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Admiral101 posted:No. Yeah TurboTax asks for the the business revenues separately then adds them up for you onto the Schedule C. I wasn't sure if e-filing actually includes a copy of my 1099-MISC though. If it doesn't then the IRS wouldn't even know because, like you said, the Schedule C EZ doesn't break it all down.
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Feb 10, 2016 17:52
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I held the same job for all of 2015 up until 12/25/16 where I moved out of the state (country really). I did the responsible thing and updated my home address on the payroll website to my current living address and just got my W2 sent to me. Unfortunately the address listed on the W2 is now my current address and when I tried to file my federal/state taxes with TaxAct just now it had a fit with my address (mostly the state return had a problem). Do I have to put the address the W2 is listing or am I safe to just put in the address I lived at for the entire year? Ohio state related question: i had health insurance through work and I still had to pay a bit off of every paycheck, I think this is counted in section 12 labeled under "DD". At the top of my W2 in the information part it also mentions a larger gross salary than what I actually received, but there's a line called "cafe 125" which when subtracted from the "higher" gross salary matches what my actual gross salary was. For the Ohio state part, when tax act asks me what my health related premiums are I can put what's listed under 12-DD there, right? There's another part where it then asks me what the employer paid for health insurance or something, which I'm understanding is the value listed as cafe 125? If I fill out both of these boxes with what I just said then my state refund is about doubled what it was before so that worries me a bit.
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Feb 10, 2016 19:04
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Meydey posted:Amended Return Question: If your original return was filed and accepted, you will need to file an amended return. stubblyhead posted: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. Individual taxpayers generally report expenses the year they were paid, rather than the year they were incurred.
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Feb 10, 2016 19:20
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My wife and I paid a tax attorney about $600 last year to prepare our 2014 taxes and they supplied a packet of the tax forms. I want to know if it's wise to use 2014's forms as a template and file ourselves. Our tax situation has not changed significantly since 2014, however we have a few more bank and investment accounts, including Roth IRAs and plain-old brokerage accounts. My wife also quit her foreign job and now works full-time for a US employer. I held the same US job for the entire year. I'm concerned because of the sheer number of pages, most investment loss/gain related, in that 2014 packet and the fact that we'll need to file FBAR and FATCA ourselves because my wife has a foreign bank account with $10k in it. We also accidentally under-witheld in 2015 and I especially don't want to risk getting audited. Should we leave this one to professionals? Edit: If this is true, I was also supposed to file an FBAR for 2014 too. Ugh... PatMarshall posted:From the FinCEN 114 Instructions: Hunter2 Thompson fucked around with this message at 20:41 on Feb 10, 2016 |
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Feb 10, 2016 20:32
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I just got my refund back ($847) from the IRS, short of the $875 FreeTaxUsa calculated. Two days ago I received a W-2 for just under $300 of income that was paid right at the beginning week of 2015. Is $300 in income worth filing an amended return over or can I just forget it? From my understanding of the FreeTaxUsa site, the Fed often catches and adjusts small errors like this on their own, which would explain the refund discrepancy. I'd just like to be sure whether the amount in question is a serious issue before I go to the pain of filing an amended.
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Feb 10, 2016 20:35
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So many amended return questions, including one I asked. Maybe it's safer just to wait until March every year.
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Feb 10, 2016 22:21
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Edit: Finally found answer on IRS website. Roth IRA contributions aren’t deductible. Derp.
Damn Bananas fucked around with this message at 23:16 on Feb 10, 2016 |
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Feb 10, 2016 22:41
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Vorenus posted:I just got my refund back ($847) from the IRS, short of the $875 FreeTaxUsa calculated. Two days ago I received a W-2 for just under $300 of income that was paid right at the beginning week of 2015. Is $300 in income worth filing an amended return over or can I just forget it? From my understanding of the FreeTaxUsa site, the Fed often catches and adjusts small errors like this on their own, which would explain the refund discrepancy. I'd just like to be sure whether the amount in question is a serious issue before I go to the pain of filing an amended. If the question is "should I report additional income to the IRS," the answer is always going to be "yes".
