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Who's the dude in your avatar? His face annoys me to an unreasonable extent.
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Feb 6, 2018 06:17
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potatoducks posted:Whatever, you got a free loan. More like he declined to provide the government a free loan potatoducks posted:Who's the dude in your avatar? His face annoys me to an unreasonable extent. John Terry, hes basically the worst
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Feb 6, 2018 13:24
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black.lion posted:
He's a right insufferable oval office, OP.
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Feb 6, 2018 19:48
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Apologies if this has already been answered - this thread is massive. In 2016 I overpaid my federal taxes and was therefore entitled to a refund. I mistakenly opted to apply it to my 2017 estimated tax (line 77 of the 1040). I'm kind of at a loss of how this gets applied in 2017 though - is there a special form I can fill out and attach with my 1040 for this year? Google has been confusing about how this process works.
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Feb 6, 2018 23:04
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Looks like Line 65 of 1040 is where it would go. Check the instructions to be sure there isn't a supporting form you need for it.
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Feb 7, 2018 01:49
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Is H&R Block dragging their feet every year getting all the tax forms ready for filing (I need to wait until at least mid-February for 8606), or is this something that all tax software does because the IRS is dragging their feet?
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Feb 7, 2018 16:06
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Xenoborg posted:Looks like Line 65 of 1040 is where it would go. Check the instructions to be sure there isn't a supporting form you need for it. There isn't a supporting form, just report the amount. If it doesn't match, the IRS will send you a friendly letter correcting the mistake for you. goferchan posted:What do I do if I haven't filed taxes in like 3 years? Three years ago I filed online like normal (this is all very simple restaurant job W-2 stuff) and I never received the return I expected, eventually I found a notice from the IRS in the mail that had been sitting there forever saying I needed to verify my identity before my filings could be accepted. I put it off and forgot about it, then the next year I was (seemingly?) unable to file because I hadn't done so the previous year. Call the IRS and get wage and income transcripts for the years you need to file. You can file all the years, especially if you are legally required to do so, but will only get refunds for the current and past three years. So 2017, 2016, 2015 & 2014. If you already filed 2014 and it is still sitting on someone's desk at the IRS, your original filing date was preserved. You will need to call the IRS to get that one restarted, however. Hold times are really low, though, so there's never been a better time to call!
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Feb 7, 2018 16:08
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I know the tax withholding calculations are all changing now thanks to the new laws so I took this with a huge grain of salt, but out if curiosity I put all my info into turbo tax's withholding calculator and it said I could put up to 7 and still get a federal refund. My taxes are pretty simple, single, regular job, minimal taxable account, and I've always just put a 2 and called it a day. I'm not changing my withholding, but how accurate are these calculators usually? I could always use a little more money per paycheck but going up to 7 seems extreme to me.
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Feb 7, 2018 16:13
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With the new tax law, like most everyone we will have a lower tax rate for 2018 than 2017. We have 401(k) accounts and an HSA that were not maxed out in 2017. Should we go through the effort (is it hard to do?) of retroactively making 2017 contributions for these accounts? My understanding is that we have until April 15 to make prior year contributions to HSAs and retirement accounts. My logic being that those dollars are being taxed at a higher rate last year than they are this year, so it is to our advantage to reduce our taxable income as much as possible for last year...right? Also, how the hell do child tax things work? We had a kid in September last year...so there will be deductions/credits for that and also dependent care, right? Anything else we need to look out for? All our 2017 dependent care expenses are out of pocket...we'll be using a dependent care FSA for some of the 2018 expenses, but that only goes so far. And finally, AMT. Is there a trick to this because I had to go through the calculations manually last year when doing 2016 taxes...it was confusing as gently caress and a huge pain in the rear end. I did this because for some reason TurboTax was unclear...it basically told me, "hey you might owe AMT but maybe not? Go run the numbers yourself rear end in a top hat!" Is that right or am I missing something? It seems like this should have been easy enough for TurboTax to figure out, so did I miss the "Calculate AMT" button or is TurboTax lazy? Ends up we didn't owe it for 2016, but we weren't too far from it if I did the math right (which I probably didn't). I'm worried it might catch us for 2017 since we'll have more deductions than in 2016...I'm not worried about the money so much as doing the calculations correctly. And to clarify, we do itemize. Probably won't for 2018, but definitely will for 2017.
