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YF19pilot posted:In the second half of this year I took a job overseas. I'm researching, and I know I don't qualify for the overseas exemption, but I get the 2 month extension and possibly the tax credit. I've got a few questions about taxes as this is my first time being overseas and what not. To be frank this is a lot to go through in a forum post. You are probably better seeking a professional to prepare the return if you don't feel that you have a good grasp on the issues. I will attempt to briefly address your questions however: The flight might count as a moving expense, the hotel costs are a personal expense. Same for your transportation costs, since this is not a temporary job the new country is your tax home and therefore your living expenses aren't deductible. You probably won't be subject to the shared responsibility payment because your income is so low. Also just FYI the individual mandate does not apply while living outside of the United States so even if you don't have insurance through your employer while overseas you aren't subject to the shared responsibility payment. Your currency losses are not deductible, but you calculate your income using the exchange rate in effect when you got paid so it should be reflected in lower income stated in USD. a shameful boehner posted:I bought my first house ( In theory there is nothing in your scenario that is super complex but if you don't feel comfortable preparing the return it might be a good idea to have a professional do it. Then again, that's my stock answer to anyone who asks if they should hire someone - if you aren't comfortable doing it yourself or don't feel like taking the time, hire someone. SpelledBackwards posted:I have a deferred interest debenture (Exxon Shipping bond, later renamed a SeaRiver Maritime Guaranteed Deferred Interest Debenture) from the '80s bought in my name. It didn't generate OID; instead, taxes on all interest is due at maturity in 2012. I'm not familiar with these particular investments but I am having a hard time understanding why there would be a capital gain. You didn't sell the bond, it got redeemed. The difference between the cost of the bond when purchased and the redemption value is interest, seems straightforward enough. I guess maybe if the bond was purchased at less/more than (discounted) face value? Like if it was a $50K note that paid $80K in 2012 but someone bought it for $45K before 1993 due to interest rate fluctuations changing the market value of the bond? DogsCantBudget posted:Wife just started a job where she has to occasionally do customer visits. If her job is 5 miles away, but this morning she had to go to a customer 10 miles away and then 5 miles back to work, can she track all 15 of those miles as a deduction? Or is it just 10(subtract the initial 5 to get to work) Technically she has 5 miles of work expenses. Typically from your home to the first stop is a commute, and is nondeductible. Likewise, from your last stop to home is a return commute. Any business purpose trips in between the commute are fair game.
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Jan 20, 2015 18:39
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) last July.
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potatoducks fucked around with this message at 09:43 on Jan 16, 2017 |
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Jan 20, 2015 20:07
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furushotakeru posted:I'm not familiar with these particular investments but I am having a hard time understanding why there would be a capital gain. You didn't sell the bond, it got redeemed. The difference between the cost of the bond when purchased and the redemption value is interest, seems straightforward enough. I guess maybe if the bond was purchased at less/more than (discounted) face value? Like if it was a $50K note that paid $80K in 2012 but someone bought it for $45K before 1993 due to interest rate fluctuations changing the market value of the bond? Thanks, that's the mindset I needed. I think you're right and it would be needed in the case where a change in sale price versus actual value (based on interest rate fluctuation I guess) would require capital gain or loss calculation. Looks like it doesn't apply to me, thanks.
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Jan 20, 2015 23:00
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furushotakeru posted:To be frank this is a lot to go through in a forum post. You are probably better seeking a professional to prepare the return if you don't feel that you have a good grasp on the issues. I will attempt to briefly address your questions however: The flight might count as a moving expense, the hotel costs are a personal expense. Same for your transportation costs, since this is not a temporary job the new country is your tax home and therefore your living expenses aren't deductible. You probably won't be subject to the shared responsibility payment because your income is so low. Also just FYI the individual mandate does not apply while living outside of the United States so even if you don't have insurance through your employer while overseas you aren't subject to the shared responsibility payment. Your currency losses are not deductible, but you calculate your income using the exchange rate in effect when you got paid so it should be reflected in lower income stated in USD. I apologize for shot-gunning like that. Just my first time to this particular rodeo. I was curious about the exchange rates, because I read somewhere that if your tax home's currency gains against the dollar that you might be subject to some tax liability (or is that just for financial assets?) I suppose I'm a little concerned because googling around leads to a lot of doom and gloom talk about how if you get "just one thing wrong" the IRS will nail you with a $10k fine, and double it if they think your mistake was malicious. That and stories about the IRS not following through on their promises with the OVDP. I think I'll weigh my options. I don't have my W2s from one employer yet, so I have time to decide which way to go. I don't get my tax documents for my job here until April (so that automatic two month extension sure is nice).