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Feb 10, 2016 23:43
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meatpotato posted:My wife and I paid a tax attorney about $600 last year to prepare our 2014 taxes and they supplied a packet of the tax forms. I want to know if it's wise to use 2014's forms as a template and file ourselves. $600?! My god, man - how do you afford to eat?
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Feb 11, 2016 05:50
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Hah, we rarely eat out, it's too expensive around here  I think $600 is about the going rate in my area for non-standard tax preparation, one of my coworkers said he paid his tax attorney about the same. His wife is a partner in a jointly-owned business and they have some investments. $600 is still a lot of money --I'd like to keep it if possible! But that tax packet from 2014 is like 40 friggin pages.
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Feb 11, 2016 08:36
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sullat posted:If the question is "should I report additional income to the IRS," the answer is always going to be "yes". Thanks. I was hoping with such a small amount it would be negligible, but I'll suck it up.
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Feb 11, 2016 09:01
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stubblyhead posted: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. Individuals are almost always on a cash basis, calendar year accounting method. Being cash basis, you count expenses when paid and income when received. Many businesses do and should use an accrual basis method, where you count expenses when incurred and income when earned. Many businesses also have a fiscal year different from the calendar year.
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Feb 11, 2016 14:40
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Boris Galerkin posted:I held the same job for all of 2015 up until 12/25/16 where I moved out of the state (country really). I did the responsible thing and updated my home address on the payroll website to my current living address and just got my W2 sent to me. Unfortunately the address listed on the W2 is now my current address and when I tried to file my federal/state taxes with TaxAct just now it had a fit with my address (mostly the state return had a problem). Do I have to put the address the W2 is listing or am I safe to just put in the address I lived at for the entire year? The code DD in box 12 is the amount your employer paid for your health insurance premiums. The "cafe 125" amount is what you had taken out of your wages pre-tax to pay things like insurance premiums, dependent care benefits, or fund a flexible health spending account. This is the "cafeteria" or "section 125" plan that your employer offers. Look closely at the instructions for Ohio and see if you should only list amounts you paid out of pocket for health insurance or if you should include the amount you paid through your cafeteria/125 plan. Because the cafeteria/125 plan amounts are already taken out of your income pre-tax, they are usually ignored for other tax benefits.
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Feb 11, 2016 15:07
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RedQueen posted:So many amended return questions, including one I asked. Maybe it's safer just to wait until March every year. I know people want to get refunds ASAP but filing any time before the end of February feels like a bad idea to me, because you never know when you'll get some form from somebody. Most businesses aren't required to mail out forms until January 31st and even then some laggards send them out late. Especially if you have to file something like Schedule C, there could always be a 1099 or various form from somebody coming in the middle of February. It takes me all of January just to get my affairs from the previous year in order (organizing statements, checking my business expenses, sorting receipts, end-of-year inventory) and it's worth it to wait a week and make sure everything is double checked. Filing an amended return is a hassle and I prefer to avoid it if I can.
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Feb 11, 2016 16:07
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Obscurity posted: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? Anyone have any input? Getting worried. Still no updates on WMR 
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Feb 11, 2016 16:26
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Is there some threshold under which interest is not required to be reported? If not, why do banks not sent a 1099 if the interest is under a certain amount?
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Feb 11, 2016 16:30
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asur posted:Is there some threshold under which interest is not required to be reported? If not, why do banks not sent a 1099 if the interest is under a certain amount? My kids got 1099's for $27 and $37 dollars respectively for savings accounts. Meydey posted:Amended Return Question: So I decided to audit myself last night before filing the amended return. Made sure to get the missed 1099-r on there. Then I found a 1098(?) from a VA refi I did last year with $8 in mortgage insurance I could write off. That actually bumped me up $600 from my original return. Moral of the story...look over your poo poo before you click send on that e-file. Don't be a dumbass in a hurry like me.
