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My wife has an HSA with her company, to which we contributed $3381.30 for Tax Year 2014. According to this the contribution limits for Tax Year 2014 are $3,300 for an individual and $6,550 per couple. My question is: I thought we could do $6550 in her HSA because we have a Family-coverage HDHP through her work (i.e. I do not have an HSA). While answering TaxAct questions for my 2014 Taxes it clarifies that HSAs can't be jointly owned. Does that mean we can only contribute $3300 to hers and I'd need to open my own to get to the joint $6550? Or can I just fill hers up to $6550 until April 15?
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Jan 24, 2015 19:59
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Hed posted:My wife has an HSA with her company, to which we contributed $3381.30 for Tax Year 2014. According to this the contribution limits for Tax Year 2014 are $3,300 for an individual and $6,550 per couple. "Each spouse who is an eligible individual who wants an HSA must open a separate HSA. You cannot have a joint HSA." http://www.irs.gov/publications/p969/ar02.html Perhaps the HSA bank can open another account for you and split the monies? Please let us know what you find.
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Jan 24, 2015 20:50
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Question for the thread. I received a Fedex package from my former employer. I opened it thinking it contained my W2 information from the employer, but found that instead it contained a check for the supposed amount that they were to refund me. I don't want to cash this check until I'm clear that it is within their legal right to do so, as I do not have paystubs available to me, since they were all done through their online system, which I have since been removed from. vv I expected to file a 1040EZ this year as all of my income was taxable wages, non-contracted work. I expected to receive my W2 from them, however I have come to find that I received a check instead of it. Other associates haven't received their W2 yet, but I'm just confused as to if it's within the company's options to pay out my supposed refund instead. Eldritch BiLast fucked around with this message at 23:19 on Jan 24, 2015 |
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Jan 24, 2015 22:49
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Xenoletum posted:Question for the thread. Why is your employer refunding you anything? You've never posted in this thread before and we have no context 
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Jan 24, 2015 23:02
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SiGmA_X posted:I actually wasn't aware of this either, but pub969 clearly states HSA's cannot be jointly owned. Ah upon further reading, the answer is actually in the tip box of the Pub 969 you referenced! (Page 5) quote:For 2014, if you have self-only HDHP coverage, Thanks for getting me to look in the right place.
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Jan 24, 2015 23:06
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Hed posted:Ah upon further reading, the answer is actually in the tip box of the Pub 969 you referenced! (Page 5)
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Jan 24, 2015 23:25
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furushotakeru posted:Since they just gave you $2k and included it in your W-2 income, you are entitled to deduct your actual deductible moving costs. Thank you!!!!
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Jan 25, 2015 01:07
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If I'm gifted 16k in cash from a deceased relative -- with no actual proof of this money being a gift besides another relative confirming it was a gift -- and I deposit this amount in my savings account how am I supposed to defend having that in my account to the IRS in the unlikely event that I'm audited?
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Jan 25, 2015 04:09
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This is my first year filing taxes independently, so I just want to make sure I do it right. I apologize for the simplicity of the questions! I got 1500 dollars in grants for my graduate degree, which (if I understand it correctly) is taxable income; am I supposed to get documents from the office of financial aid to prove this, or do I just add it to what's on my part-time job's W2? Also, 'federal tax withheld' only refers to federal withheld income tax and not to social security or medicaid taxes?
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Jan 25, 2015 05:45
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onemillionzombies posted:If I'm gifted 16k in cash from a deceased relative -- with no actual proof of this money being a gift besides another relative confirming it was a gift -- and I deposit this amount in my savings account how am I supposed to defend having that in my account to the IRS in the unlikely event that I'm audited? You're not going to be audited as a result of receiving bequests. And you would simply explain to them that it was a bequest from the deceased relative's estate in the incredibly unlikely chance that it occurs .
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Jan 25, 2015 05:56
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onemillionzombies posted:If I'm gifted 16k in cash from a deceased relative -- with no actual proof of this money being a gift besides another relative confirming it was a gift -- and I deposit this amount in my savings account how am I supposed to defend having that in my account to the IRS in the unlikely event that I'm audited? It's not a gift, sounds more like an inheritance. And I assume the decedent left behind a will specifying the bequest, so there you have it.
