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Well Turbotax just sent out yet another apology email, and they have apparently given in on their bullshit versioning change this year. quote:We recently tried to explain the changes made to our TurboTax desktop software and apologized for the impact it had on you. Many responded and let us know our apology and rationale were not acceptable.
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Feb 5, 2015 17:20
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Droo posted:Well Turbotax just sent out yet another apology email, and they have apparently given in on their bullshit versioning change this year. Looks like they're not actually changing anything, just backpedaling this year and hope everyone forgets by next year.
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Feb 5, 2015 19:23
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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. It should show up on statements as: onemillionzombies Benef originalownersname or at least that's how my IRA from an inherited 401(k) shows up as on Vanguard. The only real tax implications are that you have to do a Required Minimum Distribution every year where you must take some money out of it based on your age/expected lifespan and any money that leaves the IRA will be taxed as ordinary income. You can set Vanguard up to calculate the RMD every year and either automatically transfer the cash to you or move it into another mutual fund.
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Feb 5, 2015 19:30
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I began moving on the 26th of December, and didn't finish moving until the first week of January (transportation of my stuff, etc). How exactly is this deductible? I moved more than 50 miles for my new job, but some of the charges are in the new year. Even though the moving company began taking my stuff in December, I wasn't charged until about a week after it arrived (Jan 11th or so). Can I deduct it all now? Do I have to split it up? Should I deduct it all next year?
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Feb 5, 2015 21:09
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BiohazrD posted:I began moving on the 26th of December, and didn't finish moving until the first week of January (transportation of my stuff, etc). How exactly is this deductible? I moved more than 50 miles for my new job, but some of the charges are in the new year. Even though the moving company began taking my stuff in December, I wasn't charged until about a week after it arrived (Jan 11th or so). If these are un-reimbursed expenses they should be applied in the year the actually occurred. EDIT: If the invoice says Jan 2015, they should go on your 2015 Taxes (That is, next year)
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Feb 5, 2015 21:43
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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. And so I just received a 1099-R from the trust company with the gross sum. So despite it not being taxable I need to include this on my return? The distribution code is G4. onemillionzombies fucked around with this message at 22:43 on Feb 5, 2015 |
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Feb 5, 2015 22:41
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baquerd posted:Looks like they're not actually changing anything, just backpedaling this year and hope everyone forgets by next year. I just had my firm dump their professional tax product because they tried pulling the same BS. Intuit has a right to make money, but they're just squeezing all of the profit out of their products they can at this point and not looking at the long-term implications.
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Feb 5, 2015 23:25
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Droo posted:Well Turbotax just sent out yet another apology email, and they have apparently given in on their bullshit versioning change this year. So anyone who already bought the 2014 Premiere version because the Deluxe wouldn't do their taxes is still out the extra money, right? Oh, I guess they do give you money if you used 2013 Deluxe. That seems ok.
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Feb 5, 2015 23:28
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AbbiTheDog posted:I just had my firm dump their professional tax product because they tried pulling the same BS. Intuit has a right to make money, but they're just squeezing all of the profit out of their products they can at this point and not looking at the long-term implications. I was going to but they offered me a ridiculous discount for the next three years. It is just too much time, stress, and money to learn a new software and train staff to do the same. Which is exactly what they are counting on.  Plus it's not like the competition is any better.
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Feb 5, 2015 23:30
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furushotakeru posted:I was going to but they offered me a ridiculous discount for the next three years. It is just too much time, stress, and money to learn a new software and train staff to do the same. Which is exactly what they are counting on. We moved to Ultratax this year. Taken some getting used to, but the product is fine. And 1/2 the cost of Lacerte, plus there was the whole "we're dumping DMS, oh poo poo everyone is pissed, nevermind DMS is back bitches!!!" bullshit they tried to pull. Edit: Using Intuit products is like dating a bipolar chick. When things are great, you think you're the luckiest guy in the world....but just wait.
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Feb 5, 2015 23:48
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Quicken sucks balls too. In the year 2015 you'd think it would be smart enough to auto-reconcile downloaded transactions. Quickbooks is garbage too. I try not to buy anything but at this point there really isn't a competitor in the Quicken level, so you just gotta live with it. I thumb my nose at them by not upgrading Quicken every year and by never using TurboTax. Now if only i could convince my father to switch away.