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Feb 7, 2018 16:18
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I'm trying to get to the bottom of why we under withheld 6k for 2017. TurboTax says we don't have to pay a penalty, but I also sold a bunch of stocks last year so we're dipping into our emergency fund to pay this large tax bill since this was so unexpected. Wife: Married/0 exemptions -- ~11k withheld/~89k agi Me: Married/2 exemptions -- ~5k witheld/~58k agi Do I need to lower my exemptions to zero? Unfortunately IRS hasn't put up a new calculator so I'm not quite sure how to correct this on our W4s.
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Feb 7, 2018 16:20
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Is there a list of goons offering tax preparation services this year? I didn't see anything in SA-Mart but maybe I'm a dummy My situation: itemized deductions, switched W-2 job from State A to State B during 2017, and through the new job also worked in State C (which has no income tax). State B has a local tax I'll need to file for to get back.
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Feb 7, 2018 16:21
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sullat posted:Call the IRS and get wage and income transcripts for the years you need to file. You can file all the years, especially if you are legally required to do so, but will only get refunds for the current and past three years. So 2017, 2016, 2015 & 2014. If you already filed 2014 and it is still sitting on someone's desk at the IRS, your original filing date was preserved. You will need to call the IRS to get that one restarted, however. Hold times are really low, though, so there's never been a better time to call! Sweet, thanks so much! Good to know I can get all those transcripts through IRS.
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Feb 7, 2018 16:29
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Quick question on 529 distributions. How are they taxed for non-education expense related distributions? Is it 10% penalty on the overall distribution + gains on the earnings, or only 10% penalty on the earnings + gains on the earnings? I thought the latter, but Turbotax seems to have calculated it with being on the entire distribution, which seems odd to me since the principal was with after-tax dollars.
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Feb 7, 2018 16:53
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sullat posted:yes Thanks! also, zaurg holy lol
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Feb 7, 2018 18:32
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Is anyone familiar with how to do form 1040x (amended federal) with nonemployee compensation from Form 1099-Misc? Apparently I cannot do this in my software. I did however go into my software and put in this income (after filing) and noted the new refund value. So I should expect that if I do form 1040x correctly, the amount I owe will be the same as the difference between the current and adjusted refund amount? Also it looks like I have three years to make the amendment? If so I feel like I should just wait as there's no incentive to give back ~500 early. My plan right now is to take the income numbers needed on 1040x from my original filing, and then from my new "filing" with the misc. income added in. also a small side question: When I say I am putting 5500 into my Roth for 2017, do I have to have actually done that by the date I file, or do I simply have to do it by tax day? actionjackson fucked around with this message at 20:16 on Feb 7, 2018 |
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Feb 7, 2018 20:07
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baquerd posted:Is H&R Block dragging their feet every year getting all the tax forms ready for filing (I need to wait until at least mid-February for 8606), or is this something that all tax software does because the IRS is dragging their feet? IRS wasn't processing until 1/29. Even after that some IRS forms were in draft form.
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Feb 7, 2018 20:23
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DaveSauce posted:With the new tax law, like most everyone we will have a lower tax rate for 2018 than 2017. We have 401(k) accounts and an HSA that were not maxed out in 2017. In running through draft projections with our clients, most mid/low income clients are seeing tax INCREASES next year. Very dependent on your situation. Don't believe the hype.
