|
The state ID number (Box 15) on my wife's W2 simply says "BLOCKED". I figured I would just put in the state's ID number as it's indicated on my W2 and my wife's other W2 from a previous employer but noticed that they're different numbers. Is there a recommended way to address this (get it amended; choose any of the two State ID numbers; etc.)? Thanks!
|
#
?
Feb 5, 2017 20:03
|
|
|
|
| # ? May 19, 2024 09:28 |
|
|
The state ID number is the ID number of the employer as registered with that state. You can't just use some other employer's ID number.
|
|
#
?
Feb 5, 2017 20:07
|
|
|
Guy Axlerod posted:The state ID number is the ID number of the employer as registered with that state. You can't just use some other employer's ID number. I see. Thanks for that clarification. So if there's no state ID number, should I just leave that field blank?
|
|
#
?
Feb 5, 2017 20:27
|
|
|
Is this her first year working there? If not, does she have a previous years w-2 she can get the State ID from? Otherwise contact the company's HR department and ask for the state ID number for the state you're paying taxes in. edit: do you live in a state with no state income tax? BAE OF PIGS fucked around with this message at 22:49 on Feb 5, 2017 |
|
#
?
Feb 5, 2017 22:44
|
|
|
BAE OF PIGS posted:Is this her first year working there? If not, does she have a previous years w-2 she can get the State ID from? Yes, first year working there. Her employer is based in Virginia but we live in Maryland. Both states have income tax.
|
|
#
?
Feb 6, 2017 01:03
|
|
|
I rolled a 401k from a previous employer into a Vanguard Roth IRA last year. I got a 1099-R from the 401k provider with the distribution amount, and a 'G' for the distribution code. Box 2a, the taxable amount, I expected to match the distribution amount, but it has a 0 in it. Can I expect another form from Vanguard to handle the fact that I need to pay taxes on that amount? Or do I just modify the taxable amount when I am entering the values in my tax software? Vanguard has no forms available for me online (yet?)
|
|
#
?
Feb 7, 2017 00:00
|
|
|
identity49 posted:I rolled a 401k from a previous employer into a Vanguard Roth IRA last year. I got a 1099-R from the 401k provider with the distribution amount, and a 'G' for the distribution code. Box 2a, the taxable amount, I expected to match the distribution amount, but it has a 0 in it. Can I expect another form from Vanguard to handle the fact that I need to pay taxes on that amount? Or do I just modify the taxable amount when I am entering the values in my tax software? Vanguard has no forms available for me online (yet?) As far as I know, Vanguard technically rolls it into a traditional rollover IRA account first, and then they do the conversion - so if I were you I would look at my vanguard account online and see if they have a tax form that shows the actual conversion taking place.
|
|
#
?
Feb 7, 2017 00:16
|
|
|
Three-Phase posted:Hello Tax thread - I have a tiny, tiny question. I would presume you can just leave the line off completely without issue, the IRS would round down and treat the amount as $0 even if you could get the software to include it. Also Box 14 has no real set reporting requirements I'm aware of judging by all the odd items I've seen reported in it, so the omission shouldn't affect efile to my knowledge.
|
|
#
?
Feb 7, 2017 15:31
|
|
|
I'm about done preparing my taxes, but there's one thing that's making me reluctant to pull the trigger on submitting it. I can't find a 1099-INT statement from my bank (Fifth-Third) and I haven't gotten one in the mail. To be honest, I don't remember getting one in past years, either, but the H&R Block software mentioned it and I technically did earn interest in my bank account last year. I did find a "year-end interest" page that said I earned a whopping $0.88 in interest across my savings/checking accounts. Is this something where they don't even bother to send a 1099-INT when the figure is that low because the IRS wouldn't possibly give a drat? Or do I actually need to get and file that 1099-INT? Edit: I cannot express how stupid writing this post made me feel. Taxes always just freak me out; I feel like I'm under the microscope of a bored bureaucrat. Second edit: Thank you! surf rock fucked around with this message at 00:57 on Feb 9, 2017 |
|
#
?
Feb 9, 2017 00:49
|
|
|
A lot of banks won't send anything if the interest paid is less than $10. Just report the $1 of interest and you'll be good to go.
|
|
#
?
