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Bloody Queef posted: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. How far away did he move? If he's still relatively close couldn't he just have former HR get him a new one and he pick it up in person?
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Mar 3, 2015 14:13
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Bloody Queef posted: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. The IRS usually has the paperwork processed by the fall, at which point he can go to https://www.irs.gov and get a 2014 wage and income transcript which will list the W-2. It will NOT list state and local income and withholding, only the federal issues. Usually done around August/September.
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Mar 3, 2015 16:52
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Pumpy Dumper posted:How far away did he move? If he's still relatively close couldn't he just have former HR get him a new one and he pick it up in person? HR is in CA, he's on the east coast. This is a major company that just has terrible infrastructure.
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Mar 3, 2015 16:56
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So I received a 1099-MISC that reports an amount $1500 less than I received. I got the check for $1500 on Dec. 31st and deposited it that day, so I think it should count for 2014. Can I just report the correct number on my 1040 without getting a corrected 1099, would this be a problem? If my employer puts that $1500 on the 1099-MISC for 2015, would it be easy for me to deduct it so I don't pay tax on it twice? The reason I don't want to just let it slide until my 2015 return is I expect my marginal tax bracket to go up from 25% in 2014 to 28% in 2015, so I'd rather pay less tax on that $1500, especially since it seems like reporting it for 2014 is the correct way to go. I also might be on the hook for some local business taxes this year that I'm below the threshold for last year.
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Mar 5, 2015 00:57
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My wife and I are MFJ and are trying to make sure we actually qualify for the lifetime learning credit. We are below the MAGI cutoff of $108,000. She paid over $10,000 in tuition for her spring 2014 med school semester, however her government loans went directly to the school, not through us. We did not receive a 1098-T from them, which I assume is because they billed us for the spring 2014 semester in late 2013. I'm filling this out with turbotax, but because the school did not provide a supplemental 1098-T, I am entering our 2014 tuition paid manually. I want to make sure that this is OK, and make sure I have the right proof if the IRS ever asks. I'm basing my assumption that we can claim the lifetime learning credit for 2014 on this: Pub 970 (2014) posted:Paid with borrowed funds. You can claim a lifetime learning credit for qualified education expenses paid with the proceeds of a loan. You use the expenses to figure the lifetime learning credit for the year in which the expenses are paid, not the year in which the loan is repaid. Treat loan disbursements sent directly to the educational institution as paid on the date the institution credits the student's account. We have been contacting the student accounting office and are trying to confirm that the tuition was credited to her account in 2014, not late 2013. Over the phone they said they credited the account on January 2nd, 2014, but when we asked for proof they mailed us a printout that did not specify a date. Before we hound them further, will something stating our account was credited in 2014 be enough proof for us to claim the credit? I don't want to make a $2,000 mistake.
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Mar 5, 2015 02:03
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So I'm an international PhD student on an F-1 visa and this year I'm supposed to file as resident (as I've passed my 5th year of presence in the US). The thing is, I've received (or rather, will receive) a 1042-S for an "award" (a one-off fellowship) that I won at my school (they are issuing a 1042 vs a 1099 because i am international). I was going through my return on Turbotax today and apparently it won't let me input the award as a 1042 form (they only support 1099). Will just inputing the award in as part of a 1099 form blow things up (it shouldn't affect the total tax liability...it just gets grossed into my income)? Is there any DIY tax software that will let me do a 1042 as part of my income (doesn't have to be free). Also, Turbotax seems to think that I am eligible for the American Opportunity Credit...this feels wrong given the following facts: a) I am in grad school (and I indicated that in the questionnaire...) b) I'm past my 4th year of grad school Any pointers would be much appreciated!
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Mar 5, 2015 02:04
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shodanjr_gr posted:So I'm an international PhD student on an F-1 visa and this year I'm supposed to file as resident (as I've passed my 5th year of presence in the US). Turbotax tried to tell me and my wife that we were eligible for the American Opportunity Credit as well. I went back and re-did that section or at least updated our school info and only then did I have to opportunity to tell them we were past 4 years of secondary school. After that it then correctly told us we were ineligible. I don't know if I just missed that part the first time around or what, but I'm glad I caught it. You may have hit the same bug as me, if it was a bug.
