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Normally I use Turbo-tax, but this year I'm open to suggestions (otherwise I'll just use TT again...). New stuff for this year: how do I address renting a room in my home out (does this cover it: https://ttlc.intuit.com/questions/1894483-where-do-i-enter-income-and-expenses-from-a-rental-property) ? Is there something besides TT that I should use?
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Feb 22, 2015 22:31
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shodanjr_gr posted:Gotcha! Thanks for the fast reply! For next year there will also be a specific form going out about the same time as W-2 forms, either Form 1095-B or -C depending on your source of insurance, that will prove you had coverage. This year those forms are optional, so pretty much nobody is sending them out.
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Feb 23, 2015 00:38
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Forgive me in advance for the stupid question. Last year when I was filing my taxes, I forgot about a (paperless) bank account that I have and neglected to include a 1099-INT with about $81 in interest income. So I guess received a slightly higher tax refund than I should have. How big of a deal is this and how can I fix it? Do I have to file an amended return for last year?
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Feb 24, 2015 00:11
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So I got a fellowship this year which was taxable. The problem is that the school is sitting on its rear end and won't issue the 1042S until mid-March. I know the total amount of the fellowship and the amount withheld for taxes. Is there any reason why i should not (e)file without waiting for my university to issue the 1042S?
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Feb 24, 2015 00:33
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Last year I was eligible for an earned income credit of around $250. This year, I'm doing my taxes through H&R Block again and they say I'm not eligible. I'm wondering if anything changed in the past year that would prevent me from being eligible? I turned 26 and got my first "real" adult job, but that's it. I'm not making a huge amount of money though (under the $50,xxx cutoff if I'm remembering correctly), and Google isn't helping.
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Feb 24, 2015 01:28
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The income threshold isn't $50k unless you are married and have a shitload of kids. It's probably just that you don't qualify because you have a real job. http://www.irs.gov/Individuals/EITC-Income-Limits,-Maximum-Credit--Amounts-and-Tax-Law-Updates
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Feb 24, 2015 01:33
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slap me silly posted:The income threshold isn't $50k unless you are married and have a shitload of kids. It's probably just that you don't qualify because you have a real job. http://www.irs.gov/Individuals/EITC-Income-Limits,-Maximum-Credit--Amounts-and-Tax-Law-Updates Ah, that link helps. Thanks. Another question. Why the hell are New York state taxes so confusing?
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Feb 24, 2015 01:40
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yoohoo posted:Another question. Why the hell are New York state taxes so confusing? What, particularly, confuses you about NY taxes?
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Feb 24, 2015 02:44
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Florida Betty posted:Forgive me in advance for the stupid question. Last year when I was filing my taxes, I forgot about a (paperless) bank account that I have and neglected to include a 1099-INT with about $81 in interest income. So I guess received a slightly higher tax refund than I should have. How big of a deal is this and how can I fix it? Do I have to file an amended return for last year? If the irs decides that they care they will send a letter notifying you that they noticed and telling you how much it will cost. I would just wait for that, personally. shodanjr_gr posted:So I got a fellowship this year which was taxable. The problem is that the school is sitting on its rear end and won't issue the 1042S until mid-March. I know the total amount of the fellowship and the amount withheld for taxes. Is there any reason why i should not (e)file without waiting for my university to issue the 1042S? You aren't allowed to file claiming any withholding unless you have the form in hand. Or rather, professional preparers can't.
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Feb 24, 2015 04:30
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If a person makes something that costs a substantial amount of money (with the intent to later profit from it) and years later sells it, are the original expenses deducted in the tax year of the sale, or what?
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Feb 25, 2015 01:12
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logis posted:Normally I use Turbo-tax, but this year I'm open to suggestions (otherwise I'll just use TT again...). My fiancee used http://www.taxact.com/ and got her return fairly quickly and didn't need my help at all during the process, but then again she's on the ball and did it a few weeks ago. You can get a package deal for a free federal return and $15 state return, if you use it and like it let me know. I was going to use it to file everything this weekend but I also have more than enough points to buy Turbotax over Amazon so now I'm debating whether to spend less real money or more "fake" money. I was able to use the Freedom Edition the past two years and had no problems so I wouldn't call myself a TT hater or anything but I'm also open to whatever. C-Euro fucked around with this message at 02:33 on Feb 25, 2015 |
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Feb 25, 2015 02:20
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DNova posted:If a person makes something that costs a substantial amount of money (with the intent to later profit from it) and years later sells it, are the original expenses deducted in the tax year of the sale, or what? That's kind of a complicated question depending on what you're making. That said, any costs incurred in "making" the product would have to be capitalized (meaning: not expensed) until the product ultimately gets sold.
