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- Vest 11 shares - 5 shares automatically sold by E-trade, sell-to-cover - 6 shares deposited into my account, which I sold for money Now my 1099 shows them both as two different line items but nothing about me having those 5 shares withheld for tax. I'm afraid I'm double paying taxes here. Is there supposed to be a line on my 1099 that shows tax withheld via sell-to-cover? Where did this money go if not for taxes? Blinky2099 fucked around with this message at 23:21 on Apr 7, 2017 |
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Apr 7, 2017 23:14
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AbbiTheDog posted:Might even use your phone to record the call in case you need proof. Don't do that. babydonthurtme posted:My main problem here is that I already filed my return for 2016. Can I still ask for an extension if that is the case? It's not an extension as in the 4868, it's a "can I have more time to get what you need" request. While Abbithedog's suggestion to send in the incorrect info and amend later is one poslsibility, it isn't the most efficient solution. E: Yes, the Direct Pay system lets you get extensions. But your return is already filed timely so you don't need one. You can still pay using direct pay, though. sullat fucked around with this message at 00:43 on Apr 8, 2017 |
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Apr 8, 2017 00:39
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I can only deduct $3,800 of my IRA contribution this year. Can I contribute an additional $1,700 to a Roth IRA, so the total between the two is $5,500?
OctaviusBeaver fucked around with this message at 06:04 on Apr 8, 2017 |
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Apr 8, 2017 06:00
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Do backdoor Roths, sheesh
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Apr 8, 2017 13:34
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sullat posted:Don't do that. I'm shocked at the amount of times the IRS agent on the phone claims something is going to get done, and it never does. Call back four months later, and there's no record of what the prior agent agreed to do. Also the amount of incorrect information/suggestions the phone agents give is astounding. My state is not a two-party consent state for recorded calls, so if I have even an inkling the agent isn't telling me the correct answer, I begin recording the call for future reference. The IRS phone service is hit-or-miss.
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Apr 8, 2017 16:46
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sullat posted:Don't do that. You bet it's horribly inefficient. But nobody at the IRS manually reads returns - the auditors themselves confess nobody will read any notes you attach the return trying to explain anything anyways. We're forced to comply with what the forms issues state and work around those, otherwise you're fighting with the CP2000 notices 6, 8, 12, 18 months later. And the IRS copies the state agencies, and our state's position (Oregon) is the IRS notices are correct until the IRS issues a correction, and Oregon will lien/levy/seize accounts in two months, which isn't enough time to get the IRS to admit their error and send out a corrected notice. For the initial filing, preparing a return off a known incorrect 1095 isn't the most efficient thing to do.....immediately. Long-term (over the next 24 months) it sure beats the hell out of fighting with the IRS by snail-mailing responses back and hoping someone reads them, while at the same time having your state agency jumping all over you for taxes owed that aren't truly owed. Clients would rather amend returns than deal with that debacle.
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Apr 8, 2017 16:52
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ohgodwhat posted:Do backdoor Roths, sheesh Backdoor Roth would be overkill, I think - I think for both of our questions we can just...contribute directly to a Roth because we're under the income limit for that. But the phaseout for Roth is like $181,000 while the phaseout for deductible IRA contributions is $98-118,000. If I can make a deductible IRA contribution I would like to, just want to make sure I have it right! Income under $98k: contribute directly to either one Income between $98-118k: contribute up to the deductible limit to Traditional, top up to $5500 in Roth Income between $118k-181k: contribute to Roth Over $181k: Backdoor Roth
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Apr 8, 2017 22:58
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I just realized that I forgot to check the "All year coverage" box on my 1040 for health care coverage on http://freefilefillableforms.com/ and listed my obligation as "0", but the IRS accepted my return. Is it possible that this will come back to bite me in the rear end? Is there anything I can do to amend this?
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Apr 8, 2017 23:47
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Blinky2099 posted:- Vest 11 shares any recommendations for how I can figure this out? do I just need to go hire a tax person? etrade wasn't any help when I messaged them
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Apr 9, 2017 01:35
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Blinky2099 posted:any recommendations for how I can figure this out? do I just need to go hire a tax person? etrade wasn't any help when I messaged them To be honest, I'm not quite clear what's going on with the transaction you're describing. Are you doing some kind of short sell?
