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Liam Emsa posted:Filed jointly for the first time this year. Filed in February. Got state back almost immediately, federal is still showing as processing. What's going on? Who knows? Someone at the IRS, probably should call them. Could be any number of things.
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Apr 16, 2015 18:32
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sullat posted:Who knows? Someone at the IRS, probably should call them. Could be any number of things. Liam Emsa posted:Filed jointly for the first time this year. Filed in February. Got state back almost immediately, federal is still showing as processing. What's going on?
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Apr 16, 2015 18:49
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So I paper filed almost two months ago and got a letter in the mail saying that it was being processed a few weeks ago. The website also stated the same, however for the last week the website now states " You may not have entered your information correctly. Please verify your personal tax data and try again." I got my state back last week so I don't really see why federal is taking so much longer and why the website is showing that message. Is there a secret to getting someone on the phone that I can speak with and figure it out? Every number that I call is a fully automated system.
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Apr 17, 2015 20:19
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I maxed out my 2015 Roth IRA last week without thinking that my last raise will put me into the contribution phase-out income range. I want to do a backdoor conversion. Do I first withdraw the $5500 I've already contributed, move it to a traditional IRA, and then ask Vanguard to convert that to Roth? I did call Vanguard but the person I spoke to wasn't helpful. I don't currently have a traditional IRA.
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Apr 17, 2015 23:26
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Large Hardon Collider posted:I maxed out my 2015 Roth IRA last week without thinking that my last raise will put me into the contribution phase-out income range. I want to do a backdoor conversion. Do I first withdraw the $5500 I've already contributed, move it to a traditional IRA, and then ask Vanguard to convert that to Roth? Did you think about ways of adjusting down your AGI? e1; Actually, does that even work for eligibility? I have to reread that post and see if it refers to AGI or just GI for the cap. e2; IRS says its your AGI. So you can adjust your 401k contributions, deductions, etc to bring yourself under contribution caps. I've been doing max Roth, halfway to max 401k, and savings the past few years, this year I'm capping my 401k to make sure I can keep contributing to my Roth with a lower AGI and just going to live on a tighter budget for a few months towards the end of the year. Nephzinho fucked around with this message at 00:06 on Apr 18, 2015 |
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Apr 17, 2015 23:58
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Nephzinho posted:Did you think about ways of adjusting down your AGI? There aren't really too many ways for an average person to lower their AGI, since it only includes first-page income and adjustments. You can maximize your 401k ($18k), max an HSA (about $3500 single) or take capital gains losses (about $1500 single). You could also realize a business loss if you have one, contribute to a SEP IRA if you have business/1099 income, or contribute to a traditional IRA if you qualify.
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Apr 18, 2015 00:18
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Droo posted:There aren't really too many ways for an average person to lower their AGI, since it only includes first-page income and adjustments. You can maximize your 401k ($18k), max an HSA (about $3500 single) or take capital gains losses (about $1500 single). You could also realize a business loss if you have one, contribute to a SEP IRA if you have business/1099 income, or contribute to a traditional IRA if you qualify. Agreed, I don't think that's an option. I'm at least halfway through the phase-out range, and I can't adjust my AGI that much. My main question is, can/should I withdraw the $5,500 now and redeposit it at the end of this year? Or can I not deposit-withdraw-deposit like that. Really kicking myself for not thinking of this sooner, but this must be a fairly common scenario. What about people with a $110k income who receive a $15k windfall - what would they do?
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Apr 18, 2015 05:52
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My company asked some months ago if anyone in my department would like to work from home, basically because they want to bring on more people but don't want to make any extra space for them. I said I would like to, and starting in a couple weeks I will be required to maintain an area of my home that nobody can enter during business hours with high speed internet hardwired in. It won't cost me a ton to set it up, but I will be setting aside a room in my house that had been planned for something else. Does this meet the "exclusively for employer's convenience" test for the employee home office deduction? I am not trying to get a deduction I don't qualify for, but I would probably just share my wife's office if I didn't have to keep t separate. I don't plan on personal use of the space. Granted I benefit by not having to commute. I assume that because have internet access already that even if I were to upgrade the connection it would not be a deductible expense. Also, I don't really want to messs around with depreciation recapture unless it is worth it. Do I have to claim depreciation?
