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I assume that when I'm asked for my previous year AGI, I use the one I reported on 1040x (I had to amend, it's on line 1, column C), and not my original 1040 correct?
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Feb 3, 2019 18:30
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nwin posted:Anyone? I went and did my w4 for married with 5 exemptions and I figure I’ll redo the calculator in a month. You filled out through this form or the older paper form? https://apps.irs.gov/app/withholdingcalculator/ 9 exemptions for 3 person household with $80k a year does not sound correct.
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Feb 3, 2019 18:53
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The Gardenator posted:You filled out through this form or the older paper form? Through the site you linked.
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Feb 3, 2019 19:04
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actionjackson posted:I assume that when I'm asked for my previous year AGI, I use the one I reported on 1040x (I had to amend, it's on line 1, column C), and not my original 1040 correct? Not correct, use the original amount.
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Feb 3, 2019 20:26
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sullat posted:Not correct, use the original amount. Well poo poo, guess it will get rejected again..
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Feb 3, 2019 20:29
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The Gardenator posted:Someone explain or link an explanation with examples on how to use the new Sec 199a when the Sch E Rental has a net loss. Can I use the Sec 199a worksheet to carryover the loss to the next year? Person is within the W2 income limit and person rents directly to renter without a third party acting as middleman. I’d go much more basic. Is this property actually a trade/business for 199A purposes in the first place?
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Feb 4, 2019 14:14
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Finished/double checked our federal returns. After owing thousands of dollars each year it's nice to finally net a smallish return.
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Feb 4, 2019 15:27
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I live and work abroad, and usually 100% of my income is done for non-US clients that pay me outside the US, so it all clearly qualifies as Foreign Eearned. In 2018 I did some work for a US client, who paid me in my US account. The work was 100% done remotely outside the US but involved dealing with assets and people inside the US (specifically, in Florida). Can I still qualify that as Foreign Earned? If not, do I have to pay Sate Taxes in Florida? Or do I just pay Federal Income tax?
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Feb 4, 2019 17:49
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Good news, compensation for services is sourced to the place performed, not the residence of your client. So it would still be foreign source income if you performed the services outside the US. In addition, Florida does not have a state income tax.
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Feb 4, 2019 19:06
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Ahhh, well, that is good news. Thank you!
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Feb 4, 2019 20:05
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Missing Donut posted:I’d go much more basic. Is this property actually a trade/business for 199A purposes in the first place? This is a hypothetical question, I am trying to get a handle on this new form. The closest I found was this: https://www.watsoncpagroup.com/section-199a-deduction/ But I am still finding this portion of the new tax law confusing.
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Feb 4, 2019 22:02
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After getting married I feel like I have no idea how to fill out my W4. All of the calculators I've tried, including the IRS, keeps giving me different answers.
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Feb 4, 2019 22:08
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Then do it manually. Take your expected income, figure out what's going to be pretax (401k, insurance premium, HSA), and figure out your actual taxable income. Then figure out your tax burden. If you don't have kids or deductions, it's pretty easy, but even if you do, you can ballpark it. Then go play around with paycheck city and the number of exemptions until your paycheck withholdings x 24/26 are about what you're going to owe at the end of the year. Then err on the side of caution.
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Feb 4, 2019 22:21
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The Gardenator posted:This is a hypothetical question, I am trying to get a handle on this new form. The closest I found was this: Ok, so hypothetically: Person with 50,000 w2 wages has a rental (100,000 building value) with a net real estate income of 5,000. 20% of 5000 = 1000 which I then place on 1040 line 9.