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Apr 9, 2017 11:24
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Blinky2099 posted:any recommendations for how I can figure this out? do I just need to go hire a tax person? etrade wasn't any help when I messaged them At least according to this, check your W2, or a pay slip from around that time? https://thefinancebuff.com/rsu-sell-to-cover-deconstructed.html
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Apr 9, 2017 14:42
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Jesus TurboTax/HrBlock are ripoffs when it comes to being self employed. Turbotax wants $120 to file my taxes because I was self employed for 3 months, and TurboTax wants even more. Are these my only options, or is there a cheaper route? I already owe like $2900, so I'd rather not pay any more if doable.
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Apr 9, 2017 15:27
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momtartin posted:Jesus TurboTax/HrBlock are ripoffs when it comes to being self employed. If you have AGI less than $64,000, the United Way's MyFreeTaxes will file a return with a schedule C for free. If not, you could figure your return by hand and enter the numbers using the free file fillable forms.
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Apr 9, 2017 16:22
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urnisme posted:If you have AGI less than $64,000, the United Way's MyFreeTaxes will file a return with a schedule C for free. If not, you could figure your return by hand and enter the numbers using the free file fillable forms. Thanks I will look into those tonight as most of my stuff is not that difficult and I could copy the numbers from HR block. Is the free fillable forms things difficult?
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Apr 9, 2017 16:55
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momtartin posted:Jesus TurboTax/HrBlock are ripoffs when it comes to being self employed. Whether you have one month of activity or twelve, the forms generated and used tend to be the same. It takes as much time to drop in $1,000,000 of sales as it does $10,000.
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Apr 9, 2017 17:18
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My wife and I need to file separately for student loan stuff. I'm having a tough time figuring out what we need to report in the Community Property Income portion in TurboTax. I live in California, and from my interpretation from the things I read, I need to do this: quote:For Community Property Addition Adjustments, add SPOUSES W-2's (Box #1) divide that by 2. I'm still pretty unsure, so I just wanted reassurance that this is correct.
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Apr 11, 2017 14:42
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I'd like to get something straight, make sure I'm reading everything in my situation correctly. If my company opened a SEP IRA for me and put money into it, not out of my salary or anything, just contributed to it themselves, that means that I can't take the full 5500 deduction from my Traditional IRA?
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Apr 11, 2017 16:48
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Not sure if I can get any help with state income taxes here. I'm an Illinois resident, and I worked in Iowa for the first few weeks of 2016 (while living in Illinois) before I started my new job back in Illinois. I had previously worked this job in Iowa for all of 2015, and because of the reciprocal agreement between Illinois and Iowa, I didn't have to file a tax return for Iowa, since my taxes were due to Illinois. Well somehow this year I (or TurboTax) hosed up and filed an Iowa return, and apparently I entered my federal gross income as my Iowa income. I didn't send any money with my return to Iowa, but I've gotten a letter back saying I owe like $2000, which is more than I earned in Iowa in 2016. Is there some way I can correct this? Should I file a 1040X with Iowa? I don't know if I need to correct my return as much as I need it to be rescinded.
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Apr 12, 2017 16:59
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drat Bananas posted:I'd like to get something straight, make sure I'm reading everything in my situation correctly. If my company opened a SEP IRA for me and put money into it, not out of my salary or anything, just contributed to it themselves, that means that I can't take the full 5500 deduction from my Traditional IRA? The amount you can contribute to an IRA doesn't change, because the employer and employee limits are different - only the employee side is linked to your IRA limit of $5,500. However, because you had a retirement plan available through work, your ability to deduct may be limited if you fall above the deductibility phase-out described here: https://www.irs.gov/retirement-plan...nt-plan-at-work Single and AGI between $61-71k deduction is limited, above $71k no deduction MFJ and AGI between $98-118k deduction is limited, above $118k no deduction Are you in or above those ranges?
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Apr 13, 2017 03:57
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Thanks! Okay, yes, that matches up to what I thought and we are in the in-between. The more I learn about my traditional IRA the more I regret making it. I wonder how big a pain/expensive it would be to convert it to Roth after 3 years, or if I could/would open a Roth (in addition to traditional, SEP, inherited, now Roth - let's just get me the whole spectrum! jesus)
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Apr 13, 2017 20:03
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A friend of mine asked me to double check her taxes (after she already filed, of course). She paid a health coverage penalty on line 61. Any thoughts on whether she could file an amended return to leave line 61 blank (per Trump's EO) and get the penalty back?
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Apr 13, 2017 21:16
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Droo posted:A friend of mine asked me to double check her taxes (after she already filed, of course). She paid a health coverage penalty on line 61. No. The individual mandate still exists. The IRS interpreted the EO such that they would not reject any returns that did not confirm the taxpayers health care status in some way. She confirmed that she didn't have it and so must pay the penalty. There's no way an IRS agent is going to accept "Uh actually never mind" as a reason to remove the penalty.
