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Gray Matter posted:After filing my tax return and receiving my refund, I logged into my wife's Roth IRA account to make a contribution. Realizing she still had some space left for 2015 contributions, I applied it to 2015 because I will likely be able to max that year out before April 15th, and max out 2016 after that.
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Mar 10, 2016 17:26
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I submitted my taxes several weeks ago and subsequently received several documents which needed to be included (a schedule K-1 I asked about earlier, and a 1099 which shows some small capital gains and losses**). When filing amended federal (1040X) and State (MI-1040X-12) returns, does one submit the same schedules/forms as would have been included in the original return? That is, I went through my tax software and completed a mock tax return had I entered in the info from the K-1 and 1099 omitted earlier. When preparing the amended returns, I just copied the forms which my tax software had generated for the mock return to include with the 1040X forms.
**The 1099 had no effect on my taxes, as I'm in a low enough tax bracket that capital gains aren't taxed.
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Mar 12, 2016 14:31
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credibleDecibel posted:**The 1099 had no effect on my taxes, as I'm in a low enough tax bracket that capital gains aren't taxed. Don't forget your state taxes though.
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Mar 12, 2016 18:10
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AbbiTheDog posted:Don't forget your state taxes though. Um, is it true that some states have taxes? It seems like a simple fix, move to a state that does not have taxes.
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Mar 12, 2016 18:38
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After I filed my tax return - I received a corrected consolidated 1099 form from my investment account and just recently received a K-1 document from this company I have stock in. This means that I have to amend my tax returns and mail in the documents, correct? However, I also read that if its below a certain $ amount, the IRS will disregard it. The corrected 1099 form only shows a $100 or so difference in my dividends and the K-1 form that I received says that it may even not be required to file it with the IRS.
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Mar 12, 2016 18:58
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I'm entering my information into the tax software application now, and it's telling me after doing all my federal forms, the that total tax payments is ~$544 dollars higher than the amount on box 2 of my only W2. I've scoured all my 1099 forms and can't find anywhere where I accidentally entered a withholding amount. Does anyone know where this extra $544 is coming from? edit: Nevermind, apparently it was the additional 0.9& medicare tax withholding that got grouped in with box 6. mrmcd fucked around with this message at 19:51 on Mar 12, 2016 |
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Mar 12, 2016 19:34
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I've decided that I have to amend my taxes this year because I received an updated 1099 form and a K-1 form just a few days ago. I just want to make sure that I'm not going to receive any more documents from now on so I'm wondering if I should be expecting anything else or has the deadline passed?
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Mar 13, 2016 19:41
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credibleDecibel posted:I submitted my taxes several weeks ago and subsequently received several documents which needed to be included (a schedule K-1 I asked about earlier, and a 1099 which shows some small capital gains and losses**). When filing amended federal (1040X) and State (MI-1040X-12) returns, does one submit the same schedules/forms as would have been included in the original return? With the Federal 1040X you only need to submit the schedules and forms which are changed by the amendment, so if a particular form has the exact same numbers/information as the previous return you don't have to include it. States obviously vary based on the state, but most of the ones I've seen tend to more or less re-do the whole return except the info is either on an "X" version of the base form or an "amendment" form is included in a copy of the corrected base tax form. Hell, New Jersey non-resident as I recall is just a corrected copy of the original form with "Amended" written on the top for ultimate laziness in creating new forms. Busy Bee posted:After I filed my tax return - I received a corrected consolidated 1099 form from my investment account and just recently received a K-1 document from this company I have stock in. This means that I have to amend my tax returns and mail in the documents, correct? However, I also read that if its below a certain $ amount, the IRS will disregard it. The corrected 1099 form only shows a $100 or so difference in my dividends and the K-1 form that I received says that it may even not be required to file it with the IRS. I am dubious of any statement that the IRS will just "disregard" an amount unless you're talking about something that literally doesn't change your tax owed at all (and doesn't require a form proving that fact), in which case yeah you can generally ignore unless the IRS sends a letter. I would double check to make sure what the actual impact is before blowing it off. There might be minimum risk for certain small amounts because the IRS may not process the return enough to recognize the issue, but given that approach boils down to "ignore the problem and hope it goes away" I can't ethically suggest that. God knows I've seen plenty of times when the IRS finds out a form was missed and grossly over-calculates the amount due as a result. Personal favorite was the time a client missed a 1099-DIV and the IRS calculated the tax due as if was 50%, which doesn't even EXIST as a tax bracket much less one for qualified dividends for a middle class taxpayer. I sent back a note which was basically "We agree the income should have been included but here's a copy of your own worksheet showing what the actual tax due is, we're just going to pay that amount, OK?"  .There is definitely no minimum in amending to get money back (unless you're at a preparer, I won't generally tell somebody to amend if it costs more for us to do it than they'll get back of course), you could amend to get $1 back as I understand it. Busy Bee posted:I've decided that I have to amend my taxes this year because I received an updated 1099 form and a K-1 form just a few days ago. I just want to make sure that I'm not going to receive any more documents from now on so I'm wondering if I should be expecting anything else or has the deadline passed? Honestly that's more a factor of "can you think of anything else out there?" than being past the deadline, if a company screwed up your form who says they won't screw up the deadline? I will say about the only other late unfortunate item I've seen surprise people besides your K-1/1099 scenario is 1099-C cancellation of debt forms, so unless you owed a ton of money to somebody you haven't been paying I think you're good.