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Feb 7, 2018 20:24
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antiga posted:Is there a list of goons offering tax preparation services this year? I didn't see anything in SA-Mart but maybe I'm a dummy I can't speak for the rest of the people on here, but I've stopped a lot of new clients/advertising - don't need a lot of new 1040s. There's also a severe CPA shortage so firms have run out of manpower and are just hunkering down with the clients they have. If you showed up at my office with that fact pattern, we'd quote $600 or so. My software costs went up 70% this year alone, and I get hit with a $40 charge for every out-of-state return I run. Edit for more time: One of the original posters in here used to advertise, but something went wrong (honestly, not sure what happened) but poo poo blew up and the customer would come on the forums and rip him apart. Not saying anyone is right or wrong, but as a professional, I don't want to deal with that hassle of pissing off one customer and getting slammed on the forums. Sometimes we have to give clients bad news, and sometimes the clients don't take it well, even if they *NEED* to hear it. And sometimes, poo poo just happens and you do you best to fix it, but the relationship is ruined. Other thing, frankly if you get clients that really only focus on the cost, they will (from a practitioners' standpoint) tend to whine, bitch, and moan over every little charge and fee no matter what changes from year to year and it's not worth the hassle. Those kind of clients also tend to leave you the minute they can get the returns done cheaper somewhere else, and chasing clients as the "low cost leader" will run you ragged. Seeing posters on here wonder how to get out from $10 in tax filing fees from turbotax does not really get me all exciting to try and pull clients from the forums. AbbiTheDog fucked around with this message at 21:11 on Feb 7, 2018 |
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Feb 7, 2018 20:26
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update: I went through form 1040x, and I managed to match up with the correct refund from the software. So I can just sit and wait until I feel like having them take back $500 (up to three years)? Will they simply note the difference in refunds and take the difference out of my checking account?
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Feb 7, 2018 20:32
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I'm self-employed and have been for years. Due to my own inability to properly keep track of anything without bit stupid reminders in front of me, I missed my January 1040ES payment. I properly paid the previous three quarters so those aren't an issue. My filing state is Michigan. Common advice seems to be "pay it ASAP", which I'm able and willing to do. However, I've always gone through the online systems, which no longer have an option for Q4 2017. Do I need to just do my normal 1040ES by mail? Do I need to do a different form (MI-2210?) now, or do that alongside filing my actual taxes in April via Turbotax? If I have to pay now via mail, what payment methods are accepted? I don't actually have checks from my bank (I haven't written a check in over a decade), and I don't have any idea how long those take to acquire. The quarterly payment I missed is going to be about 2600 for fed and 460 for MI, so penalties aren't THAT bad, but obviously I don't want to delay and eat them compounding or whatever.
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Feb 8, 2018 04:45
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laxbro posted:I'm trying to get to the bottom of why we under withheld 6k for 2017. TurboTax says we don't have to pay a penalty, but I also sold a bunch of stocks last year so we're dipping into our emergency fund to pay this large tax bill since this was so unexpected. You and your wife both work and the income disparity is not 99:1, so withholding just at the Married rate is pretty much never the right answer for your situation. You both need to either withhold at "Married, but withhold at higher Single rate" or Married/0 exemptions + take an extra $XXX out of each paycheck. There should be a Two-Earners/Multiple Jobs Worksheet with the W-4 that you can fill out to figure out how to set your withholdings. The Married rate is a relic of the past where a married couple had a single breadwinner and the other spouse stayed home. So the internal assumption of this withholding formula assumes that the entire $12,700 married standard deduction can be applied to each spouse's salary. However, you only get the one standard deduction between the two of you, so there's an extra $12,700 (it's probably actually around $21,000 because you claimed the 2 exemptions) that was treated as tax-free when it isn't. Throw in the tax on the gains from the stocks you sold and underwithholding by $6k seems to be in the realm of possibility. actionjackson posted:update: I went through form 1040x, and I managed to match up with the correct refund from the software. So I can just sit and wait until I feel like having them take back $500 (up to three years)? Will they simply note the difference in refunds and take the difference out of my checking account? I'm almost certain the IRS will charge you 3 years of interest on that $500 if you waited 3 years to amend and pay.
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Feb 8, 2018 05:52
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Ah you're right, that's the time limit if you are getting more money back. It says 21 days from date of notice, though I'm not sure when that is exactly.