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Apr 13, 2017 22:33
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Ludwig van Halen posted:Not sure if I can get any help with state income taxes here. You do have to file an amended return with Iowa (grab here) with probably a bunch of zeros for the taxable income/tax basically and an explanation of software error or whatever, otherwise they're going to keep pestering you about it. I'd probably mention something about the income being taxed for IL under the reciprocal agreement as well. Once it's submitted, there's no way to just say "that return is false", you need to amend. Should be relatively straightforward though given the aforementioned "fill the return with a lot of zeros" thing. Epi Lepi posted:No. The individual mandate still exists. The IRS interpreted the EO such that they would not reject any returns that did not confirm the taxpayers health care status in some way. She confirmed that she didn't have it and so must pay the penalty. There's no way an IRS agent is going to accept "Uh actually never mind" as a reason to remove the penalty. Though if the issue is she actually did have insurance and marked it by mistake, that's safe to amend to correct, just make sure you have some kind of proof (payment records or whatever) if asked. But yeah, don't try to get cute with the IRS, I have a sneaking suspicion all the people who left it blank thinking they got away without having insurance are probably flagged by the IRS anyway. The IRS has to enforce the law, and the law says you pay penalties; the whole "we won't auto-reject returns without an entry" was just their best legal effort to comply with a very dumb executive order.
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Apr 14, 2017 04:54
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So I've put off on my taxes this year and simply forgot about them due to the fact that I don't live in the US anymore. I mean I knew I had to file my income anyway even if I didn't have to pay taxes (I shouldn't) but I just forgot and didn't treat doing my taxes as something important thing year since I'm 99% sure I won't have to pay anything anyway. Anyway I'm reading this where it mentions an "automatic 2 month extension." How To Get The Extension To use this automatic 2-month extension, you must attach a statement to your return explaining which of the two situations listed earlier qualified you for the extension. Does this mean that I don't have to submit anything now (by the 15th)? My interpretation of "automatic" means: I can submit a tax filing by June 15th and just attach a note saying "I'm claiming my 2 month extension for living abroad" and that's that, right?
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Apr 14, 2017 06:36
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Boris Galerkin posted:So I've put off on my taxes this year and simply forgot about them due to the fact that I don't live in the US anymore. I mean I knew I had to file my income anyway even if I didn't have to pay taxes (I shouldn't) but I just forgot and didn't treat doing my taxes as something important thing year since I'm 99% sure I won't have to pay anything anyway. Correct.
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Apr 14, 2017 08:36
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sullat posted:Correct. Sweet. Time to put it off until June 14th and make another post asking "so the automatic 2 month extension can be renewed right?" No just kidding I'll get right on it today to figure out what I need to get taken care of to submit my taxes.
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Apr 14, 2017 08:53
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Boris Galerkin posted:Sweet. Time to put it off until June 14th and make another post asking "so the automatic 2 month extension can be renewed right?" This rule is kind of a relic from the paper filing days, since now you can get a 6 month extension from anywhere over the internet. But if, say, you were off the grid climbing K2 or whatever, you could stick a note in your return to get the extra time. Without having to have done anything before the original deadline.
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Apr 14, 2017 16:42
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I had an unpleasant Roth IRA related surprise and would appreciate advice please. I got married last year and we're filing separately because my wife is doing the "work for non profits for 10 years and make min payments and then we'll forgive your student loan" thing, and apparently filing separately will keep her min payments down. And I just now while preparing my taxes saw that married filing separately means neither of us can contribute to a Roth IRA anymore  and we already have!So can I like.... un-contribute my 2016 Roth IRA contribution? If I withdraw 5,500 of principal from it, will that count as voiding my 2016 contribution? If it's possible to un-contribute, should I simply state 0 contribution on my tax return, and meanwhile go to Vanguard and take the 5,500 back out before Tuesday? e: alternate scenario, if the answer to the last line is yes: Do I have to take the 5,500 out before Tuesday, or can I do it later and retroactively call it a withdrawal of my 2016 contribution? I ask because I just two days ago sent in a check for my wife's contribution so it hasn't even been put in yet 
alnilam fucked around with this message at 23:04 on Apr 15, 2017 |
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Apr 15, 2017 22:46
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Someone else will probably be able to answer much better, but wouldn't you be served by a recharacterization to a traditional contribution and then do a backdoor Roth conversion?