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Mar 5, 2015 02:18
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What do I do if I need to file an amended tax form for 2013 (the one I filed in 2014) and I can't find my W-2 for that year? Can I request the info back? The reason is because I claimed myself as a dependent whereas my folks did, too. I'm filing again because I used the 1040-EZ whereas theirs was pretty complicated, I also lived with them for about half of 2013. This year I am not being claimed by them and am claiming myself.
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Mar 5, 2015 02:55
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I'm not so sure on how paying taxes on Roth IRA works but I maxed out my contribution at $5,500 this year but it seemed like they did not ask me anything about it when I was filling out my taxes or did I receive a form for the Roth IRA with the tax information. Is this normal?
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Mar 5, 2015 07:34
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There's nothing for TT, H&R, or some other random online filing software to really ask you about for your Roth IRA. You were taxed on the money already. You're all set, and won't see any tax forms from your provider until you have a distribution event.
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Mar 5, 2015 13:14
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Madbullogna posted:There's nothing for TT, H&R, or some other random online filing software to really ask you about for your Roth IRA. You were taxed on the money already. You're all set, and won't see any tax forms from your provider until you have a distribution event. Pretty sure taxact asks, at least.
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Mar 5, 2015 13:26
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They ask, in order to assess whether your MAGI was below the cutoff for the contribution that you made. Technically speaking, you would not necessarily know whether your income exceeded the limit until you file your taxes. If you had high enough income to disqualify you from the contribution, it will let you know that you need to withdraw the excess contributions.
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Mar 5, 2015 21:31
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I hope this is an easy one. I never received my W2 from my former employer from last year. I called up and he said he'd resend it. What I got in the mail today was just a photocopied piece of paper titled "Form W-2 Wage and Tax Statement 2014." It has the amount earned, the amount I paid in state and federal taxes, and seems to have all the right info I need. But right on top it says "EMPLOYER REFERENCE COPY -- DO NOT FILE." Do I need to call up my former employer and have him resend an actual W2 form or will H&R know what to do with this?
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Mar 5, 2015 23:12
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I had a child this year, and to my surprise using TaxAct Online, my return this year would be about $1000 less than it was last year as just a married couple. Our salaries have only increased about 3% (combined income under $70,000). I don't recall anything about last year that made our return especially high, but I was really surprised by what it said our return would be this year because generally people think you get more money when you have a child. Would it be advisable to re-enter all of the info or pay a tax preparer to make sure I didn't make a mistake, or was there any legislation that inflated people's returns last year?
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Mar 5, 2015 23:59
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WashinMyGoat posted:I had a child this year, and to my surprise using TaxAct Online, my return this year would be about $1000 less than it was last year as just a married couple. Our salaries have only increased about 3% (combined income under $70,000). I don't recall anything about last year that made our return especially high, but I was really surprised by what it said our return would be this year because generally people think you get more money when you have a child. Would it be advisable to re-enter all of the info or pay a tax preparer to make sure I didn't make a mistake, or was there any legislation that inflated people's returns last year?
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Mar 6, 2015 00:54
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SiGmA_X posted:You're filing taxes for 2014, and had a kid in 2015? I'm sorry, I should have clarified. My son was born in May of 2014.
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Mar 6, 2015 01:01
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WashinMyGoat posted:I had a child this year, and to my surprise using TaxAct Online, my return this year would be about $1000 less than it was last year as just a married couple. Our salaries have only increased about 3% (combined income under $70,000). I don't recall anything about last year that made our return especially high, but I was really surprised by what it said our return would be this year because generally people think you get more money when you have a child. Would it be advisable to re-enter all of the info or pay a tax preparer to make sure I didn't make a mistake, or was there any legislation that inflated people's returns last year? Impossible to say without more information. In principle you qualify for the child tax credit. What was your AGI last year and what was your AGI this year? What was your withholding this year versus last year when comparing W2s? It's possible your overall tax burden decreased but due to more accurate paycheck withholding you are getting a smaller refund at the end of the year.
