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Madbullogna posted:Don't think that's possible. Can always file your State, then once you get the refund file your Fed. (That's how I used to always handle it when I still lived in a State with State income taxes). But if you owe the IRS back taxes, they'll happily snag your state refunds and save you the hassle of mailing it to them.
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Feb 18, 2015 18:00
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Koppite posted:This year I have a huge state refund and owe a bunch in federal taxes. Will my state refund be automatically offset by the balance I owe the feds? No, you'll have to send in the payment to the feds on your ownsome. But the fed payment is not officially due until your filing deadline.
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Feb 18, 2015 18:17
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File state now, federal in April.
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Feb 18, 2015 18:48
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I have a question about missing W-2s I worked for a small business from January - April in 2014. During this time they used Paychex for payroll. They went out of business in May and I believe the owners moved back to Ireland. My former manager told me that Paychex should have sent our W-2s out by January 31. Problem is that where I live (Boston) has been hit hard by several snow storms. The USPS has not delivered letter mail to my building since approx Jan 20 and after contacting them they've set about 70% of their trucks are out of commission so the delivery people have been using personal vehicles and to expect major delays in deliveries. An accountant friend told me to file with Form 4852, but I no longer have any pay stubs because they were lost when we moved. I'm just wondering what my options are here? Do I just file my return with the information I do have and file an amended return if the W-2 arrives? Is there a way to inform the IRS of missing W-2s without using Form 4852? Thank you edit: I have bank statements saying what I was paid, just don't have anything saying what went to taxes. creatine fucked around with this message at 20:46 on Feb 18, 2015 |
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Feb 18, 2015 20:34
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Pumpy Dumper posted:I have a question about missing W-2s If I were you I would call/login to Paychex and verify that they sent the information at all. If they sent it, see if you can get it online. If they sent it and they refuse to give it to you online, ask them to resend a paper copy and then just wait. If it's a shady business and Paychex says they don't know what you're talking about/there is no W2, then you should file whatever the right form is with the IRS to notify them of the shadiness. But seriously, if it's legitimate and on the way, you still have almost 2 months to file. Why would you want to deal with an amended return?
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Feb 18, 2015 20:51
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Droo posted:If I were you I would call/login to Paychex and verify that they sent the information at all. If they sent it, see if you can get it online. If they sent it and they refuse to give it to you online, ask them to resend a paper copy and then just wait. I tried making an account online but it refuses to let me. I'll see again if there's something else I can do. Everywhere I look on paychex says to contact employer about W-2s since Paychex legally doesn't have to send it unless the employer says so? Edit: No luck with accounts since the employer probably didn't sign up for it. I'm contacting former manager to see if he knows anything about it Editx2: Manager says nobody from the former company has received W-2s. I'm just going to file what I have and if it comes in I'll amend. creatine fucked around with this message at 21:09 on Feb 18, 2015 |
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Feb 18, 2015 20:53
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Then I would call Paychex and get your last paystub of the year from Paychex, and I would call the IRS and tell them you haven't gotten a paystub and they refuse to send you one. The contact info for the IRS is right on the Paychex "where's my W2?" page. Your most recent paystub should have all the information you need to fill out the W2 information.
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Feb 18, 2015 21:14
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Droo posted:Then I would call Paychex and get your last paystub of the year from Paychex, and I would call the IRS and tell them you haven't gotten a paystub and they refuse to send you one. The contact info for the IRS is right on the Paychex "where's my W2?" page. I'll call them and see what they say. Edit: Called paychex. Former employer never signed up for online access so there is no way for me to view it online. Paychex said they cannot send anything unless the employer tells them directly to do so. Editx2: I filled out a contact web form and now the guy is saying they've been processed and should be in the mail. creatine fucked around with this message at 21:40 on Feb 18, 2015 |
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Feb 18, 2015 21:23
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Started trying to fill out a Schedule C for the first time, just started a B&B last year. We had to get some building/electrical work done to get our house up to spec for that, mainly mains smoke alarms and some railings. Can I put those in under 'Repairs and Maintenance' (line 21)? Or somewhere else?
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Feb 19, 2015 19:21
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I owe $8300 this year... when people talk about using deductions to make these situations better, what do they mean? That's a crap-ton of money, I entered "2" for my allowances on my W-4 because I'm single and that's what it directed me to do... I profited ~$15K off stock sales, but that should only have been about $5k in tax. Why do I always wind up owing so much money? Last year I owed $1000, but this year is ridiculous. How can I fill out my W-4 to break even?