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Mar 13, 2016 20:08
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I efiled with Turbotax last month, and I just got a letter from the IRS asking me to file AMT form 6251. Turbotax filled the form out (but didn't efile it for some reason), and I don't owe any AMT, so I just have to print the form out and mail it in I guess. Is that something you guys would send certified, or just throw a stamp on it and mail it normally? I don't feel like going to the post office if I don't have to.
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Mar 15, 2016 15:37
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Droo posted:I efiled with Turbotax last month, and I just got a letter from the IRS asking me to file AMT form 6251. Turbotax filled the form out (but didn't efile it for some reason), and I don't owe any AMT, so I just have to print the form out and mail it in I guess. I sent something certified to the IRS once, and the tracking number never updated saying the IRS received the letter I called my post office to complain, and the manager was like "dude, they probably get 10,000 certified letters every day - there's no way the post office there can scan them all upon delivery" And sure enough the letter got there without problems
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Mar 15, 2016 15:56
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EugeneJ posted:I sent something certified to the IRS once, and the tracking number never updated saying the IRS received the letter Always get the receipt they issue when it gets received by the IRS.
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Mar 15, 2016 18:15
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Hi everyone. I studied as an undergrad in a US college as an international student between September 2010 - June 2015. I graduated and returned to the US last August with a post-grad OPT, along with an extended F1 visa, and found a part time unpaid job that satisfies the conditions of the OPT. I also applied and got my Social Security number. Currently I'm interviewing for salaried jobs, but have not had any income. Any money I'm spending is being wired over to my US checking account by my parents back in my home country. I also earned a few hundred dollars selling my old books and furniture on Ebay when I moved from SF to NY. I'm not sure what to do, as I'm completely inexperienced with doing any kind of tax stuff. I submitted all the dates I entered and left the US into the Glacier Tax Prep website my school provided, and it tells me I'm a resident alien for tax purposes now. Can you please point me to the right direction here? Thanks.
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Mar 17, 2016 02:11
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In 2015 I recharacterized my 2015 Roth IRA contribution as a nondeductible traditional IRA contribution, and then in 2016 I did a backdoor Roth IRA conversion with it. My understanding is that for 2015's taxes I just tell Taxact what's on the 1099-R and they will have me fill out form 8606. And then for 2016's taxes I will fill out all of the conversion stuff. Does that sound right?
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Mar 17, 2016 20:53
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UnfurledSails posted:Hi everyone. As a resident, you generally just file a 1040 like an american citizen would. You may be below the federal filing threshhold, just check the latest 1040 instructions. Gifts typically are not income to you, but you may need to file form 3520, depending on the amounts. You should also check if you had control over any foreign bank accounts with balances over $10,000 as you may also need to file an FBAR. IF you have overseas investments or property, there may also be some additional filing requirements. Also be aware that states may have different rules, so check if you have a California or NY filing requirement. Let us know if you have trouble figuring anything out, the IRS has good summaries of most common situations available on their website, Google can be a good way to find what you're looking for. Alternately, a CPA should be able to help if your situation is more complicated or you would rather not complete your taxes yourself.
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Mar 18, 2016 01:18
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Is the federal deduction for state income taxes calculated on a pure tax basis? Like if I owed money when I filed my state 2014 return, can that be included in the deduction on my Federal 2015 returne?