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Feb 5, 2019 01:17
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I'm curious about what it takes, exactly, to qualify as head of household. I currently live with and take care of my dad, who is disabled. He has no taxable income and the only income he receives is a monthly disability check, so he won't be filing. I've lived with him for almost four years now, but every year I've filed as single and finally a coworker suggested filing as HOH. I pay for rent (525) and half of the grocery bill (~175), and he pays for electric (90), cable (120), and the other half of grocery (~175,) so I feel I at least qualify on the 50% or more part of it. But would this actually qualify, and if so, what all paperwork would I need for it? TaxAct isn't much help on it and hasn't asked for his social or anything to list a dependent, and if need be I might go to an actual tax prep place, because honestly, the tax burden between filing as single and HOH is nuts and it would help us out immensely. Thanks! e: He's also concerned he'll lose his disability if I claim his as a dependent. Is this true? John Dyne fucked around with this message at 04:07 on Feb 5, 2019 |
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Feb 5, 2019 02:39
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The Gardenator posted:Ok, so hypothetically: Uh, no. It's gotten much more complex than that. You need to run it as a trade/business under code section 162, and the IRS put forth some guidance a couple of weeks before. One of the "safe harbors" put forth is the taxpayer/taxpayer's agents have at least 250 hours into rental activities (or grouped rental activities) so it would appear that a single rental probably doesn't rise to the level of trade or business in terms of the 199a deduction.
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Feb 5, 2019 18:28
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Unless it's a garbage domicile that is in constant need of attention and repair, in which case mb you can hit 250 hours?
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Feb 5, 2019 19:36
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Ur Getting Fatter posted:I live and work abroad, and usually 100% of my income is done for non-US clients that pay me outside the US, so it all clearly qualifies as Foreign Eearned. Are you a us citizen? Are you in the US for more than 30 days? I am having trouble figuring out if you are asking about form 1116 or form 2555.
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Feb 6, 2019 08:30
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AbbiTheDog posted:Uh, no. It's gotten much more complex than that. You need to run it as a trade/business under code section 162, and the IRS put forth some guidance a couple of weeks before. One of the "safe harbors" put forth is the taxpayer/taxpayer's agents have at least 250 hours into rental activities (or grouped rental activities) so it would appear that a single rental probably doesn't rise to the level of trade or business in terms of the 199a deduction. This is correct, your rental must meet the definition set forth by section 162. to make things more confusing tax court districts can't even agree on 162. Rule of thumb west coast = single rental MAY meet 162, east coast = single rental will not meet 162. black.lion posted:Unless it's a garbage domicile that is in constant need of attention and repair, in which case mb you can hit 250 hours? The IRS released another provision the 250 hour test can include the hours of people you hire (landscaping, repairs, prop MGMT, etc). As a CPA in tax I highly highly highly recommend you do not prepare your own return if it includes 199a. Because 199 can be such a big deduction substantial underreporting penalties could occur much more easily. It's also my opinion and the opinion of pretty much all my colleague s that the IRS is going to have a field day auditing 199 so it will be under heavy scrutiny.
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Feb 6, 2019 08:39
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John Dyne posted:I'm curious about what it takes, exactly, to qualify as head of household. I currently live with and take care of my dad, who is disabled. He has no taxable income and the only income he receives is a monthly disability check, so he won't be filing. I've lived with him for almost four years now, but every year I've filed as single and finally a coworker suggested filing as HOH.
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Feb 6, 2019 08:41
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Lord of Garbagemen posted:Are you a us citizen? Are you in the US for more than 30 days? I don't think it sounds like this guy has any US-connected income but I just wanted to point out to all my fellow tax preparers in this thread that the 30 days thing is meaningless for US people who have established bona fide residence abroad. The 330 days physical presence test is just to help people on their first year overseas establish that they are foreign residents. After that, their apartment lease, foreign tax bill, continued employment, etc. are enough to qualify as resident. Please stop making your overseas clients count days. I have had clients cut short trips home to visit family because their tax accountants had them obsessed with the meaningless 30 day number. If you earn money while present in the US, even on a business trip as a salaried employee of a foreign company, you owe tax on income earned on those days. It does not matter 1 day, 30 days, or more. But foreign tax credits should be available on that income. Gabriel Grub fucked around with this message at 09:16 on Feb 6, 2019 |
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Feb 6, 2019 09:05
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Lord of Garbagemen posted:This is correct, your rental must meet the definition set forth by section 162. to make things more confusing tax court districts can't even agree on 162. Rule of thumb west coast = single rental MAY meet 162, east coast = single rental will not meet 162. I'm just flat-out telling my clients unless they've done a large amount of work on the rental in 2018, one rental probably isn't going to hit the hourly requirement. Two or more we're making them sign a statement telling us they can back up the hour requirement and will complete a log for 2019.
