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Nevermind. I'm a dumb baby and I answered my own question.
JibbaJabberwocky fucked around with this message at 23:31 on Jan 24, 2018 |
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Jan 24, 2018 23:28
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| # ? May 11, 2024 12:03 |
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Someone just told me that their accountant told them that the new tax law eliminated the backdoor roth conversion. A little bit of random internet searching seems to indicate that you can still do the backdoor roth. Does anyone here know if you can still do it?
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Jan 25, 2018 01:24
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You can still do it. You can no longer undo it afterwards like you could previously.
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Jan 25, 2018 01:45
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Got married in October 2017. Is there any way we could still both just file taxes on our own as “single” for 2017?
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Jan 25, 2018 02:13
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nwin posted:Got married in October 2017. Is there any way we could still both just file taxes on our own as “single” for 2017? Nah sorry dude you file whatever status you are on Dec 31
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Jan 25, 2018 02:17
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black.lion posted:Nah sorry dude you file whatever status you are on Dec 31 drat. I just ran the figures in H&R Block’s program and MFJ was a refund of 4K and MFS was owing 4K, so I was wondering how single refunds would look, since last year my income was basically the same and I got the same refund and my wife’s was also the same and got a refund for about 1k. Ah well. One other question...a little more involved. I’m active duty military, home of record is arizona so that’s what I claim (I don’t have to pay state taxes.) My wife has lived in Massachusetts her whole life. We both live in Massachusetts currently (I’m stationed here). Regarding her state taxes-I’m guessing she should just file MFS for Massachusetts since I would have no income to offer?
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Jan 25, 2018 03:20
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So, I'm relatively poor and new to taxes. My wages this year added up to about $18k with $460 in federal income tax withheld, and after running my W2 through H&R Block and Turbotax, it's giving me an owed value of $180. I make about $1,300 a month as of last month, which I barely survive on. I might be an idiot, but what gives? I feel like I'm missing something here. I wasn't expecting mountains of cash, exactly, but I certainly wasn't expecting to owe anything. It's going to be a problem going forward, since I desperately need whatever money I can get. It feels like I'm probably screwed, but is there something I AM missing by using free software to quick process my stuff? At least OK will give me $114? Woo!
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Jan 25, 2018 03:23
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$460 withheld seems really low, especially on such a modest income. The fact that you owe doesn't surprise me. Can you sock away $60 a month for the next 3 months and wait until April to file/owe?
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Jan 25, 2018 13:43
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nwin posted:drat. MFS shuts off a lot of deductions/credits because the IRS has no way to easily know the total household income, but if you’re married it’s usually MFJ or MFS only available. quote:I’m active duty military, home of record is arizona so that’s what I claim (I don’t have to pay state taxes.) I believe that should work without issue, and states generally lack a lot of the credits that make MFS so much worse for the federal return. Though I can’t rule out Massachusetts being idiots and sending a letter later on where you need to explain the military status. Definitely avoid MFJ, they will assume you are resident of state then. BAE OF PIGS posted:Can you sock away $60 a month for the next 3 months and wait until April to file/owe? File now, pay by April, you do NOT need to send in payment at time of return. If you hold off because “I don’t want to owe”, I tend to see people forget to file in time and eat a bigger penalty for failing to file in addition to failure to pay. Procrastination when you can file the right info is not a friend here!
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Jan 25, 2018 14:41
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broken pixel posted:So, I'm relatively poor and new to taxes. My wages this year added up to about $18k with $460 in federal income tax withheld, and after running my W2 through H&R Block and Turbotax, it's giving me an owed value of $180. I make about $1,300 a month as of last month, which I barely survive on. I might be an idiot, but what gives? I feel like I'm missing something here. I wasn't expecting mountains of cash, exactly, but I certainly wasn't expecting to owe anything. It's going to be a problem going forward, since I desperately need whatever money I can get. It feels like I'm probably screwed, but is there something I AM missing by using free software to quick process my stuff? You can also just file your taxes, say yea I know I owe you money and have them put you on a payment plan.
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Jan 25, 2018 21:36
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black.lion posted:You can also just file your taxes, say yea I know I owe you money and have them put you on a payment plan. If you only owe $180, it's not worth setting up a monthly payment plan.