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Feb 20, 2015 04:16
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Should I be entering my capital gains from reinvested dividends in my 2014 return? I was reading around online and they mentioned avoiding double taxation with capital gains. I received $135 in capital gains for a mutual fund which was immediately reinvested automatically. I checked the prospectus for the fund but I'm still not sure if I should be reporting the capital gains now or when I sell the shares.
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Feb 20, 2015 06:31
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ashgromnies posted:I owe $8300 this year... when people talk about using deductions to make these situations better, what do they mean? That's a crap-ton of money, I entered "2" for my allowances on my W-4 because I'm single and that's what it directed me to do... I profited ~$15K off stock sales, but that should only have been about $5k in tax. Why do I always wind up owing so much money? Last year I owed $1000, but this year is ridiculous. How can I fill out my W-4 to break even? First make sure you're only taxing yourself on the gains on those sales. Even if the 1099-B doesn't have your cost basis for the stocks, you still must have paid something for them and so you have to record that on your return. Second, unless you have a dependent or a mortgage 2 is likely too many allowances. In a perfect world, Single 1 will get you to a break even, though if you're in a state like NY you're gonna want to put one less allowance for State than you do for federal. Beyond that, consult a tax professional, there are a lot of different reasons you could be owing so much money every year.
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Feb 20, 2015 17:46
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I'm not sure if this is the right place to post this or not, but I could use some advice and it involves taxes, so... here goes. We are MFJ and used HR Block's software to file. Taxes themselves were pretty straightforward, and we elected to e-file. This was about 2 weeks ago. But the e-file did not go through because someone had already filed taxes using my husband's SSN.  So, here's what we're doing. I don't know if anyone here has dealt with this before, but if you know, please tell me if we left anything out or are doing anything wrong! 1) We completed form 14039 and mailed it to the IRS with a copy of his SS card and driver’s license, along with our paper tax forms that we printed through HR Block. Did not pay anything; we're supposed to get a refund. 2) We mailed our state taxes (North Carolina) paper tax forms that printed through HR Block, and paid online. 3) We put in a fraud alert with all 3 credit bureaus under his name: Equifax, TransUnion, Experian. 4) We obtained copies of his TransUnion and Experian reports, and called all the credit-giving companies we did not recognize and told them it wasn't us that opened the accounts. That went smoothly and they closed the accounts. We didn't find anything that we didn't already know about earlier than late December, but we did find 4 hard pulls that weren't his. Fortunately, 2 of them were denied because we filed so early and put in the fraud alerts immediately, so they were already up when the thief tried to open those accounts. 5) We will do the same as step 4 with the Equifax report once it arrives. We had to request it by mail instead of online. We believe we failed one of the identifying questions online because it was about a line of credit that the thief opened, not my husband. 6) This is where we start to be less sure of ourselves. We are going to follow the steps on the FTC website to file an identify theft report, which seems to involve getting an identity theft affidavit and a police report. 7) Then, we will contact each of the 3 credit bureaus, send them a copy of our identity theft report, and officially dispute the information on the reports that was caused by the thief. This should go smoothly since the credit-givers have already agreed with us in steps 4 and 5 that it wasn't us that opened those accounts? We will also ask the credit bureaus to place a long term freeze on his credit. 8) ??? any help is appreciated, this is our first time filing MFJ... I was expecting more of a joyous celebration of our gloriously lower tax burden and less of a "oh gently caress everything is hosed". We need to qualify for a new apartment in April too, not sure how we're going to do that if this doesn't get fixed, or with his credit frozen for that matter...
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Feb 20, 2015 19:20
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I switched jobs last year, and had to rollover my 401K to another financial institution. I did not make any emergency withdrawals, and my 401K is tax exempt. I received a 1099-R form from my previous employer, however did not get one from my current financial institution. I called them up and asked where the gently caress it is, since logically I am assuming since my 401k was split between two companies in 2014, surely I would have two different forms! The guy on the line informed me that only the PREVIOUS financial institution's form is needed, which is why my current company did not distribute a 1099-R form to me. Has anyone ever run into this before? Because it is tax deferred, I guess that's okay, but logically wouldn't you want the latest company to send out the 1099-R form? Since the latest company would have the most up-to-date balance of my 401k amount? The taxable box will always show $0.00 though.