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Feb 8, 2018 07:04
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AbbiTheDog posted:In running through draft projections with our clients, most mid/low income clients are seeing tax INCREASES next year. Very dependent on your situation. Don't believe the hype. Interesting, based on the brackets alone our bill will end up being a few grand lower. Is there something I'm missing? We haven't changed our withholding yet for 2018, so I'm interested to know if we need to look in to other things with the tax law changes...I'd hate to re-do our withholding and find out we missed something and get a nasty surprise in April 2019. Our situation is pretty basic...mortgage, HSA, and we each have a 401(k)...that's about it. The only big thing in 2017 was having a kid. Otherwise, both our jobs are W2 income, so the only 1099s we have are for a trivial amount of bank interest.
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Feb 8, 2018 14:36
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DaveSauce posted:Interesting, based on the brackets alone our bill will end up being a few grand lower. Is there something I'm missing? We haven't changed our withholding yet for 2018, so I'm interested to know if we need to look in to other things with the tax law changes...I'd hate to re-do our withholding and find out we missed something and get a nasty surprise in April 2019. Personal exemptions are gone - which for kids 16 and under is offset by the increased child tax credit, but for everyone else in the household, uh oh. I live in Oregon - property taxes on most homes range from $4k - $8k, so that eats up most of the $10k total SALT deduction. Heaven help you if you have a second home/vacation home. Home equity deduction is gone if the loan is not used to buy/fix up your home. Miscellaneous itemized are gone. If you drive for work and wrote off your miles, tough luck. Union dues? Tough luck. Advisory fees? Nope. Do you gamble and get tax forms? You're screwed. For most of my married clients with a house and decent income, they were close to the $24k new standard deduction anyways, so they're not getting much boost from that, and on top of it the loss of the personal exemption is outweighing the gain in standard deduction over itemized. Kids 17 and over that don't qualify for the child tax credit? Yeah, they do you zero good. Mom moved in with you since she's sick and broke? Yeah, she does you zero good too. If you listen carefully to the politicians, they're not saying "low income people are going to see a LOWER income tax." What they're saying is "By adjusting the withholding tables, you're going to get more money in your paycheck TODAY." They're not pointing out that by dropping what they are withholding from you, you're going to have a lower refund in spring 2019 when you actually sit down to do your taxes. They're hoping you ignore that part for the mid-term elections, and it's working.
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Feb 8, 2018 17:11
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AbbiTheDog posted:They're hoping you ignore that part for the mid-term elections, and it's working. Media people can't even cover the simple standard deduction part right - it drives me crazy every time I hear "your standard deduction is going to DOUBLE" while they of course fail to mention that you are losing personal exemptions so really your "standard deduction" is staying just about the same.
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Feb 8, 2018 17:19
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Roughly speaking, what would the new tax brackets do in my situation? Married, no personal exemptions, no kids, no property exemptions, no health expenses, and all retirement accounts are Roths. I have a little in student expenses and loan write-offs, but that's all I can think of when I filed this year. Would this mean that the standard deduction increasing is a net gain in my situation, since I don't "lose" any of the aforementioned exemptions?
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Feb 8, 2018 17:44
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PRADA SLUT posted:Roughly speaking, what would the new tax brackets do in my situation? Do you have a state income tax, Prada Slut?
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Feb 8, 2018 18:21
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Obviously it depends on how much money you make.
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Feb 8, 2018 19:11
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I started traveling for work, so now I'm working partly in Illinois and partly in Ohio. My work sent me two different state W-2s though. They listed my Illinois income as my entire income - box 1 is the same as box 16, about $50,000. On the Ohio W-2 box 16 shows about $10,000. Is this right? I don't want to be taxed twice on the $10,000.
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Feb 8, 2018 19:12
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AbbiTheDog posted:Personal exemptions are gone - which for kids 16 and under is offset by the increased child tax credit, but for everyone else in the household, uh oh. How the hell did I get to this point in my life and not have any clue what a personal exemption is? That explains how we still got a huge refund after calculating our withholding based on the brackets and estimated itemized deductions. I've been using tax software forever so explains why I've never had to deal with it I guess. Oh well, doesn't matter now! Even so it looks like we're still saving a few bucks. And to be sure, I'm no fan of the changes, but I'm trying to put that aside and concentrate on how it affects me going forward.