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Feb 25, 2015 02:24
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My wife and I were married this past June. My wife still has yet to receive her updated social security card. She has no idea why, but that's neither here nor there right now. Point is, she thinks that because she hasn't received that card yet, that her last name hasn't legally changed in the system, so to speak. For this reason, she thinks we should file MFS instead of MFJ, since we don't currently share a last name in her eyes. Should we file MFS or MFJ?
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Feb 25, 2015 03:55
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You can choose! Which one gives you the better deal? (Hint: It's almost surely MFJ)
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Feb 25, 2015 04:01
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slap me silly posted:You can choose! Which one gives you the better deal? (Hint: It's almost surely MFJ) Yeah, that's what we ended up doing just now. My only concern is that since my wife hasn't received confirmation that her name change went through via getting her updated social security card, that her return might be delayed due to government. Hopefully that won't be an issue.
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Feb 25, 2015 04:51
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You can get married without even changing your name. I think it'll be ok.
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Feb 25, 2015 04:57
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C-Euro posted:My fiancee used http://www.taxact.com/ and got her return fairly quickly and didn't need my help at all during the process, but then again she's on the ball and did it a few weeks ago. You can get a package deal for a free federal return and $15 state return, if you use it and like it let me know. I was going to use it to file everything this weekend but I also have more than enough points to buy Turbotax over Amazon so now I'm debating whether to spend less real money or more "fake" money. I was able to use the Freedom Edition the past two years and had no problems so I wouldn't call myself a TT hater or anything but I'm also open to whatever. Amazon points should be redeemed to cash, then you buy with credit and make points on your new purchase. Rewards card 101
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Feb 25, 2015 04:58
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Admiral101 posted:That's kind of a complicated question depending on what you're making. Well there are exceptions, such as small film making ventures.
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Feb 25, 2015 05:31
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This may be a stupid filing question but here goes: I am currently filling out taxes via Taxact for my son who is out of state in college. I grabbed the 5 e-file version so I could e-file for him and myself. This will be his first tax return as last summer was his first real summer job (grossed ~$3500). I will be claiming him as a dependent and submitting all college costs etc on my own return. His return is only a 1040EZ to submit his wages. Here is my question...Am I allowed to e-sign his return for him? The refund will be direct deposited into my bank account, which he has a sub account on. I just want to know if it is legal for me to e-sign and e-file for him. For clarification, I am in Washington, he is in Bozeman, MT. ~Edit~ After thinking about it, I will just send a hardcopy to him at school, then he can sign it and send it in. Meydey fucked around with this message at 17:02 on Feb 25, 2015 |
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Feb 25, 2015 05:41
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Anyone in Colorado get their CO return yet? I got my Fed return like 6 days after submitting it but the CO return site just says it has been accepted and to check back in 4-6 weeks. It's been like 3 weeks so far. edit: apparently a Direct Deposit fraud investigation is causing the delay and you may get a paper check instead of DD http://www.9news.com/story/money/personal-finance/consumer/2015/02/18/colorado-tax-refunds/23639143/ Alpha Mayo fucked around with this message at 16:48 on Feb 25, 2015 |
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Feb 25, 2015 16:44
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furushotakeru posted:Well there are exceptions, such as small film making ventures. That's actually exactly what I have in mind. How would it work?
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Feb 25, 2015 17:05
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My girlfriend made a very small over contribution to her Roth this year ($146, so $5646 total). From what I can tell, the options are 1) Take out the over contribution. This seems stupid since the penalty is 10% + paying taxes on what is taken out as income. Which is more than.... 2) Paying the penalty and adjusting the contribution for next year. The penalty is $9, which is pretty small, and making a slight adjustment on her contributions for this year will avoid the problem for coming years. I am aware that this years contributions must be adjusted so that they do not exceed $5354 ($5500 minus this years over contribution of $146). 3) Recharacterizing the over contribution as a traditional IRA. However I'm not sure if this is worth the trouble for such a small amount. So far it seems like #2 is the best option.
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Feb 25, 2015 17:13
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She has to withdraw the excess contribution. The only part that's taxed will be the associated earnings, and the income tax on the earnings from a $146 contribution will be a trivial amount. There's no penalty as long as she deals with it before her tax deadline. Uh, sorry, your #2 is also an option but there she will be paying the 6% penalty for 2014. slap me silly fucked around with this message at 17:41 on Feb 25, 2015 |
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Feb 25, 2015 17:38
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I've been residing outside of the USA for a while, and for the past 3 years I've gotten lazy and haven't filed taxes. For 2012 I had a job in a foreign country that paid below the threshold for taxable foreign income, and for 2013 and 2014 I received payment for work as a research assistant at a foreign university (that also totalled below the threshold) as well as tuition reimbursement. Therefore, although I haven't filed, I also do not owe anything. What is the, a.) most correct way to deal with this situation, and b.) the way that you would recommend?