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Jan 26, 2018 05:51
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I got a 1099-INT for my father who is not a US citizen and does not live in the US (so no SSN or any other US id). He just has a lot of money in a BoA sitting in a savings account that gave a total interest of about $150 in 2017. How would I file this? Do I have to deal with what he has back in his home country?
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Jan 26, 2018 16:57
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UnfurledSails posted:I got a 1099-INT for my father who is not a US citizen and does not live in the US (so no SSN or any other US id). He just has a lot of money in a BoA sitting in a savings account that gave a total interest of about $150 in 2017. How would I file this? Do I have to deal with what he has back in his home country? Hmm, checked and if am reading right he may not need to file; IRS Pub 519 says interest not effectively connected to a US trade is excluded from taxable income. Might need to double check since the “effectively connected” thing is REALLY screwy (I suspect people who specialize in 1040-NR must wind up straightjacketed in the insane asylum screaming “Effectively connected! Effectively connected!”) but if he just has the money in a foreign branch of BoA then it definitely shouldn’t be taxable to my understanding.
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Jan 26, 2018 18:48
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MadDogMike posted:Hmm, checked and if am reading right he may not need to file; IRS Pub 519 says interest not effectively connected to a US trade is excluded from taxable income. Might need to double check since the “effectively connected” thing is REALLY screwy (I suspect people who specialize in 1040-NR must wind up straightjacketed in the insane asylum screaming “Effectively connected! Effectively connected!”) but if he just has the money in a foreign branch of BoA then it definitely shouldn’t be taxable to my understanding. It's a branch in the US (he apparently opened it while he visited, and used my current address which is why I got the 1099-INT and not him).
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Jan 26, 2018 20:47
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So I did some Amazon Mechanical Turking this past year, and made about $230 from it. I've looked around online, and some people are saying that if I do this, I should report it as on schedule c as a sole proprietor. I'm also reading that if I made under $400 from this, that filing a schedule C is not necessary? Do I just report this as miscellaneous income as if I got a 1099-misc? Do I still file a schedule C? From everything I'm reading, Amazon generally doesn't send out Tax forms for people who made less than a certain amount, which is a category I probably fall into. BAE OF PIGS fucked around with this message at 17:29 on Jan 28, 2018 |
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Jan 28, 2018 17:26
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My father in law gifted some stock to my daughter in a UTMA. I'm trying to sell off the stock but keep the capital gains within the $2100 exclusion zone. I thought I could report the UTMA on my own taxes (using TurboTax), but it appears that since we got a 1099-B, she has to file on her own. She has no earned income. Last year I sold off a little more than $2100 in capital gains and then there were some dividends too. My understanding is that everything over $2100 gets taxed at my rate. Currently her return says she owes $0, but how does the IRS figure this out? Do they cross-reference the SSNs since she's my dependent and send her a bill later? My father in law seems to think we can just sell it all and then if she files her own return she pays nothing, but I'm fairly certain all tax laws are written with the express purpose of preventing people from using children as tax shields. Thanks for any clarification you can provide.
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Jan 28, 2018 18:05
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BAE OF PIGS posted:So I did some Amazon Mechanical Turking this past year, and made about $230 from it. I've looked around online, and some people are saying that if I do this, I should report it as on schedule c as a sole proprietor. I'm also reading that if I made under $400 from this, that filing a schedule C is not necessary? Do I just report this as miscellaneous income as if I got a 1099-misc? Do I still file a schedule C? Ok, from what I've gathered I still need to file the schedule C but I don't need to pay any self employment tax if I make under $400. Well see if the IRS accepts my return. And for anyone who cares, I would have had to upgrade on TurboTax to file a schedule C, but I went to the IRS website and looked at the other sites that they said are good to file, and eztaxreturn.com helped me file one for free and seemed very straightforward.
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Jan 29, 2018 01:09
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For the Car Registration Fees credit, is this for new cars only? Or does my yearly tab/registration renewal count here?
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Jan 29, 2018 02:28
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lol internet. posted:For the Car Registration Fees credit, is this for new cars only? Or does my yearly tab/registration renewal count here? It's new registrations and only the part that was based on the value of the car, not the fees.
