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Bisty Q. posted:Not addressing anything else, but yes, it's illegal to file as single if you're married as of 12/31 on the tax year. I suspected as much.  That's one question down anyway. Thanks!
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Feb 3, 2015 02:27
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89 posted:So, by the nature of being a bartender, my tax return has pretty much disappeared. 2 years ago, I only got back $50. Last year, I had to pay $500. I roughly did my taxes real fast on TaxACT and it says I owe $1,500. That seems crazy high to me. I claimed $30k for my income this past year. I think last year I claimed around $18k (we had to claim what we actually made this past year at my work instead of undercutting it). There was only a couple of pay checks I got that had any money on it (about $5-$6). Almost all of my paychecks are Zero. slap me silly posted:Ugh, that sucks. You were in the 15% bracket both years, meaning your total tax bill should be about $1800 higher this year compared to last year (15% of the difference of $12000). Did your work withhold any tax? How long do I get to pay it off? My income is $30k. Federal income tax withheld is $2,000. Social security withheld is right under $2,000. Social security wages is around $4,500. Social security tips is around $26k. My state income tax is around $200. $1,500 owed is just....ughhhh.
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Feb 3, 2015 02:29
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FINALLY got in touch with payroll. They can't send me a new W2 to the correct address before the old one gets kicked back to them by the postal service for some reason. Who the hell knows how long that'll be.
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Feb 3, 2015 02:31
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Wait, 89...so if the deadline for ACA was December 2014 then that means I met the minimum by signing my wife up in November, right?
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Feb 3, 2015 02:37
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89 posted:(requote for the new page) Unless there's something unusual, the tax on $30k should be about $2500, and you've already paid $2000 of that. What am I missing?
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Feb 3, 2015 02:39
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toben posted:I live in OK. I'm in Oregon, which like OK, is a separate property state, NOT community property. The reason this is important is that in these states, the IRS has taken the position that husbands and wives that own LLCs 100% together are NOT going to make it a disregarded entity but require it to file a partnership tax return each year (Form 1065). This makes almost ZERO difference on your income taxes at the end of the day, but the IRS can levy a fine of $195 per shareholder, per month for each unfiled partnership return (about $5k a year if you're caught). This puts you waaaaaay behind in any negotiation power with the IRS if you're audited and it comes time to hammer out the changes. Ways around it: A) Have the wife give you your interest back ASAP, make the date retro and note it's a paperwork error, and throw the rental on schedule E for you. Same as it ever was. B) File a partnership tax return. Pay more in tax prep fees. Possibly pay a state filing fee (here in Oregon it's $150, CA it's $800). C) Split the rental activity in half, right down the middle, and fill in two columns for the same rental on schedule E. If you collect $1,000 a month in rent, put half on one rental, half on the other.
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Feb 3, 2015 02:39
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Panty Saluter posted:Wait, 89...so if the deadline for ACA was December 2014 then that means I met the minimum by signing my wife up in November, right? slap me silly posted:Unless there's something unusual, the tax on $30k should be about $2500, and you've already paid $2000 of that. What am I missing? So I should only owe about $500 instead, right?
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Feb 3, 2015 02:59
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89 posted:I'm thinking this is sarcasm? I'm a little lost on this kind of stuff. Which is why I'm in this thread. I promise there's no sarcasm, I'm utterly baffled and there seems to be no clear answer on it. I'm just grasping at any hope.