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Apr 15, 2017 23:03
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Yes, I think so. I also dug deeper and read that filing an extension on taxes also extends my deadline for associated IRA recharacterizations, so I'm going to do that.
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Apr 16, 2017 14:10
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Yeahhhhh, I think I need to file for an extension - I have a W2, 1099-MISC, 1099-DIV, got married (but we were going to plan and file separately due to her student loans), and then the Roth IRA thing came up too. To file an extension on form 4868, it looks like W2 income is what the estimated income is, correct? Do I need to add in 1099-MISC rental income on the estimate for the extension?
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Apr 17, 2017 03:49
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Laminator posted:Yeahhhhh, I think I need to file for an extension - I have a W2, 1099-MISC, 1099-DIV, got married (but we were going to plan and file separately due to her student loans), and then the Roth IRA thing came up too. You want to estimate your entire income so you can estimate how much tax you will owe so you can pay it by 4/18/2017. Then when you determine the exact amount, hopefully you were spot on, but if not, you can get any overpayment refunded at that time.
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Apr 17, 2017 04:42
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The point of estimating and paying when you file an extension is that there's a penalty for paying late, but as long as you successfully filed the extension the penalty isn't much - only 0.5% of what ends up still being owed, per month. So try to roughly estimate your taxes and pay what you'll owe now, but don't sweat the estimating part too too much. FWIW I tend to round up a little to avoid penalties and get a refund later, even though I know the penalties aren't much. alnilam fucked around with this message at 12:39 on Apr 17, 2017 |
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Apr 17, 2017 12:36
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I get paid as a 1099-Misc independent contractor for doing graphic design work in Ohio. It's basically a 9-5 job, but I file taxes as self-employed. There's a relatively new "business income" deduction for state taxes but I can't figure out if I qualify for it. It seems like all of my income is business income if I'm self employed, but it would essentially zero out all of my state income tax due, which seems too good to be true. I've never registered as a sold proprietorship or LLC. Does that mean this isn't for me?
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Apr 17, 2017 22:24
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I'm thinking about next year's taxes already. I did some napkin math and it seems like my withholdings might be a bit on the high side. The thing is that partway through July I will be in another position, either where I am or at a new company. How do I enter that into the IRS withholding calculator? I know a ballpark of what I would be making here, but not how much would get withheld. If I end up somewhere else, it's anybody's guess. I tried just putting the low end of the new job as a second job starting in August in the calculator, but it said to increase my W-4 allowances to 5 for this job and 0 for the future one, so I don't think it liked me doing that.
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Apr 17, 2017 22:33
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MY ABACUS! posted:I get paid as a 1099-Misc independent contractor for doing graphic design work in Ohio. It's basically a 9-5 job, but I file taxes as self-employed. The only catch is that there's a 250k limit on the deduction per taxpayer. Yes, it zeros out the business income for many OH self-employed taxpayers. edit: there is not "registration" for a sole proprietorship. If you're self employed and reporting income on a schedule c, you're a sole prop. almost by default.
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Apr 18, 2017 01:42
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Howard Phillips posted:I'm a Virginia resident. What forms are required? At least I hope so since I just mailed mine in. mystes fucked around with this message at 12:49 on Apr 18, 2017 |
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Apr 18, 2017 12:45
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Filing an amended 2016 return...so I can't electronically file. Is it okay to attach my 8949 worksheet to the end of the 1040X/1040 when I mail it in? Or do I still need to do the 8453 route and a separate mailing?
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Apr 18, 2017 15:40
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Arkane posted:Filing an amended 2016 return...so I can't electronically file. Is it okay to attach my 8949 worksheet to the end of the 1040X/1040 when I mail it in? Amended returns need to be paper filed, yes. If you are changing the data on the 8949, then attach a copy to the form 1040x. You don't need to attach a copy of the original return.
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Apr 18, 2017 17:59
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Quick question.. Would I be able to amend this? My gf works for a company, got her w2 in Jan. The issue is that her company had changed direct deposit processors about 4 months into 2016. She received her W2 from the 2nd (and current) processor and everything was fine. We used turbotax and filed her taxes. The problem, we moved Feb 1 and she did not notify this first processor, so her W2 from them came in after Feb 1 and went into USPS auto forwarding limbo for a while. We received it around March. After I reran the numbers in TurboTax, her refund is now lower than the original refund check she received. She claims 0 or 1, I'm not sure, and has nothing to deduct other than herself. Do we just run an amendment on this before next year and square everything up? Assuming she'll have to pay back the difference obviously. Or do we let it slide till 2017 taxes and amend it then?
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Apr 19, 2017 21:52
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