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Jan 25, 2015 06:10
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Hed posted:Ah upon further reading, the answer is actually in the tip box of the Pub 969 you referenced! (Page 5) I just noticed my W2 says "6550.10" Not sure how that happened, am I supposed to report something with the $0.10 extra?
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Jan 25, 2015 06:40
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If I dropped below half term in the fall semester of 2014, one month before the end of the semester, but still paid all my tuition in full for the entire semester, would I still be able to claim the money I spent for some of it back? I haven't filed just yet, waiting on my 1098t form to drop, but some of the questions I see on turbotax are asking if the student was at least half term.
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Jan 25, 2015 14:19
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Also, going hand in hand with the tuition tax question, I only actually got the American Opportunity Tax Credit once, back in 2012. Having used pell grants and some confusion on my part over the last tax return, could I use it again even with a year or 2 skipped? Is it available FOUR times, or just x times within four years?
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Jan 25, 2015 14:41
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ThirdPartyView posted:You're not going to be audited as a result of receiving bequests. And you would simply explain to them that it was a bequest from the deceased relative's estate in the incredibly unlikely chance that it occurs . As per her instructions she told me that the money (32k in total) is to be split between my sister and I in the event that she was going to die. I took possession of the money before she died, I'm hearing from multiple people it should be considered a gift not an inheritance. It isn't written into the will that we get this money. I have nothing to prove to an auditor that this money is a "gift" from my mother.
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Jan 25, 2015 17:53
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onemillionzombies posted:I took possession of the money before she died, I'm hearing from multiple people it should be considered a gift not an inheritance. Yes, it's a lifetime gift, although it would be (assuming it was gifted in 2014) $14,000 excluded under the annual exclusion with $2,000 being (potentially) taxable to the donor (depending if she was married at the time of gift, it may be fully excludable under a gift-splitting election on a Form 709). You have no tax consequences with regards to the gift received. Horseshoe theory fucked around with this message at 19:00 on Jan 25, 2015 |
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Jan 25, 2015 18:57
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Seriously, don't worry about it. The IRS isn't going to demand to know the specifics about a $16,000 deposit into a bank account (unless you happen to be evading taxes on millions in income). And lifetime gifts don't need to be documented beyond the relevant Form 709 by the donor if the exclusion limits are excluded.
Horseshoe theory fucked around with this message at 19:00 on Jan 25, 2015 |
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Jan 25, 2015 18:57
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I moved across to another state for a job, I didn't earn any income in the year prior to moving to the new state. Do I need to file taxes for the first state with 0 income? Thanks
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Jan 25, 2015 22:35
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Xenoletum posted:
... no, that is not something they can do. It's probably a bonus or something? There should be a pay stub attached explaining what it is, but is certainly not an attempt for them to pay you your tax refund instead of giving you a W2. They have until Jan 31 to put your W-2 in the mail, so don't freak out until then.
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Jan 25, 2015 22:47
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OneWhoKnows posted:I just noticed my W2 says "6550.10" Round to the nearest dollar when reporting, so it doesn't matter. gently caress the police amirite  Bacons posted:If I dropped below half term in the fall semester of 2014, one month before the end of the semester, but still paid all my tuition in full for the entire semester, would I still be able to claim the money I spent for some of it back? I haven't filed just yet, waiting on my 1098t form to drop, but some of the questions I see on turbotax are asking if the student was at least half term. I think that question only matters for determining dependency status, I don't think it will make any difference for you. Bacons posted:Also, going hand in hand with the tuition tax question, I only actually got the American Opportunity Tax Credit once, back in 2012. Having used pell grants and some confusion on my part over the last tax return, could I use it again even with a year or 2 skipped? Is it available FOUR times, or just x times within four years? It is available in the first four years you are in college, even if not contiguous.
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Jan 25, 2015 22:54
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furushotakeru posted:Round to the nearest dollar when reporting, so it doesn't matter. gently caress the police amirite Half-time student status is the threshold for the education credits-for being claimed as a dependent, it's full-time student under 24. The American Opportunity Credit doesn't have to be claimed in consecutive years; you only get to claim it 4 times, and during those years you have to be attending at least half-time pursuing a degree and you cannot have completed your first four-year degree before the year of the expenses you're claiming.