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Feb 3, 2015 03:03
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89 posted:I'm thinking this is sarcasm? I'm a little lost on this kind of stuff. Which is why I'm in this thread. The tax for $30,000 (less the standard deduction and your exemption) is going to be ~$2500. Unless there's something going on with your health care subsidies. Did you receive a 1095-A? Panty Saluter posted:My wife and I were legally wed in November 2014. We have been living together since 2007. I am MFS (using H&R Block's site) since she has no income. If I'm reading this right I cannot claim her as a dependent but I still owe a penalty for her not having health care last year? I'm not trying to weasel out of anything but I'm hesitant to enter the return as I have it because I feel like I'm missing something. I added her to my employer's coverage shortly after we were wed (3-4 weeks later, during open enrollment). If she is not legally a dependent how am I responsible for her part in ACA? Especially before we were married? That's like having to pay a penalty because one of your roommates is uninsured as far as I can tell. Inst 8965 posted:For purposes of Form 8965, your tax household Publ 501 posted:Your spouse is never considered your dependent. Because your spouse is never a dependent, Form 8965 seems to indicate that if you're filing separately, she isn't part of your tax household, and therefore you don't need to seek an exemption for her. If you were filing jointly, you would. I guess first year of marriage might now be one of those edge cases where MFS is better. Please note, I haven't heard of any actual ruling from the IRS on this, this is just based on my reading of the pubs. sullat fucked around with this message at 05:02 on Feb 3, 2015 |
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Feb 3, 2015 04:00
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How important is exact information when I'm trying to claim mileage as a business expense? I drove about 470 miles this year making trips between the office I work at and stores where I bought supplies for the office. I'm using TurboTax and it's asking me what my odometer reading was at the beginning of 2014, what it is now, how much mileage was for commuting, how much for non-work purposes, etc etc. I kept a log of my mileage and individual trips, but I didn't think to record my odometer. The car is my parent's old car and still owned by them, but it is my primary vehicle and I pay for repairs, maintenance and gas. I could possibly find the exact information but is it going to be worth the trouble? I didn't get any reimbursement from work for these trips.
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Feb 3, 2015 06:24
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I thought I saw this discussed earlier in the thread, but I can't find anything about it so here goes: Is there any good tax prep software put out by companies that don't lobby against return free filing? I'd like to stop throwing money at Intuit if possible. Illinois resident if that matters.
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Feb 3, 2015 07:04
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Moscow Mule posted:How important is exact information when I'm trying to claim mileage as a business expense? I drove about 470 miles this year making trips between the office I work at and stores where I bought supplies for the office. I'm using TurboTax and it's asking me what my odometer reading was at the beginning of 2014, what it is now, how much mileage was for commuting, how much for non-work purposes, etc etc. I kept a log of my mileage and individual trips, but I didn't think to record my odometer. The car is my parent's old car and still owned by them, but it is my primary vehicle and I pay for repairs, maintenance and gas. Wouldn't worry about it. It's at most a $250 deduction that you won't actually get any benefit from because it's almost definitely going to be less than 2% of your AGI. And I'm going to go ahead and guess you don't itemize. So, in short: skip the question.
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Feb 3, 2015 14:05
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Panty Saluter posted:Hi all, ACA related question here. My apologies if it's been covered already. Why wouldn't you file as married filing jointly? As far as I know there is no requirement to file separately because of a lack of income. Even if there were; you could declare a gift that she received, gas money someone gave her, the penny she picked up off the ground, or interest from a joint bank account as income and pay a trivial amount of taxes. Non one has literally zero income for a year if you think hard enough. You were married during the tax year and nothing from your post indicates that filing separately would be beneficial. The tax penalty from a lack of insurance should be vastly overshadowed by the more beneficial tax brackets and standard deduction.
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Feb 3, 2015 14:22
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AbbiTheDog posted:I'm in Oregon, which like OK, is a separate property state, NOT community property. The reason this is important is that in these states, the IRS has taken the position that husbands and wives that own LLCs 100% together are NOT going to make it a disregarded entity but require it to file a partnership tax return each year (Form 1065). This makes almost ZERO difference on your income taxes at the end of the day, but the IRS can levy a fine of $195 per shareholder, per month for each unfiled partnership return (about $5k a year if you're caught). This puts you waaaaaay behind in any negotiation power with the IRS if you're audited and it comes time to hammer out the changes. Thanks for the advice, but my question is do I just move the house to the Form 1065 and copy over the depreciation? Is there any other step to take?