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Mar 6, 2015 02:03
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BEHOLD: MY CAPE posted:Impossible to say without more information. In principle you qualify for the child tax credit. What was your AGI last year and what was your AGI this year? What was your withholding this year versus last year when comparing W2s? It's possible your overall tax burden decreased but due to more accurate paycheck withholding you are getting a smaller refund at the end of the year. Thanks for the info. I'll take a peek at last years return and W2s and compare it to this year to see if that could be the case. I appreciate the help.
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Mar 6, 2015 02:19
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silvergoose posted:Pretty sure taxact asks, at least. The other reason to ask is to let you know if you contributed too much.
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Mar 6, 2015 14:12
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Madbullogna posted:There's nothing for TT, H&R, or some other random online filing software to really ask you about for your Roth IRA. You were taxed on the money already. You're all set, and won't see any tax forms from your provider until you have a distribution event. Turbotax (at least) also tracks your basis, which is useful if you use it every year.
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Mar 6, 2015 23:29
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I did not receive a 1099-B for non-qualified stock options that I sold last year. I paid taxes on the sale and it was included on my W2 as income but I have no idea how I'm actually supposed to report this. I only have a year-end stock plan summary from my broker and thats all I will be getting apparently.
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Mar 7, 2015 18:02
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Madbullogna posted:There's nothing for TT, H&R, or some other random online filing software to really ask you about for your Roth IRA. You were taxed on the money already. You're all set, and won't see any tax forms from your provider until you have a distribution event. When was I taxed on that money already? All I did was take the money from my paycheck -> deposit it into my Roth IRA account. When was it taxed?
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Mar 8, 2015 00:02
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Busy Bee posted:When was I taxed on that money already? All I did was take the money from my paycheck -> deposit it into my Roth IRA account. When was it taxed? At the same time the rest of your paycheck was taxed. That amount was still included in box 1 of your W-2, and you ended up paying the same amount of income tax as if you had not made the Roth contribution.
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Mar 8, 2015 00:31
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So I'm in a bit of a rock and a hard place. I made less than 9000 dollars last year and I was a student but one of those classes (the remedial math) didn't count for actual credit hours. Most of the 9000 dollars was made as an independent contractor, and now the irs says it I owe 675 which I don't have. I make 11.50 an hour in retail and go to school full time. I just... Don't have it and don't know what to do.
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Mar 8, 2015 04:00
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The Big Whoop posted:So I'm in a bit of a rock and a hard place. I made less than 9000 dollars last year and I was a student but one of those classes (the remedial math) didn't count for actual credit hours. Most of the 9000 dollars was made as an independent contractor, and now the irs says it I owe 675 which I don't have. I make 11.50 an hour in retail and go to school full time. I just... Don't have it and don't know what to do. If their numbers are accurate, then ask about a repayment plan. How is your withholding that far off on that amount of earnings; self employment tax?
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Mar 8, 2015 05:47
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balancedbias posted:If their numbers are accurate, then ask about a repayment plan. Yes, even though I was a contractor it was consitered a self employment tax. Would it be a good step to see a financial advisor? Right now it's gonna take forever to save up for, I don't even make 500 every two weeks :l
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Mar 8, 2015 07:06
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The Big Whoop posted:Yes, even though I was a contractor it was consitered a self employment tax. Just get a repayment plan. You can request one on the IRS website, or send in a 9465 form to request one. 20 bucks a month should do it. I think they do charge a fee to have a payment plan, but you gotta do what you gotta do. Also, if you have to be an independent contractor, remember the SE tax. You may need to make quarterly estimated payments once you start to owe over a certain threshold. $1000, i think?
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Mar 8, 2015 16:25
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I'm a bit confused about my return this year given my work situation for 2014. I worked for a consulting company living and working full time in NYC but had to fly to Minneapolis every week for about 4 months. I received one W2 from this company and it has Minnesota wages split out for items 15 & 16 for the time I was working there. In Turbotax, there's a section in personal for making money in other states (which prompts to download another state in addition to NY), but there's also an area for this on the NY state return. Which specific areas of the return do I need to specify this type of income? Do I definitely need to buy the MN additional state for this type of scenario? UncleGuito fucked around with this message at 20:56 on Mar 8, 2015 |
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Mar 8, 2015 20:52
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UncleGuito posted:I'm a bit confused about my return this year given my work situation for 2014. Yes - you will have to file a Non-Resident return for Minnesota, assuming the income is greater than the filing minimum; you will get a credit for taxes paid to MN on your NY return.