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Jan 21, 2015 03:25
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I had a couple different freelance gigs throughout 2014 but none of them totaled $600 so I will not be receiving a 1099. Where do I put this extra income? Also, maybe this is naive, but is something like TurboTax online pulling information from the IRS to know if I owe tax from a previous year? I got hit with a tax bill late last year from an error I made and they gave me an extension to pay it with my tax return. If TurboTax says I'm getting money back, is that post-tax owed or should I just not expect to actually be receiving that money?
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Jan 21, 2015 04:49
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Alright, so, I suppose I'm looking for a little guidance on the best wat to handle my situation. If I'm asking too much, let me know. Basically, my year went like this. January 2014-mid-July 2014: Lived in and worked in New York, one job. Easy enough. Gets tougher here. mid-July 2014-September 2014: Went on a long tour with my band around the US. I did not live or work anywhere else, obviously. And why this is tricky is, because it was our first tour and we were out for so long, we lost money. So there is no income to claim to tax, and if there's no income, forming an LLC for music isn't in the cards. Can I write off the money I spent on gas touring? Can I write off my vehicle, which is an SUV specifically because of touring? September 2014-December 2014: Lived in and worked in California, one job. So, I understand probably doing partial residency filings for both New York and California, but the middle of the year makes things complicated. Is this is the sort of thing where I should hire someone to really pick this apart?
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Jan 21, 2015 20:50
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Brodeurs Nanny posted:I should hire someone to really pick this apart? Yes. And having worked with "artistic" clients before, as a CPA I would bet your records won't be the best. Do yourself a favor and get together all of the paperwork you can BEFORE you head into see someone (list of income and expenses, with the expenses sorted into general categories). If I had someone call and state the same fact pattern over the phone I'd hesitate to take them in as a client unless the books were in great order.
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Jan 21, 2015 21:52
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AbbiTheDog posted:Yes. Hmmm. What I have is all the receipts from the gas money I spent, and I have the income I made from each show. Is that enough?
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Jan 21, 2015 21:56
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Also, the band is me and my brother and we essentially shared our expenses on the road. I know we can't write off food, so literally all we recorded was gas money spent, and the income we made from shows is really one general category -- amount paid for playing. So would he also be putting in the same expenses or should we cut it in half for each of us if we're not an LLC?
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Jan 21, 2015 21:58
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Dumb schedule C question for this year: I make prints to sell using a large format printer. Do cartridges and the paper count as inventory, or as office supplies? I understand that once they're printed and unsold, they're inventory.
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Jan 21, 2015 22:26
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Brodeurs Nanny posted:Also, the band is me and my brother and we essentially shared our expenses on the road. I know we can't write off food, so literally all we recorded was gas money spent, and the income we made from shows is really one general category -- amount paid for playing. So would he also be putting in the same expenses or should we cut it in half for each of us if we're not an LLC? Look into schedule C meals and incidentals per diem for the food. And take the standard IRS cents per mile. Far easier.
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Jan 22, 2015 00:35
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Home office tax question! Wife works for an employer and works from home a majority of the time unless she's traveling on the road(thus not self employed or anything) 1. Is she able to claim our home office(aka the 2nd bedroom) on her taxes? 2. What form is this? Any hard and fast rules about claiming this? 3. I'm a lazy bones who just uses HR Block online to file federal free w their plug and chug but can't find what the heck it would be under. Ideas? 4. We have no other real credits or deductions that would push is over the standard deduction amount, is it even worth the hassle?