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Mar 18, 2016 03:09
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KernelSlanders posted:Is the federal deduction for state income taxes calculated on a pure tax basis? Like if I owed money when I filed my state 2014 return, can that be included in the deduction on my Federal 2015 returne? Yes
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Mar 18, 2016 05:37
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Currently filing for this year and it's my first time filing as a self-employed person. I received a 1099 misc form. They're asking about material participation. I'm confused by this part of the qualifier: "The taxpayer does substantially all the work in the activity." I've been freelancing through a writing website (Textbroker) and I don't know if this means that yes, I am doing all of my own work or no, other people are also freelancing on this website. Help?
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Mar 19, 2016 16:58
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sithwitch13 posted:Currently filing for this year and it's my first time filing as a self-employed person. I received a 1099 misc form. They're asking about material participation. I'm confused by this part of the qualifier: "The taxpayer does substantially all the work in the activity." I've been freelancing through a writing website (Textbroker) and I don't know if this means that yes, I am doing all of my own work or no, other people are also freelancing on this website. Help? Easiest way I can think of to sum up material participation is "would you earn the money if you did absolutely nothing?". It's a question of whether the income is earned or passive, the latter being things like bank interest or stock dividends, you just earn money by being invested. In your case I assume Textbroker doesn't pay you if you don't write, so you definitely materially participate in your business.
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Mar 19, 2016 18:32
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sithwitch13 posted:Currently filing for this year and it's my first time filing as a self-employed person. I received a 1099 misc form. They're asking about material participation. I'm confused by this part of the qualifier: "The taxpayer does substantially all the work in the activity." I've been freelancing through a writing website (Textbroker) and I don't know if this means that yes, I am doing all of my own work or no, other people are also freelancing on this website. Help? If you're really not sure, you can avoid that question by attaching schedule C-EZ (instead of C) provided your expenses were < $5000.
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Mar 19, 2016 20:28
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MadDogMike posted:Easiest way I can think of to sum up material participation is "would you earn the money if you did absolutely nothing?". It's a question of whether the income is earned or passive, the latter being things like bank interest or stock dividends, you just earn money by being invested. In your case I assume Textbroker doesn't pay you if you don't write, so you definitely materially participate in your business. IRC 469 deals with material participation. https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Passive-Activity-Loss-ATG-Chapter-4-Material-Participation
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Mar 19, 2016 23:16
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Busy Bee fucked around with this message at 19:49 on Mar 20, 2016 |
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Mar 20, 2016 19:01
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I think I understand the answer to this, but are required minimum distributions from an inherited beneficiary traditional IRA taxable as though they were ordinary cash income? If the distributions are made in the form of stock shares transferred to a taxable brokerage account, the "income" is the share price x shares on the date of the RMD and the new basis for capital gains in the future is the same price, correct?
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Mar 26, 2016 22:04
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BEHOLD: MY CAPE posted:I think I understand the answer to this, but are required minimum distributions from an inherited beneficiary traditional IRA taxable as though they were ordinary cash income? If the distributions are made in the form of stock shares transferred to a taxable brokerage account, the "income" is the share price x shares on the date of the RMD and the new basis for capital gains in the future is the same price, correct? Yes exactly.
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Mar 27, 2016 13:35
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I pay my mother in law to watch my daughter. It is a little confusing if she needs to report it or not. I'm absolutely certain we don't have to pay payroll taxes (from https://www.irs.gov/publications/p15/ar02.html#en_US_2016_publink1000202300) but I'm unsure about her. I found this garbled answer on intuit: https://ttlc.intuit.com/questions/2...-is-it-reported Is that actually right? She doesn't have to claim any income from watching her granddaughter?
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Mar 28, 2016 02:28
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Have typically used TurboTax since I'm single and have no odd things to enter other than student loan interest. I work in healthcare and did some side work occasionally in a private practice so I have a 1099 form this year. I switched to TaxAct since it was cheaper when using a 1099. All I have is my regular employer W2, my student loan interest, and this 1099. After entering my W2 it was coming up that I owed about 260 bucks between state and federal. After entering the 1099 which was 2,680 dollars, it shot up to me owing over 1200 dollars. This means I'm getting taxed like 40% on this extra money. Is this normal? Am I missing something or am I truly getting drilled in the rear end this bad?
