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Strong Sauce posted:Back in either 2013/2014 I paid <$10K for some stock from a company I had left (RSUs) that had vested. I paid taxes for the stock that year. This is a "get professional tax help" flag, RSUs are kinda tricky. You will probably be able to deduct all the losses for a while, I think capital losses cap at something like 7k/year but that may be wrong. I recommend getting advice outside of the thread.
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Feb 18, 2018 12:18
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I had to reverse my 2017 Roth IRA contribution due to the income limits. I got a check back from Vanguard for $6100 ($600 of profit and $5500 that I put in.) Will Vanguard send me some tax form for that $600 income?
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Feb 18, 2018 20:55
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Strong Sauce posted:Back in either 2013/2014 I paid <$10K for some stock from a company I had left (RSUs) that had vested. I paid taxes for the stock that year. Vested RSUs are pretty much just stock. If you sell stock at a loss, that is a capital loss. I don't know what you're talking about paying money for RSUs that have vested though, that doesn't make sense to me unless you are actually referring to options or the taxes you paid.
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Feb 18, 2018 21:30
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Bastard Tetris posted:This is a "get professional tax help" flag, RSUs are kinda tricky. You will probably be able to deduct all the losses for a while, I think capital losses cap at something like 7k/year but that may be wrong. I recommend getting advice outside of the thread. baquerd posted:Vested RSUs are pretty much just stock. If you sell stock at a loss, that is a capital loss. I don't know what you're talking about paying money for RSUs that have vested though, that doesn't make sense to me unless you are actually referring to options or the taxes you paid. looks like i got confused and they just seem to be regular common stock. so seems to be just regular capital gains losses(?) does that still require a tax professional or does that seem basic enough that turbo tax could be enough for me.
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Feb 19, 2018 06:48
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Strong Sauce posted:looks like i got confused and they just seem to be regular common stock. so seems to be just regular capital gains losses(?) You know that show, "are you smarter than a fifth grader?" Not too far off that, just double check the numbers entered for your 1099-b and sanity check the effect it has on your overall taxes, you should expect paying roughly 750 dollars give or take less than you would have this year (depending on tax bracket and positive capital gains) and can carry over additional losses to next year.
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Feb 20, 2018 02:03
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smackfu posted:I had to reverse my 2017 Roth IRA contribution due to the income limits. I got a check back from Vanguard for $6100 ($600 of profit and $5500 that I put in.) Will Vanguard send me some tax form for that $600 income? Apparently the answer is “yes, in early 2019 but saying it was previous years income so you need to claim it now without having a form.”
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Feb 20, 2018 02:22
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Edit: I'll just talk to my accountant asap
Sepist fucked around with this message at 23:02 on Feb 20, 2018 |
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Feb 20, 2018 21:48
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I have an HSA-related question/situation. I decided to attempt a manual filing of my taxes this year, or at least attempt completing the 1040 form myself to get a sense of the whole process better. I've already been keeping track of my wife and I's withholdings and had a pretty solid guess of what our tax return was going to look like at the end of the year. It turns out I was basically correct (except for state taxes. what the gently caress, Illinois). In the process of filling out the 1040, I ran through my 8889 form for HSA contributions. I had roughly $2,361 contributed via employer contributions, but I left the job in August and did not continue HSA coverage. Using the worksheet, this meant I was $94 over the $2,267 contribution limit for that timeframe, and I would have to withdraw my excess contributions and earnings from my HSA for that tax year. My HSA provider is Optum Bank, who previously had managed my account through some kind of internal, corporate-specific type of account until they scooted me out into a regular parent Optum Bank account at the end of the year. I mention this because I was not sanguine on their capacity to properly calculate the gains on that $94, and I believe that concern was possibly justified. I calculated the gains via a different worksheet, which came out to $12. Given the raging bull market, this number doesn't really seem out of line. I sent in my withdrawal for $106, and saw that they calculated gains on their end as being ~$4, giving me $110. Here's the part where I'm sort of nervous about. I eventually did relent and decide to file my taxes using FreeTaxUSA, who insisted that I was only able to put down $94 on 1040 Line 21, "Other Income" as that was the amount I was over by. I had to manually enter an additional, "Other Income" line for HSA excess contribution gains for $16. It also means the numbers on 8889 Lines 14a and 14b will be wrong ($94 instead of $110). Additionally, if any part of those gains is wrong (like withdrawing $4 more than I was trying to), I'm looking at a couple of dollars in either direction that I might technically owe the additional 20% non-qualified medical distribution tax on. Am I overly worrying about this couple of bucks being misclassified? I'm not entirely sure it actually changes my actual tax burden, but I worry about the reporting accuracy. I'm not worried about the IRS banging on my door or anything, because I've clearly made an attempt in good faith to pay what's owed, but I'm wondering if it's plausible I could expect some kind of serious processing delay because of this. Thanks goons.