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Jan 26, 2015 04:32
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ThirdPartyView posted:Seriously, don't worry about it. The IRS isn't going to demand to know the specifics about a $16,000 deposit into a bank account (unless you happen to be evading taxes on millions in income). And lifetime gifts don't need to be documented beyond the relevant Form 709 by the donor if the exclusion limits are excluded. I'm going to suggest you hold onto any documentation for three years you might have on these funds (emails., letters, whatever). We don't know any of your other tax history, I'm assuming it's pretty basic, but if you run any rentals/hobbies/side businesses your risk of audit does increase substantially, and auditors look at TOTAL deposits into your bank accounts. They have the right to reclassify deposits into income and make you prove otherwise.
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Jan 26, 2015 17:28
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AbbiTheDog posted:I'm going to suggest you hold onto any documentation for three years you might have on these funds (emails., letters, whatever).
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Jan 26, 2015 17:31
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I'm doing my taxes with taxslayer and have a question about child care tax credits form form F2441. My wife and I had a baby in November, and she was off work from 11/7-present. I'm familiar with how the child care credit stuff works from doing it for our older child in past years, but then I got to this "page 2" and this confused me: quote:Additions to Income for Spouse for this credit My wife was on short-term disability for November-December, does this count? If it does, I assume I enter $500 (1 child in daycare x 2 months)?
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Jan 26, 2015 17:49
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silvergoose posted: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? Just in whichever W2 box should deal with the portion taxable as ordinary income. Tax software is usually pretty good at dealing with W2s.
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Jan 26, 2015 18:34
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Bisty Q. posted:... no, that is not something they can do. It's probably a bonus or something? Aside from the rates, the only thing listed on the paystub says "tax refund" with the amount under current and ytd. Nothing listed under deductions, taxes, accruals, employer amounts, and net pay distribution. Below that it lists net pay and check amount for the amount shown on the check, having been drawn on a company check. I did receive an email stating that my W2 was sent out today, so hopefully I will have that in my hands soon and I can compare to see what this is.
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Jan 26, 2015 19:47
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SiGmA_X posted:He posted about this in another thread and I suggested he come ask you experts. The money was gifted to him/sister shortly before their mother passed away, and their father does not know and it wasn't in a will or anything like that. It sounds like the money is basically undocumented, it came from the mothers dads estate. My uncle told me he could get bank statements of when his father withdrew the money for my mother over the years. From there on he knows her wishes and that she gifted it to us. I asked friends/family who are lawyers, one worked quite a bit in probate, my sister asked someone who works in tax law, they all said just deposit it so I did. My tax history is very basic. Thank you to everyone though for their input.
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Jan 26, 2015 20:12
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Is this the appropriate place to ask how many allowances to list on my W4 when I start a new job here soon? I'm filing single, and will be making $55,000 annually. Not sure what else would be good to provide. Edit: I live in Florida and don't file a state return. Deviant fucked around with this message at 21:29 on Jan 26, 2015 |
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Jan 26, 2015 21:27
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Welp, my employer from the last year didn't include NYC specific taxes so even with a full-time income of 26k/year I still wound up paying $522 in taxes  There goes a full fifth of my life savings, god drat saving that money was hard too.
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Jan 26, 2015 22:13
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Deviant posted:Is this the appropriate place to ask how many allowances to list on my W4 when I start a new job here soon? Go to the IRS website and use the withholding calculator.
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Jan 26, 2015 22:13
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onemillionzombies posted:My uncle told me he could get bank statements of when his father withdrew the money for my mother over the years. From there on he knows her wishes and that she gifted it to us. I asked friends/family who are lawyers, one worked quite a bit in probate, my sister asked someone who works in tax law, they all said just deposit it so I did. My tax history is very basic. If you're worried just get a written statement from your relative and a copy of the bank statement. If you're not worried just forget about it. Honestly, I've never seen a basic 1040 (job/house/kids) get audited unless they had something WAAAAAY out of whack (charity/medical through the roof).