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Feb 11, 2016 16:41
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You won't get a 1099-INT if the interest amount if under $10. I am not a tax professional but I don't think that means you can not report that interest, though, you just have to work it out and enter it yourself? I assume that they 1099 is only required above that threshold because generating one for every account that earned any interest at all would increase the number of forms by an order of magnitude and create more burden than it's worth.
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Feb 11, 2016 16:45
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meatpotato posted:Hah, we rarely eat out, it's too expensive around here As a CPA who runs his own firm: $600 for what you have going on is a great rate. Considering how much time, effort, and hassle you'd need to spend just to read up on the tax laws, much less prepare the return, and then HOPE it's right, just pay the guy to do the taxes.
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Feb 11, 2016 20:42
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I've always used turbotax but want to switch due to their deceptive pricing and lobbying. I will be doing itemized deductions and I sold discounted company stock in 2015. It looks like TaxAct is the best alternative. Am I going to regret switching?
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Feb 12, 2016 01:01
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AbbiTheDog posted:As a CPA who runs his own firm: I'm in agreement with this. $600 is a pretty great deal. Assuming its correct.
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Feb 12, 2016 01:20
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Hashtag Banterzone posted:I've always used turbotax but want to switch due to their deceptive pricing and lobbying. I've used TaxAct the past couple years and not had any problems. It's not as polished as TurboTax, but it still seemed to cover everything I needed (and it's way cheaper). My taxes aren't particularly complicated though. I'm single, own a house, itemize deductions, and receive some stock dividends, but don't own a business or rental property or deal much with investment gains/losses. If you're worried, you can work through everything in TurboTax but not file/pay and then use that to double-check TaxAct.
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Feb 12, 2016 01:45
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Obscurity posted:Anyone have any input? Getting worried. Still no updates on WMR Honestly if it's been received by the IRS there's not a whole lot you can really do besides call the IRS if it runs late, though my usual dividing line for "OK this has taken way too long" is about four weeks. If the IRS winds up taking extra time to process your return they are supposed to send a letter to that effect, but there's no real way to rush a refund unless you can specifically prove a hardship requirement for the money. If they leave you in silence and you can't get through on their lines, you might be able to check with the tax advocate service in your area for more information. I know they were having issues with the e-file system recently, might just be a result of that (the IRS SAID they didn't expect it to interfere with getting refunds to people within 21 days, but I'm a littttlle bit skeptical...). Anyway, sorry I can't give you a better answer, but even for me the internal processes of the Internal Revenue Service are kind of a black box without any sort of communication from them. Ashcans posted:You won't get a 1099-INT if the interest amount if under $10. I am not a tax professional but I don't think that means you can not report that interest, though, you just have to work it out and enter it yourself? I assume that they 1099 is only required above that threshold because generating one for every account that earned any interest at all would increase the number of forms by an order of magnitude and create more burden than it's worth. You are supposed to report any interest you get regardless of getting a 1099-INT, but considering the tax tables break down income in $50 increments I wouldn't panic if you forgot to, it's not likely to affect your actual tax due for anything that fails to break $10 unless you have a lot of such tiny sources of interest. I assume that's why the IRS set down that $10 break point, any loss of tax from less than that would practically be rounding errors in the context of a whole return (not to mention the IRS rounds everything to begin with).
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Feb 12, 2016 04:55
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MadDogMike posted:Honestly if it's been received by the IRS there's not a whole lot you can really do besides call the IRS if it runs late, though my usual dividing line for "OK this has taken way too long" is about four weeks. If the IRS winds up taking extra time to process your return they are supposed to send a letter to that effect, but there's no real way to rush a refund unless you can specifically prove a hardship requirement for the money. If they leave you in silence and you can't get through on their lines, you might be able to check with the tax advocate service in your area for more information. I know they were having issues with the e-file system recently, might just be a result of that (the IRS SAID they didn't expect it to interfere with getting refunds to people within 21 days, but I'm a littttlle bit skeptical...). Anyway, sorry I can't give you a better answer, but even for me the internal processes of the Internal Revenue Service are kind of a black box without any sort of communication from them. Yeah I was skeptical too. Right now my bar graphic has dissappeared on the site. So that's fun. Guess I wait and see.