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Jan 22, 2015 01:55
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AbbiTheDog posted:Look into schedule C meals and incidentals per diem for the food. That would be easier but I recorded gas money spent and not miles traveled. So I guess partial residencies for NYC and California, and then I just write off gas mileage as a deductible and that should be fine.
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Jan 22, 2015 01:56
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Duxwig posted:Home office tax question! I believe form 2106. Employee expenses are subject to a 2% AGI threshold, and anything beyond that would be lumped into the amount you compare to the standard deduction. So my guess is that it won't help you at all.
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Jan 22, 2015 04:12
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The IRS allows a safe harbor (simplified method) of up to 300 square feet used exclusively for business use at $5/square foot (or $1,500). That may be what you're looking for.
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Jan 22, 2015 04:44
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I live in Southern California and get owned on federal and state income taxes. I'm single and don't own a home and I've got about 200K+ in student loan debt. My salary last year was ~$140,000. I'm on the income-based repayment plan, so I'm trying to get my AGI down as low as possible so my student loan payments are as low as possible, so I can invest in other stuff that I anticipate will have a higher rate of return than just paying the student loans down. Generally speaking, as someone single with no kids, no wife, and no home, do I really have any way to get my taxable income down through deductions etc., or am I better off just usijng TurboTax, filing as normal, and taking the standard deduction?
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Jan 22, 2015 07:31
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Is there a good place to file my state taxes online without having to pay for it? I make $poor and I really don't want to have to cough up cash to squeeze an extra couple of bucks out of NYS.
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Jan 22, 2015 18:13
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Literally The Worst posted:Is there a good place to file my state taxes online without having to pay for it? I make $poor and I really don't want to have to cough up cash to squeeze an extra couple of bucks out of NYS. http://www.tax.ny.gov/pit/efile/
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Jan 22, 2015 19:07
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Brodeurs Nanny posted:That would be easier but I recorded gas money spent and not miles traveled. Just use mapquest to re-create your trip, that is allowed.
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Jan 22, 2015 20:26
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My state (Vermont,) has something called a Renter's Rebate. http://www.state.vt.us/tax/renterrebate.shtml They've determined that only X% of one's income should go towards rent. I meet all the requirements with the possible exception of the income one. It says: quote:Your household income in 2014 does not exceed $47,000; Do they mean my straight up , pre-adjustment, income (i.e. the "Regualr Wages' on my W-2)? Do they mean my income as reported on Line 1 of my W-2? (This job is my only source of income,) Or do they mean my 2014 AGI? If it's the first, I don't qualify, but if it's the second or third option I do. V V V Ah-ha. Thank you! Should have just looked around a bit more. V V DrBouvenstein fucked around with this message at 20:49 on Jan 22, 2015 |
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Jan 22, 2015 20:27
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http://www.state.vt.us/tax/pdf.word.excel/forms/income/2013/2013HI-144-fillin.pdf
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Jan 22, 2015 20:33
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AbbiTheDog posted:Just use mapquest to re-create your trip, that is allowed. OK sweet. I guess the last thing to ask is, since I had no residency while on my tour, which state do I pay those taxes to? Should I just say I lived in NYC until September instead?
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Jan 23, 2015 07:35
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For part of the year I privately/independently purchased marketplace-type health insurance. Is there a form I should be getting/requesting from that health insurance company regarding how much I paid that I would report on my taxes similar to a student loan interest statement (I think 1098-E?)?
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Jan 23, 2015 09:02
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Barracuda Bang! posted:For part of the year I privately/independently purchased marketplace-type health insurance. Is there a form I should be getting/requesting from that health insurance company regarding how much I paid that I would report on my taxes similar to a student loan interest statement (I think 1098-E?)? You'll get a form 1095-A from the exchange, rather than the insurance company.