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Feb 22, 2018 18:07
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A followup to my FSA child care stuff, it turns out H&R Block at Home has a problem where it doesn't fill out the form 2441 correctly in a complete forfeit situation. I successfully e-filed the return using Turbotax (same forfeit, everything else) and it was flawless. I hate Intuit products, but it's looking like I'll have to make the switch next year. I'm not dealing with that again.
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Feb 22, 2018 18:48
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kefkafloyd posted:A followup to my FSA child care stuff, it turns out H&R Block at Home has a problem where it doesn't fill out the form 2441 correctly in a complete forfeit situation. I successfully e-filed the return using Turbotax (same forfeit, everything else) and it was flawless. I've done taxes for 20 years and will confess I can't get some of the "do it yourself" software to work a drat. I know what the end result should be but cannot get them to work.
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Feb 22, 2018 20:08
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kefkafloyd posted:A followup to my FSA child care stuff, it turns out H&R Block at Home has a problem where it doesn't fill out the form 2441 correctly in a complete forfeit situation. I successfully e-filed the return using Turbotax (same forfeit, everything else) and it was flawless. I had a problem in like 2011 or 2012 with H&R block completely screwing up form 1116 and I didn't notice and had to file an amended return to get my $700 back. I switched to Turbotax that year, and made my Excel tax sheet accurate to the penny instead of just a loose estimate that it had previously been, and in the 7 years I've used Turbotax is has always been perfect. And I've had excess medicare tax adjustments, AMT, Obamacare investment surtax, business income, all sorts of stuff. I usually wait until at least late February to file though, they tend to still be updating forms and stuff before that.
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Feb 22, 2018 20:16
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AbbiTheDog posted:I've done taxes for 20 years and will confess I can't get some of the "do it yourself" software to work a drat. I know what the end result should be but cannot get them to work. If you file the same style return over and over you get used to what they expect, and their interview process is pretty straight forward, but if you want to know what's going on behind the curtain, your circumstances change, or you file for someone else it's sometimes clear as mud. I was only able to figure out what Block was doing wrong after filing the return with TurboTax and comparing the resulting form 2441 directly. My dad always did my sister/bro-in-law's return (they're the ones with the dependent) but since he died last year it's fallen in my lap. It doesn't help that I've never done these dependent forms before, so I'm coming at it from a complete newbie's standpoint. I also learned about what to do and what not do do when filing a deceased person's taxes.  Droo posted:I had a problem in like 2011 or 2012 with H&R block completely screwing up form 1116 and I didn't notice and had to file an amended return to get my $700 back. I switched to Turbotax that year, and made my Excel tax sheet accurate to the penny instead of just a loose estimate that it had previously been, and in the 7 years I've used Turbotax is has always been perfect. And I've had excess medicare tax adjustments, AMT, Obamacare investment surtax, business income, all sorts of stuff. I've used the software since back when it was Kiplinger TaxCut (so the early to mid aughts?) and didn't switch out of inertia when Block bought them out. I really hate Intuit so does anyone here use TaxAct and is it any good? I've basically resigned to going back into the arms of Intuit after avoiding them for 15 years. My usual filing times are mid-to-late February (schedule C means I'm always waiting for forms) so we're both in the same boat when it comes to filing time.
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Feb 22, 2018 20:41
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By any chance any of the CPAs here work with expats and/or can refer me to someone who works with expats? I've basically lived abroad all of my life and I'm having a bitch of a time filing my taxes this year and maybe it's worth a consultation.
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Feb 22, 2018 21:32
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Does anyone have any clue when the IRS is going to finalize the forms related to all the extenders that passed on the 9th? Or any way to find out? I've got like a dozen clients ready to go but can't file because the forms for Tuition & Fees and Residential Energy Credits haven't been finalized.
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Feb 22, 2018 22:22
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kefkafloyd posted:If you file the same style return over and over you get used to what they expect, and their interview process is pretty straight forward, but if you want to know what's going on behind the curtain, your circumstances change, or you file for someone else it's sometimes clear as mud. I was only able to figure out what Block was doing wrong after filing the return with TurboTax and comparing the resulting form 2441 directly. My dad always did my sister/bro-in-law's return (they're the ones with the dependent) but since he died last year it's fallen in my lap. It doesn't help that I've never done these dependent forms before, so I'm coming at it from a complete newbie's standpoint. I use TaxAct and it seems fine to me, though it's getting more and more expensive with each passing year. I think the only "workaround" I ever had to use was in relation to the Self-Employed Health Insurance deduction. I paid the premium for January 2017 back in December of 2016 and the premium for January 2018 in December 2017. Since my plan and premium changed, the total from Form 1095 does not equal my expenditure during the year for the deduction, but TaxAct just wants to pull the amounts from the form. I'm ineligible for the subsidies, so I just change the values on their Form 1095 worksheet to match what I spent since it wouldn't affect any other calculations. I'm sure this might be more of a problem for someone eligible for subsidies that relies on Form 1095 to calculate.