Feb 9, 2017 00:53
|
|
|
saltylopez posted:Just report the $1 of interest and you'll be good to go. I admire your commitment to accuracy. If I catch my employees stressing over $1 issues I chew their asses out.
|
|
#
?
Feb 9, 2017 01:46
|
|
|
AbbiTheDog posted:I admire your commitment to accuracy. If I catch my employees stressing over $1 issues I chew their asses out. I use a spreadsheet to calculate my taxes every year so I can figure out withholding, and most years when I actually put everything into TurboTax it ends up off by a dollar or two because the stupid IRS forms round each number to the nearest dollar. I refuse to make my spreadsheet less accurate to match their method 
|
|
#
?
Feb 9, 2017 01:52
|
|
|
I'm 100% sure that I'll need professional tax assistance this year, as I moved from PA to MA in September with three separate independent contractor jobs (payed from three different states) as my only sources of income. That's fine, but I have a question about next year. I tutor high school and college students, so I (almost always) drive to other people's homes from my apartment. I want to start a log for mileage because it may add up to something larger than the standard deduction. What exactly do I need to keep in the log? Addresses or just something like "Joe's house"? I figure that an odometer reading before and after each leg of my trip is a given. If I have to drive back home between lessons, is that deductible, as well? What if I stop at the grocery store on the way? What part of that trip would count as deductible miles? Also, what about public transportation? Some days, I only take the subway to my clients. Is that deductible, too? If you tell me to just see a tax consultant for all of this, I completely understand. None of my googling has been effective, and I thought I would give this a chance. Thanks!
|
|
#
?
Feb 9, 2017 03:19
|
|
|
TATPants posted:I'm 100% sure that I'll need professional tax assistance this year, as I moved from PA to MA in September with three separate independent contractor jobs (payed from three different states) as my only sources of income. That's fine, but I have a question about next year. 1). See pages 25-27 of https://www.irs.gov/pub/irs-pdf/p463.pdf - there's a sample worksheet the IRS provides that you can use to track your mileage. It has all the relevant info that the IRS would look for to support your mileage deduction. 2). Just use the miles that would have been incurred if you had just gone straight to the apartment and then back home. This would apply also to situations where you are going to a client's apartment from a location that's further away from your regular home (ie: you stayed over a friend's house that's 20 miles further away from the client's apartment than your regular home. You don't get to deduct that extra mileage). 3). Yes, tolls are separately deductible. And FYI: if you are tutor, you would be reporting all this on a Schedule C. This mileage etc would be deducted on Schedule C as well. Not as an itemized deduction on Sch A. Admiral101 fucked around with this message at 13:34 on Feb 9, 2017 |
|
#
?
Feb 9, 2017 13:24
|
|
|
Admiral101 posted:1). See pages 25-27 of https://www.irs.gov/pub/irs-pdf/p463.pdf - there's a sample worksheet the IRS provides that you can use to track your mileage. It has all the relevant info that the IRS would look for to support your mileage deduction. Thanks for the quick reply!
|
|
#
?
Feb 9, 2017 14:05
|
|
|
I have a friend who is a bit frozen as to what to do with his company stock. He has options that started vesting when he joined the company and it has since grown almost 1000%. He hasn't exercised a single option, ever. He's also had ESPP bought every 6 months with having only sold 1 6-month window over ~5 years and has been holding the rest. I have no idea what his financial situation is exactly, but estimate that he likely makes ~$150-$200,000/year and probably has about $100,000-$400,000 worth of options profits and ESPP stock lying around. I've finally convinced him to consider selling some of it off. He doesn't know the best way to do this though; he's concerned about alternative minimum tax, short term vs long term gains, etc. basically how he should go about dumping 50% of his shares and exercising/holding the other 50%. Is there a good way to find him a reliable tax professional for this? How would we know if one does or does not know what the hell they're talking about?
|
|
#
?
