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Has anyone received their refund for 2015 yet? My return was accepted on January 22nd. I checked 'Where's my refund' but it still says "return received."
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Feb 6, 2016 01:17
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Yep got mine a few days ago and my partner got his last Friday
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Feb 6, 2016 01:28
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Question about reporting foreign bank accounts. If me and my wife have a joint foreign bank account, do both of us need to report it on our taxes or just one person is enough?
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Feb 6, 2016 01:36
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Bojanglesworth posted:Has anyone received their refund for 2015 yet? Filed a complicated personal return on Jan 19 and was pleasantly surprised to receive refund Feb 1. Also did not get the "Where's my refund" "refund approved" status notification before the ACH deposit landed.
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Feb 6, 2016 01:55
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MadDogMike posted:The general rule of thumb I've heard for Roth vs. traditional is when do you think you will be earning more money, now or when the money comes out? If you expect to have less income reported on your taxes when you retire/hit age 59 1/2+, then a traditional IRA works better because you are going to be in a lower bracket when the money distributes and you have to pay taxes on it. But if you're very low income now but might have higher retirement income like in my case (as a new-ish preparer I don't earn much now at it, but if I work into retirement age (a lot of preparers often are retired since it's just four months of desk work) I would undoubtedly earn far more with several decades of experience under my belt) then a Roth works better since my taxable income when I'm older is quite likely to exceed what I'm earning (and paying minimal taxes on) now. Barring special circumstances like that though, most people have lower taxable income at retirement (especially given how social security has favorable tax treatment) so a traditional tends to be better for most, Roth is more for said rarer situations or personal preference of not wanting to screw with taxes later on or expecting to take the whole thing as a lump sum or similar. A Roth is also tax-free at distribution for both the amounts you contributed and the growth in the account. So a Roth is more attractive the father from retirement you are and the more time the savings have to grow.
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Feb 6, 2016 04:24
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If I am filling out a schedule E for rental income (or loss) can I still take standard deduction or do I need to itemize all the non-rental stuff too?
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Feb 6, 2016 12:14
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ShadowHawk posted:If I am filling out a schedule E for rental income (or loss) can I still take standard deduction or do I need to itemize all the non-rental stuff too? You can still take the standard deduction even if have Schedule E income/loss - they're two separate things.
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Feb 6, 2016 13:23
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urnisme posted:A Roth is also tax-free at distribution for both the amounts you contributed and the growth in the account. So a Roth is more attractive the father from retirement you are and the more time the savings have to grow. How is it more attractive? If you contribute the exact same amount pretax to either (i.e. 10k to an IRA and 7.5k to a Roth with a 25% tax rate ) and the tax rate is identical on withdraw then you'll end with the exact same amount regardless of time or rate of return. One thing that is not always considered is that you can effectively contribute more to a Roth because the limits are the same and tax is taken before the limit is considered.
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Feb 6, 2016 16:32
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asur posted:How is it more attractive? If you contribute the exact same amount pretax to either (i.e. 10k to an IRA and 7.5k to a Roth with a 25% tax rate ) and the tax rate is identical on withdraw then you'll end with the exact same amount regardless of time or rate of return. If you do the above and the contents appreciate to $100,000, with a Traditional IRA you will pay $25,000 in taxes at withdrawal (assuming a 25% effective ordinary tax rate), with net proceeds of $75,000, whereas the entire $100,000 withdrawal from the Roth IRA is tax-free. So, actually, the Roth IRA would be more favorable in terms of tax consequences assuming rates remain the same or increase. The only time the Roth IRA is potentially unfavorable is if the effective rates decrease between contribution and withdrawal sufficiently to offset the tax shielding from the Roth IRA appreciation.
