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Has anyone else had issues saving a pdf copy of your return on the freefilefillableforms website? I was able to print a paper copy (which I guess I am going to have to scan as a pdf now), but I could not save the file in either chrome or safari on two separate computers(both with pop-ups enabled).
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Mar 5, 2017 17:12
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Sleipnir posted:Has anyone else had issues saving a pdf copy of your return on the freefilefillableforms website? I was able to print a paper copy (which I guess I am going to have to scan as a pdf now), but I could not save the file in either chrome or safari on two separate computers(both with pop-ups enabled). It worked fine for me yesterday on Firefox. Are you using the "Print Return" box at the top and then downloading the PDF that pops up in your browser?
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Mar 5, 2017 17:27
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AbbiTheDog posted:Form 8582 is for passive losses. You should search for "entire disposition of a passive activity" (EDPA) and "grouping election" for your future rental reporting needs. To qualify as a "disposition" of a passive activity, it must be a fully taxable event, and it must be to an unrelated party. Converting my own property from rental to personal use doesn't meet this requirement in my eyes, and that is why I was confused. Form 4797 which I believe I would use for if I'm trying to release the passive losses appears to require information about taxable gain/loss, etc, which obviously isn't applicable to me. Am I missing something about how I can release these passive losses as a disposition?
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Mar 5, 2017 20:48
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Xenoborg posted:It worked fine for me yesterday on Firefox. Are you using the "Print Return" box at the top and then downloading the PDF that pops up in your browser? That was what I had been trying to do. I finally got it to work by selecting print in chrome and changing the destination to pdf. The file it saved was the actual file and not a warning to turn off pop-up blockers.
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Mar 5, 2017 20:53
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Nifty posted:To qualify as a "disposition" of a passive activity, it must be a fully taxable event, and it must be to an unrelated party. Converting my own property from rental to personal use doesn't meet this requirement in my eyes, and that is why I was confused. Form 4797 which I believe I would use for if I'm trying to release the passive losses appears to require information about taxable gain/loss, etc, which obviously isn't applicable to me. Am I missing something about how I can release these passive losses as a disposition? Nope.
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Mar 6, 2017 17:42
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What reason would there be for, several months in a row, the IRS monthly installment notice in the mail keep saying that there's been no last payment received when I've been paying them? Considering the money isn't in my account and I've been using IRS-authorized places to pay it, this poo poo should be paid off, not coming back every month saying I owe the same amount still.
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Mar 7, 2017 00:09
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Call the phone number on the notice and ask them what you're asking here. Report back the results.
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Mar 7, 2017 01:44
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Shima Honnou posted:What reason would there be for, several months in a row, the IRS monthly installment notice in the mail keep saying that there's been no last payment received when I've been paying them? Considering the money isn't in my account and I've been using IRS-authorized places to pay it, this poo poo should be paid off, not coming back every month saying I owe the same amount still. I can think of a number of reasons, but you're best calling the number on the notice and finding out just which one it is. Chances are equally good that it's nothing or that it's something.
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Mar 7, 2017 03:10
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I have seen the IRS not catch a drat $15,000 payment they received with an amendment they obviously processed, so your problem is not unprecedented. Phone call should hopefully resolve it but as long as you have bank records showing payment was accepted you should be fine. May want to contact taxpayer advocate if you have poor luck with the notice's number though; I had horrible luck with the main IRS line but taxpayer advocate located the payment in a second.
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Mar 8, 2017 18:09
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I've filed my taxes with Turbo Tax for the past few years, I'm employed and I have about 4 side businesses. Last year I sold one of them which was primarily a goodwill asset, and I'm just now realizing that TurboTax does not support a Form 8594, so I can't file online. How should I go about merging this form into my existing tax return? I don't know how to add the additional tax owed to my final balance. Could I maybe take my finished return and this extra form to an H&R block and ask them to merge them?