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Feb 20, 2015 19:38
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The 1099-R is a report of money that came out of your account (Distributions). If you only had money go into your new account, then you won't have a 1099-R.
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Feb 20, 2015 19:55
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I ended up selling stock given to me from an employee stock program (ESPP) and also from restricted stock units (RSU) and I'm trying to figure out how they affect my income... I was told by my company's payroll that the income from both of these accounts are included on my W2. 1. My current understanding tells me that when I fill out Form 8949 and 1040 Schedule D, I get a capital gain of about $2k. If I list that on line 13 of my 1040, I would be counting this income twice basically right? What do I do? 2. How does RSU income reporting work? My company did not report the basis for my RSU transaction to the IRS and I have a net loss of about $300. How does this relate to my W2 number...? Thanks in advance.
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Feb 20, 2015 21:10
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Moving this question over from the long-term investing thread because it's now specifically a tax concern. I have ~$40,000 in a mutual fund, and either want to move it to a less aggressive fund or just keep it in a savings account to turn into a home down payment in a few years.Star War Sex Parrot posted:I'm afraid that if I turn around and reinvest it that I won't hold enough back for tax season next year. I'll have to figure out how to calculate that and read more about it. Current value is ~$40,000 and the most recent quarterly statement says that the total cost basis is ~$12,000. If I sell everything, I won't be taxed on a $28,000 capital gain, though, because I've been paying taxes every year on the reinvested dividends?
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Feb 20, 2015 21:42
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T. J. Eckleburg posted:Identity theft Seem to be doing everything correctly. I know it sucks, happened to my friends last year. IRS told them 6 months for the refund to be delayed and sure enough, it took that long.
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Feb 20, 2015 22:05
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Unkempt posted:Started trying to fill out a Schedule C for the first time, just started a B&B last year. We had to get some building/electrical work done to get our house up to spec for that, mainly mains smoke alarms and some railings. Can I put those in under 'Repairs and Maintenance' (line 21)? Or somewhere else? Well, I've worked out that they're startup costs and they go in part V, 'Other Expenses', up to $5000 anyway. So now my question is, do I have to put all the separate items in there, or do I just put 'Startup costs' with a total?
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Feb 20, 2015 23:39
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How on earth could I owe taxes for my second 1099-R form when it has a blank under "taxable amount"? I received these forms: - a W-2 - a 1099-R from my former employer for a traditional IRA they set up for me - a 1099-R from my bank for the traditional IRA --> Roth conversion with taxes withheld I got the employer's 1099-R last, filled out an amended return in turbo tax, and Turbotax is saying I owe over $300 because of the employer's 1099-R. As a note, this 1099-R has a blank space under "taxable amount." If there's no taxable amount, how can I owe? What seems to set this off is telling turbo tax that I converted the trad IRA to a roth in their follow-up questions to the employer's 1099-R. I don't know if I'm paying double taxes (one for conversion that I indicate on the bank's 1099-R for the conversion, and one for the conversion that I indicate on the employer's 1099-R). Am I not supposed to indicate that a conversion occurred both times that I file the two 1099-R forms?
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Feb 21, 2015 00:06
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legsarerequired posted:How on earth could I owe taxes for my second 1099-R form when it has a blank under "taxable amount"? Are they identical amounts? It is a little unusual for an employer to set up a traditional IRA for an employee - did you first roll from an employer 401k to a traditional IRA, then to a roth? Either way, you should declare full amount that was converted the day it became a Roth as income, and nothing else. Also, I don't think the $0 under taxable income is what TUrbotax cares about - there is a dropdown that you have to pick what kind of distribution it is (box 7). What does your box 7 say for each 1099? Droo fucked around with this message at 01:12 on Feb 21, 2015 |
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Feb 21, 2015 01:08
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Star War Sex Parrot posted:Moving this question over from the long-term investing thread because it's now specifically a tax concern. I have ~$40,000 in a mutual fund, and either want to move it to a less aggressive fund or just keep it in a savings account to turn into a home down payment in a few years. Reinvested dividends are taxed when you earn them, and the shares bought with the reinvested dividends are taxed just as if you bought them with any other normal post-tax source of money and are taxed on their basis as normal. Example: You buy $1000 in Stock A at $50 a share (20 shares). You get $110 in dividends, which are reinvested, buying shares at $55 a share (2 shares). You pay taxes on $110 dividends, and now own 22 shares of Stock A. You then sell all 22 shares of Stock A that you buy at $60 a share, and are taxed in the manner of which you elected to describe your basis (FIFO, average, specific share ID), but when liquidating an entire position, you can do whatever you like because they're all going to be equivalent. You owe taxes on $210 ((20 shares * ($60-$50)) + (2 shares * ($55-50))) of capital gains. Generally speaking, you're are in fact on the hook for $28,000 of taxable gains in your situation, which could be anywhere from nothing, to a more likely $4200, to a worst case $9240 if you are making stupid amount of money outside of your investments.