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Feb 6, 2016 16:42
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If a 10k IRA appreciates to 100k, the 7.5k roth one would only appreciate to 75k
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Feb 6, 2016 16:56
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Series DD Funding posted:If a 10k IRA appreciates to 100k, the 7.5k roth one would only appreciate to 75k And $25,000 in Traditional IRA taxes vs. $2,500 for the Roth IRA is still larger by a factor of 10, despite only being 33% larger in terms of gross proceeds. That means that the after-tax ROI is 650% on the Traditional IRA ($65,000/$10,000) vs. 900% for the Roth IRA ($67,500/$7,500). Horseshoe theory fucked around with this message at 17:04 on Feb 6, 2016 |
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Feb 6, 2016 16:58
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ThirdPartyView posted:And $25,000 in Traditional IRA taxes vs. $2,500 for the Roth IRA is still larger by a factor of 10, despite only being 33% larger in terms of gross proceeds. I am too lazy to once again link the proof that you are wrong, but trust everyone here who is telling you the same thing - if the marginal income tax rate is the same when you put it in as when you put it out, $4000 into a traditional IRA is the same as $4000 used to pay taxes/fund a roth IRA. Like someone else said though, you can put "more" into a roth so that's a factor. Edit: hell you don't even need anything fancy, it's two formulas in excel to prove it: =(4000*0.75)*(1.07^25) =(4000)*(1.07^25)*0.75 Droo fucked around with this message at 17:10 on Feb 6, 2016 |
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Feb 6, 2016 17:03
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Droo posted:if the marginal income tax rate Actually, it's effective tax rate that's the important number, champ. quote:is the same when you put it in as when you put it out, $4000 into a traditional IRA is the same as $4000 used to pay taxes/fund a roth IRA. No, because the entire proceeds is tax-free from a Roth IRA account whereas the entire proceeds is taxed as ordinary income from a Traditional IRA - there is clearly a benefit to the Roth IRA when effective rates are the same or higher at withdrawal as at the time of contribution. Droo posted:=(4000*0.75)*(1.07^25) So you're only paying $1,000 in tax for Roth IRA vs. $5,427 in tax for the Traditional IRA to generate the same whole dollar (not ROI) results, which proves my point. Horseshoe theory fucked around with this message at 17:14 on Feb 6, 2016 |
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Feb 6, 2016 17:10
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ThirdPartyView posted:Actually, it's effective tax rate that's the important number, champ. No, it's marginal since that is the rate in play when you are deciding whether to contribute to a traditional or roth IRA, and the rate you would have to pay if you go with traditional and you take it out again in retirement. I dunno why you are being so combative but I tried to help you out with actual facts and I guess now I'm done.
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Feb 6, 2016 17:14
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Droo posted:No, it's marginal since that is the rate in play when you are deciding whether to contribute to a traditional or roth IRA, and the rate you would have to pay if you go with traditional and you take it out again in retirement. Except that the taxes are calculated on an effective tax rate basis, not on a marginal tax rate basis, since you pay lower rates on the first dollars than on the later dollars. Edit: There's also the fact that a Roth IRA isn't subject to the Required Minimum Distribution rules as well as being more favorable for estate tax purposes (since any Traditional IRA amounts that weren't previously taxed have Income in Respect of a Decedent consequences). Also that if you're valuing your investment via ROI, taxes are a factor in calculating ROI (since they are a cost just like the $4,000 or $3,000 you initially contributed due to time value of money). Also, there are AMT and NIIT consequences potentially (for NIIT, they aren't going to be subject to the 3.8% surtax itself, but are factored into calculating the MAGI threshold). Looking solely at whole dollar amounts is straight foolish unless you don't give a poo poo about paying the IRS and state tax authorities substantial amounts of taxes at retirement. Horseshoe theory fucked around with this message at 17:28 on Feb 6, 2016 |
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Feb 6, 2016 17:16
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ThirdPartyView posted:So you're only paying $1,000 in tax for Roth IRA vs. $5,427 in tax for the Traditional IRA to generate the same whole dollar (not ROI) results, which proves my point. No it doesn't. You are paying $1k in taxes today or $5k in taxes 30+ years from now and those numbers aren't comparable. Not to mention that this is completely off track because you end up with the exact same amount post taxes and the rate of return including tax is the same so who loving cares if the government ends up with potentially more money even discounting time value. Not sure why your last post brings up effective tax rate as that favors a Traditional IRA unless the person expects significant other income sources at retirement. asur fucked around with this message at 20:44 on Feb 6, 2016 |
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Feb 6, 2016 20:42
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ThirdPartyView posted:You can still take the standard deduction even if have Schedule E income/loss - they're two separate things. If you're asking because you're renting out part of your primary or secondary residence, you just take the portion of any mortgage interest/real estate tax that applies as a percentage of the area you're renting vs the total area of your living space (i.e. if you were renting a 100 square foot room out of a 1000 square foot home, 10% of any whole house expenses) as business expenses and anything left over (90% of the mortgage/real estate tax in my example) can be taken on Schedule A if you itemize or ignored if the standard deduction is higher.
