do the amend tax return online, so I am going to go to a tax professional. What all do I need to bring them? I've always just done TurboTax so do I have to make an appointment or what, and who is a good service to use? I already got my federal return back.
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Feb 8, 2014 18:59
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urnisme posted:If you get more scholarships and grants than you had qualified expenses, you have to report the excess scholarship/grant money as income. It happens for some people. Thanks, that's helpful. I'll definitely go back through my records and check the Box 2 number. And I guess I know now that it's not an irregularility per se if Box 5 exceeds Box 2. The outstanding question then is, should a health insurance subsidy from the school be considered a "scholarship or grant" that is included in Box 5? I should probably note that I am a graduate student who is also employed by the university.
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Feb 8, 2014 19:14
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Akumu posted:Thanks, that's helpful. I'll definitely go back through my records and check the Box 2 number. And I guess I know now that it's not an irregularility per se if Box 5 exceeds Box 2. It is an economic benefit received, so yes I think it makes sense to treat it as a grant payment.
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Feb 8, 2014 19:22
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razz posted:I need to do an amended Federal tax return because I missed out on a pretty big tax credit. I know that you can't do the amend tax return online, so I am going to go to a tax professional. What all do I need to bring them? I've always just done TurboTax so do I have to make an appointment or what, and who is a good service to use? I already got my federal return back.
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Feb 8, 2014 19:23
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SiGmA_X posted:TurboTax does amendments. Really? I read somewhere that if you did the 1040EZ you can't do an amend online, you have to do it on a paper form. It would be great if I could do it online. All I want to do is apply for a tax credit that I missed for contributing to a Roth IRA (form 8880). Can I do that online? Thanks! Actually the "can't do it online" think might have to do with the 8880 form... I can't remember  .
razz fucked around with this message at 19:28 on Feb 8, 2014 |
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Feb 8, 2014 19:25
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razz posted:Really? I read somewhere that if you did the 1040EZ you can't do an amend online, you have to do it on a paper form. It would be great if I could do it online. I filed an amended return in 2010 for missing that exact credit. I just filled out a 1040x and form 8880 and mailed them in. About a month later I got my additional refund in the mail. Even if you can't do it online, there is no need to pay a professional to do something so easy to do yourself on paper forms.
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Feb 8, 2014 19:32
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Me: sole proprietor Wife: works for a company, receives a W2, company offers (at a ridiculous price) health insurance to her, me, and our two children Since the premiums through her insurance were so expensive, my children and I paid for coverage under a cheaper plan that we purchased directly for all of '13. She was covered under her employer plan for all of '13. After entering in all my income, I now see that TurboTax says: "If you or your spouse could participate (even if you declined coverage) in an employer's health plan at any time during a given month, you cannot take the deduction for that month. However, payments for those months are deductible on Schedule A if you itemize deductions." I don't understand the difference? edit: perhaps I get it now. If my wife's employer did not offer health insurance to us, we would be able to deduct the premiums from our AGI. Because her employer does offer it, we have to take itemized deductions from our "original" AGI? coronaball fucked around with this message at 19:37 on Feb 8, 2014 |
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Feb 8, 2014 19:34
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razz posted:Really? I read somewhere that if you did the 1040EZ you can't do an amend online, you have to do it on a paper form. It would be great if I could do it online. You can't e-file an amendment, but you could use an online software to prepare it, then print it and mail it in. Don't expect to see the additional refund for 6-8 months. The 8880 can be e-filed as part of the original return. If it's available in the turbo tax package you have, you should be able to use that to prepare your amendment for printing and mailing.
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Feb 8, 2014 19:35
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razz posted:Really? I read somewhere that if you did the 1040EZ you can't do an amend online, you have to do it on a paper form. It would be great if I could do it online. I'm in a similar situation, last night I did the amended return on TurboTax, and while you can't submit it online, you use the normal TurboTax interface then it spits out a PDF you can print out and mail. E: doh
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Feb 8, 2014 19:36
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urnisme posted:You can't e-file an amendment, but you could use an online software to prepare it, then print it and mail it in. Don't expect to see the additional refund for 6-8 months. Usually more like 6-8 weeks
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Feb 8, 2014 19:51
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Thanks everybody, didn't know I could do it myself 
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Feb 8, 2014 20:31
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furushotakeru posted:It is an economic benefit received, so yes I think it makes sense to treat it as a grant payment. But say I was employed somewhere other than a university, and got partially-subsidized health insurance through my employer. Would the part of the premium that my employer pays have to be counted as income for me?
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Feb 8, 2014 20:41
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Akumu posted:But say I was employed somewhere other than a university, and got partially-subsidized health insurance through my employer. Would the part of the premium that my employer pays have to be counted as income for me? No.
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Feb 8, 2014 20:55
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Right so, why is it taxable because I work as a graduate assistant?
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Feb 8, 2014 20:59
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Akumu posted:Right so, why is it taxable because I work as a graduate assistant? Likely because the school didn't pay part of your insurance premium as an employment benefit (if they had, that amount would be reported on your w-2 in box 12 with the code DD), and instead they paid it as a stipend because you are a grad student. Are you a full-time employee who qualifies for benefits through the university? You could ask payroll or the financial aid office, and find out exactly why the university is subsidizing your insurance.
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Feb 8, 2014 22:10
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furushotakeru posted:Usually more like 6-8 weeks The official IRS timeframe is 8-12 weeks after receipt, yes? Maybe it's because we're a VITA program and the amendments people being to us generate refunds, but our clients usually don't see their checks until August. I've chalked it up to the IRS largely ignoring amendments until they process current returns, and then a couple months to process and mail the check. There's probably a good amount of confirmation bias in my experience, though-we're not actively following up with people to find out when their refund came so I probably only hear from the people who think it's taking too long.
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Feb 8, 2014 22:21
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urnisme posted:Likely because the school didn't pay part of your insurance premium as an employment benefit (if they had, that amount would be reported on your w-2 in box 12 with the code DD), and instead they paid it as a stipend because you are a grad student. Are you a full-time employee who qualifies for benefits through the university? I am employed for 20 hours per week as a GA. My charges for health and dental are listed as "GA Health Insurance" and "GA Dental Insurance," so it's linked to my employment and not to being a student.
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Feb 8, 2014 22:23
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FWIW, I'm in the same situation (income split grant/GA with GA health insurance) and my health insurance was indeed reported on the W-2 with code DD. So maybe your university did report it wrong.
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Feb 8, 2014 23:21
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