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Mar 8, 2015 23:21
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ThirdPartyView posted:Yes - you will have to file a Non-Resident return for Minnesota, assuming the income is greater than the filing minimum; you will get a credit for taxes paid to MN on your NY return. Should the credit I receive be equivalent or near what I originally owed on NY state return? ie. before downloading MN state, owed NY $1800 after downloading MN state, get MN return of $58 and now owe $1100 (about 1/7 of my wages were earned in MN) Was hoping that I wouldn't owe NY state anything afterwards 
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Mar 9, 2015 00:27
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I could use some help figuring out which type of residency returns to file. Here's my situation: 01-01-14 to 07-08-14: Lived and worked in the District of Columbia. 07-09-14 to 12-31-14: Lived in New York State (not city) as a student. I had W2 wages in DC from a DC company. Taxes were withheld by DC. I also had interest income from savings accounts, and capital gains from sale of stocks/mutual funds while residing in the District of Columbia. Neither had taxes withheld. I had no W2 wages from New York, nor received any income from my DC employer while residing in New York. I did have interest income from savings accounts while residing in New York. I have also received tax forms related to graduate school while residing in New York. As I understand it, I should be filing as a part-year resident in both states?
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Mar 10, 2015 19:06
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The Big Whoop posted:Yes, even though I was a contractor it was consitered a self employment tax. Another question that's always good to ask is "Am I really a contractor" http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Independent-Contractor-Self-Employed-or-Employee
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Mar 10, 2015 19:54
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So here's a question that I can't find a straight answer to. My dad took out PLUS loans for me. He died in October, I called Great Lakes and they said the debt was cancelled. My mother is trying to file her taxes and HR Block says that she owes several thousand in COD income. However our tax preparer wasn't sure and is double checking everything for us. What can anyone tell me about this, I've found a lot of articles about COD for student loans and some say it is taxable and some say that if the parent borrower dies it isn't taxable. Can anyone give me a straight answer? Worst case scenario is we use leftover life insurance to pay it off but honestly my moms been through enough and doesn't deserve this.
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Mar 11, 2015 02:34
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https://studentaid.ed.gov/repay-loans/forgiveness-cancellation#im-a-parentquote:I’m a parent that took a PLUS loan to help pay for my child’s education. Can my loan ever be forgiven, canceled, or discharged? Ok, so your servicer discharged the loan - which means... http://www.finaid.org/loans/forgivenesstaxability.phtml quote:Taxability of Student Loan Forgiveness You're on the hook for taxes on the amount discharged
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Mar 11, 2015 03:51
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I'm doing a renovation and resale of a house that I bought last year and spent most of the expenses on last year. Can I deduct all the expenses on the taxes for 2015 when I (hopefully) sell it and just report the net income or do I have to report the improvements as a business expense in 2014 and just carry forward the loss and use it against the short term capital gains in 2015?
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Mar 11, 2015 15:28
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I just opened a Roth IRA and made a 2014 contribution. Do I need to wait for any forms related to this before filling, or can I go ahead and file now? I'm assuming now would be OK since the Roth shouldn't have any affect on how much I owe, but I want to make sure.
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Mar 12, 2015 00:20
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Splinter posted:I just opened a Roth IRA and made a 2014 contribution. Do I need to wait for any forms related to this before filling, or can I go ahead and file now? I'm assuming now would be OK since the Roth shouldn't have any affect on how much I owe, but I want to make sure.
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Mar 12, 2015 02:05
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Simple answer, I hope. I just got a letter saying, basically, that my employer hosed up on our W2s and that new ones will be mailed to us. I've already filed and received my refund. What do I need to do? I filed through Taxact, and it was about as simple of a filing as you can get.
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Mar 12, 2015 07:39
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Capsaicin posted:Simple answer, I hope. I just got a letter saying, basically, that my employer hosed up on our W2s and that new ones will be mailed to us. I've already filed and received my refund. What do I need to do? I filed through Taxact, and it was about as simple of a filing as you can get.
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Mar 12, 2015 15:51
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OH MY GOD. I don't know about the rest of you preparers, but this year sucks rear end.
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Mar 13, 2015 01:48
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