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Feb 6, 2016 21:03
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Questions about medical expenses: You can include the amount of ACA marketplace health insurance premium you paid, minus the premium tax credit, correct? So say if the total premium was $3000 and you get $300 in premium tax credit (line 24 of Form 8962) you can include $2700 of insurance premium in your medical expenses for schedule A, right? Every tax prep program keeps asking for a breakdown of the expenses (how much for prescriptions, how much for providers, etc) but Schedule A only has a single entry for "Medical and dental expenses". Do we need to go through all the past receipts again to categorize things or is this just a case of the software trying to be overly helpful and we can just ignore the categories and put in a single entry of the amount we tallied up?
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Feb 6, 2016 21:32
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Shifty Pony posted:Questions about medical expenses: Sure, since they are paid out of pocket with after-tax income they are deductible. As far as the schedule A is concerned, if you have tallied everything up, you can just enter that on the line. Just keep your shoebox full of receipts and your calculations handy in case you get examined. As long as you don't appear too shifty when that happens, you'll be fine.
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Feb 6, 2016 22:54
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Sched E specific questons: A) Is there a minium annual income requirement for filing on oil/gas/mineral leases? My wife has one from an inheritence and has been reporting (and paying tax on) anywhere from 40 to 200 bux a year for decades now. B) Is the depletion allowance for said leases still 15%?
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Feb 7, 2016 03:24
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lol internet. posted:Question about reporting foreign bank accounts. From the FinCEN 114 Instructions: Certain Accounts Jointly Owned by Spouses. The spouse of an individual who files an FBAR is not required to file a separate FBAR if the following conditions are met: (1) all the financial accounts that the non-filing spouse is required to report are jointly owned with the filing spouse; 2) the filing spouse reports the jointly owned accounts on a timely filed FBAR electronically signed; and (3) the filers have completed and signed Form 114a, “Record of Authorization to Electronically File FBAR’s” (maintained with the filers’ records). Otherwise, both spouses are required to file separate FBARs, and each spouse must report the entire value of the jointly owned accounts. See instructions for specific items, Part III, Items 25-33.
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Feb 7, 2016 17:22
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dee eight posted:Sched E specific questons: A). Minimum annual income requirement? What are you talking about? B). Are we talking about oil and gas? Yes it's still 15% for federal purposes.
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Feb 7, 2016 18:44
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Admiral101 posted:A). Minimum annual income requirement? What are you talking about? I mean do we have to report the income from oil/gas lease and fill out sched E if that income is less than $100 or some other specific amount?
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Feb 7, 2016 19:40
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dee eight posted:I mean do we have to report the income from oil/gas lease and fill out sched E if that income is less than $100 or some other specific amount? Yes you still have to report the income. Just sell it. edit: and this is an oil/gas royalty right? I just re-read your post and you called it a lease. Leases are rents and you don't get a 15% deduction on it. Admiral101 fucked around with this message at 20:45 on Feb 7, 2016 |
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Feb 7, 2016 20:40
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Admiral101 posted:Yes you still have to report the income. Yeah, royality. Sorry about that. Anyway, wife will not sell it because inheritence from her grandpa and sentiment and stuff.  It's a few extra bux.
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Feb 7, 2016 22:54
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So I filed my 1040EZ, and was happily awaiting my refund, when I got two extra 1099s in the mail, a 1099-R in the amount of $10205 with $2041 withheld, and a 1099-G with 1100 taxable, 0 withheld. The 1040x is loving byzantine as hell, can anyone assist? Edit: Or should I just wait for this? "February 11, 2016 is the earliest you can amend your 2015 taxes." per Turbotax. Deviant fucked around with this message at 18:54 on Feb 8, 2016 |
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Feb 8, 2016 18:48
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Admiral101 posted:B). Are we talking about oil and gas? Yes it's still 15% for federal purposes. Note if you're in AMT this is a preference item if you've expensed the original cost basis already.
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Feb 8, 2016 19:04
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Deviant posted:So I filed my 1040EZ, and was happily awaiting my refund, when I got two extra 1099s in the mail, a 1099-R in the amount of $10205 with $2041 withheld, and a 1099-G with 1100 taxable, 0 withheld. The 1040x is loving byzantine as hell, can anyone assist? What's the 1099-G for? Anyway, original info in column A, new info in Column B, new total in Column C. Has to be paper filed, so you'll be mailing it in regardless of whether Turbo tax helps you or not.
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Feb 9, 2016 05:51
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sullat posted:What's the 1099-G for? Anyway, original info in column A, new info in Column B, new total in Column C. Has to be paper filed, so you'll be mailing it in regardless of whether Turbo tax helps you or not. 1099-G is unemployment benefits. And yeah, but the names of the fields on the 1040X and the 1040EZ aren't identical, so i'm not sure how to cross the data over. It also seems to have a different concept of the standard deduction in the 1040X than it does in the 1040EZ? (EZ told me to enter 10,300 whereas the instructions for the 1040X say 6300) I'll just let turbotax handle it.