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Jan 29, 2018 02:53
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Has anybody been able to successfully e-file their return yet? Using TaxAct and getting a message saying they are waiting on "Form 8606 (Taxpayer) - Nondeductible IRAs" to be available before they can send mine in. Never mind the fact that I don't have anything that should require that form but whatever.
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Jan 29, 2018 21:04
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MrMidnight posted:Has anybody been able to successfully e-file their return yet? Using TaxAct and getting a message saying they are waiting on "Form 8606 (Taxpayer) - Nondeductible IRAs" to be available before they can send mine in. Never mind the fact that I don't have anything that should require that form but whatever. I did all my stuff on Turbotax as soon as I got my W-2 (My HSA and Mortgage forms, which were the only other ones I needed, hadn't come yet but I knew what the relevant numbers were so I jumped the gun) and I got a similar error for a different form. But they eventually sent it in last Monday or Tuesday.
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Jan 29, 2018 22:58
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In theory the IRS has opened e-file as of today for everybody, though some went in early to let the IRS test the system as I understand it. Forms in tax software have to be approved by the tax agencies before they'll accept filing with them, so certain returns with particular forms might not be available to file because the programmers are still working on the form (especially likely if something got changed with the forms by the new laws) or the IRS/states haven't gotten around to approving them for that package.
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Jan 30, 2018 03:39
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My return was accepted by the IRS last week via TurboTax. Yes, accepted. Yes, I'm sure.
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Jan 30, 2018 03:43
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I personally wouldn't file a return before January 31st, because that's the deadline for a lot of firms to send out informational forms to you. I know some people need that sweet sweet refund money but filing in mid-to-late February is the better call.
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Jan 30, 2018 04:50
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My kid has an ESA for which I am custodian. Last year my mothers parents sent a check in to contribute for the year. Unfortunately my fathers parents already had contributed such that the second check was all in excess. So I called up and said hey send money back to my mothers parents. I forgot this ordeal until today when i got a 1099 for the distribution. So what am i missing here? Is this being treated as a distribution to me?
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Jan 30, 2018 06:51
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My brother wound up in some pretty serious financial trouble at the end of last year and I paid his debts to give him some breathing room. The amount I paid was over the yearly gift limit. The check was made out on 12/28, but the money was debited from my account on 1/2. Would I need to file the F709 with my 2017 taxes, or my 2018 taxes?
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Jan 30, 2018 14:43
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It's supposed to be counted when your brother has "constructively received" the payment, e.g. when he has the check in-hand and it is cashable (doesn't matter when he decides to cash it) - if you mailed it, it'd be when he received it in the mail.
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Jan 30, 2018 15:32
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black.lion posted:It's supposed to be counted when your brother has "constructively received" the payment, e.g. when he has the check in-hand and it is cashable (doesn't matter when he decides to cash it) - if you mailed it, it'd be when he received it in the mail. That'd be at the hind end of 2017, then. There's no actual written record of his receipt, but if the check is dated for 2017 I assume that'd be enough for the IRS?
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Jan 30, 2018 15:44
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My wife’s sister was in desperate need for another car. She is somewhat special needs and while she can support herself, she doesn’t have much money. We gifted her our used 2010 Honda CRV in December. Can we deduct this at all? We were planning on gifting it to her regardless, but if we can deduct it, we may as well try. Before we gifted it to her, we were looking at new cars and carmax offered us $10,000 and KBB values it around $10k as well.
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Jan 30, 2018 15:47
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Cacafuego posted:My wife’s sister was in desperate need for another car. She is somewhat special needs and while she can support herself, she doesn’t have much money. We gifted her our used 2010 Honda CRV in December. Can we deduct this at all? We were planning on gifting it to her regardless, but if we can deduct it, we may as well try. Before we gifted it to her, we were looking at new cars and carmax offered us $10,000 and KBB values it around $10k as well. Your sister in law isn't a 501c3, so it's not deductible.
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Jan 30, 2018 16:05
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SlapActionJackson posted:Your sister in law isn't a 501c3, so it's not deductible. Didn’t think so, thanks!