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Feb 6, 2015 02:02
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kefkafloyd posted:Quicken sucks balls too. In the year 2015 you'd think it would be smart enough to auto-reconcile downloaded transactions. Quickbooks is garbage too. I try not to buy anything but at this point there really isn't a competitor in the Quicken level, so you just gotta live with it. I thumb my nose at them by not upgrading Quicken every year and by never using TurboTax. Our bookkeeper found a bug in Quickbooks where it didn't deduct PTO from anyone's balances--they were all waay too high at the end of the year. When she called them they were like "yeah, we know" 
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Feb 6, 2015 03:12
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Oh suck a dick UBS; you're the only 1099 I don't have yet, and you won't mail them until Feb 15.
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Feb 6, 2015 06:54
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Henrik Zetterberg posted:Oh suck a dick UBS; you're the only 1099 I don't have yet, and you won't mail them until Feb 15. Forums favorite Vanguard is also sucking it up with the 1099 delivery, but unlike UBS they have great products.
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Feb 6, 2015 18:59
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Scottrade seems to wait until the deadline each year. Does it really take six weeks to issue a 1099B? Vanguard just likes to issue supplemental forms after I submit my taxes. Like I check for my 2014 forms, and see a form from 2013 that I never saw before. Oops.
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Feb 6, 2015 20:17
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irs.gov says I should use one these programs since I don't make very much money, is that really the best option? edit: I should note this is my first time filing taxes, ever. Emmideer fucked around with this message at 02:06 on Feb 7, 2015 |
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Feb 7, 2015 02:04
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jon joe posted:irs.gov says I should use one these programs since I don't make very much money, is that really the best option? Sure, unless you want to go down to one of the VITA sites and get someone to help you. As long as your return isn't too complex you'll be fine.
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Feb 7, 2015 03:54
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I don't need specific advice just yet, but I'm looking for a gut reaction on whether it would be wise to get professional preparation assistance this year. Until now I've had returns that are as simple as can be, but in 2014 I: Quit my job, Opened a 529 education savings account, Moved to a different state, Started business school, Took out federal student loans, Had tuition/other higher education expenses, Did a 401k rollover into an IRA, Sold taxable investments in my brokerage account Am I biting off my than I can chew trying to prep this on my own? The filing implications of these seem straightforward, but I'd hate to miss something critical. At least I didn't get married or have children or anything like that.
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Feb 7, 2015 22:14
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bam thwok posted:I don't need specific advice just yet, but I'm looking for a gut reaction on whether it would be wise to get professional preparation assistance this year. Allocating income among multiple states can sometimes be a pain, other times it isn't a big deal. Depends on the circumstances and how good your records are. No matter how relatively complex or simple a return may be, the ultimate litmus test regarding whether to do it yourself or hire someone is your gut feeling - do you feel comfortable doing it yourself or not. Of secondary concern is whether you actually feel like doing it yourself or not.
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Feb 7, 2015 23:12
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Has anyone here used FreeTaxUSA? My cousin recommended it and says it's totally free except state income tax (which my state, TX, does not have). Brief summary of us if it matters: Married, dual income, no kids, no mortgage, both paid off our student loans last year, one person has a traditional IRA and an inherited IRA, the other person has a SEP IRA. We bought a new car last year with cash, can't remember if that's something that gets reported or not. Are any of these things that FTUSA wouldn't be able to handle or would incur a charge?
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Feb 8, 2015 01:27
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New question because I've already started using that website.  It is asking me about my Traditional IRA contributions I made last year. Its exact explanation is:"Include any IRA or Roth IRA contributions that you have made or will make on or before April 15th, 2015 that you designated as IRA contributions for your 2014 tax return. Contributions postmarked on or before April 15th are considered to be made by the deadline." My situation is: DEC 2013: I opened the Trad IRA with $2500. This is how much I reported as contributing on last year's tax return. JAN 2014: I made a contribution of $1467. Looking at last year's tax return I assume I did not understand that a Jan 2014 contribution could be reported for the 2013 taxes. I actually don't remember making this, and cannot recall my logic for it at the time. MAY 2014 - FEB 2015: Recurring auto-withdrawal contributions of $400 at the beginning of each month. MAR - APR 2015: I expect these auto-contributions to continue but I can cancel them if needed. So... I already reported Dec 2013, I know that's out of this year's scope. My original thought with making the auto-contributions was "$5500 max, divided by 12 months is a bit over $450. I'll do $400 because I'm not sure how new checking account withdrawals like this will affect my budget." I am really confused why I didn't claim that big Jan14 contribution last year, but there it is and what's past is past I guess. I assume I have to report it at SOME point, so I have to report it now I guess(1)? Even though it was before April 2014, I suppose I can go ahead and "designate" it as a contribution for my 2014 tax return, as well as "designate" May14 through Feb15 (400 x 10 months = $4000) for 2014 return as well (2)? So... $1467 + $4000 = $5467 if I refuse to designate (or I suppose I could just cancel) the Mar/Apr15 contributions. Holy cow did I plan this to come that close to $5500 and amnesia-it or am I just extremely dumb-lucky? Is the tax return going to ask me to specify which contributions I "designate" to be part of the 2014 tax return, or do I just hope the IRS says "nah, looks good to me!" (3)? I just bolded/numbered (1 through 3) where my actual questions were because I know that I got a bit  and didn't want anything to get skipped.
