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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! You only need to include the payor's tax ID number if the 1099 reports withholding. Just FYI.
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Feb 10, 2015 06:50
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My wife and I overpaid both Federal and State taxes so we knew we'd be getting nice refunds this tax season. For that reason I filed our taxes in mid-January as our tax situation is pretty straight-forward (not in school, single steady job for each of us, no mortgage/kids/stocks, etc). We received our Federal refund within 10 days or so. Maryland sent us a notice saying they need to verify our w-2's as they don't show us paying any taxes this year (???). I mailed our w-2's over two weeks ago. The Comptrollers Office says they don't have a "note" in their system indicating the verification office has received or reviewed anything. But then they (I've spoken with several different reps) stress that I shouldn't re-send as that'll "confuse" things. I fear I know where this is headed. Good luck Goons!
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Feb 10, 2015 19:55
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EugeneJ posted:...having your tax bill be as close to even as possible is optimal. A refund just means you overpaid during the year. TenjouUtena posted: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 10, 2015 20:23
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Tortilla Maker posted:My wife and I overpaid both Federal and State taxes so we knew we'd be getting nice refunds this tax season. For that reason I filed our taxes in mid-January as our tax situation is pretty straight-forward (not in school, single steady job for each of us, no mortgage/kids/stocks, etc). Oregon started this a couple years ago when some lady (with balls of steel) filed a fake return with a fake $3,000,000 W-2 showing $2,000,000 OR withholding and they GAVE HER THE MONEY. On a prepaid debit card. Which she promptly lost twice. Anyways, the states have had a heck of a time trying to tie out withholding and the fraudsters have moved onto the states. Answer the letter, send in the W-2s, and just wait. Call in two more weeks or so.
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Feb 10, 2015 21:00
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furushotakeru posted:You only need to include the payor's tax ID number if the 1099 reports withholding. Just FYI. No need to include the payor's tax ID number if they only value they have for me is on box 7/nonemployee compensation?
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Feb 10, 2015 21:05
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I like to enter online sweepstakes because free gambling is fun. I understand setting aside money for things I win that I want (trips, cash, etc), but if I win a kitchen cookware/tableware package that I want to donate to a local charity is there a way to avoid the tax hit on it? I can always reject such a prize, but I'd prefer to accept things I don't need and donate them to reputable charities. My wife and I currently do not itemize our deductions.
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Feb 11, 2015 00:16
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I just got a substitute 1098 statement from our Mortgage lender. I had already filed our taxes/paid the IRS money. How do I go about modifying this? Per turbotax adding this to my taxes will mean we had overpaid by ~1000$. What can I do to fix this? Should I just re-efile via Turbo Tax?
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Feb 11, 2015 15:15
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I'm pretty sure I know the answer, but I'm pissed nonetheless. I had a simple return this year, and could free-file: a few education credits, student loan interest, nothing fancy. Then I got a 1099-B from selling a note on Prosper.com to close out my account. It shows a sale of $13.92 with the basis not reported to the IRS (but it does list the basis on the form) for a long-term capital gain of $0.09. In order to correctly report the basis, I have to file a Schedule D which will require paying for filing my taxes, correct? Could I not report that sale and then if the IRS gets mad over taxes they think I owe of $2 just send them the 1099-B that reports the basis? Or does the fact that the 1099-B that they presumably sent to the IRS include the basis on it take care of it?
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Feb 11, 2015 16:53
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DogsCantBudget posted:I just got a substitute 1098 statement from our Mortgage lender. I had already filed our taxes/paid the IRS money. How do I go about modifying this? Per turbotax adding this to my taxes will mean we had overpaid by ~1000$. What can I do to fix this? Should I just re-efile via Turbo Tax? You would need to file an amended return (Form 1040X). Not sure if Turbotax does that, but you can always print it out from the iRS website and do it by hand. Read the instructions, it makes you mail in attachments and you mail it all to a different address. Efile of amended returns is not allowed. State will need to be amended as well. Oooorrrrrr...... Take the lazy way and wait 10 months. The IRS computers will issue you a CP2000 notice where they correct your mistake, re-run the taxes for you, and tell you the difference to pay. As long as you haven't moved between now and then you'll get the notice. They'll helpfully notify your state as well who will also send you a corrected tax bill. Method B will incur some interest charges, but they might be worth it instead of having you screw around with it.
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Feb 11, 2015 17:17
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AbbiTheDog posted:You would need to file an amended return (Form 1040X). Not sure if Turbotax does that, but you can always print it out from the iRS website and do it by hand. Read the instructions, it makes you mail in attachments and you mail it all to a different address. Efile of amended returns is not allowed. I feel like letting the gov't sit on 1000$ for 10 months is a bad idea/bad with money?
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Feb 11, 2015 17:40
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DogsCantBudget posted:I feel like letting the gov't sit on 1000$ for 10 months is a bad idea/bad with money? Depends on whether you feel like screwing around with a 1040X or not.