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Feb 3, 2015 15:46
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Leviathan Song posted:Why wouldn't you file as married filing jointly? As far as I know there is no requirement to file separately because of a lack of income. Even if there were; you could declare a gift that she received, gas money someone gave her, the penny she picked up off the ground, or interest from a joint bank account as income and pay a trivial amount of taxes. Non one has literally zero income for a year if you think hard enough. My first thought as well. Income disparity (especially when one person literally makes nothing) is the IDEAL situation to file as married filing jointly. You will get awesome tax breaks and reap all the benefits of a system set up to cater to households with one primary breadwinner. Married filing separately only makes sense in very specific circumstances that apply to not a lot of people.
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Feb 3, 2015 16:58
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toben posted:Thanks for the advice, but my question is do I just move the house to the Form 1065 and copy over the depreciation? Is there any other step to take? Yes. Not really. I'd just split it into two schedule E activities and divide everything in half, or have your wife give her LLC shares back to you and forget it. Or you could ignore the anonymous guy on the internet.
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Feb 3, 2015 18:13
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Quick and dirty question here: I already filed my taxes, and found out today that the company had to issue me a corrected W-2 due to the wrong number being reported for contributions to my HSA. It doesn't seem to have impacted my refund amounts at all - do I still need to file federal and state amended returns to go with this?
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Feb 3, 2015 19:12
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IOwnCalculus posted:Quick and dirty question here: I already filed my taxes, and found out today that the company had to issue me a corrected W-2 due to the wrong number being reported for contributions to my HSA. It doesn't seem to have impacted my refund amounts at all - do I still need to file federal and state amended returns to go with this? What state? If your state is like CA and doesn't recognize HSAs your state wages might change as a result. You won't need to change your federal return unless your box 1 wages change.
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Feb 3, 2015 19:35
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Leviathan Song posted:Why wouldn't you file as married filing jointly? As far as I know there is no requirement to file separately because of a lack of income. Even if there were; you could declare a gift that she received, gas money someone gave her, the penny she picked up off the ground, or interest from a joint bank account as income and pay a trivial amount of taxes. Non one has literally zero income for a year if you think hard enough. Perhaps fishing for a PRC. Not sure how it works for MFS returns, it might be possible that they only look at each spouse's income individually.
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Feb 3, 2015 19:36
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furushotakeru posted:What state? If your state is like CA and doesn't recognize HSAs your state wages might change as a result. You won't need to change your federal return unless your box 1 wages change. AZ, and my wages didn't change - just the box 12W entry.
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Feb 3, 2015 19:46
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pig slut lisa posted:I thought I saw this discussed earlier in the thread, but I can't find anything about it so here goes: Avoid anyone in the Free File Alliance: https://en.wikipedia.org/wiki/Free_File_Alliance
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Feb 3, 2015 21:43
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If I filed for ACT through healthcare.gov in the middle of December with my coverage going into usuable effect in January, should I be expecting a 1095-a?
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Feb 3, 2015 23:59
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This isn't so much for 2014 but for 2015. I am partially self-employed flipping stuff on eBay, say I expect to have a profit of ~$10,000 for 2015. That would mean I have to pay approximately $2,500 in associated SE tax for that amount. Should I be sending in quarterly payments for that in addition to the amount I am withholding from my paycheck from my unrelated W2 job (where I will gross about $35k this year)?
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Feb 4, 2015 06:23
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Admiral101 posted:Wouldn't worry about it. It's at most a $250 deduction that you won't actually get any benefit from because it's almost definitely going to be less than 2% of your AGI. And I'm going to go ahead and guess you don't itemize. Yep that won't do me any good. Thanks!
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Feb 4, 2015 06:46
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Just received my W2 from my old employer, but they didn't put my 401k contributions in( about 3k). I made around 46k, single. I'm curious if it will matter for any credits or not? Should I just leave it go?