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Feb 6, 2019 18:59
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Lord of Garbagemen posted:Are you a us citizen? Are you in the US for more than 30 days? I'm a US citizen living abroad permanently. sale on Banksy art posted:I don't think it sounds like this guy has any US-connected income but I just wanted to point out to all my fellow tax preparers in this thread that the 30 days thing is meaningless for US people who have established bona fide residence abroad. The 330 days physical presence test is just to help people on their first year overseas establish that they are foreign residents. After that, their apartment lease, foreign tax bill, continued employment, etc. are enough to qualify as resident. Please stop making your overseas clients count days. I have had clients cut short trips home to visit family because their tax accountants had them obsessed with the meaningless 30 day number. Yeah, I definitely qualify for the bona fide test. My work is done 100% abroad (with the rare exception where I'll travel to the US for personal stuff and I'll work from my sister's apartment or the hotel or whatever).
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Feb 6, 2019 19:07
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I have an IRA from my previous employer that was transferred from one bank to another when the first one resigned as a trustee. From what I understand I'm supposed to get a 1099-R from the first bank. They're saying that since it was a transfer directly from one IRA to another IRA they don't have to generate a 1099 because there was no reportable income. They did say they'll be sending me a 5498 showing that it was a rollover and not a distribution but not until May. Is it common to not receive a 1099 in a situation like this? More importantly, since there's no tax implication am I good to file my taxes without it or do I absolutely need to include the 1099? Edit: After some research I found this: https://www.massmutual.com/mmfg/pdf/1099faq.pdf posted:Will I receive a Form 1099-R for a direct rollover or for a trustee-to-trustee transfer of taxqualified assets? I guess since my 401k had already been transferred to the first trustee a few years ago this counts as a trustee-to-trustee transfer and I won't be getting a 1099. KodiakRS fucked around with this message at 21:05 on Feb 6, 2019 |
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Feb 6, 2019 20:44
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AbbiTheDog posted:Uh, no. It's gotten much more complex than that. You need to run it as a trade/business under code section 162, and the IRS put forth some guidance a couple of weeks before. One of the "safe harbors" put forth is the taxpayer/taxpayer's agents have at least 250 hours into rental activities (or grouped rental activities) so it would appear that a single rental probably doesn't rise to the level of trade or business in terms of the 199a deduction. Lord of Garbagemen posted:This is correct, your rental must meet the definition set forth by section 162. to make things more confusing tax court districts can't even agree on 162. Rule of thumb west coast = single rental MAY meet 162, east coast = single rental will not meet 162. Ok, thank you for that info. I'm on the west half of AMERICA, so this might be an option. Anyone looking for reviews on alternate sites to turbotax since turbotax wanted to charge me $40 for Fed and $40 for 1 state: Freetaxusa.com has a basic efile option where you have to manually type in the w2 and other info and is actually free even with multiple dependants and college deductions. State efile was $13 and there is a code to get 10% off COUPONS10. Didn't try the $7 upgrade but it seems to allow w2 importing and some other things which most people will not need. I liked that the site had the option of showing you a preview of whatever form you were just working on.
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Feb 7, 2019 09:38
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Good grief the new 1040 is a mess. If you file on paper, start early. As in now.
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Feb 7, 2019 17:28
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Can someone help me understand the PATH act and whether it will continue to hit me post-divorce? This was the last year of Married Filing Jointly. With 4 kids, we've been hit by the PATH act every year. Next year, I'll claim 2 of the children. Will I still be using the additional child tax credit at that point? Or is that dependent on income level?