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Feb 11, 2015 19:50
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AbbiTheDog posted:Depends on whether you feel like screwing around with a 1040X or not. Does the CP 2000 get issued if the IRS owes you an additional refund? I thought it was just for when they thought you owed more taxes.
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Feb 11, 2015 20:41
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AbbiTheDog posted:You would need to file an amended return (Form 1040X). Not sure if Turbotax does that, but you can always print it out from the iRS website and do it by hand. Read the instructions, it makes you mail in attachments and you mail it all to a different address. Efile of amended returns is not allowed. I've never seen a letter from the IRS telling a client that they're entitled to a bigger refund than they claimed.
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Feb 11, 2015 21:10
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Epi Lepi posted:I've never seen a letter from the IRS telling a client that they're entitled to a bigger refund than they claimed. This. CP2000's only come out when you forgot to report income (or when they think you might have), not for additional deductions.
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Feb 11, 2015 22:39
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furushotakeru posted:This. I misread his post as he owed the IRS funds. Ah well.
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Feb 11, 2015 23:02
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DogsCantBudget posted:I feel like letting the gov't sit on 1000$ for 10 months is a bad idea/bad with money? So yeah, if you want to see that additional refund, file the 1040X.
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Feb 12, 2015 00:14
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Epi Lepi posted:I've never seen a letter from the IRS telling a client that they're entitled to a bigger refund than they claimed. I was audited one time. The only thing wrong was that I had failed to take the earned income credit. I misunderstood it to be only for people with dependents. They sent me a check and an explanation of what I did wrong. I can't help but be confused when people are worried about being audited. On another note, how much refund is enough that you should consider adjusting withholding? I can't seem to find any information about how granular withholding really is.
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Feb 12, 2015 01:20
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I have a 1098-E for Student Loan interest. I moved mid-year from a PA job and home to live in NJ with a NY job. When doing my NY nonresident state taxes, it wants to know how much of my student loan interest is the NY Source portion.. My 1098-E only gives me the full year of course. Do I just go into my payment history from my student loan servicer (Great Lakes) and add up all the interest I paid since I moved to figure out that number?
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Feb 12, 2015 03:45
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Leviathan Song posted:On another note, how much refund is enough that you should consider adjusting withholding? I can't seem to find any information about how granular withholding really is. Not sure if there's a rule of thumb, but my refund this year was over $3k and I would have preferred it to be under $1k. I used this tool: http://apps.irs.gov/app/withholdingcalculator/ and based on my/my husband's situation this year (raises etc) it says we can expect a refund of over $8k next year.  If I update my W-4 or whatever according to its recommendations it says I can expect a refund next year closer to $400.Sooo... my complete lack of experience gut feeling says like $500 to $1000? e: Whoops, broken link. vvvv Yeah, I guess it's intended to be a quick-and-dirty figure-er. I have one unusual tax thing that didn't come up in its questions, but I still liked the ballpark given. Damn Bananas fucked around with this message at 16:18 on Feb 12, 2015 |
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Feb 12, 2015 16:03
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drat Bananas posted:Not sure if there's a rule of thumb, but my refund this year was over $3k and I would have preferred it to be under $1k. I used this tool: http://apps.irs.gov/app/withholdingcalculator/index3.jsp and based on my/my husband's situation this year (raises etc) it says we can expect a refund of over $8k next year. I guess my withholding is about right since I'm getting about 400 back then. I don't really like that calculator as it asks a whole bunch of irrelevant questions and doesn't take into account my situation. Like why do I need to know my current withholding to calculate my future withholding? I wish there was a table of what the actual numerical result of a withholding was instead.
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Feb 12, 2015 16:14
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Leviathan Song posted:I don't really like that calculator as it asks a whole bunch of irrelevant questions and doesn't take into account my situation. Like why do I need to know my current withholding to calculate my future withholding? I wish there was a table of what the actual numerical result of a withholding was instead. http://www.paycheckcity.com/cointuitonlinepayroll/netpaycalculator.asp
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Feb 12, 2015 16:39
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Thanks, that's much better. Based on that I do have the correct number of allowances.
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Feb 12, 2015 17:14
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My wife and I moved from NY to MA this year. We were in NY for 75% of the year and MA for 25% (roughly). Her company has offices in NY and in MA. She got two W-2s - one for her time in NY, one for her time in MA. On both W-2s the Federal numbers match up. So far, so good. The one for MA shows a state income that represents the amount she earned in MA (roughly 25% of her Federal income). But here's where it gets wrong/confusing: the W-2 for NY shows state income that is 100% of her Federal income, which seems impossible - it should be 75% of that number, right?
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Feb 13, 2015 01:22
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HerrBrau posted:My wife and I moved from NY to MA this year. We were in NY for 75% of the year and MA for 25% (roughly). This is just how NY state does things, I'm given to understand. 
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Feb 13, 2015 02:00
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That makes no sense to me. I think it must be a mistake. I would understand that if her company didn't have an office in MA, that she'd continue paying NY taxes, but they have an office in MA and the employees there don't get taxed by NY. This is what happened with my job for a few weeks - I was working remote for a company without an office in MA, so I paid NY taxes (and will pay MA taxes for those few weeks and take a credit for taxes paid in another state, NY).