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Apr 20, 2015 06:10
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galahan posted:I just tried contacting the op for services but their thread is locked and no reply.
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Apr 20, 2015 11:19
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Small White Dragon posted:His website is barnettaccounting.net and you can contact him there - or his email is in the OP. I've used his services, and he does a great job. I did, they seem to be Mia and thread locked, ill try pm.
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Apr 20, 2015 17:29
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galahan posted:I did, they seem to be Mia and thread locked, ill try pm. Hasn't appeared to be answering emails or PMs or anything. Used him this year, got through all my questions and taxes thoroughly but was incredibly unresponsive - two weeks to get most of my questions answered and the whole process started in early February had me filing down to the wire in April. Something must be going on with his schedule.
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Apr 20, 2015 20:19
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Large Hardon Collider posted:Agreed, I don't think that's an option. I'm at least halfway through the phase-out range, and I can't adjust my AGI that much. My main question is, can/should I withdraw the $5,500 now and redeposit it at the end of this year? Or can I not deposit-withdraw-deposit like that. I am not a tax expert but just went through something similar. With Schwab at least, you can remove excess contributions before EOY. It's just another option on the form to recategorize contributions (what you would use to create a backdoor IRA). edit: to clarify, the above all came from Schwab chat support. robcat fucked around with this message at 22:51 on Apr 20, 2015 |
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Apr 20, 2015 22:45
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Can't wait to call all my clients this week whose e-filed returns got rejected due to SSN fraud! Love this job!!
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Apr 21, 2015 02:40
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scribe jones posted:Can't wait to call all my clients this week whose e-filed returns got rejected due to SSN fraud! Love this job!! I had to make three calls like that, it loving sucks. Sorry man. Two others had the IRS proactively reach out to them via letters to let them know someone had filed returns that were suspected to be fraudulent.
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Apr 21, 2015 03:25
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robcat posted:I am not a tax expert but just went through something similar. With Schwab at least, you can remove excess contributions before EOY. It's just another option on the form to recategorize contributions (what you would use to create a backdoor IRA). You have until the due date of the return, not counting extensions, to recharacterize the contributions.
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Apr 21, 2015 03:26
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galahan posted:I did, they seem to be Mia and thread locked, ill try pm. To be fair to me your email late on 4/14 literally said "ignore this if you are too busy to help". I was, so I did. We connected today though. Now that the insanity has mostly passed I have more time for new returns. Eta that it was kind of a dick move and I am not usually like that. However, I worked about 110 hours between April 6th and the 15th and there is a very real tendency in that kind of mode to put off anything that we can. So I'm sorry for not at least responding that I was too busy. furushotakeru fucked around with this message at 04:02 on Apr 21, 2015 |
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Apr 21, 2015 03:30
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furushotakeru posted:I had to make three calls like that, it loving sucks. Sorry man. Yeah, I had a few get caught too, which is nice. Like, yes, the taxpayers with an average AGI of $400,000 over the last three years aren't suddenly eligible for EITC, good job guys, well spotted.
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Apr 21, 2015 15:45
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scribe jones posted:Yeah, I had a few get caught too, which is nice. Like, yes, the taxpayers with an average AGI of $400,000 over the last three years aren't suddenly eligible for EITC, good job guys, well spotted. My office had one of those and at least 3 others rejected due to SSN's being used to file a return already. I'm glad I only had to tell 1 client about it myself, my coworkers had the rest.
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Apr 21, 2015 17:38
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furushotakeru posted:However, I worked about 110 hours between April 6th and the 15th Amateur. *runs off sobbing into the corner*
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Apr 21, 2015 17:52
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AbbiTheDog posted:Amateur. I'm not even going to bother checking my utilization report for March/April, since that's one step away from calculating my effective hourly wage and I just can't quite stomach that yet.
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Apr 22, 2015 01:02
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scribe jones posted:I'm not even going to bother checking my utilization report for March/April, since that's one step away from calculating my effective hourly wage and I just can't quite stomach that yet. I don't know what you're complaining about. On an annual basis I average less than 40 hours per week and make a pretty good living by any measure.
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Apr 22, 2015 02:49
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furushotakeru posted:I don't know what you're complaining about. On an annual basis I average less than 40 hours per week and make a pretty good living by any measure. In theory my firm closes on fridays during the off season and shuts down at 4. We were just so drat busy last year it never really happened.