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Jan 23, 2015 15:20
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Guy Axlerod posted:You'll get a form 1095-A from the exchange, rather than the insurance company. But, non exchange policies aren't required to issue 1095's this year so you are unlikely to get one this year if you didn't buy through a government marketplace.
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Jan 23, 2015 15:45
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Hello tax thread! What a great thread full of great people. I'm filing my taxes (TurboTax heck yea) and I've come to the bit about deductions for moving for a job. Firstly, Its kind of confusing, but I think it works out for me either way. My on campus job ended at the end of the school year, then 2 weeks later I started a job with a company in a neighboring city. But the distance is 50 miles regardless so I guess that counts as me moving to get a job? (Technically I moved from Campus -> NYC (2 weeks I lived w/ my mom) -> New City) all these distances are more than 50 miles so IDK. The real question is, my job gave me 2,000 for the move, which I then realized was them just forwarding 2,000k of my first paycheck to me*. On my w-2 form there is nothing in box 12. So I don't have to report the 2,000 as "them paying for moving expenses" right? It was just... from my first paycheck? Also for parts of the move I was helped by friends/family and I repaid them w/ stuff like Gift cards + meals. Can I deduct that as moving expenses? Will I need to provide receipts? Will I get in trouble for moving expenses that I just ballpark/don't have receipts for? Ugh, typing this has made me realize how much I've boned myself by not keeping receipts. *To try and clarify, I received a $2,000 check the week before I started working. Then on my first paycheck there was a $2,000 deduction labeled "Relocation". GenericGirlName fucked around with this message at 16:51 on Jan 23, 2015 |
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Jan 23, 2015 16:47
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furushotakeru posted:But, non exchange policies aren't required to issue 1095's this year so you are unlikely to get one this year if you didn't buy through a government marketplace. I bought it from the NY state exchange. Does that count, or is this only for the federal exchange? Edit: nevermind. I just saw on their site some info about 1095-As. Thanks all! Barracuda Bang! fucked around with this message at 17:58 on Jan 23, 2015 |
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Jan 23, 2015 17:51
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So we executed a bunch of options and restricted stock units this year. We were taxed when it got them through payroll (SS, income, all the normal tax withholdings). But Fidelity just sent us 1099-B's with 0 under tax withheld and the numbers seems to be similar to (but not exactly?) the amounts we received after taxes. Also a Supplemental Information. Which says the Supplemental Information wasn't reported to the IRS (and the 1099-B's were) and on that, the adjusted gains/losses show negative. Whereas the 1099-B's are showing a shitton of gains. How do we report all this? We usually use TaxACT. Are we going to get double-taxed if we just input all the poo poo they said they reported? edit: Looking over all the numbers, it looks like the primary issue we're seeing is that the cost basis on the 1099B is low or 0, whereas the correct number is listed on the supplement. Do we just...put that number in for the cost basis instead of what Fidelity reported to the IRS? Or is there some other way of handling this? silvergoose fucked around with this message at 00:37 on Jan 24, 2015 |
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Jan 23, 2015 22:58
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GenericGirlName posted:Hello tax thread! What a great thread full of great people. I'm filing my taxes (TurboTax heck yea) and I've come to the bit about deductions for moving for a job. Firstly, Its kind of confusing, but I think it works out for me either way. My on campus job ended at the end of the school year, then 2 weeks later I started a job with a company in a neighboring city. But the distance is 50 miles regardless so I guess that counts as me moving to get a job? (Technically I moved from Campus -> NYC (2 weeks I lived w/ my mom) -> New City) all these distances are more than 50 miles so IDK. Since they just gave you $2k and included it in your W-2 income, you are entitled to deduct your actual deductible moving costs.