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Feb 13, 2015 02:22
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TenjouUtena posted:This is just how NY state does things, I'm given to understand. Yeah, but you still only claim the actual NY amount on your return, despite it not being on any of your forms. It makes the return take a little longer.
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Feb 13, 2015 02:35
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- Do you pay taxes for rolling a 401k over to another 401k plan? - Unrelated: A former employer gave me a SIMPLE IRA. I converted it into a roth IRA. I assumed that the tax from the conversion would be the only thing I would pay since I didn't keep any of the SIMPLE IRA in cash, but I got a 1099-R form today so I guess I gotta file. Good thing Turbotax lets you amend returns. legsarerequired fucked around with this message at 03:12 on Feb 13, 2015 |
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Feb 13, 2015 02:53
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Bisty Q. posted:Yeah, but you still only claim the actual NY amount on your return, despite it not being on any of your forms. It makes the return take a little longer.
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Feb 13, 2015 03:15
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Most states have a form for partial residency credits. I had to fill one out when I filed when I moved from MA to RI.
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Feb 13, 2015 16:27
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I did my 1040 last Sunday, mailed it on Wednesday, and today realized that I failed to check the box on line 61, for the full year of health insurance coverage, for which I paid directly. Should I wait for a notice before I fill out a 1040x?
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Feb 13, 2015 22:47
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How do losses on stock sales work out, generally? Do you get more money back? Less money? Or are losses simply not taxed?
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Feb 14, 2015 05:01
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You can subtract up to $3000 of overall stock losses from your other income each year, which would get you back $500 or so (since you already withheld taxes on that $3000). If you lost more than $3000, you can carry over the excess to future years.
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Feb 14, 2015 14:10
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e: Alright I figured it all out. The number reported in my W2 is the amount I paid to my HSA pre tax, and the amount shown on my 1099-SA is the amount of money I've spent from the HSA. I'm still not sure if I need to account for employer contributions somewhere though. Trying to file my taxes right now (TaxACT) and I'm really confused about my HSA account. My employer gave "free" bonus contributions every quarter (did not come from my pay) and I contributed an amount every month (deducted from my pay, pre-tax I believe). How do I enter this free money or do I not need to? 
Boris Galerkin fucked around with this message at 16:56 on Feb 14, 2015 |
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Feb 14, 2015 16:10
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Another thing I'm not sure about is how to answer questions about my health insurance eligibility. I started my job in February and received health insurance benefits a month later. Before that I was without health insurance. Would I say I was eligible for a HDHP all year or no? Also I guess I'll need to pay taxes for the couple months I didn't have health insurance.
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Feb 14, 2015 17:11
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Boris Galerkin posted:Another thing I'm not sure about is how to answer questions about my health insurance eligibility. I started my job in February and received health insurance benefits a month later. Before that I was without health insurance. Would I say I was eligible for a HDHP all year or no? Also I guess I'll need to pay taxes for the couple months I didn't have health insurance. Form 8965. Did you qualify for an exception?
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Feb 14, 2015 17:42
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sullat posted:Form 8965. Did you qualify for an exception? No I don't think so. I just didn't have health insurance because I only moved back to the US at the end of 2013, and accepted my job in like December with a starting date of February, so I just didn't bother with health insurance for the few months it would take to get set up through work. e: Actually, I might qualify for "short coverage gap" and/or "citizen living abroad," and/or "gap coverage at the beginning of 2014." Boris Galerkin fucked around with this message at 17:55 on Feb 14, 2015 |
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Feb 14, 2015 17:51
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Boris Galerkin posted:e: Actually, I might qualify for "short coverage gap" and/or "citizen living abroad," and/or "gap coverage at the beginning of 2014." If your coverage gap was 3 months or less in 2014, you shouldn't have to pay an ACA penalty. See question #22: http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Questions-and-Answers-on-the-Individual-Shared-Responsibility-Provision
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Feb 14, 2015 18:10
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JohnnyPalace posted:If your coverage gap was 3 months or less in 2014, you shouldn't have to pay an ACA penalty. Cool, that answers one question. I'm still at a standstill on filing because I'm not sure if/how to report employer contributions to my HSA.
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Feb 14, 2015 19:26
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Boris Galerkin posted:Cool, that answers one question. I'm still at a standstill on filing because I'm not sure if/how to report employer contributions to my HSA. The employer contributions should be included in the code W account in box 12 of your W2-the contributions you made pre-tax through patrol deductions should also be in that amount and are treated as employer contributions.
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Feb 14, 2015 19:48
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urnisme posted:The employer contributions should be included in the code W account in box 12 of your W2-the contributions you made pre-tax through patrol deductions should also be in that amount and are treated as employer contributions. It is not included in that box. Great, so I need to deal with more HR bullshit on Monday.
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Feb 14, 2015 19:51
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