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Feb 23, 2018 02:27
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As mentioned up thread, I did a roth conversion in my 401k account at the end of last year. On Jan 29th, the last business day of the year, since my last contribution went in on the 28th. I called HR since I still haven't gotten the 1099R for it, and they told me today that there might have been a problem with their system and that it might be counted in the 2018 tax year, but they aren't even sure, and would have to get back to me. Its only a few hundred of taxable income so I don't really care what year it gets applied to. At worst its mildly annoying since its holding up my filing and I have a big state refund. No real question other than is this a common thing or did they gently caress something up?
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Feb 23, 2018 04:12
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My wife switched jobs last year. They maxed out her social security taxes for her first job, and then they maxed it out again for her second. Is this something that always happens and is there a way to prevent it in the future? I don't recall ever seeing a medicare option on the W4.
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Feb 23, 2018 19:34
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Ur Getting Fatter posted:By any chance any of the CPAs here work with expats and/or can refer me to someone who works with expats? If you have questions I can try to assist; done a lot of work with 2555/1116 stuff. Don’t really work online though unfortunately since I’m with H&R Block and for some strange reason they expect me to do all my returns through them  .Epi Lepi posted:Does anyone have any clue when the IRS is going to finalize the forms related to all the extenders that passed on the 9th? Or any way to find out? Our system is able to file them as of today at least, so I assume they should be up ASAP for everybody if they aren’t already. potatoducks posted:My wife switched jobs last year. They maxed out her social security taxes for her first job, and then they maxed it out again for her second. Is this something that always happens and is there a way to prevent it in the future? I don't recall ever seeing a medicare option on the W4. You may be out of luck, think withholding for that is required by law except in cases where you don’t pay SS taxes at all. Obviously it gets refunded with your return on line 71 of the 1040.
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Feb 24, 2018 01:56
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Thought I'd throw this question out there. My wife got a 2017 W-2 for a previous employer in OH from ESPP stock discounts on purchases made in 2014-2015, we just sold the stock last year. However, we were full year residents of NY in 2017. The W-2 shows no taxes withheld for Ohio (state) and 2 localities (company's location, and our old OH residence locality). I'm not really sure if I should be paying OH or NY for this income. My thought is if it's 2017 income we should be paying NY, but do we need to ask for a corrected W-2?
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Feb 25, 2018 21:24
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Here's one I haven't been able to find a straight answer on. Retail sales home business, except we have zero room in our house that we can allocate on any sort of regular basis to the business, so we've never taken the home office deduction (inventory is kept at a storage unit, we've been deducting the expenses for it). In the off chance I was able to get HOA approval / come up with funds to build a suitable storage shed in my backyard that would solely be used for said inventory, what can I deduct? Is it just all of the one-time expenses to build the shed, or do I get to take the home office deduction and write off part of my mortgage as business expenses? I don't think I'd be able to get city/HOA approval, let alone pay for, remodeling my house to add 200+ square feet to it. Let alone spousal approval.
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Feb 26, 2018 10:05
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From what I understand, if I live overseas I automatically get an extension to file until June 15th. Does that mean I can max out my IRA contributions before that date and still have them apply for my 2017 taxes? Or do I need to max them out before April 21st?
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Feb 26, 2018 18:00
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potatoducks posted:My wife switched jobs last year. They maxed out her social security taxes for her first job, and then they maxed it out again for her second. Is this something that always happens and is there a way to prevent it in the future? I don't recall ever seeing a medicare option on the W4. There is a line explicitly for excess social security contributions. Medicare isn't capped though. Edit: on the 1040, there's nothing you can do during the year with your w-4. baquerd fucked around with this message at 01:10 on Feb 27, 2018 |
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Feb 27, 2018 01:08
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baquerd posted:There is a line explicitly for excess social security contributions. Medicare isn't capped though. That's super annoying. I guess I could also just claim more deductions if this happens again in the future although it's always confusing how number of deductions translates to cash per month. Our W4 system is really such a piece of poo poo. Why not just allow people to say "Take X amount of money per month."
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Feb 27, 2018 01:39
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Because people would under-withhold and get hosed at the end of the year. I was in the same situation as your wife and I wanted to mention that the same thing applies to CA SDI and probably some other taxes from other states as well. I've done my own taxes for the last 10 years. I remembered the double withholding of SS but never would have caught the state SDI insurance overpayment. Decided to mess around with Turbotax this year and it certainly paid for itself.