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Mar 8, 2017 19:10
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FateFree posted:I've filed my taxes with Turbo Tax for the past few years, I'm employed and I have about 4 side businesses. Last year I sold one of them which was primarily a goodwill asset, and I'm just now realizing that TurboTax does not support a Form 8594, so I can't file online. How should I go about merging this form into my existing tax return? I don't know how to add the additional tax owed to my final balance. Could I maybe take my finished return and this extra form to an H&R block and ask them to merge them? 8594 is not a tax calculation form - the Goodwill sale, if not installment (which would be 6252 flowing to schedule D), would be Form 8949 (LT, basis not reported) and flow to Schedule D. 8594 is simply an information form the IRS uses to ensure the buyer and seller both are reporting the sale the same. If the buyer isn't preparing an 8594, frankly I've never seen the IRS ask for one from the seller. You could always paper file and manually complete the 8594 and shove it in order (that's what the numbers in the top right indicate - filing assembly order). Alternative II - does turbo tax allow PDF attachments to be included with the return filing? Lacerte (made by Intuit) does, so that might be your option.
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Mar 8, 2017 20:50
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Wow I wish I knew that before contacting the buyers and telling them to fill out this form. If I report this as form 8949 since there was no installment plan, and they file the 8594, am I still supposed to provide one?
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Mar 8, 2017 23:44
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FateFree posted:Wow I wish I knew that before contacting the buyers and telling them to fill out this form. If I report this as form 8949 since there was no installment plan, and they file the 8594, am I still supposed to provide one? https://www.law.cornell.edu/cfr/text/26/301.6721-1 https://accountants-community.intuit.com/questions/272108-failure-to-file-8594 Two notes: Since most of the people answering on here are paid preparers, we're stuck telling your what the IRS makes you do - so you should probably file the form due to the penalty involved. MOST IMPORTANT: See the second link - you never, ever, EVER want to leave a potential item up to the auditors' discretion. It leaves you at a huge disadvantage in an audit and they can start to bully you around if they want to be dicks about it.
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Mar 9, 2017 01:50
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My spouse recently transferred some of her taxable investments from a managed investment fund to a brokerage account. Due to a corporate action the brokerage sold some of her shares last year without having the cost-basis available. As a result she's been issued a 1099-B stating that the cost-basis of the sold stocks was unknown to the broker and an instruction to report the basis on Form 8949. She knows the average cost basis of the sold shares based on an account statement provided by her previous investment manager, but doesn't currently have the record of individual share purchases. Is it reasonable to just use the average cost basis from the account statement to complete form 8949, or does she really need to get the full record of purchases and calculate the cost basis herself? Going forward she's trying to figure out how hard to pester the former investment advisor to forward the cost basis of the transferred investment to the current brokerage. If she wants to sell additional transferred shares, would having a large number (~40) of transactions with an unreported basis on a 1099-B be a red flag to the IRS, even if Form 8949 is filled out correctly? Presumably the IRS would demand the full record of purchases in the event of an audit?
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Mar 9, 2017 23:36
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Nocturtle posted:... in the event of an audit? Not to be snarky, but are any other preparers here seeing audits?
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Mar 10, 2017 01:03
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AbbiTheDog posted:Not to be snarky, but are any other preparers here seeing audits? Last full office audit was five years ago for me, I think. Correspondence audits are up, as is the average time to resolve them.