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Feb 21, 2015 01:43
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Storgar posted:I ended up selling stock given to me from an employee stock program (ESPP) and also from restricted stock units (RSU) and I'm trying to figure out how they affect my income... I was told by my company's payroll that the income from both of these accounts are included on my W2. https://turbotax.intuit.com/tax-tools/tax-tips/Investments-and-Taxes/Employee-Stock-Purchase-Plans/INF12047.html This page explains everything. Basically, there's a portion ("bargain element") that is factored into your W2. The process you do to fill out Form 8949 includes the change in price after the exercise date (when you receive the shares) and when you sell the shares off. ...I think.
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Feb 21, 2015 02:18
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baquerd posted:Reinvested dividends are taxed when you earn them, and the shares bought with the reinvested dividends are taxed just as if you bought them with any other normal post-tax source of money and are taxed on their basis as normal.
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Feb 21, 2015 02:41
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Well, poo poo. That ~$12,000 cost basis is only for the covered shares, and apparently the cost basis for the non-covered shares is unknown. Gah this is confusing. edit: quote:But if you do not know what the investment principal was, you cannot provide a cost basis for the securities you sold. In that case, the Internal Revenue Service will assume that 100 percent of the sale proceeds is a taxable capital gain. This means you will pay tax on the principal originally invested in the stocks and bonds as well as on the investment gains. Star War Sex Parrot fucked around with this message at 03:32 on Feb 21, 2015 |
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Feb 21, 2015 03:26
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You can compute cost basis yourself if your broker doesn't have full records. Do you know the date and amount for all your purchases (and sales if any)? What about of all the dividend reinvestments?
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Feb 21, 2015 03:35
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slap me silly posted:Do you know the date and amount for all your purchases (and sales if any)? What about of all the dividend reinvestments? edit: I guess 15% on the total non-covered amount wouldn't be the end of the world but it's probably worth trying to track that ancient paperwork down. Star War Sex Parrot fucked around with this message at 03:59 on Feb 21, 2015 |
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Feb 21, 2015 03:56
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Droo posted:Are they identical amounts? It is a little unusual for an employer to set up a traditional IRA for an employee - did you first roll from an employer 401k to a traditional IRA, then to a roth? My advisor keeps calling it a traditional IRA, but one of the forms called it a SIMPLE IRA. It seems like my former employer is discontinuing a pension program and gave IRAs to people. I'd assumed I wasn't eligible for a pension since I was only with that employer for three years, so this was my first time thinking about it. I received the SIMPLE IRA in fall 2013, then had it rolled over into a roth. This was completely separate from my 401k with that employer. Box 7 on that 1099 R form (from the employer) says G. I didn't change that code either time though. The only thing I changed was selecting if I converted it to a roth or not. With the former, I owe over $300, and with the latter, I don't owe anything. I'm not sure if I'm taxing myself double for the roth conversion covered on my 1099-R that I received from the bank for the conversion. EDIT: Looking over my tax form from the former employer 1099 R for the fund, the box for IRA/SEP/SIMPLE is not checked. Hm. Basically, I feel like I've read online that it should be a SIMPLE IRA and I've seen forms call it a SIMPLE IRA, but my advisor and a customer service person I spoke to called it a traditional IRA. legsarerequired fucked around with this message at 05:23 on Feb 21, 2015 |
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Feb 21, 2015 04:55
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You probably got a rollover form from the company pension to the simple/traditional IRA (same difference for you at this point). These are generated when a pension plan is liquidated. You then probably rolled it to a roth and generated a second 1099 form. So put the employer form (pension->IRA) in as a non-taxable conversion (which is what code G means anyway, not sure why that ends up being taxable in TT), and leave the second 1099 (IRA->roth) as a taxable conversion
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Feb 21, 2015 05:17
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Star War Sex Parrot posted:Nope. Shares were transferred to me a few years ago so the account creation date only shows like 2010 despite the shares being purchased long before that. I doubt I'll be able to get my hands on the purchase records from 20+ years ago. How were they transferred to you?