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Feb 12, 2016 14:55
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For an additional data point: I submitted my return via TurboTax on 2/1 and the refund was in my account on 2/10
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Feb 12, 2016 16:31
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AbbiTheDog posted:As a CPA who runs his own firm: Admiral101 posted:I'm in agreement with this. $600 is a pretty great deal. Assuming its correct. Ok! Thank you, I wasn't sure
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Feb 12, 2016 19:32
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meatpotato posted:Ok! Thank you, I wasn't sure There's a reason you don't see Furu on here anymore - us tax professionals have been swamped the past five years and cannot find help (fewer and fewer kids are getting into the profession).
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Feb 12, 2016 20:18
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AbbiTheDog posted:There's a reason you don't see Furu on here anymore - us tax professionals have been swamped the past five years and cannot find help (fewer and fewer kids are getting into the profession). Didn't see his SAmart thread this year either, have to wonder what happened there - for some reason I never got my packet from him for getting my taxes done this year. Probably has something to do with him not returning my phone calls after loving up my return last year.
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Feb 12, 2016 20:48
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Nephzinho posted:Didn't see his SAmart thread this year either, have to wonder what happened there - for some reason I never got my packet from him for getting my taxes done this year. Probably has something to do with him not returning my phone calls after loving up my return last year. I can't speak for Furu since I don't work with him, but in my practice we had to terminate around 20% of our clients and raise prices since I can't find staff to work. The government and our professional standards (read: insurance company) require us to spend more and more time on returns to get them out the door, and we found we were having issues as well. Working 100 hour weeks is not good for you. It's not going to get any better either, around 20-25% of the CPAs are projected to retire in 5-10 years and nobody is coming in behind us to work up the food chain.
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Feb 12, 2016 21:35
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AbbiTheDog posted:I can't speak for Furu since I don't work with him, but in my practice we had to terminate around 20% of our clients and raise prices since I can't find staff to work. The government and our professional standards (read: insurance company) require us to spend more and more time on returns to get them out the door, and we found we were having issues as well. Working 100 hour weeks is not good for you. Oh I was going to torch that thread with how he hosed me over last year anyway.
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Feb 12, 2016 21:39
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I'm going to be in kind of a messed up situation, so I need some help figuring it all out. I'm hoping breaking this up into parts makes it clearer. I own a house in NY. I will not be selling said house. I will be starting a job in NJ, and will have an apartment there. I am separated from my wife, and we will likely be getting divorced this year. My wife lives in NY. How do I figure out how the hell taxes are going to work? Should I keep my "main residence" in NY or say I live in NJ? How do I not get hosed over or double taxed?
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Feb 12, 2016 22:21
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AbbiTheDog posted:I can't speak for Furu since I don't work with him, but in my practice we had to terminate around 20% of our clients and raise prices since I can't find staff to work. The government and our professional standards (read: insurance company) require us to spend more and more time on returns to get them out the door, and we found we were having issues as well. Working 100 hour weeks is not good for you. It's because there's way too many idiots out there charging $600 for a return. The biggest problem with the profession is too many of us are too passive when it talking about fees. The stuff we do is technical, time consuming, and at times stressful - there's -0- reason to be "embarrassed" about charging full rate for time spent. I don't own my own shop, but I have no problem pricing out the nonsense clients and charging/billing 80%+ rates on the rest. I don't put in (and never have) nearly the type of time that you guys talk about here. "Forced to raise prices"? You make it sound like you're running some kind of charity. Nobody's been forcing comcast to raise my internet fee, but that seems to happen anyway. Admiral101 fucked around with this message at 00:23 on Feb 13, 2016 |
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Feb 13, 2016 00:20
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Admiral101 posted:"Forced to raise prices"? You make it sound like you're running some kind of charity. Nobody's been forcing comcast to raise my internet fee, but that seems to happen anyway. You work with individuals, there's a "price point" that needs to be considered (I'm excluding people with corporate taxes, this is 1040 only). You compete with turbotax, H&R block, the guy working from his garage, LTPs, EAs, etc. You try and charge high enough rates, the 1040 clients will evaporate to save $50 with a coupon to some shop down the street. This does "force" your prices down for a certain level of clientele. We would do simple taxes for $300. Considering this might get done in an hour or so, and that's a pretty good realization. Problem was we couldn't nudge the clients off that price point without them throwing conniption fits, and it's amazing how entangled our client base is in a small town. Finally got fed up and raised our minimum fee up - looks like around 2/3 are coming back and paying the higher rates, but for a certain kind of return for a practice out in the burbs you do have downward market pressures on some of your work.