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Feb 26, 2015 04:13
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Pretty much all I do is get SSI, pay rent, and using the rest for living on/college. Every now and then I get the FAFSA and use that for a combination of living expenses and college stuff. Is there anything I can get as a return for expenses or anything?
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Feb 27, 2015 00:15
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Doctor Goat posted:Pretty much all I do is get SSI, pay rent, and using the rest for living on/college.
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Feb 27, 2015 00:21
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e: nm
sleepy gary fucked around with this message at 05:45 on Feb 28, 2015 |
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Feb 28, 2015 05:34
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This will be my first year filing as an expat, so I may end up with a few questions, but here's one for starters. I did the handy form 2555-EZ(Foreign Earned Income Exclusion) and the Foreign Earned Income Exclusion is enough to knock out any tax obligations to the IRS. Is it necessary for me to do form 1116(Foreign Tax Credit) as well, or would that just be used in the event I owed and wanted to knock off some more? Thanks in advance.
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Feb 28, 2015 22:09
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TerminalSaint posted:This will be my first year filing as an expat, so I may end up with a few questions, but here's one for starters. You elect either to do the Foreign Earned Income Exclusion or the Foreign Tax Credit; you can't claim both.
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Feb 28, 2015 23:50
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Ah, that solves that, thanks. Edit: While I'm at it, do I need to attach copies of my foreign W-2 equivalents with form 2555? TerminalSaint fucked around with this message at 00:50 on Mar 1, 2015 |
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Mar 1, 2015 00:13
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TerminalSaint posted:Ah, that solves that, thanks. I never have. Also, depending on where you're living, Foreign Tax Credits might be a better option. If you have more than you need, you can use them for up to 10 years and taking FTCs lets you do things like contribute to a Roth IRA or even get a refund (in very specific cases that I think mostly deal with having kids).
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Mar 1, 2015 18:49
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In case this has already been asked, I apologize for not reading the entire thread. I have a full time job and also run an online business with my husband. The 401k equivalent plans through my full time employer are not particularly good, so I have been fully funding my Roth and then saving additional money towards retirement in taxable accounts. Because this isn't the most tax efficient of systems, I've been kicking around the idea of opening an Individual 401k. However, I'm a bit unclear on the mechanics and actual benefits of this. In the hypothetical situation of having 20000 in profit post Schedule C deductions, would I be able to put the remaining amount into the 401k (17500 individual + 'employer' contributions) hence owing no tax? Would this apply to both of us, in the hypothetical situation of 40000 profit post deductions? Would we be able to fund both of our Individual 401ks? My husband does invest in his 401k through work (but only to the match), and if I understand correctly the maximum contribution is figured on a per-person and not per-plan-per-person level. It seems like a possible way to do essentially what I am doing already just in a more tax advantaged manner. But I'm relatively new to self employed profitability, so I may be misunderstanding the tax code on this front. Any advice would be really appreciated!
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Mar 1, 2015 19:35
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Gold and a Pager posted:I never have. Also, depending on where you're living, Foreign Tax Credits might be a better option. If you have more than you need, you can use them for up to 10 years and taking FTCs lets you do things like contribute to a Roth IRA or even get a refund (in very specific cases that I think mostly deal with having kids). There's an election to skip filing Form 1116 (the FTC form) but that prevents you from the carryover, FYI.
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Mar 1, 2015 19:56
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E: Figured it out, nm
C-Euro fucked around with this message at 22:14 on Mar 1, 2015 |
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Mar 1, 2015 20:51
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I was using the H&R Block freefile. It calculated my taxable income as $26600, but said I owe $3808 in taxes. Using the IRS lookup table it appears I should owe $3086 for a married filing jointly. Am I misunderstanding this or is H&R Block's software wrong?
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Mar 2, 2015 00:54
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downout posted:I was using the H&R Block freefile. It calculated my taxable income as $26600, but said I owe $3808 in taxes. Using the IRS lookup table it appears I should owe $3086 for a married filing jointly. Am I misunderstanding this or is H&R Block's software wrong? Do you have self-employment or other additional taxes? We can't tell without a breakdown of the income sources.