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Feb 9, 2016 15:41
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Deviant posted:1099-G is unemployment benefits. And yeah, but the names of the fields on the 1040X and the 1040EZ aren't identical, so i'm not sure how to cross the data over. It also seems to have a different concept of the standard deduction in the 1040X than it does in the 1040EZ? (EZ told me to enter 10,300 whereas the instructions for the 1040X say 6300) The EZ combines the standard deduction ($6,300) and the personal exemption ($4,000) because it's only for people with no dependents. On the 1040X you'll list those amounts separately.
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Feb 9, 2016 17:50
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Is an Explanation of Benefits from your health insurance company sufficient documentation for medical expenses?
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Feb 10, 2016 01:02
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stubblyhead posted:Is an Explanation of Benefits from your health insurance company sufficient documentation for medical expenses? It would show what your portion of the bill was, but it doesn't prove you paid it during 2015. Pair it with a receipt from the provider. Or just ask your providers for statements showing what you paid during the year.
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Feb 10, 2016 02:40
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I have a sole proprietorship with income reported on a schedule C-EZ. I reported business income from a certain source under general income and e-filed my return with TurboTax. Now I just learned they have a 1099 for me. The $ amount in the 1099 is the exact same as what I reported, so my overall income won't change. Will I need to file a amended return which reports the 1099 and moves the business income from uncategorized to 1099?
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Feb 10, 2016 05:47
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RedQueen posted:I have a sole proprietorship with income reported on a schedule C-EZ. I reported business income from a certain source under general income and e-filed my return with TurboTax. Now I just learned they have a 1099 for me. The $ amount in the 1099 is the exact same as what I reported, so my overall income won't change. No. I'm not even sure what you're referring to because schedule C-EZ doesn't separately list 1099 income. Is this just some kind of turbotax input thing?
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Feb 10, 2016 13:51
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RedQueen posted:I have a sole proprietorship with income reported on a schedule C-EZ. I reported business income from a certain source under general income and e-filed my return with TurboTax. Now I just learned they have a 1099 for me. The $ amount in the 1099 is the exact same as what I reported, so my overall income won't change. You might get an income matching notice from the IRS, once their computers realize that you didn't include the 1099-MISC. You would be able to respond to that indicating that the 1099 was the income you reported, you just hasn't received it when you filled.
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Feb 10, 2016 14:23
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I filed my taxes this year through Turbo Tax, as that's who I used last year. I am approaching the 21 day mark and have still not received my federal refund (received state). The IRS page still is on the first bar. 2015 I married and this is my first time filing married-joint. I am just wondering if that could possibly cause a delay in the refund as it's a different filing status than normal, and it includes my wife? I filed on Jan 24th. Feb 14th will be 21 days. If I don't receive it by 14th I just need to contact IRS right?
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Feb 10, 2016 14:29
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I got issued a W-2C due to the retroactive transit benefits, which means I now overpaid my medicare taxes. What form do I use to get that back?
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Feb 10, 2016 16:43
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IRA/Form 8606 question: I contributed to a Roth IRA at the beginning of 2015. I realized when I started my taxes in January 2016 that I was ineligible to do that due to my filing status/income, so I called my broker and had them re-characterize the contribution as a non-deductible Traditional IRA and then converted it back to a Roth. I know I need to file form 8606, but because it was done in 2016, I will have to do it on next year's taxes, not this year's, right? But I should still say on my 2015 taxes that my contribution was to a Traditional IRA, correct?
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Feb 10, 2016 17:00
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Amended Return Question: I just submitted an e-file thru Taxact last night. As I was organizing my paperwork afterwards, I found a 1099-R, Code U, for a special tax dividend last year that I forgot about. The amount is $4500 and would drop my return from $2600 to $2100. Should I file 1040X amended return immediately or resubmit the corrected return via efile? I have seen conflicting instructions on that.
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Feb 10, 2016 17:38
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urnisme posted:It would show what your portion of the bill was, but it doesn't prove you paid it during 2015. Pair it with a receipt from the provider. So you don't recognize them in the period they occur like business expenses? It's been a long time since I did any accounting classes, but we were taught that the period where the expense occurs is what's important, not when the bill actually gets paid.
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Feb 10, 2016 17:41
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