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Feb 8, 2015 03:59
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The year is designated at the time you make the contribution. There's a little box you can check for "previous year contribution", otherwise the $1467 would have been counted for 2014 and the Jan and Feb 2015 contributions would have been counted for 2015. Most likely your IRA holder has a record - is it Vanguard? You can still make additional 2014 contributions right now. It sounds like your 2013 tax return was fine. But if it was wrong, you can always file an amended return.
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Feb 8, 2015 04:10
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slap me silly posted:The year is designated at the time you make the contribution. There's a little box you can check for "previous year contribution", otherwise the $1467 would have been counted for 2014 and the Jan and Feb 2015 contributions would have been counted for 2015. Most likely your IRA holder has a record - is it Vanguard? You can still make additional 2014 contributions right now. Yes it's Vanguard. I didn't realize I could click on the transaction to see details (  ) and I see that it's an "employee rollover" which I'm pretty sure was from when I took my ING 401k at my old job and put it to my shiny new Vanguard IRA since my new job doesn't offer 401k. That mystery is solved now I guess!Boy this is going to confuse me next year. I should definitely make a note for myself somehow so that I remember. Damn Bananas fucked around with this message at 04:28 on Feb 8, 2015 |
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Feb 8, 2015 04:24
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Just to confuse you some more, a rollover doesn't count as a contribution. Sounds like your 2013 contribution was $2500, as reported on your return; your 2014 contribution so far is $3200; and your 2015 contribution so far is $800. Clear now?
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Feb 8, 2015 04:34
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Oh that makes sense now that you point it out. Yes, clear now! I think instead of re-classifying the future 2 months as for 2014, I'm just going to leave them be and make a one-time contribution right now to make my 2014 total $5500. My bank account (with its wonderful .00000001% interest or whatever) has a lot more padding than I'm used to anyway, I might as well stick some in the IRA. I'm going to save my progress and revisit the rest of this in the morning with a clearer head, I'm getting sleepy and fuzzy right now. Thank you for helping me! 
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Feb 8, 2015 05:06
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If you have the cash for it that's a great idea (in my opinion).
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Feb 8, 2015 05:19
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Last year I dumped my company's god-awful health insurance and bought my own plan on the exchanges. When I add up all my medical bills for the year, do I include those monthly premiums, now that they were no longer coming out of my paycheck automatically?
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Feb 8, 2015 17:55
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New day, new question. My husband has a SEP IRA that his company opened for him at the end of the year and Ameriprise has sent him a Form 5498. It has all $0s except line 5 (fair market value of account), line 7 (plan type: SEP), and line 8 (SEP contributions). Line 5 and line 8 are virtually the same value except by like 20 cents, but they round to the same dollar value. The form says "This information is being furnished to the IRS" on it. FreeTaxUSA website didn't ask about form 5498 anywhere, and the only place that references IRAs is asking for Traditional contributions and ROTH contributions. I think SEP is similar to Traditional (correct me if I'm wrong), so should I put the full value of the contribution under "Traditional IRA contributions"? That seems wrong-ish but I can't figure out where else to put it.  edit: I need to read fine print before I click "post". Line 8 fine print: "If made by your employer, do not deduct on your income tax return. If you made the contributions as a self-employed person, they may be deductible." So I guess the employer (which are his parents) just opened it for their own deductions, and this doesn't come up when he files his own taxes at all ? Damn Bananas fucked around with this message at 20:44 on Feb 8, 2015 |
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Feb 8, 2015 20:39
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Hi all, if this is the right place, I have a small question about the American Opportunity Credit and its 4 years eligibility requirements. While I am about to graduate with my bachelors, The absolute number of credit hours I have is higher than the amount that my degree needs (due to a degree change and taking unneeded classes to fill out my schedule). That disqualifies me under the 'first four years' right? (my degree needs 128 credit hours, and I exceeded that amount in 2013) e: Turbotax (who I'm using for their free filing) uses the language "completed a bachelors" but an IRS faq has "A student has completed the first 4 years of postsecondary education if the institution at which the student is enrolled awards the student 4 years of academic credit at that institution for coursework completed by the student before 2013. This student generally would not be an eligible student for purposes of the American opportunity credit." I doubt it would have changed since last year, right? Watermelon Daiquiri fucked around with this message at 22:55 on Feb 8, 2015 |
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Feb 8, 2015 22:47
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Ballz posted:Last year I dumped my company's god-awful health insurance and bought my own plan on the exchanges. Yes drat Bananas posted:New day, new question. Correct. Watermelon Daiquiri posted:Hi all, if this is the right place, I have a small question about the American Opportunity Credit and its 4 years eligibility requirements. While I am about to graduate with my bachelors, The absolute number of credit hours I have is higher than the amount that my degree needs (due to a degree change and taking unneeded classes to fill out my schedule). That disqualifies me under the 'first four years' right? (my degree needs 128 credit hours, and I exceeded that amount in 2013) It's pretty straightforward. If you've already completed four academic years or more, you don't qualify for the AOC.
