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fyallm posted: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. That can definitely be right if you are two relatively high-income professionals. Google "marriage tax penalty".
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Feb 13, 2017 18:53
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fyallm posted: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. Withholding tables simply fall apart with multiple income sources, including husband and wife wages.
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Feb 13, 2017 20:59
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My student loan tax document actually has my mom's name on it instead of mine, even though I've been paying it. My name is (somewhere) on the loan, but she's the principal borrower. Can I still claim the interest if I have the bank statements that show I'm the one paying?
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Feb 14, 2017 19:10
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fyallm posted: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. It probably did import right, and you probably do just owe for a variety of complicated reasons. Having two working spouses makes the calculation pretty complicated, and very very dependent on your income.
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Feb 14, 2017 23:20
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I earned more money than I thought I would in 2016 which put me outside of the Roth limit. I funded a Roth for 2016 so I called Vanguard to re-characterize my original Roth IRA contributions to a traditional IRA for 2016, and then converted the 2016 contributions to a Roth IRA. Earlier this year I also set up a backdoor Roth for 2017. Do I need to report the conversion on an 8606 for 2016 or only 2017?
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Feb 15, 2017 03:20
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I had a $1600 medical expense that I had to pay for but not enough in my work's HSA account. I put this expense on my credit card and the plan was to refill the HSA with additional contributions and pay the card off. Could I just claim the $1600 expense on my taxes as a qualified medical expense and get the same tax-free benefits? It's under 10% of my AGI so my gut says no.
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Feb 15, 2017 17:03
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FCKGW posted:I had a $1600 medical expense that I had to pay for but not enough in my work's HSA account. I put this expense on my credit card and the plan was to refill the HSA with additional contributions and pay the card off. Your gut is correct, but your HSA plan seems fine. My understanding is that you only need to be covered by an HSA at the time of the medical service, reimbursement is not limited by time or amount of money in the HSA at the time of service.
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Feb 15, 2017 19:35
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Yeah I did the same thing a few years ago when my son was born. Put it on the CC, put in additional contributions for a few months and paid it off.
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Feb 15, 2017 20:24
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Is it OK to reimburse myself with my FSA and then turn around and put that in the HSA to then pay for the bill that the FSA reimbursed me for?
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Feb 16, 2017 19:57
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If I make too much to contribute to my kid's ESA can I get somebody below the income limit to contribute instead and just give them the money to do so? Seems like I must be missing something here.
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Feb 17, 2017 06:51
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LorneReams posted:Is it OK to reimburse myself with my FSA and then turn around and put that in the HSA to then pay for the bill that the FSA reimbursed me for? Money is fungible, so you could put the FSA reimbursement into your HSA without any problems, and you could then use your HSA to pay for some other bill, but you can't double dip and pay the same bill with FSA and HSA. Perhaps if your FSA didn't cover the full bill and you're simply splitting the allocation between the two that might work, but not sure.
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Feb 17, 2017 13:04
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State tax question, but you might be help anyway: Oklahoma gives a tax credit for aerospace engineers, per this form https://www.ok.gov/tax/documents/564-16.pdf The instructions for the form are : quote:Line 1. Enter $5,000 if you are in your first five years of employment in Oklahoma with a qualified employer. The credit is allowed each year for up to five taxable years. My question is about carrying forward the unused portion. Does it carry over until the end of your first 5 years because that the date the credit in general was established. Or does it carry over until the end of the first 10 years because that is 5 years after the date when the last set of the credit was established at the end of year 5?
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Feb 17, 2017 22:42
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Xenoborg posted:State tax question, but you might be help anyway: I'd call your state revenue department and ask. I've found the midwestern states' revenue departments are extremely easy to call and work with, as opposed to the jackasses I'm stuck with here in Oregon.
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Feb 17, 2017 22:52
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Oh hell. Not again! I got a 1099-INT for a whopping total of: $0.08. That's right. Eight. Fricken. Cents. Again the reporting software that I use won't allow me to report that amount. I contacted support for the reporting software I was using, and after they did a little research they said I simply didn't need to report that 1099-INT on my tax filing. Is that correct? Three-Phase fucked around with this message at 17:59 on Feb 18, 2017 |
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Feb 18, 2017 17:18
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My wife has been on a marketplace healthcare plan that my in-laws are paying for. I know I need the 1095-A, but are there any snares in that sort of situation since she's not paying for it?