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Mar 29, 2016 03:12
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nosleep posted:Have typically used TurboTax since I'm single and have no odd things to enter other than student loan interest. I work in healthcare and did some side work occasionally in a private practice so I have a 1099 form this year. I switched to TaxAct since it was cheaper when using a 1099. All I have is my regular employer W2, my student loan interest, and this 1099. After entering my W2 it was coming up that I owed about 260 bucks between state and federal. After entering the 1099 which was 2,680 dollars, it shot up to me owing over 1200 dollars. This means I'm getting taxed like 40% on this extra money. Is this normal? Am I missing something or am I truly getting drilled in the rear end this bad? Self-employed income has an extra 6.5% for social security and Medicare so depending on your income level and state tax rates that's possible. You're technically supposed to send in estimated tax payments on that too. Edit: $980 of tax on $2680 of income is ~36.5% which seems within the right range assuming nothing was previously withheld for 1099 and your income is above 90-100k. mrmcd fucked around with this message at 03:31 on Mar 29, 2016 |
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Mar 29, 2016 03:24
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mrmcd posted:Self-employed income has an extra 6.5% for social security and Medicare so depending on your income level and state tax rates that's possible. You're technically supposed to send in estimated tax payments on that too. My income is 75-80, not sure how much of a difference that makes. This is my first time having side income and using a 1099. Quick search on google brings up the IRS website and makes it seem like I'm not required to make estimated tax payments. I've technically set aside the money to pay the tax on the income as it all basically went into my emergency fund and paying off some CC debt, but I'm probably still gonna say to hell with that job as it's just not worth the hassle when I have to pay this much. In the future if I do something requiring a 1099 do I need to worry about estimated payments?
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Mar 29, 2016 05:04
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nosleep posted:My income is 75-80, not sure how much of a difference that makes. This is my first time having side income and using a 1099. Quick search on google brings up the IRS website and makes it seem like I'm not required to make estimated tax payments. I've technically set aside the money to pay the tax on the income as it all basically went into my emergency fund and paying off some CC debt, but I'm probably still gonna say to hell with that job as it's just not worth the hassle when I have to pay this much. In the future if I do something requiring a 1099 do I need to worry about estimated payments? Tax bracket is 25%, plus self employment tax, plus whatever your state tax is, sounds about right. If you find yourself owing over $1000 at the end of the year, and you will owe the following year, you will need to start making ES tax payments to avoid a small fine. sullat fucked around with this message at 05:58 on Mar 29, 2016 |
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Mar 29, 2016 05:54
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nosleep posted:My income is 75-80, not sure how much of a difference that makes. This is my first time having side income and using a 1099. Quick search on google brings up the IRS website and makes it seem like I'm not required to make estimated tax payments. I've technically set aside the money to pay the tax on the income as it all basically went into my emergency fund and paying off some CC debt, but I'm probably still gonna say to hell with that job as it's just not worth the hassle when I have to pay this much. In the future if I do something requiring a 1099 do I need to worry about estimated payments? Remember that if you have any expenses that go along with this side job you can and should deduct them to bring down the amount of self employment income you're being taxed on.
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Mar 29, 2016 19:19
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I did some independent contract work for someone and they did not give me a 1099-MISC and pretty much told me to not report the income because he missed the deadline for filing the 1099 or something. I made around $1400 from him which is well over the $600 threshold. I want to file this because I do not want to get hosed down the road if I need some security clearance or a financial check for a job because of some petty tax bullshit. Is this something that I could hypothetically ignore or if I were to report this additional income would I screw him over? I'm in a catch 22 but I'm not adverse to screwing him if there isn't anything else I can do.
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Mar 29, 2016 19:47
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I work a regular W-2 job and my wife just recently accepted a 1099 independent contractor position. Do we actually have to file quarterly taxes now for her or can I just update my withholdings to cover the extra $800/mo in federal and self employment tax we'd end up paying?
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Mar 29, 2016 20:21
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funny way to spell posted:I did some independent contract work for someone and they did not give me a 1099-MISC and pretty much told me to not report the income because he missed the deadline for filing the 1099 or something. I made around $1400 from him which is well over the $600 threshold. I want to file this because I do not want to get hosed down the road if I need some security clearance or a financial check for a job because of some petty tax bullshit. Just report it on the schedule C-EZ. It probably won't impact him, and if he does get his poo poo together and sends the 1099-c out, the IRS will send you a friendly letter asking why you didn't report it. Initio posted:I work a regular W-2 job and my wife just recently accepted a 1099 independent contractor position. Do we actually have to file quarterly taxes now for her or can I just update my withholdings to cover the extra $800/mo in federal and self employment tax we'd end up paying? If your increased withholding ends up covering her tax liability, then you're all good.