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Feb 4, 2015 07:26
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WS6 97 posted:Just received my W2 from my old employer, but they didn't put my 401k contributions in( about 3k). I made around 46k, single. I'm curious if it will matter for any credits or not? Should I just leave it go? I would be more concerned about whether your box 1 wage amount is overstated by $3K. Easy to tell, if box 1 is the same as SS wages then the 401K contribution hasn't been factored in. And no you made too much money for the savers credit, the limit is preposterously low.
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Feb 4, 2015 08:56
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I'm 25, single, have health care on my parent's plan, rent an apartment in CA, and made $27k this year from one job. 2k in federal WH, 1700 soc sec WH, 400 medicare WH, 311 for CA income & 270 for CA SDI tax. Why does TurboTax tell me I owe $1 in federal and $4 in state taxes? It seems kind of absurd, and my parents keep telling me that I should be getting a refund with income like mine. Are they dumb or am I doing something wrong?
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Feb 4, 2015 17:45
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Something Else posted:I'm 25, single, have health care on my parent's plan, rent an apartment in CA, and made $27k this year from one job. 2k in federal WH, 1700 soc sec WH, 400 medicare WH, 311 for CA income & 270 for CA SDI tax. Why does TurboTax tell me I owe $1 in federal and $4 in state taxes? It seems kind of absurd, and my parents keep telling me that I should be getting a refund with income like mine. Are they dumb or am I doing something wrong? ...having your tax bill be as close to even as possible is optimal. A refund just means you overpaid during the year.
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Feb 4, 2015 18:06
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I have a Roth 401(k) through my company, but I also have a Roth IRA that I fund with my bonus money. Is there a tax credit available for people who contribute to a Roth IRA - kinda like the $1,500 credit available for those earning under $27k, but something available for someone who earns a bit under $100k?
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Feb 4, 2015 20:19
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Something Else posted:I'm 25, single, have health care on my parent's plan, rent an apartment in CA, and made $27k this year from one job. 2k in federal WH, 1700 soc sec WH, 400 medicare WH, 311 for CA income & 270 for CA SDI tax. Why does TurboTax tell me I owe $1 in federal and $4 in state taxes? It seems kind of absurd, and my parents keep telling me that I should be getting a refund with income like mine. Are they dumb or am I doing something wrong? If you have no deductions (the one that comes to mind might apply is student loan debt), then this makes perfect sense as to why your withholdings are exactly accurate. Your federal tax rate is 7.5%, that seems about correct. You don't have any of the normal situations that would give you tax advantage (owning a home, kids, marriage, etc.)
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Feb 4, 2015 20:23
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Any Ohio specialists able to answer a question? I have a full time job plus I do freelance work in my spare time. Last year I made 50k wages plus 13k doing the freelance work. The freelance I do, I do for clients who are not my primary wage provider, they pay me checks for the full value of the billed work and I take care of the federal taxes after the fact, and the client issued me a 1099-misc at the end of the year. What do I need to do in the future to qualify for the Ohio Small Business Tax Deduction with this freelance work? Or is this something that's not worth it because of whatever incorporation mechinations required for it to benefit me on my "tiny" extra income? Relevant links: http://www.tax.ohio.gov/Business/SmallBusinessTaxCut.aspx http://www.tax.ohio.gov/Business/SmallBusinessTaxDeduction/FAQs.aspx
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Feb 4, 2015 20:57
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Frankenfinger posted:Any Ohio specialists able to answer a question? I have a full time job plus I do freelance work in my spare time. Last year I made 50k wages plus 13k doing the freelance work. The freelance I do, I do for clients who are not my primary wage provider, they pay me checks for the full value of the billed work and I take care of the federal taxes after the fact, and the client issued me a 1099-misc at the end of the year. What do I need to do in the future to qualify for the Ohio Small Business Tax Deduction with this freelance work? Or is this something that's not worth it because of whatever incorporation mechinations required for it to benefit me on my "tiny" extra income? According to that site, quote:Owners of and investors in Ohio businesses structured as sole proprietorships and pass-through entities (PTEs) qualify for this new tax cut. PTEs include: partnerships, Subchapter S corporations (S-corps) and Limited Liability Companies (LLCs). Income generated by the business and passed through to the owners/investors is subject to personal income tax. The deduction is first effective for income earned in taxable year 2013 and claimed on income tax returns filed in 2014. As a sole proprietor, you qualify for that tax cut. I would suggest that for specifics you consult a tax professional. However, I figure most state tax programs (in TurboTax and HR Block at Home) would have this feature accounted for in their state tax programs.