Feb 9, 2017 22:48
|
|
|
Blinky2099 posted:I have a friend who is a bit frozen as to what to do with his company stock. He has options that started vesting when he joined the company and it has since grown almost 1000%. He hasn't exercised a single option, ever. He's also had ESPP bought every 6 months with having only sold 1 6-month window over ~5 years and has been holding the rest. Have him ask his coworkers that have the same type of stock options. Here in Oregon we have two main employers (Nike and Intel) so the clients tend to go around in "bunches" to various tax professionals that deal with that on a regular basis. He would want to gather up ALL of the stock option/ESPP data from when he joined the company through today so the tax professional can start building the relevant cost basis info. Paystubs, HR records, maybe a summary from the company, etc.
|
|
#
?
Feb 9, 2017 22:53
|
|
|
If I was given restricted shares by my company thw are as yet unvested, do I pay tax on them for the year they vest or the year tjey were granted?
|
|
#
?
Feb 10, 2017 08:34
|
|
|
My question is regarding filing (Form 8965) an exemption to Obamacare with exemption A (Unaffordable Coverage) as the annual cost would be more than the 8.13% of their Modified AGI. I am completing this for a married couple who is in my extended family and there is a language barrier. I am "the tax person" in my family and I want to save them some money versus going to a professional. Stats: M AGI = $25,728.00 8.13% = $2,092.00 Cheapest Annual Bronze Plan Cost = $5,057 (from healthcare.gov) What I have done is filled out the Affordability Worksheet with the above information and written "A" in each month on that worksheet. Is this the correct way to fill this out? I also filled out Part III on Form 8965, I am only concerned about the Worksheet.
|
|
#
?
Feb 10, 2017 09:42
|
|
|
therobit posted:If I was given restricted shares by my company thw are as yet unvested, do I pay tax on them for the year they vest or the year tjey were granted? It depends if you are making an 83b election. Hopefully someone has talked about that with you.
|
|
#
?
Feb 10, 2017 12:22
|
|
|
The Gardenator posted:My question is regarding filing (Form 8965) an exemption to Obamacare with exemption A (Unaffordable Coverage) as the annual cost would be more than the 8.13% of their Modified AGI. I am completing this for a married couple who is in my extended family and there is a language barrier. I am "the tax person" in my family and I want to save them some money versus going to a professional. You should just use TurboTax Freedom Edition since they make so little AGI
|
|
#
?
Feb 10, 2017 15:23
|
|
|
The Gardenator posted:My question is regarding filing (Form 8965) an exemption to Obamacare with exemption A (Unaffordable Coverage) as the annual cost would be more than the 8.13% of their Modified AGI. I am completing this for a married couple who is in my extended family and there is a language barrier. I am "the tax person" in my family and I want to save them some money versus going to a professional. Were they offered employer-sponsored coverage? If so, you have to use that amount instead of their marketplace number. If you're figuring affordability based on the marketplace, you don't just use the total bronze premium, you have to complete the Marketplace Affordability Worksheet in the 8965 instructions to figure out their required contribution amount-what they would have been required to pay if they'd gotten insurance through the marketplace. A 2-person household making $25k would definitely have gotten subsidies to make their insurance cheaper.
|
|
#
?
Feb 11, 2017 14:38
|
|
|
TATPants posted:Thanks for the quick reply! Also be careful to make sure you qualify to take mileage from your apartment to your first place of work. If your home is not your Principal Place Of Business, then you are commuting when you leave your home and when you return and this mileage is not deductible. You can always take mileage between job locations.
|
|
#
?
Feb 11, 2017 14:43
|
|
|
So, I don't know if there was an error made or if I'm just a tad ignorant on taxes, but my Social Security Withheld amount is greater than my Social Security Wages($2300 vs. $1900). H&R Block wont let me continue with these numbers, but Turbo Tax doesn't seem to care. I plan to check with my work's accounting office, but is there a reason why I wouldn't be able to file like this?
|
|
#
?
Feb 11, 2017 20:07
|
|
|
Is there one free tax program that is straight up better, or are they all pretty much the same? I was just looking at the American Opportunity tax credit. Last year I went to school in the spring, can I still claim those expenses if I didn't last year? I didn't notice that the first 3 months can count for the previous year's taxes. E: Actually, I realize this is going to be an extremely subjective question, but are the VITA free tax preparers generally good at it? I just noticed there's a place 15 minutes away that has that available on Saturdays. If it makes a difference I've got literally 6 W2s, a 1099G, a 1098T, and a 1099MISC. Would they even accept that, or is that too much poo poo for someplace that busy? 22 Eargesplitten fucked around with this message at 23:36 on Feb 11, 2017 |
|
#
?