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Feb 13, 2016 00:28
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Nephzinho posted:Oh I was going to torch that thread with how he hosed me over last year anyway. Mistakes happen. If he dealt with and took care of the mistake made, just let it go. If he didn't take care of the mistake then yeah, you probably do have a continuing complaint.
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Feb 13, 2016 17:42
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AbbiTheDog posted:Mistakes happen. If he dealt with and took care of the mistake made, just let it go. If he didn't take care of the mistake then yeah, you probably do have a continuing complaint. He refused to admit the mistake was made and stopped taking my calls.
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Feb 13, 2016 17:47
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Nephzinho posted:He refused to admit the mistake was made and stopped taking my calls. Well, that's not good. Sorry to hear about that.
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Feb 13, 2016 18:13
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Hey guys, I use HR Block to do my taxes. I do this as I am working on my green card, and once the US government wants my tax returns, HR Block will have to deal with the issues if there are problems. I'm willing to ditch HR Block if this thread feels that I can do better on my own. Anyway, last year's return was bigger than this year's, and I also noticed differences in the IRA-related details on the 1040 form. 2014: ~$5.5k were added to a traditional IRA, (~$5.5k already in there) then the whole thing was rolled over to a Roth IRA. On my 1040 I have 16a: $11,294 (from 1099-R form) 15b: $294 2015: $5.5k was contributed to a traditional IRA, rolled over to Roth once it became vested. On my 1040 I have 16a: blank 15b: $5,520 (from 1099-R form) Is this enough info to tell if HR Block make a mistake somewhere?
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Feb 13, 2016 23:04
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theHUNGERian posted:Anyway, last year's return was bigger than this year's, and I also noticed differences in the IRA-related details on the 1040 form. Is everything else with your situation the same between 2014 and 2015, ie, you worked the same job for the ENTIRE year both years, you had the same withholdings, same situation with investment income, interest income, eligible for the same tax credits, deductions, etc? If things between 2014 and 2015 were different, that can potentially account for the discrepancy in your refund. However, they may have made a mistake. Are you doing a backdoor Roth? If you're making non-deductible contributions to a traditional-IRA and then converting them to a Roth, only the gains are taxable on that conversion. This should mean that line 15b should be $20 rather than $5520, unless you're somehow taking the IRA deduction on line 32 on that same 1040, which seems silly, but would cancel out the extra $5500 on line 15b.
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Feb 14, 2016 02:07
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I under withheld this year, and ended up owing about 2000. In what was probably stupid, I asked the IRS for a payment plan. I can actually pay the amount in full. I didn't see the harm in a payment plan versus dropping 2000 at once. I now realize I am required to pay estimated taxes for this (2016) tax year every quarter. I understand this is a result of requesting a payment plan. I adjusted my withholding up to correct the under payment. Is there a way to not be required to pay estimated taxes for this year?
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Feb 14, 2016 03:00
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Hot Dog Day #91 posted:I under withheld this year, and ended up owing about 2000. In what was probably stupid, I asked the IRS for a payment plan. I can actually pay the amount in full. I didn't see the harm in a payment plan versus dropping 2000 at once. publication 505 posted:In most cases, you must pay estimated tax for 2016 if both of the following apply. If you're not going to owe at the end of 2016 because of your withholding, you will be fine. You should still just pay off the taxes in full if you can. To avoid penalties and interest. You're probably already on the hook for the user fee.
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Feb 14, 2016 03:19
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