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Jan 26, 2015 23:20
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Why do giant brokerages get a stupidly long mailing deadline???   lovely brokerage posted:2014 Forms 1099-R and 1099-Q will be available on or before February 2, 2015. 2014 Consolidated Form 1099 will be available on or before February 17, 2015. the IRS posted:Brokers and barter exchanges may furnish Form 1099-B anytime but not later than February 17, 2015.
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Jan 27, 2015 01:35
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Bisty Q. posted:Why do giant brokerages get a stupidly long mailing deadline??? And then they will send a corrected one in March, just to make things even more difficult.
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Jan 27, 2015 01:43
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Deviant posted:Is this the appropriate place to ask how many allowances to list on my W4 when I start a new job here soon? I think the general rule if you're single is 1 to receive a refund, and 2 if you want to come close to breaking even (but risk having to pay)
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Jan 27, 2015 01:50
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EugeneJ posted:I think the general rule if you're single is 1 to receive a refund, and 2 if you want to come close to breaking even (but risk having to pay) This is not sound advice. Like all things, don't listen to EugeneJ's advice. Just use the http://www.irs.gov/Individuals/IRS-Withholding-Calculator
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Jan 27, 2015 02:02
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Bloody Queef posted:This is not sound advice. Like all things, don't listen to EugeneJ's advice. Just use the http://www.irs.gov/Individuals/IRS-Withholding-Calculator The IRS calculator tells you what allowances you need so that your taxes are covered - they don't care about telling you what the optimal number of allowances are for your own finances. If I claimed 2 allowances I'd break even, give or take $50. I'd rather do that than loan the government hundreds of dollars for the year by claiming 1 allowance. This is a better calculator where you can play around with numbers and see how much you'd benefit from claiming different allowances: https://turbotax.intuit.com/tax-tools/calculators/w4/
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Jan 27, 2015 04:06
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If you sell a property (rental or primary dwelling - curious if this makes a difference) and had to pay contractors to do some repairs, and paid over $600 each, would you need to file 1099s for the contractors?
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Jan 27, 2015 13:01
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EugeneJ posted:The IRS calculator tells you what allowances you need so that your taxes are covered - they don't care about telling you what the optimal number of allowances are for your own finances. This is asking me about 2013, are the numbers still valid?
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Jan 27, 2015 19:38
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I'm a US citizen but I've never actually lived in the US (parents were doing an MBA when I was born). I've traveled to the US on holidays a few times, I've never worked there. I'm 29 and up until last year I had never filed taxes in the US in my life. In my home country I've been working and filing taxes since around 2005. My income (converted to US dollars) has never been above $20.000 (thank you, lovely third world country I live in). From 2005-2010 I was self-employed (doing odds and ends while in college), 2010-2013 I was an employee at a law firm, and feb-2013 onwards I've been self-employed again. Last year I consulted with a US accountant and he informed me that while my income fell under the foreign tax exclusion, I still had to pay the Self-Employment tax (15%). After sending him all my tax-docs from here, he filed a 1040 for the year 2013 for me and in one fell swoop I paid more taxes than I had paid in my life (I did not have many deductibles, unfortunately, since I mostly work from home + lovely bookkeeping on my part). That's the background. I generally would just like to know if I: a) Really should be paying self-employment tax. I hope I don't come off as cheap, but with the exchange rate I end up paying about 10x what I pay in taxes down here. b) Should file taxes for years 2005-2012 or if it's not worth it at this point. My accountant wasn't very clear on that and since I also had to pay him a small fortune, I'd rather avoid having him do unnecessary work. P.S.: my only asset in the US is a bank account with less than $10k in it from various savings and gifts.
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Jan 27, 2015 20:12
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Ur Getting Fatter posted:
a) Depends on the country, you'd need to look it up. If you "opt in" to a qualifying country's equivalent system, you can exempt yourself from US Social security. b) If you don't file, the IRS doesn't consider the year "closed." I've been contacted by US citizens who haven't been into the states in decades where the IRS tracked them down to file back returns. If you didn't have any self-employment income, you could try to mimic what the other accountant did and do them yourself. http://www.irs.gov/Individuals/International-Taxpayers/Social-Security-Tax-Consequences-of-Working-Abroad
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Jan 27, 2015 22:06
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