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Feb 18, 2017 18:22
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Three-Phase posted:Oh hell. Not again! Correct. The IRS rounds to whole dollars, so you would be reporting $0. You don't need to report it.
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Feb 18, 2017 19:21
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JohnnyPalace posted:Correct. The IRS rounds to whole dollars, so you would be reporting $0. You don't need to report it. Cool. Maybe I should just go to a tax preparer. 
Three-Phase fucked around with this message at 03:23 on Feb 19, 2017 |
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Feb 18, 2017 19:38
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One quick question, one more involved one: in 2015, I paid 14k in taxes and owed 4k. This year, I paid 24k and owe 5k. I don't owe a penalty because I paid more in taxes in 2016 than I did in 2015, right? The complicated one: I contributed to a Roth in 2016, but found out I wasn't eligible in 2017. I recharacterized my contributions for 2016 to a traditional IRA, and converted the traditional IRA to a Roth in 2017. Will I need to fill out an 8606 for 2016, or will I just get one for 2017 since I did the conversion in 2017?
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Feb 18, 2017 19:59
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22 Eargesplitten posted:My wife has been on a marketplace healthcare plan that my in-laws are paying for. I know I need the 1095-A, but are there any snares in that sort of situation since she's not paying for it? The 8962 is needed for the insured, not the payee. How did you calculate the PTC, on your family income, or your in-laws? Is she a dependent, or is she claiming her own exemption?
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Feb 18, 2017 19:59
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Niche question, I don't really expect an answer but it can't hurt. I have a client who received a form NYC-1127.2 which states withholding for nonresidents of NYC who worked in NYC for some period of time. I've done these before for clients who work full time in the City but this particular client worked in NYC for literally 12 days. My tax software wants to assess NYC 1127 taxes on him for his full income from all sources, resulting in a fairly large balance due for him. Does this sound right? Am I doing something wrong? I can imagine NYC being lovely enough to tax income that was earned in no relation to them but it certainly seems unfair.
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Feb 18, 2017 20:15
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sullat posted:The 8962 is needed for the insured, not the payee. How did you calculate the PTC, on your family income, or your in-laws? Is she a dependent, or is she claiming her own exemption? I have no idea how they did it. I would guess they didn't do it at all, since they didn't ask about my income. She's not a dependent, we provide for ourselves. It looks like VITA won't prepare the 8962, so I'll have to do it myself. Does Turbotax do that for free? Her parents say they only have a 1095-B. Could that be the right form, or would that probably be the form from their health insurance rather than hers?
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Feb 18, 2017 22:08
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22 Eargesplitten posted:I have no idea how they did it. I would guess they didn't do it at all, since they didn't ask about my income. She's not a dependent, we provide for ourselves. 1095-B states she's insured but it's not the marketplace statement. You NEED (hint: really loving need) the 1095-A to do the credit calculation right if she is in the marketplace.
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Feb 19, 2017 00:10
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Epi Lepi posted:Niche question, I don't really expect an answer but it can't hurt. I have a client who received a form NYC-1127.2 which states withholding for nonresidents of NYC who worked in NYC for some period of time. I've done these before for clients who work full time in the City but this particular client worked in NYC for literally 12 days. My tax software wants to assess NYC 1127 taxes on him for his full income from all sources, resulting in a fairly large balance due for him. Does this sound right? Am I doing something wrong? I can imagine NYC being lovely enough to tax income that was earned in no relation to them but it certainly seems unfair. Anything earned while he wasn't employed or living in New York City isn't taxable to them though, that's basic tax theory. Pg. 1 of the 1127 instructions specifically states: "Partial Year Employees - If you were a New York City employee for only part of 2016, you must report that portion of your federal items of income and deduction which is attributable to your period of employment by the City of New York." So, guessing your software isn't pro-rating things correctly, may need to calculate the correct attributable income and override appropriately. God knows part-year returns always seem to require I break out the calculator and override the software unless it's already split on the W-2s to begin with. Three-Phase posted:Cool. The brokerage had other items on there that definitely were reportable. I looked closer and discovered this - there are actually three 1099s on this document: Most brokerages issue combined 1099 statements. 1099-Div is dividends and 1099-INT is interest income, both of which go on Schedule B (assuming you have enough of both of those to require one instead of just dumping it on the return). 1099-B is for Schedule D/capital gains stuff. Research the appropriate forms for details. Or, go with your feelings and see a tax preparer, not like you'll ever see me say that's a BAD idea. I mean, it costs more obviously, but at least you're more likely to get it done right as opposed to all the online software returns I've seen that melt my brain. I mean, I can buy getting something wrong, but I see stuff that makes me honestly wonder just HOW they managed to get it THAT wrong. Recent personal favorite, an S-Corp filed on a Schedule C!  Wonder if this is what plumbers and repair people feel all the time seeing the results of people going to Home Depot on their own...