Feb 11, 2017 20:31
|
|
|
What form do I report income from a rollover from after tax 401k to Roth 401k? The rollover was in service and entirely within my 401k. I have a letter from my 401k company (not a 1099-R) telling me the converted amount and the taxable portion where it calls the taxable amount "ordinary income". edit: Found the related 1099-R buired in my HR website. I have a taxable amount in 2a and a distribution code of G. Form 5329 seems like it should be where this would go, but none of the categories sound right. Xenoborg fucked around with this message at 01:54 on Feb 12, 2017 |
|
#
?
Feb 12, 2017 01:27
|
|
|
Admiral101 posted:It depends if you are making an 83b election. Hopefully someone has talked about that with you. Lol nope! They just gave everyone 20 shares on a 5 year vesting schedule and did not really rell us much else. Will it show on my W2? Or am I waiting on fidelity who manages the account they are held in? The shares are not vested at all as of tje end of 2016.
|
|
#
?
Feb 12, 2017 02:36
|
|
|
urnisme posted:Also be careful to make sure you qualify to take mileage from your apartment to your first place of work. If your home is not your Principal Place Of Business, then you are commuting when you leave your home and when you return and this mileage is not deductible. You can always take mileage between job locations. Excellent information. That is actually incredibly helpful, because 90% of my client meetings are at their homes, so that would make my apartment not my principal place of business, right?
|
|
#
?
Feb 12, 2017 04:24
|
|
|
urnisme posted:Were they offered employer-sponsored coverage? If so, you have to use that amount instead of their marketplace number. If you're figuring affordability based on the marketplace, you don't just use the total bronze premium, you have to complete the Marketplace Affordability Worksheet in the 8965 instructions to figure out their required contribution amount-what they would have been required to pay if they'd gotten insurance through the marketplace. A 2-person household making $25k would definitely have gotten subsidies to make their insurance cheaper. Thank you, that was what I was looking for. I just did the worksheet and it looks like they are not exempt (that worksheet is awfully complicated). I will have to check with them on if they were offered employer medical and declined it.
|
|
#
?
Feb 12, 2017 04:26
|
|
|
TATPants posted:Excellent information. That is actually incredibly helpful, because 90% of my client meetings are at their homes, so that would make my apartment not my principal place of business, right? Not necessarily. Principal place of business has more to do with doing the "running the business" type work there than the total time spent there. See Pub 587 about business use of the home to see if you can count your apartment as your principal place of business.
|
|
#
?
Feb 12, 2017 05:05
|
|
|
I bought some stocks this year, I don't need to report it on my tax return until I actually sell it correct? Also, I just moved to the US in March as a green card holder. In Canada, I had about 15k for my retirement RRSP (401k equivalent.) From what I understand, I should be okay with this as I am no longer making deposits to it since moving to the US. Is there any form that needs to be filled out on my first US tax return? This is the only thing I could find and it says I automatically qualify for a tax deferral: https://www.irs.gov/uac/newsroom/ir...ng-requirements
|
|
#
?
Feb 12, 2017 05:26
|
|
|
therobit posted:Lol nope! They just gave everyone 20 shares on a 5 year vesting schedule and did not really rell us much else. Will it show on my W2? Or am I waiting on fidelity who manages the account they are held in? The shares are not vested at all as of tje end of 2016. Probably on your W2 once vested. You'll want to talk to Fidelity or someone responsible in your place of work to confirm either way though.
|
|
#
?
Feb 12, 2017 14:36
|
|
|
MadDogMike posted:I would presume you can just leave the line off completely without issue, the IRS would round down and treat the amount as $0 even if you could get the software to include it. Also Box 14 has no real set reporting requirements I'm aware of judging by all the odd items I've seen reported in it, so the omission shouldn't affect efile to my knowledge. Thank you very much MDM - I appreciate your advice here.  I figure if that causes an eFile rejection I can just add it back in as $1. I tried to look through EFile reject codes and didn't find any at apply to anything in Box 14. Am I correct that eFile rejection is generally for obvious problems like wrong SSN, duplicate SSN, someone already filed you as a dependent, stuff like that rather than nitty-gritty stuff in the taxes themselves? Three-Phase fucked around with this message at 22:47 on Feb 12, 2017 |
|
#
?