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Apr 22, 2015 18:51
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Can capital losses be 'reclaimed' years later if you didnt carry them forward for several years? For example, if I have $10k in capital losses on my 2009 tax return, then didn't invest for 6 years and didn't bother carrying that amount forward every year. Can I add them to my 2014 return as long as they are properly documented and I can prove that it's a legitimate amount?
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Apr 23, 2015 20:34
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No. That's not the technically correct way of doing it, and 2009 is a closed year anyway. You should have been consuming that 10k loss over 2010/11/12 as you can claim a 3k loss each year. So it'd be incorrect on multiple levels.
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Apr 23, 2015 21:51
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Yeah, the correct way to fix it would have been to have it offset other income in 2010 (3k), 2011 (3k), 2012 (3k), and 2013 (1k). You have 3 years to file a form 1040x and get a refund, so technically you could probably fix 2012 and 2013 (but you might also have to refile for 2010 and 2011, despite not being able to get a refund for those two years, in order to correct the schedule D those years to carry forward the loss). So basically your current option is to file 4 sets of taxes to save $3,000 * (2012 marginal rate) + $1,000 * (2013 marginal rate). If you used TurboTax and still have the saved files for that year, this would probably only actually take a couple hours to complete.
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Apr 23, 2015 22:11
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Droo posted:Yeah, the correct way to fix it would have been to have it offset other income in 2010 (3k), 2011 (3k), 2012 (3k), and 2013 (1k). You have 3 years to file a form 1040x and get a refund, so technically you could probably fix 2012 and 2013 (but you might also have to refile for 2010 and 2011, despite not being able to get a refund for those two years, in order to correct the schedule D those years to carry forward the loss). He doesn't have the option of doing that anymore. 2010/2011 are both closed years (assuming he filed on time) and can't be amended. If the carryover wasn't reported on those returns he's not going to be able to report it on his 12/13 returns.
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Apr 23, 2015 23:13
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Admiral101 posted:He doesn't have the option of doing that anymore. 2010/2011 are both closed years (assuming he filed on time) and can't be amended. If the carryover wasn't reported on those returns he's not going to be able to report it on his 12/13 returns. http://www2.csudh.edu/rmalamud/tn083099.PDF https://accountants-community.intuit.com/questions/217840-amending-return-for-capital-loss-carryforward http://www.justanswer.com/capital-gains-tax/6d8me-hello-father-forgot-use-capital-loss-carry-forward.html http://www.justanswer.com/tax/6ds07-hello-i-m-doing-couple-amended-returns-far-back.html
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Apr 23, 2015 23:27
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Droo posted:http://www2.csudh.edu/rmalamud/tn083099.PDF Greasyhands, feel free to do this and attach statements to your 1040X's citing court cases with copies of your 2010/2011 tax returns (displaying that the cap loss was not otherwise absorbed) to substantiate your 4k deduction.
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Apr 23, 2015 23:51
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A friend of mine is filing her FAFSA out, both her parents filed as Head of Household. Her dad only claimed himself and a son, her mother claimed herself and two children. The total household is five. The kicker is that their parents aren't legally married, although they've been living together for the last 20 years. Does she needs to treat them as separate households or does one of her parents need to file amends so she can finish her FAFSA?
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Apr 24, 2015 02:00
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Admiral101 posted:He doesn't have the option of doing that anymore. 2010/2011 are both closed years (assuming he filed on time) and can't be amended. If the carryover wasn't reported on those returns he's not going to be able to report it on his 12/13 returns. So what happens if he just submits those amended returns? Would the IRS pay the refund and then want it back later, or just reject them outright?