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Mar 10, 2017 14:13
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Nocturtle posted:If she wants to sell additional transferred shares, would having a large number (~40) of transactions with an unreported basis on a 1099-B be a red flag to the IRS, even if Form 8949 is filled out correctly? Speaking from personal experience from dealing with someone who let their (adult) kid play day trader with their money and e-mailing me a honest to God 3000+ page 1099-B with over 1 million dollars of transactions without basis reported, unreported basis does not immediately flag you for audit, it just drives your tax preparer batshit insane. Though I suppose considering I found the info on the transactions in question buried in the stack (I'm not entirely sure WHY they had unreported basis in the first place since you'd think if they could print out a "bought on this date for this much" report they could have just put it in the main summary) the IRS may have caught the info on their systems already. Either that, or my personal joke theory some things don't get audited just because no tax agency employee wants to be stuck having to work out what the right answer IS has more truth to it than I realized. AbbiTheDog posted:Not to be snarky, but are any other preparers here seeing audits? I work the off-season dealing with lots of IRS and state letters, but I haven't really seen many go to correspondence audits even. Saw a grand total of one actual visit by an auditor (to one of our EAs, not me, mind you) over the last three years. Granted most of the problems I see are pretty easy to solve, either I spot the error in the return once I know what the tax agency is complaining about and tell the client how to fix/pay it, it's a basic "send us a copy of this thing you forgot" type situation we fax info on for, or it's obviously wrong and I write a reply explaining why it's wrong (which tends to come in waves sometimes; the IRS pretty obviously decides they're going to focus on X thing in their analysis and if they pick a stupid thing you see tons of letters about it that make no sense). We do have in-office audits, some of which are apparently secret "send in somebody as a client" things, but haven't seen any of those myself either. I have had clients come in with stories about them from elsewhere of course; several times I've had people doing several years of taxes at once in response to the IRS getting cranky about a previous year and wanting their filing up to date. Not even always the client's fault for not filing, apparently a bunch of preparers out there who like to slack off or otherwise screw up the filing and client finds out from a letter. Had one recent horror story about a CPA who would apparently sit on stuff for YEARS and just send it in when the IRS inevitably said got grumpy, causing several thousand in penalties/interest. I replied if I was ever morally bankrupt enough to screw around like that for even a week or so my conversation with my manager would probably involve hands around my neck and vigorous shaking  .
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Mar 11, 2017 08:53
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I'm a Virginia resident. What forms are required? Do I have to file Schedule VAC, OSC, and CR if they don't apply to me? The instructions are vague. I'm mailing it because the efile keeps having errors and the tax lady said to do it by paper due to the error (state AGI can't be greater than federal).
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Mar 11, 2017 17:51
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MadDogMike posted:Speaking from personal experience from dealing with someone who let their (adult) kid play day trader with their money and e-mailing me a honest to God 3000+ page 1099-B with over 1 million dollars of transactions without basis reported, unreported basis does not immediately flag you for audit, it just drives your tax preparer batshit insane. Thanks for this. We're doing the taxes ourselves so the tax preparers of the world should be safe.
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Mar 12, 2017 00:15
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We got flagged for Identity Authentication (received letter 5747C) this year but they forgot to send us a notice telling us. I've already been on the phone with the IRS trying to figure out this poo poo for 4+ hours and I think I have everything in order except: Does my spouse/dependent need to come with to the local IRS office or can I just bring their information? I'm hoping someone knows so I don't need to wait on hold for another 30 minutes...
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Mar 12, 2017 02:45
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Doc_Uzuki posted:We got flagged for Identity Authentication (received letter 5747C) this year but they forgot to send us a notice telling us. I've already been on the phone with the IRS trying to figure out this poo poo for 4+ hours and I think I have everything in order except: TAC authorization only. Dependents don't need to come. I think it's just one of you that needs to go. What did the IRS (eventually) say? And you say you received the 5747C letter? That is the notice telling you you've been flagged.
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Mar 12, 2017 03:22
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sullat posted:TAC authorization only. Dependents don't need to come. I think it's just one of you that needs to go. What did the IRS (eventually) say? And you say you received the 5747C letter? That is the notice telling you you've been flagged. The first time I called I was told the return was being held up because of the Child Credit. Afterwards I did some online research and called back to argue and then they said I was flagged for the identity stuff. Being paranoid, I ended up calling back a week later to double check everything only to find out that they sent the wrong letter after the second call. Just received the correct 5747C letter yesterday.