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Feb 9, 2015 04:48
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Hmm, but I just found an example on the IRS website which states: "Bob was a full-time student and a fifth-year senior. He has only claimed the American opportunity and Hope credit in three earlier years. Does he qualify for the American opportunity credit? Yes. Bob qualifies for the American opportunity credit because he only claimed the credit in three previous tax years." This fits my situation. The term 'academic year' is defined as Freshman etc. status from the school, right? So as I haven't graduated yet and have been considered a senior for two years now, I'm still technically in the 'fourth year'...
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Feb 9, 2015 05:16
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Watermelon Daiquiri posted:Hmm, but I just found an example on the IRS website which states: "Bob was a full-time student and a fifth-year senior. He has only claimed the American opportunity and Hope credit in three earlier years. Does he qualify for the American opportunity credit? Yes. Bob qualifies for the American opportunity credit because he only claimed the credit in three previous tax years." I wasn't familiar with that example. My understanding had always been it didn't matter whether or not you had actually claimed the AOC. Go with the example from the horse's mouth. And by academic year I meant fall-spring rather than Jan-Dec
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Feb 9, 2015 06:39
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furushotakeru posted:I wasn't familiar with that example. My understanding had always been it didn't matter whether or not you had actually claimed the AOC. Go with the example from the horse's mouth. And by academic year I meant fall-spring rather than Jan-Dec You can claim it four times.
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Feb 9, 2015 19:48
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You heard the man.
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Feb 9, 2015 22:54
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Henrik Zetterberg posted:Oh suck a dick UBS; you're the only 1099 I don't have yet, and you won't mail them until Feb 15. This brings up a question; if you have a client that hasn't sent you a 1099-MISC yet, but you know the amount it's going to be - can you just file under general income if you don't know their EIN?
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Feb 9, 2015 23:55
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OneWhoKnows posted:This brings up a question; if you have a client that hasn't sent you a 1099-MISC yet, but you know the amount it's going to be - can you just file under general income if you don't know their EIN? 1099-MISC aren't for you. They are for the IRS. You are required to report what you were paid regardless of whether a 1099 is issued or not.
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Feb 10, 2015 00:05
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Anybody know what the time requirement is on when somebody should send you a 1099-DIV? It's the only item I'm waiting on for my taxes this year (for a mutual fund I have) and it seems like my bank in previous years has sent them out as late as the end of February/early March. I seem to recall they have a late deadline on when that info has to go to the IRS, but I was wondering what the deadline on mailing them to me was (a la the whole W-2 deadline being mailed by Jan 31st).
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Feb 10, 2015 00:39
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MadDogMike posted:Anybody know what the time requirement is on when somebody should send you a 1099-DIV? It's the only item I'm waiting on for my taxes this year (for a mutual fund I have) and it seems like my bank in previous years has sent them out as late as the end of February/early March. I seem to recall they have a late deadline on when that info has to go to the IRS, but I was wondering what the deadline on mailing them to me was (a la the whole W-2 deadline being mailed by Jan 31st). Around 2/14 or so.
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Feb 10, 2015 00:46
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furushotakeru posted:1099-MISC aren't for you. They are for the IRS. You are required to report what you were paid regardless of whether a 1099 is issued or not. Well, that makes sense. I always thought you were including the issuer's EIN/SSN to help the IRS track what you were claiming as income, but I guess they already know!
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Feb 10, 2015 00:57
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OneWhoKnows posted:Well, that makes sense. I always thought you were including the issuer's EIN/SSN to help the IRS track what you were claiming as income, but I guess they already know! They don't know now, but will in 6-8 months and will send you a friendly reminder letting you know if you left that off your tax return.
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Feb 10, 2015 01:54
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