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Feb 27, 2018 04:25
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I mean you can still underwithold by claiming 100 allowances right? This plus the confusion with "married" and "married but withold at single rate" is just dumb.
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Feb 27, 2018 07:26
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new w-4 withholding calculator and forms drop tomorrow, right?
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Feb 27, 2018 16:08
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How do I go about cleaning up an old tax debt with the following situation? In 2014 I lived in an area with a 1% locality tax, it was getting withheld all year, but on my W2 the locality code doesnt match...anything. So the city never got paid, is coming after me and that money is sitting "somewhere". I am no longer with the company I was with at the time but still have contacts there if need be. The burough subcontracted out collections so i am getting nailed with what I owe plus fees and interest and poo poo. And I just literally finished my 2017 taxes 
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Feb 27, 2018 20:28
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If my grad school tuition is reimbursed by my employer after I complete a course, am I still allowed to deduct the tuition payment?
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Feb 28, 2018 16:07
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Farchanter posted:If my grad school tuition is reimbursed by my employer after I complete a course, am I still allowed to deduct the tuition payment? No.
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Feb 28, 2018 17:13
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Farchanter posted:If my grad school tuition is reimbursed by my employer after I complete a course, am I still allowed to deduct the tuition payment? why on earth would this be the case
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Feb 28, 2018 17:35
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KYOON GRIFFEY JR posted:why on earth would this be the case I didn't think it would be, and I hadn't done it in the past, but something my employer sent me was confusing. Thanks to you both!
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Feb 28, 2018 17:44
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KYOON GRIFFEY JR posted:why on earth would this be the case Because my friend's neighbor's cousin's co-worker who does turbo tax in his kitchen said it was fine. He worked at H&R Block for three weeks so he knows what he's doing.
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Mar 1, 2018 02:18
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Farchanter posted:If my grad school tuition is reimbursed by my employer after I complete a course, am I still allowed to deduct the tuition payment? If the reimbursement was less than the tuition (frequently the case), you can deduct the difference if you can otherwise deduct tuition payments.
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Mar 1, 2018 12:54
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CRYPTOCURRENCY QUESTION YO If someone gifted/"tipped" me $300 worth of bitcoin and I immediately cashed it out into dirty fiat money, do I have to pay any taxes on it? My limited research on this says probably no, but I thought I'd get a second opinion.
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Mar 1, 2018 20:20
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moana posted:CRYPTOCURRENCY QUESTION YO Gifts and tips are not the same thing at all. And yes, it would be treated like which one it actually is, meaning the gift incurs no tax burden to you where a tip is taxable income.
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Mar 1, 2018 20:49
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Yeah except is it that preposterous "tipping" system like you made an insightful internet post and someone gave you money through patreon or some silly thing? I really don't know how I'd classify that. Your cost basis would be 0 so it raises really interesting tax questions.
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Mar 1, 2018 20:51
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The basis doesn't carry over from whoever gave the gift? I know it doesn't step up bc it's a gift not an inheritance, but how would it have zero basis if the bitcoin was originally bought for >$0? Or do you mean, if it's a tip there's zero basis.
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Mar 1, 2018 20:57
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1. You owe capital gains on the change in value while it was in your possession. 2. The FMV at the time it came in to your possession is ordinary income unless the transfer was a bona fide gift (there's no quid pro quo involved), in which case it's tax free.
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Mar 1, 2018 21:06
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My inclination is the same; it's not really a "gift" as there is a quid pro quo, so therefore it's taxable income at the filthy fiat money value on receipt, and you owe STCG on any gains between receipt and liquidation. On the other hand, if you take a loss in that period you can also use that like you would use any other loss.
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Mar 1, 2018 22:03
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So I did something suboptimal last year and I'm hoping there's a way to work it out. I filed my taxes for 2016 in February or early March of 2017, and at that point I hadn't made any IRA contributions (and hadn't for quite a number of years due to general fear of the markey). Subsequently, late March or early April just before the cutoff deadline, I contributed money to a traditional IRA for both 2016 and 2017, and later converted it to a backdoor Roth. At the beginning of 2017 I had some money in a Roth from years before and no other IRAs, and my income was too high for further direct Roth contributions. So I contributed 11,000 to a traditional IRA, learned about the backdoor a few months later (after about 800 of capital gains in the IRA which I know I'll need to pay taxes on), and converted the whole sum. Now when I'm trying to do my taxes for 2017, I can't figure out how to report that I made the deposit for 2016 and backdoor converted the whole sum. It seems likely to cost me about 1700 if I can't correct it. I'm using TurboTax online. Any suggestions?
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Mar 1, 2018 22:41
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