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Mar 12, 2017 13:31
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Doc_Uzuki posted:The first time I called I was told the return was being held up because of the Child Credit. Afterwards I did some online research and called back to argue and then they said I was flagged for the identity stuff. Being paranoid, I ended up calling back a week later to double check everything only to find out that they sent the wrong letter after the second call. Just received the correct 5747C letter yesterday. Lol. That's our IRS for you!
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Mar 12, 2017 16:00
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So I think Turbotax or my IRA provider have hosed up. Or maybe I have... I am above the income thresholds to contribute to Roth IRAs, as well as get a tax deduction from contributing to a Traditional IRA. So, I have been doing backdoor Roths. In 2015, I contributed to a Traditional IRA for $5,500, and did not claim it on my taxes as I'm above the $70k limit, I just filed a 5498. I didn't roll it over to a Roth IRA at that point in time because I didn't have the stamina to deal with my company's compliance department in order to open a Roth IRA. In 2016, I contributed $5,500 to that same Traditional IRA again, and then immediately rolled it over to a Roth IRA, for a total rollover of $10k. All of those contributions were taxed. Now, I get a 1099-R from the Traditional IRA, which shows the full amount I converted as both the gross distribution and taxable amount, and also checks the "taxable amount not determined" box. The distribution code, box 7, is 2, which per Turbotax is "Early distribution (except Roth), exception applies" If I enter the 1099-R and my IRA basis from 2015 (Form 5498), my taxes rise by ~$1400 vs not having either in there. My understanding is that there really shouldn't be any impact on my taxes from this, especially since I lost money in my Traditional IRA by the time I converted it to a Roth. I think the piece that is missing here is that $5,500 of that distribution was made, and taxed, in 2016, but I don't know how I would go about expressing that. Am I way off base here? Should I expect to pay taxes twice on these contributions?
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Mar 12, 2017 17:41
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ohgodwhat posted:So I think Turbotax or my IRA provider have hosed up. Or maybe I have... You need to do Form 8606.
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Mar 12, 2017 17:44
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I wrote all of that out and it was that simple.... Thanks man, everything's good now.
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Mar 12, 2017 17:48
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This may be beyond the scope of the thread, but I'm not sure where else to ask: I completed my taxes via H/R block online at the end of January and requested my return via physical check in the mail (I was going to be closing my bank account and opening a new one, didn't want the money stuck in limbo.) My issue is I haven't received the check yet, and I'm wondering who do I contact to find out where it may have gone? I gave them the correct address, and it could just be in transit still, but I honestly have no idea...and I would like my tax return.
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Mar 12, 2017 23:11
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Stool Sample posted:This may be beyond the scope of the thread, but I'm not sure where else to ask: I completed my taxes via H/R block online at the end of January and requested my return via physical check in the mail (I was going to be closing my bank account and opening a new one, didn't want the money stuck in limbo.) Does the IRS's Where's My Refund website tell you that your return has been processed and your refund approved? It should also tell you what date your refund was sent. From that you can determine if it's really been too long for it to still be in transit.
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Mar 13, 2017 00:07
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e: nevermind, I figured it out.
Henrik Zetterberg fucked around with this message at 01:30 on Mar 13, 2017 |
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Mar 13, 2017 01:22
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Hey gang, I think I know the answer to this question but: Last year, my wife and I did a MFJ and owed about $500. Annoyed, we adjusted our withholdings and now both claim 0. We have no kids, we take standard deduction cuz we rented all year. This year, still MFJ, TurboTax is saying we owe $2800 loving dollars for 2016 (joint income of about $101k). We've checked and rechecked the numbers and it looks like we did everything correctly. I immediately started trying to schedule a second opinion but now I'm thinking that since we basically just have three W2s (my job, my wife's 2 jobs), and no itemized deductions, there's nothing for a tax preparer to really do for us. There's nothing to move around or find, right? We basically just get to take the ol' no-lube buttfuck this year, don't we?
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Mar 17, 2017 01:36
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mary had a little clam posted:Hey gang, I think I know the answer to this question but: Small, multiple sources of income will fail with withholding. If you just had 1 W-2 for the same money you'd be fine.