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Mar 2, 2015 01:20
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ThirdPartyView posted:Do you have self-employment or other additional taxes? We can't tell without a breakdown of the income sources. There aren't any other income or taxes. It's just all W2's basically. I'm doing it on Jackson Hewitt and getting a more reasonable amount. Edit: It was easier on Jackson Hewitt anyways. I'm still not sure what was wrong with H&R Blocks software. It's just a simple lookup once the taxable income is calculated, and we have nothing else that would change that amount later. Guess I'm going with JH next year! downout fucked around with this message at 01:31 on Mar 2, 2015 |
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Mar 2, 2015 01:22
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Over the past two years my wife and I have owed taxes at the end of the year. Initially I thought it was because we were both claiming 1 allowance on our W-4's, but I changed mine to 0 so we only have the 1 on hers in total, and we still got hit with around 2500 in taxes owed this year. Before we were married we never had this problem, we'd usually come out with around a 1000 dollar refund in total each. We've been filing jointly as married, so I'm wondering if our combined income, all from regular non-self employed jobs, has something to do with it. We don't own any property and we don't have any children. I've been digging around and one suggestion I've heard is to check the "married, but withhold at higher single rate" on our W-4's. The other is to just withhold more from each paycheck. I guess my questions are 1) What are the things I should examine and change on our W-4's to minimize this amount owed (I imagine claiming 0 allowances on my wife's would be the first thing) 2) How much more money, percentage of paycheck wise, would it be to withhold at the single rate? Thanks in advance!
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Mar 2, 2015 03:21
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I'm relatively new at this paying taxes thing and I've got a fun situation. While my wife was a foreign student in the U.S. she had low-paying on-campus tutoring and research jobs in 2012-13. We've been married a year now, slogging through all the paperwork and requirements for her permanent residency (our interview with USCIS is in April, before tax day). She's never filed taxes in the U.S. ever. From reading around the net, this might become an issue. Additionally, after she graduated in 2013, she began working for a company in her home country (Taiwan, if it matters). However, she returned to the U.S. on a business visa in December 2013 to work here as a contractor as has been ever since. Since then she's gotten married to me (2014) and filed for adjustment to permanent residency (also 2014). She's recently just gotten her EAD, so she might get a job in the U.S. eventually too. Points of confusion: 1. We're not sure how to approach filing for previous years and under what "status" she ought to file as. USCIS makes it sorta clear that filing as a nonresident alien (or not filing at all) is a *very bad* thing if you're applying for or intend on keeping one's residency (see page 12 of the instructions of I-131). However, she wasn't applying to be a resident way back then so maybe it's ok. The government is scary, I'm hesitant to do anything in case it's wrong. USCIS posted:What If You Claim Nonresident Alien Status on Your Federal Income Tax Return? Yikes. 2. I suppose the I-131 warning means she definitely ought to file her 2014 taxes as a resident alien/normal person since we got married in 2014 and she started her application that year. However, she doesn't have any income from the U.S. that year since she worked for and continues to work for a Taiwanese company. My understanding is that she is required to file U.S. taxes but there's a credit she can take for the tax she paid to Taiwan and she may not actually owe any taxes here. She's not too familiar with Taiwanese taxes either, but from what we can tell they're due after April 15th. I interpret that to mean we should file an extension with the IRS until she's paid them and hope USCIS is cool with that. Please help me if I'm wrong here. Oh, to pay her Taiwanese taxes she must use super-awful yellow-backgrounded Windows-only .net software downloaded from the Taiwanese tax authority that only works on Chinese versions of Windows. It kicks you out of the program if it's not tax season. Thickening the muck, her dad might have a few bank accounts or even real estate in her name in Taiwan, neither of us know but presumably we'll find out when she goes to pay her taxes  .Internet experts, thoughts? My own strategy for 2014 has been to withold at the married filing separately rate and assume the worst. I'd at least appreciate guidance so I can be prepared when I go to consult a $200/hr tax attorney.
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Mar 3, 2015 09:43
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Since I'm a tax accountant (not individual, thankfully) everyone I know comes to me with questions. Most are easy or I can find the IRC to answer, but this one befuddled me. Buddy left a job back in Jan 14, then moved. Apparently didn't tell his former employer that he moved. Do he never got a W2, he got into contact with HR who reissued his W2, which never showed up. He's requesting it again, but doesn't have much faith he'll get it. He, if course, is an idiot and never kept his pay stubs, so he can't fill out the estimated employer withholding form (forget the number off hand) if he extends, can he get a copy of his W2 info from the IRS before 10/15?
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Mar 3, 2015 13:00
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