Feb 12, 2017 17:27
|
|
|
lol internet. posted:I bought some stocks this year, I don't need to report it on my tax return until I actually sell it correct? Yep. quote:Also, I just moved to the US in March as a green card holder. In Canada, I had about 15k for my retirement RRSP (401k equivalent.) From what I understand, I should be okay with this as I am no longer making deposits to it since moving to the US. Is there any form that needs to be filled out on my first US tax return? This is the only thing I could find and it says I automatically qualify for a tax deferral: https://www.irs.gov/uac/newsroom/ir...ng-requirements Looks like you should not have to report income on your RRSP unless you receive a distribution. Doesn't look like you need to include a specific form, but check if you are over the thresholds for 8938 reporting and remember to file an FBAR before June 30.
|
|
#
?
Feb 12, 2017 19:45
|
|
|
PatMarshall posted:Looks like you should not have to report income on your RRSP unless you receive a distribution. Doesn't look like you need to include a specific form, but check if you are over the thresholds for 8938 reporting and remember to file an FBAR before June 30. Whoops just amended my FBAR now to include the RRSP. I don't fall under the 8938 threshold, it was only 14k. Thanks for the reminder!
|
|
#
?
Feb 13, 2017 03:03
|
|
|
edit
Busy Bee fucked around with this message at 21:35 on Feb 13, 2017 |
|
#
?
Feb 13, 2017 17:25
|
|
|
Just did a first attempt at fileing my taxes and this is the first time in my whole life it says I owe. My wife and I filed jointly last year (1st year of marriage) and got a decent amount of money back. We both got new jobs and it looks like on our w4 we both put down 1 as the exemption.... Why in the world would I owe over $3k? I don't have stocks and currently have 2 mortgages while waiting for one of the houses to close sale... Should we really change our w4 to both 0?
|
|
#
?
Feb 13, 2017 17:34
|
|
|
fyallm posted:Just did a first attempt at fileing my taxes and this is the first time in my whole life it says I owe. My wife and I filed jointly last year (1st year of marriage) and got a decent amount of money back. We both got new jobs and it looks like on our w4 we both put down 1 as the exemption.... Why in the world would I owe over $3k? I don't have stocks and currently have 2 mortgages while waiting for one of the houses to close sale... Should we really change our w4 to both 0? Probably, the MFJ stuff seems to be more geared more for a single income household at 1 exemption.
|
|
#
?
Feb 13, 2017 18:06
|
|
|
fyallm posted:Just did a first attempt at fileing my taxes and this is the first time in my whole life it says I owe. My wife and I filed jointly last year (1st year of marriage) and got a decent amount of money back. We both got new jobs and it looks like on our w4 we both put down 1 as the exemption.... Why in the world would I owe over $3k? I don't have stocks and currently have 2 mortgages while waiting for one of the houses to close sale... Should we really change our w4 to both 0? Go over all your inputs again, maybe you made a typo or left something off. Or maybe you really do owe. There's no way for us to really answer that beyond "maybe?" without looking over all of your documents and for that I'd have to charge you.
|
|
#
?
Feb 13, 2017 18:31
|
|
|
|
| # ? May 19, 2024 09:28 |
|
|
baquerd posted:Probably, the MFJ stuff seems to be more geared more for a single income household at 1 exemption. Ugh, loving hell. I just tried the little calculation thing and it says we both have to put 0 and I should add in like 200 per paycheck to cover it. That can't be right at all. They really do make this as confusing as hell. quote:Go over all your inputs again, maybe you made a typo or left something off. Or maybe you really do owe. There's no way for us to really answer that beyond "maybe?" without looking over all of your documents and for that I'd have to charge you. Yeah maybe I did, I will have to go through line by line again to check it. I imported my W2 automagically in turbotax so I wouldn't of thought it would mess up. But this is the first year I have worked significantly in other states where I have multiple states on my w2.
|
|
#
?
Feb 13, 2017 18:43
|
|