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Mar 17, 2017 01:53
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AbbiTheDog posted:Small, multiple sources of income will fail with withholding. If you just had 1 W-2 for the same money you'd be fine. 
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Mar 17, 2017 02:56
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I assume you now also have to pay an underpayment penalty, is that correct? I'm scared of that happening, sometimes I toe the line of needing to submit annoying loving estimated tax.
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Mar 17, 2017 04:44
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mary had a little clam posted:Hey gang, I think I know the answer to this question but: Since the income tax is progressive, a situation where you earn double the income results in you owing more than double the income tax. Each individual job withholds money with the assumption that it's the only source of income, so they're all withholding with the expectation that you make less and thus owe less tax. However, your tax return is based off your final annual income, so when you add up all the jobs, the withholdings fall short. Another potential issue might be due to how you filled out your W-4 exemptions. You said you both claim 0, but is that 0 at the "Married rate" or 0 at the "Married, but withhold at the higher Single rate"? The "Married rate" makes the very traditional assumption that only one spouse works as the breadwinner and the other spouse stays home. Thus it withholds with the assumption that the entire MFJ standard deduction of $12.6k will be subtracted from that income. But if both spouses work and you both choose the "Married rate", you're essentially withholding as if you have 2x$12.6k (maybe even 3x$12.6k, depending on how your wife filled out her W-4 exemptions across her two jobs) standard deduction to apply to your income, but in reality you only get to take the standard deduction once. 25% (your marginal tax bracket at $101k) of $12.6k is $3150, which is pretty close to how much you underwithheld by.
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Mar 17, 2017 04:57
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Ancillary Character posted:
I'll check today but I'm positive this is what happened. I'd never learned about this Marriage Penalty before and just assumed that claiming 0 was a failsafe against owing a lot of taxes at the end of the year. The good news is that we bought a house in October (only had one payment in 2016 tho) so we may be able to actually itemize for 2017 and come out better off next time around. Thanks for the bad-news-but-good-information everyone! I shall pay this forward next time a childless, property-less friend gets married.
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Mar 17, 2017 11:31
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I don't believe you have been hit by the marriage penalty. At $100k you see a benefit no matter what: https://goo.gl/images/oYQqCO You just didn't withhold enough.
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Mar 17, 2017 14:00
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Try this out if you want to optimize witholding: https://www.irs.gov/individuals/irs-withholding-calculator
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Mar 17, 2017 14:46
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I have an Etsy shop, when I make sales I also have to pay fees. The sales income get sent to my checking account and those fees build up to $500 increments and then get charged to my credit card. However, I have the option of using the income from the sales to wipe out the fees within Etsy's site, and then the only thing that would hit my bank account is the difference (profit). My question is, is there any difference from a tax perspective of letting the gross income hit my bank account and pay off the fees with a credit card as an expense later, vs paying the fees from my sales balance and only receiving profit into my bank account? I know from a credit card perspective I get the rewards (1.5% cash) which is why I do it.
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Mar 17, 2017 15:31
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FateFree posted:My question is, is there any difference from a tax perspective of letting the gross income hit my bank account and pay off the fees with a credit card as an expense later, vs paying the fees from my sales balance and only receiving profit into my bank account? No difference. Even if you received only the net of your sales and fees, you should still report the gross sales and list the fees as an expense. And you would have the same net income anyway.
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Mar 17, 2017 19:46
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Guy Axlerod posted:Try this out if you want to optimize witholding: https://www.irs.gov/individuals/irs-withholding-calculator That thing sucks. Someone with access to the raw withholding formulas needs to make a better one that doesn't assume you're midyear and gives you some level of sensitivity analysis. Also it sucks that my state bases withholding on federal w-4. I'm always trying to minimize federal return without getting a state penalty without access to the actual formulas used. There is obviously math behind it. Give me the drat formula.
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Mar 18, 2017 22:41
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