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Apr 24, 2015 13:00
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smackfu posted:So what happens if he just submits those amended returns? Would the IRS pay the refund and then want it back later, or just reject them outright? You mean the 12/13 returns? According to the article from 1999 and justanswer.com they'll send him his checks in a swift 6-8 weeks. I mean you can do this but there's a lot of questions that will be asked if the 1040X lands on the wrong desk and you don't have the necessary detail and support attached. Admiral101 fucked around with this message at 20:13 on Apr 24, 2015 |
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Apr 24, 2015 20:11
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In February of this year I started doing work as an independent contractor, but it's very freelance and I make super little - YTD I've made $68.01. Unfortunately, when I started doing this I listened to some bad advice and didn't get on the ball about filing and tracking things for taxes right away, and didn't immediately start talking to SSA about it. It is now two months later and I'm freaking out that I'm going to get popped for tax fraud or benefits fraud (I'm on disability) somehow. I haven't even looked at the New Mexico tax and revenue website yet to see how screwed I am. Typically I pay nothing, and I was under the impression that unless I make a certain amount, I still pay nothing, but that doesn't appear to be the case. I'm not sure what to do from here. Is there some free software I can use to track my tax stuff? I'm really bad with numbers and will screw it up if I try to do it by myself. I will be calling the IRS and SSA's Ticket To Work program to settle as much as I can on Monday, of course, but I want to be prepared.
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Apr 25, 2015 18:32
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So I received a 4464C on Feb 27th and haven't heard anything since. Website was stating that they received my return a few weeks ago but now states "You may not have entered your information correctly. Please verify your personal tax data and try again." Is this anything to worry about? How long does it take to get a followup from them?
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Apr 26, 2015 02:13
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meteloides posted:In February of this year I started doing work as an independent contractor, but it's very freelance and I make super little - YTD I've made $68.01. Unfortunately, when I started doing this I listened to some bad advice and didn't get on the ball about filing and tracking things for taxes right away, and didn't immediately start talking to SSA about it. It is now two months later and I'm freaking out that I'm going to get popped for tax fraud or benefits fraud (I'm on disability) somehow. I haven't even looked at the New Mexico tax and revenue website yet to see how screwed I am. Under $400 you won't owe any self employment tax on your earnings. If you don't have more than ~$10K taxable gross income and less than $400 gross income from contract work, you don't need to file a federal return and won't owe any tax. Not sure on NM.
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Apr 27, 2015 07:10
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I make $75,000 a year and I only have two exemptions on my W-4. I max out my (traditional) 401k, so you would think this would keep my income tax burden relatively low, right? My family's tax person just sent me some nifty federal/state "1040-ES Payment Vouchers", and it looks like I need to pay a total of $4,200. What the gently caress? Why? My parents have a professional do their taxes (and as a complementary service, for my sister and I too), so I don't know if I have some secret horde of inheritance treasure that I need to pay income taxes on. Is it possible that I'm... princess of Genovia?
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Apr 27, 2015 18:03
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I moved from NYC to Florida halfway through 2014, but continued to work for my employer remotely. The specific office I report to is in New York City, but the corporate headquarters for the company is in Nebraska. Does the income I'm earning as a Florida resident count as from a New York source, or a Nebraska source? Or, because I live in Florida, is it Florida income? Thanks as always for the amazing work you do for dumb goons like me, Furushotakeru.
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Apr 27, 2015 18:44
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It's probably due to your exemptions. In a perfect world Single 1 would make you have a small refund or small balance due. Single 2 guaranteed that you'd have to pay as I doubt you have deductions worth itemizing. 4200 for just IRS seems high possibly but if you are including state too it makes sense. Especially if you're in a dick state like NY.
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Apr 27, 2015 18:50
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Epi Lepi posted:It's probably due to your exemptions. In a perfect world Single 1 would make you have a small refund or small balance due. Single 2 guaranteed that you'd have to pay as I doubt you have deductions worth itemizing. 4200 for just IRS seems high possibly but if you are including state too it makes sense. Especially if you're in a dick state like NY. Yeah, I did Single 2 and the $4,200 is Oregon + USA. I figured that the 401k + pre-tax parking + health insurance would've cut it down more than that, but I guess not.
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Apr 27, 2015 18:57
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GoGoGadgetChris posted:Yeah, I did Single 2 and the $4,200 is Oregon + USA. I figured that the 401k + pre-tax parking + health insurance would've cut it down more than that, but I guess not. Anything you pay or contribute to through your employer should be removed from your income before the withholding is used to estimate taxes so you're essentially double counting a bunch of stuff.
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Apr 27, 2015 19:42
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Asterios posted:I moved from NYC to Florida halfway through 2014, but continued to work for my employer remotely. The specific office I report to is in New York City, but the corporate headquarters for the company is in Nebraska. The income earned in FL should be FL income (not subject to NYS or NYC taxes). Most of the other contributors do far more question answering than I do these days, but you are welcome.
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Apr 27, 2015 20:05
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