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Feb 19, 2017 03:50
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Normally my tax stuff has been pretty straightforward but this year I think there's potential for me to pull a the equivalent of a Groverhaus return. I was also confused with the long and short term profit/loss but found out it had to do with something like this: Jan 2015: Buy 10 shares in Company A Mar 2015: Sell 5 shares in company A (short term profit/loss) Feb 2016: Sell 5 shares in company A (long term profit/loss) Except it was weirder than that because instead of buying 10 shares at once they were bought in two chunks. I remember the early innocent days of having ONE W2 and being able to use Telefile. Simple times. 
Three-Phase fucked around with this message at 05:30 on Feb 19, 2017 |
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Feb 19, 2017 05:27
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22 Eargesplitten posted:I have no idea how they did it. I would guess they didn't do it at all, since they didn't ask about my income. She's not a dependent, we provide for ourselves. If your in-laws signed your wife up for her marketplace insurance, they might have told the marketplace she was part of their tax household. Since she isn't, you and the in-laws will both need to enter the 1095-A information and allocate the premium credits received. You want to coordinate this with them because the IRS will let you allocate any way you can agree on as long as the percent allocated to yours and the percent allocated to theirs add up to 100%. (It can be allocated 100% to one and 0% to the other). You'll have to do some playing with the numbers to see how it turns out best. The allocation is what the VITA folks won't do. Did you get married during 2016? If so, you might qualify for the alternate calculation for year of marriage for your wife's advanced premium credit reconciliation.
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Feb 19, 2017 16:31
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I knew in 2016 I'd be redlining or would pass the contribution limit for a Roth IRA, and doing my taxes now the calculations are telling me I'm only eligible to submit $4540 else I'll be in trouble. I didn't put anything in in calendar year 2016 because I knew I'd be getting close, but what if I had? I assume I'd need to somehow pull out that 960 before April? And just in terms of most efficient use of my savings, I assume I should do this roth submission one more time for $4540 and then next year just dump it all in a regular nondeductible IRA since that's all I've got? I know about the backdoor roth thing but I think its complicated for me since I have assets in a traditional IRA so I cant just roll it over without taking a pretty big hit.  Thanks!
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Feb 19, 2017 20:42
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Question on deductions for buying a home in 2016: So we didn't pay any discount points on our loan, to my knowledge. We paid a higher origination fee to get a lower rate, but I was told that it wasn't specifically "discount points." Our closing disclosure reflects this in that the A.01 line is empty. However, we got a 1098 form from the originator showing box 6 "Points paid on purchase of principal residence" has a number in it. This number matches the A.03 line shows "Origination Fee" so my instinct is to say that these are NOT deductible points...?
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Feb 20, 2017 15:55
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I bought a home wit the intention of renting it out but it requires significant repairs. Can I deduct repairs even though I did not rent the property out this year? The previous owner rented to tenants through June.
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Feb 20, 2017 18:49
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DaveSauce posted:Question on deductions for buying a home in 2016: https://www.irs.gov/publications/p530/ar02.html Google is your friend.
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Feb 21, 2017 02:57
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Leviathan Song posted:I bought a home wit the intention of renting it out but it requires significant repairs. Can I deduct repairs even though I did not rent the property out this year? The previous owner rented to tenants through June. The previous owner was renting it out even though it needed significant repairs? Did the former tenants trash the place? What dollar amounts are we talking? The property not being in service works against you but feel like there's more to this story.