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Jan 30, 2018 16:08
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Both my wife and I work, and my job allows me to contribute to a Dependent Care Account with pre-tax dollars. We used this to pay for childcare for our kids during the year. The DCA contribution was $5000, but our actual childcare expenses were considerably more than that. My understanding is that for the tax credit, we can only claim $6000 (Max $3000 per kid, 2 kids), minus the DCA contributions - so $1000 - even if our actual costs were still more than that. Is that right? Mostly I want to make sure that using the DCA doesn't prevent us claiming the credit at all.
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Jan 30, 2018 16:21
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lol that would be awesome. I'd donate 14k to each of my friends and family members, they would do the same to me, and we would all deduct it.
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Jan 30, 2018 18:16
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How bad of an idea would it be to use turbotax with substantial K-1 income/estimated quarterly taxes/etc.? I used to be all W-2, so this is new to me.
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Jan 31, 2018 07:49
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Ashcans posted:Both my wife and I work, and my job allows me to contribute to a Dependent Care Account with pre-tax dollars. We used this to pay for childcare for our kids during the year. The DCA contribution was $5000, but our actual childcare expenses were considerably more than that. My understanding is that for the tax credit, we can only claim $6000 (Max $3000 per kid, 2 kids), minus the DCA contributions - so $1000 - even if our actual costs were still more than that. Is that right? That's right.
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Jan 31, 2018 12:09
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gvibes posted:How bad of an idea would it be to use turbotax with substantial K-1 income/estimated quarterly taxes/etc.? Usually, if you’re asking that question, it’s a sign that you don’t know enough about the tax law to use TurboTax. Is that actually the case? Out of curiosity, does anyone know how well TurboTax handles basis calculations?
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Jan 31, 2018 14:32
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gvibes posted:How bad of an idea would it be to use turbotax with substantial K-1 income/estimated quarterly taxes/etc.? It's been my experience that TurboTax is pretty good even for people beyond simple all-W2 returns. It can definitely handle K1, estimated taxes, schedule C, etc. With TurboTax online, you don't pay until you file, so you can try it out and see. Missing Donut posted:Out of curiosity, does anyone know how well TurboTax handles basis calculations? I've used it for real estate and securities (including ESPP under the IRS new, hosed-up reporting requirements). It handles those just fine. SlapActionJackson fucked around with this message at 16:03 on Jan 31, 2018 |
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Jan 31, 2018 16:01
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ChineseBuffet posted:That's right. Thank you, I appreciate the confirmation!
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Jan 31, 2018 16:18
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How many exemptions should my spouse and I claim on our W4's, to ensure we don't owe anything at the end of the year? We both claimed Married 1 this year and ended up with a $4k deficit on $18k owed, with only W2 income (and little from bonuses or other non-regular-wage events). Do we need to switch to 0? Essentially, I want to ensure that we owe little if anything pre-deduction when we file. We have essentially no deductions anyway. PRADA SLUT fucked around with this message at 02:19 on Feb 1, 2018 |
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Feb 1, 2018 02:15
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| # ? May 11, 2024 12:03 |
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In my experience most tax software, whether used by regular people or tax preparers, is pretty decent if you know what you need to do and at least the basics about how your situation is handled. The problem is if you don’t know how something is handled, or that it should be handled at all, then the help they can give is... suboptimal to put it kindly. And all of them pretty much cheerfully let you put in numbers that someone with more familiarity would immediately recognize issues with, because there’s no experienced human judgement you can stick in a program (yet anyway). Suffice it to say I’ve wound up fixing a lot of TurboTax returns, and complicated stuff like business in particular tends to have problems. God knows experience has taught me to double check any time I’m looking at a TurboTax business return to see if once again there’s no depreciation or they took 100% of the car miles as business miles. Anyway, if you know what you’re doing and just need it to do the math/filing, any program will probably do fine. If you need more help, it kind of depends. You can sometimes get a service to have someone review the return before filing for less than going to an office (H&R Block has “Tax Pro Review” option with their software for example). Or you can just file and get your numbers double checked after the fact; again speaking for H&R Block since I’m obviously familiar with them we do a “Second Look” service that’s a free review of a previously filed return. Granted it’s free because we instead charge to amend if there’s an issue (which given we are in business here should tell you how often the free service finds a problem worth paying to fix) but hey, at least you’d only pay if you actually need the help  . So look around, there are lots of options out there if you need assistance that aren’t “pay money to have somebody else do it”.
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Feb 1, 2018 02:36
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