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Jan 24, 2015 01:21
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silvergoose posted:So we executed a bunch of options and restricted stock units this year. We were taxed when it got them through payroll (SS, income, all the normal tax withholdings). But Fidelity just sent us 1099-B's with 0 under tax withheld and the numbers seems to be similar to (but not exactly?) the amounts we received after taxes. Brokers rarely get the basis right on options. The basis is your exercise price, plus the gain that is already reported as W-2 income. The capital gain on the sale should be zero, or more likely a small loss in the amount of the commission. W-2 box 12 code V lists the options gain included in box 1 of the W-2 (unless you work for google in which case it lists FMV of vested RSU shares  ), but if you have more than one transaction you will probably need to get a statement of taxable income from your employer to see how much W-2 income was generated for each transaction. . In fact they probably either already sent one or will be sending one soon, or you can probably download one from your employer's intranet.
furushotakeru fucked around with this message at 01:25 on Jan 24, 2015 |
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Jan 24, 2015 01:23
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Hmm. Alright, so need to wait for said statement of taxable income and/or bug my accountant department for it. Do I input the 1099B at all? Input it, but change the cost basis? Or...what? Oh, and thanks *very* much, really appreciate it.
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Jan 24, 2015 02:05
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I believe my Fidelity statement included the taxable income for each transaction in that extra data part of their combined form, so it may be there for yours as well.
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Jan 24, 2015 02:20
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fordan posted:I believe my Fidelity statement included the taxable income for each transaction in that extra data part of their combined form, so it may be there for yours as well. Right, what I'm asking is what I *do* with that in tax software. Just in whichever W2 box, assuming it's not in my W2 that I have yet to get?
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Jan 24, 2015 02:42
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I sold some stock options at my job last year and I paid payroll taxes (including state and federal) on it and it appeared on my w-2. I still need to do schedule D though right?
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Jan 24, 2015 05:22
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silvergoose posted:Hmm. Alright, so need to wait for said statement of taxable income and/or bug my accountant department for it. You can pretty safely just input the basis as $10-20 higher than the sale price (since commissions are excluded from gross proceeds on a 1099-B) for each sale. Or just wait to get a statement of taxable income to be sure. Edit: just to be clear, this is only for stock options not RSU's. Basis for RSU's is the FMV when they vested. Consult your confirmations of release to get those basis figures (your work emailed you one each time a vesting event occurred, trust me). furushotakeru fucked around with this message at 05:27 on Jan 24, 2015 |
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Jan 24, 2015 05:25
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Tomahawk posted:I sold some stock options at my job last year and I paid payroll taxes (including state and federal) on it and it appeared on my w-2. I still need to do schedule D though right? Yes, unless you enjoy getting a love note from the IRS in about a year. we've been talking about how to do this so just read the last few posts.
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Jan 24, 2015 05:25
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furushotakeru posted:You can pretty safely just input the basis as $10-20 higher than the sale price (since commissions are excluded from gross proceeds on a 1099-B) for each sale. Or just wait to get a statement of taxable income to be sure. Fantastic, thank you lots. I have the exact numbers for how much it was worth at time of release. My assumption is that tax act will fill out the appropriate form (schedule d) as part of filling out the 1099 so I should be all set and won't have to worry about the IRS giving us crap about the tax return having different numbers than the stuff Fidelity reported. Thanks again!!
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Jan 24, 2015 13:53
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If I made around $100 using Amazon Mechanical Turk earlier in the year - should I file this as 1099 income, or not even bother?
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Jan 24, 2015 15:16
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My wife received around ~$700 in short term disability this year. The premiums for this are paid entirely by her employer. Along with the check, we received a notice that Social Security and Medicare taxes were withheld from this income. It seems to me that this is taxable income that I will need to pay federal and state taxes on. My question is: will I be receiving any sort of tax form for this? The check came from the provider, not her employer, so I'm assuming this won't be included in her W2?
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Jan 24, 2015 16:32
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clayburn posted:My wife received around ~$700 in short term disability this year. The premiums for this are paid entirely by her employer. Along with the check, we received a notice that Social Security and Medicare taxes were withheld from this income. It seems to me that this is taxable income that I will need to pay federal and state taxes on. You will see it on a W-2; it might be even included on the one from your employer.
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