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Feb 21, 2017 13:34
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Admiral101 posted:The previous owner was renting it out even though it needed significant repairs? Did the former tenants trash the place? What dollar amounts are we talking? The tenants continued to live in the house for several years after the heat stopped functioning until the pipes eventually froze and burst. There were missing windows and holes through the exterior walls where they had rotted out. I think they used the holes and missing windows sort of like doggy doors. Repairs to weatherproof the exterior are the main things that I have done so far. The next phase is leveling the foundation. I think I should be able to deduct about $6K over three years in various smaller repairs and then depreciate the big items like new HVAC system, roof, kitchen remodel, and bathroom remodel once I start renting it out.
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Feb 21, 2017 14:39
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That is quite a story. They were still paying rent all that time?
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Feb 21, 2017 15:20
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Has anyone had experience with the 8828 Recapture of Federal Mortgage Subsidy form? When I bought my first house I used an FHA loan. In the 8 years and 9 months that I owned it, I got married, got promoted 3 times, put my wife through school, she moved, and had 3 different jobs. We sold the house late last year and used the money we made on the house to help build our new home. While moving, I found a form way way back in my "important documents" cabinet that talked about the repayment or recapture of a percentage of the loan if certain conditions were triggered if you sold the home before 9 years of owning it...to the day. So we missed it by 3 months. Additional conditions are placed on total income which my wife and I would not have hit until this year. Between the 8-9th year it says 20% of the original amount (comes to about $1500) is to be repaid through the 8828 form and it has to be mailed in with our income tax return. The form cannot be completed online whatsoever. My question is this, does it really matter? I've received absolutely zero information regarding this from my previous lender who held the loan, the old mortgage company or any other government entity. Even my current mortgage broker and real estate agent said they had never even heard of the repayment or anyone having to hold on to the home for 9 years to satisfy requirements. If I had not found this form in the back of a drawer (which is a freaking miracle on its own as my wife throws things away all the time) there is absolutely zero way that I would even have known about it. Seeing as though we already owe this year because we were without mortgage interest for the majority of 2016, I'd really rather not throw another $1500 at this when no one seems to know anything about it. Would it be worth paying our taxes as usual and just waiting to see if they come knocking for the money over the next few years? I know the exact amount, and while it wouldn't be a problem paying it in a few months, right now it's a pretty big hardship since my wife and I are still dealing with the new house, bills, Christmas, etc. suddenlyissoon fucked around with this message at 15:40 on Feb 21, 2017 |
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Feb 21, 2017 15:35
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Michael Scott posted:That is quite a story. They were still paying rent all that time? Yes they were paying rent up I think until the pipes burst. I ran into the lady at a gas station a few months ago and apparently she just really hates moving.
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Feb 21, 2017 16:03
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QQ. So my buddy and I started a company but didnt get a EID before we had to submit the first invoice. I put it under my w9 and paid him and another person out from that. Is there a form I can fill out to show that I sent those two other people part of that income, and its not my personal income? Not sure how to report that. Thanks in advance!
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Feb 21, 2017 19:29
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bows1 posted:QQ. You'd have to fill out Form 1096 for the IRS and issue those two people a 1099. Then remember to record the expense on the tax return itself.
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Feb 21, 2017 22:22
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I received a 1099-B for a total realized short term gain of $94.23. TurboTax requires upgrading to Premier ($55) to report this form/income, which I'm not going to do. What are my options for including this form in my tax filings on the cheap/free?
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Feb 22, 2017 03:08
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Splinter posted:I received a 1099-B for a total realized short term gain of $94.23. TurboTax requires upgrading to Premier ($55) to report this form/income, which I'm not going to do. What are my options for including this form in my tax filings on the cheap/free? Print everything else out, use whiteout where necessary, and mail all the forms in? Doesn't really seem worth saving $55. Working at H&R block must be the worst job ever.
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Feb 22, 2017 03:12
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Droo posted:Print everything else out, use whiteout where necessary, and mail all the forms in? Doesn't really seem worth saving $55. e: olt.com didn't charge extra to input 1099-B data (though it wasn't able to auto populate any of it). Splinter fucked around with this message at 08:59 on Feb 22, 2017 |
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Feb 22, 2017 03:42
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Splinter posted:There's no software out there that allows reporting a 1099-B for less than TurboTax Premier? The last time I tied to use turbotax, it tried to charge me $85 due to 89 cents of qualified dividends. Ever since then I've just used the pdf forms then freefillableforms.com. Small amounts of investment income can really skyrocket the cost of any of the paid software.
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Feb 22, 2017 16:58
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