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Feb 21, 2015 05:18
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Droo posted:You probably got a rollover form from the company pension to the simple/traditional IRA (same difference for you at this point). These are generated when a pension plan is liquidated. You then probably rolled it to a roth and generated a second 1099 form. Hrmm, I don't think TT allows someone with the free website plan to select that. I'm on the phone with their customer service to see what I need to do. THank you so much for your assistance! Update: You are correct! Also, if anyone else runs into my situation, you need to file on your 1099-R's by answering the questions as if they are in a vacuum. With your first 1099-R (where my IRA was transferred from the pension to the bank, code G in box 7), answer NO on the question about the roth IRA. The TurboTax CSR said this question is only about the single transaction where the IRA is transferred from the pension to the bank, not to anything that occurred after this transaction. On your second 1099-R (roth conversion), answer YES. If you answer YES both times, you might tax yourself twice because their software will interpret this as you saying you did two roth conversions when you only did ONE. legsarerequired fucked around with this message at 06:31 on Feb 21, 2015 |
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Feb 21, 2015 05:24
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Series DD Funding posted:How were they transferred to you?
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Feb 21, 2015 05:28
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They should be able to dig up a transaction history for you. It might be 50 pages and come mailed to you, but you'd be able to find a cost basis. My wife had some mutual funds that her parents had bought for her as a kid and I did the same thing - it was literally about 100 pages of confusing brokerage statements. I eventually estimated a basis that seemed in the ballpark and figured I would sort out the exact number if I ever got audited for that year. Edit: if your grandparents have already passed away, then I would just use the closing share price on the date the second one died. See reasoning here: http://www.kiplinger.com/article/taxes/T055-C001-S002-cost-basis-for-inherited-stock.html It might not technically be the right way to do it depending on exactly when your name was removed from the account (could be considered a gift otherwise I guess), but if they have already passed away then the intent would generally be correct. Droo fucked around with this message at 17:02 on Feb 21, 2015 |
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Feb 21, 2015 05:35
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Droo posted:They should be able to dig up a transaction history for you. It might be 50 pages and come mailed to you, but you'd be able to find a cost basis. Sounds more like an UTMA account, in which case the shares always belonged to him and the grandparents merely served as custodians but never owned the shares. So the basis adjustment would not apply.
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Feb 21, 2015 19:10
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So this is probably a stupid question...how does the IRS know that I got employer provided health insurance? Is this something that gets reported by my employer separately and then just matched based on my social? Just wanna make sure that I don't get hit by a fine...
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Feb 22, 2015 04:26
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shodanjr_gr posted:So this is probably a stupid question...how does the IRS know that I got employer provided health insurance? Is this something that gets reported by my employer separately and then just matched based on my social? Just wanna make sure that I don't get hit by a fine... On your w2, if box 12 has an amount with the code "DD" it represents the amount your employer spent on health care for you. Mind you, you'll still want to check the box on the 1040 to keep from having any delays in getting your refund.
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Feb 22, 2015 04:57
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sullat posted:On your w2, if box 12 has an amount with the code "DD" it represents the amount your employer spent on health care for you. Mind you, you'll still want to check the box on the 1040 to keep from having any delays in getting your refund. Gotcha! Thanks for the fast reply!
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Feb 22, 2015 05:06
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I want to mail in a tax return, but pay an amount that I owe online. Do I pay online immediately and then mail it in, or do I need to wait until my tax return is received first? vv ok, cool. Thanks! Storgar fucked around with this message at 20:34 on Feb 22, 2015 |
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Feb 22, 2015 05:31
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Storgar posted:I want to mail in a tax return, but pay an amount that I owe online. Do I pay online immediately and then mail it in, or do I need to wait until my tax return is received first? Just Mail the return in and pay online by 4/15.
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Feb 22, 2015 07:17
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I have a question about 1098-t forms. I have my 2014 statement that has amount billed as $3,883 directly from the school. I also have a 2013 form that shows $8,650.90 billed, with $2,339.46 in scholarships and grants, and it includes amounts billed for jan-mar 2014 academic year. I have my payment history from the school that shows total payments of $8,448.46 for 2014, with ~$4,000 from stafford loans. I'm using taxact and there is a part about actual fees and tuition paid for 2014. Do I include the total amount of payments (including loans) that were paid in 2014 (the $8,448 amount)?
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Feb 22, 2015 20:07
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