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Feb 4, 2015 21:19
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I inherited half of a 401k in 2014 which I rolled over (trustee to trustee) to an inherited IRA with Vanguard, do I need to report this?
onemillionzombies fucked around with this message at 03:52 on Feb 5, 2015 |
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Feb 4, 2015 21:53
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Radbot posted:I have a Roth 401(k) through my company, but I also have a Roth IRA that I fund with my bonus money. Is there a tax credit available for people who contribute to a Roth IRA - kinda like the $1,500 credit available for those earning under $27k, but something available for someone who earns a bit under $100k? No
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Feb 4, 2015 21:56
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smackfu posted:Avoid anyone in the Free File Alliance: Thanks. Do you know of a prep software that isn't made by a firm that lobbies?
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Feb 5, 2015 01:57
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SpecialK2 posted:This isn't so much for 2014 but for 2015. I am partially self-employed flipping stuff on eBay, say I expect to have a profit of ~$10,000 for 2015. That would mean I have to pay approximately $2,500 in associated SE tax for that amount. Should I be sending in quarterly payments for that in addition to the amount I am withholding from my paycheck from my unrelated W2 job (where I will gross about $35k this year)? You could send in quarterly payments, or you could simply have more withheld from your paychecks. The W-4 has an option to have an extra amount withheld each paycheck, so you can divide your $2500 estimate by the number of remaining pay periods and have the same net result.
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Feb 5, 2015 02:10
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I went through the first 10 pages without much success, so I apologize if this has been explained before. I am helping my fiance fill out her income tax, so I'm not sure if what I am seeing is expected or not. She is a waitress who is on the 5th year of an accelerated master's program. She has an AA, but no bachelor's. Her W-2 income is about $3k, and her 10-98T tuition is $25k. According to H&R Block Deluxe she qualifies for the $2k Lifetime Learning Credit, but then it doesn't appear in her Credits list and her federal return is estimated to be 5$. Am I doing something wrong, misunderstanding the credit, or some depressing combo of both? I've never been a server nor a grad student, so I'm hoping I've made a mistake.
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Feb 5, 2015 03:42
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US Foreign Policy posted:I went through the first 10 pages without much success, so I apologize if this has been explained before. The Lifetime Learning Credit isn't refundable. Meaning - you only get benefit from it if you have tax liability. Given that she doesn't have any tax laibility due to her very low income, she's not going to get any benefit from the credit. The $5 sounds right.
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Feb 5, 2015 03:46
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Hmm, so I see trustee-to-trustee transfers don't need to be reported if they're going to the same type of retirement plan, but I don't see anything about a 401(k) being rolled into an inherited IRA? As far as I can tell I don't need to report it.
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Feb 5, 2015 05:12
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onemillionzombies posted:Hmm, so I see trustee-to-trustee transfers don't need to be reported if they're going to the same type of retirement plan, but I don't see anything about a 401(k) being rolled into an inherited IRA? As far as I can tell I don't need to report it. Would have to be the decadent's 401k so it wouldn't be reported under your SSN anyhow.
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Feb 5, 2015 05:48
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