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Mar 29, 2016 23:37
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sullat posted:Tax bracket is 25%, plus self employment tax, plus whatever your state tax is, sounds about right. If you find yourself owing over $1000 at the end of the year, and you will owe the following year, you will need to start making ES tax payments to avoid a small fine. So I'm finishing up my return on TaxAct and it's telling me I've indicated I want to make estimated payments for 2016. I didn't indicate this or can't find where I did. Is it doing this automatically because it's now a requirement for me in 2016? I'd rather not make estimated payments as I'm not going to be doing a 1099 in 2016 or getting any secondary income, just my regular work W-2. Because I owed 1100 dollars in federal this year, is that what kicks in a requirement for estimated payments? If so, just take my tax owed this year and divide by 4 and plan it that way? I sure as hell shouldn't owe this much next year so that would be overpaying like hell. How will this affect my filing during next tax season?
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Mar 30, 2016 02:22
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nosleep posted:So I'm finishing up my return on TaxAct and it's telling me I've indicated I want to make estimated payments for 2016. I didn't indicate this or can't find where I did. Is it doing this automatically because it's now a requirement for me in 2016? I'd rather not make estimated payments as I'm not going to be doing a 1099 in 2016 or getting any secondary income, just my regular work W-2. Because I owed 1100 dollars in federal this year, is that what kicks in a requirement for estimated payments? I don't know about that specific tax software, but when I was a preparer, our system would calculate out 1040-ES vouchers based on the current year tax liability if I toggled an option. Sounds like that's what your system did. Now, if you aren't going to owe at the end of 2016 because all your income will be covered by withholding, then you wouldn't need to make ES tax payments. You're only assessed a failure to make ES tax payments penalty if you owe for that year, and you also owed for the previous year.
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Mar 30, 2016 04:51
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I filed my taxes already and forgot about some contract work I did. The person I did the work for was way late filing their 1099s so mine showed up in the mail yesterday. Is the best course of action to just file a 1040x? The amount is $2500 if it matters.
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Apr 1, 2016 01:56
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greasyhands posted:I filed my taxes already and forgot about some contract work I did. The person I did the work for was way late filing their 1099s so mine showed up in the mail yesterday. Is the best course of action to just file a 1040x? The amount is $2500 if it matters. Yes. And paying the resulting tax due.
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Apr 1, 2016 06:06
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Wanna thank MadDogMike right from the get go for helping me understand things better earlier this month. But just to have an extra layer of comfort, this is my game plan: I've been putting aside 25% of everything I've made as a freelance Graphic Designer. The majority of which has been via contracted work, the company of which I work with will send me a 1099 next year. Prior to the 18th of this month, I take all the funds I've put aside and send them to the IRS via e-file. I'm not entirely certain what my estimated taxes will be for the State, I may pay that in a larger lump sum in December. For the next quarter I do not have to match the previous quarter at all. It's just taking 25% of everything I've made between April 19th and June 15th and sending it to the IRS again. Hopefully I've got the gist of what I'll need to worry about down. I don't have any uncommon circumstances, no house/car payments and other such things so it should be pretty straight forward.
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Apr 1, 2016 09:49
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So I think I will need to make estimated tax payments for dividends and capital gains for 2016, since I didn't do anything the past two years and ended up owing a lot. Do I just calculate the estimated tax for these things and then use the IRS online system to pay that amount, or do I need to file special forms as well and do that through some sort of tax software?
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Apr 2, 2016 17:46
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Shout out to the other tax preparers here. Love getting the phone call that goes "If I take my return to H&R Block right now I will get more money back!" Fine, go, do it, I've got way more work than I have time for as it is, I'm not gonna miss you.
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Apr 2, 2016 18:56
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Turbotax wants me to upgrade from Deluxe to Premiere, for +$20, in order to report my stock sales activity. In 2015, I made exactly two sales of stock, both for losses. One was short-term, a loss of $246.68; the other was long-term, a loss of $693.99. I am married filing jointly, and we itemize (we have a mortgage). A) Am I required to report stock losses regardless? B) If not, am I likely to receive enough of a tax deduction that it's more than the $20 cost of upgrading to Premiere? e. I think both losses directly reduce our income by that amount, effectively cutting out $940.67 of taxable income at our top marginal rate. Which means we'll save a couple hundred bucks, and the upgrade is worth it. Does that sound right? e2. corrected amounts, decided the answer was definitely yes, went ahead with the upgrade Leperflesh fucked around with this message at 22:27 on Apr 2, 2016 |
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Apr 2, 2016 22:17
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