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Feb 8, 2018 22:18
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EAT FASTER!!!!!! posted:Do you have a state income tax, Prada Slut? Oregon, yes.
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Feb 8, 2018 23:05
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PRADA SLUT posted:Oregon, yes. Then, to quote the thread title, "it depends" (on how much you earn and what your state income and property tax is, when deducted).
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Feb 8, 2018 23:34
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AbbiTheDog posted:My software costs went up 70% this year alone, and I get hit with a $40 charge for every out-of-state return I run. Whoa, did you switch software or did you have a special lock-in deal that ended? That’s crazy otherwise.
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Feb 9, 2018 14:17
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Initio posted:I started traveling for work, so now I'm working partly in Illinois and partly in Ohio. My work sent me two different state W-2s though. They listed my Illinois income as my entire income - box 1 is the same as box 16, about $50,000. On the Ohio W-2 box 16 shows about $10,000. Do you live in Illinois? All of your income is taxable in the state you live in. AbbiTheDog posted:Personal exemptions are gone - which for kids 16 and under is offset by the increased child tax credit, but for everyone else in the household, uh oh. There’s technically a “non-child” tax credit of $500 partially making up for dependents too old for the child credit, but it’s not refundable if memory serves so poor people don’t get much from it. There are a bunch of things affecting the final number, most of my non-itemizing clients break about even or slightly ahead, it’s the itemizers who tent to wind up screwed.
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Feb 9, 2018 15:27
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Missing Donut posted:Whoa, did you switch software or did you have a special lock-in deal that ended? That’s crazy otherwise. We switched to Drake this year it's inexpensive and p. good and people answer the phone very quickly
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Feb 9, 2018 21:46
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I received a 1099-B from an association where I sold my share last year. I bought it for $500 a while back and sold it for $500. The form has 500 under proceeds but for some reason has nothing under cost basis. When I do my turbotax I can just go ahead and write 500 into that as well right? I think the answer is yes but wanted to make sure.
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Feb 9, 2018 21:53
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Missing Donut posted:Whoa, did you switch software or did you have a special lock-in deal that ended? That’s crazy otherwise. Ultratax. I switched a few years ago from Lacerte due to the massive cost increases and here we go again.
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Feb 9, 2018 22:43
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AbbiTheDog posted:Ultratax. I switched a few years ago from Lacerte due to the massive cost increases and here we go again. We use CCH Prosystems in my office, it's a good program in my opinion, but I have no idea what our costs are as I just work here.
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Feb 10, 2018 03:09
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AbbiTheDog posted:Ultratax. I switched a few years ago from Lacerte due to the massive cost increases and here we go again. It sounds like you got a special lock-in deal to change software which expired. I use UT and my costs will be up about 5% this year over last year, but I'm on the standard pricing. Generally speaking, UltraTax is cheaper than Lacerte, and Lacerte is cheaper than Prosystems. Exceptions apply, not available in all areas, must be 18 or older, do not use while operating heavy machinery, etc. black.lion posted:We switched to Drake this year it's inexpensive and p. good and people answer the phone very quickly I know Drake; I used it for about 8 or 9 years. If it's the right software for the practice, it's incredible value for money. If.
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Feb 10, 2018 22:11
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My wife is an employee (not 1099) who uses her own car for work purposes. She's in the medical health professions and travels from appointment to appointment. Her company has no central office that she reports to. We track work-related transportation expenses and it's pretty well documented as her employer reimburses $0.25 per mile. Am I correct that we can claim the remainder (~$0.28) for each mile? I'm having a hard time inputting this into FreeTaxUSA. Their wording is confusing as it's written toward an employer/1099 audience (e.g., " Did you use more than four vehicles at the same time for this business? Such as in fleet operations."; "Enter the date you purchased the vehicle unless you owned the vehicle before you started the business."; etc.). Based on what I've input, I get this response, "Based on your answers on the Additional Vehicle Information screen, you'll need to use the Actual Expense method to deduct your vehicle expenses." I don't remember having to do that last year. Anyone have any advice? Thanks!
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Feb 10, 2018 22:26
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