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Feb 7, 2019 17:57
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I'm a schedule E filer and I had initially elected to treat that income as 199a eligible because TurboTax's guidance leans on the section 162 text : "regularity, continuity, and a profit motive". But I don't meet the safe harbor provisions so I'm gonna change that before I file. I hope TT updates their guidance before people start actually filing these!
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Feb 7, 2019 23:24
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Has anyone used the eSmart free file? I had no trouble with federal, but then it claimed for state I would only be charged if I submitted electronically... but it asked for my cc info first. Then I printed it and it charged me haha. I contacted them of course.
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Feb 8, 2019 03:37
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No Butt Stuff posted:Can someone help me understand the PATH act and whether it will continue to hit me post-divorce? What do you mean, 'hit by the PATH act?' If you are claiming the EIC, ACTC, or AOTC, your refund will be delayed until the end of Feb.
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Feb 8, 2019 05:55
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Right, I'm just not sure if I'll be claiming the ACTC next year because I'm not sure what the parameters are. I didn't know if it was number of children/income/what
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Feb 8, 2019 06:38
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No Butt Stuff posted:Right, I'm just not sure if I'll be claiming the ACTC next year because I'm not sure what the parameters are. I didn't know if it was number of children/income/what https://www.irs.gov/newsroom/get-ready-for-taxes-heres-how-the-new-tax-law-revised-family-tax-credits The IRS site is actually a really great resource for info and instructions on everything to do with filing. If you still have questions, come back, but parameters for just about everything are pretty accessible.
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Feb 8, 2019 20:35
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BonerGhost posted:https://www.irs.gov/newsroom/get-ready-for-taxes-heres-how-the-new-tax-law-revised-family-tax-credits Okay, I'm looking through publications and my return, and it looks like I claimed the ACTC because I owed $8,112 in taxes for the year, but once the child care credit was applied at $200, it dropped what I was owed to $7,912, $88 below the $8,000 in credit I get for the kids. Next year I'll owe more, and claim fewer children, so I won't be claiming the ACTC, which I just barely ended up claiming this year. I think I read all of that correctly.
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Feb 8, 2019 21:08
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I've been using H&R Block to enter my taxes in, everything is working pretty well but I have a1099-MISC form that they want to charge me $50 for. The amount for the 1099-MISC is $5,000. Should I just pay the H&R Block fee or move along to something else? Also, do I need to wait for my Vanguard Roth and Vanguard 401K statements? I don't need those for taxes do I?
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Feb 9, 2019 02:57
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I drove a lot last year for work. Approx 40k miles of partial reimbursement (28¢/mile), and had oil changes monthly and other maintenance. Last year my tax professional said I could itemize and get reimbursed for the remaining federal mileage amount (54.5¢-28¢) and the maintenance. But with the Republican tax reform that's all suspended until 2025. My question is this: am I just out all that now?
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Feb 9, 2019 04:40
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dkj posted:I drove a lot last year for work. Approx 40k miles of partial reimbursement (28¢/mile), and had oil changes monthly and other maintenance. Yes
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Feb 9, 2019 05:01
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sullat posted:Yes Your state may still allow it as a deduction but yeah the GOP hosed you.
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Feb 9, 2019 05:54
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Epi Lepi posted:Your state may still allow it as a deduction but yeah the GOP hosed you. I'll look into it. Thank you both for the help.
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Feb 9, 2019 06:20
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I'm using FreeTaxUSA (thanks for the recommendation) and inputting my Roth 401K rollover to Roth IRA and have a question. Background: I had a Roth 401K with full employer match on the funds I had contributed rolled over to my Roth IRA in two equal checks, so I technically have 2 1099-Rs for the same distribution amount. I put each of the two in separately in as the boxes went, which were identical except one had a dollar amount for #5 (employee contributions) and the other had a $0. Both had $0 for 2a, Taxable Amount. I then went to the next page which asked me if I had done a Roth Conversion, which I answered yes to. And I put in the amount of the gross distribution. I then get hung up on the next question and its subsequent questions: "Have you ever made contributions to your pension plan using after-tax dollars?" Questions: I assume I'm supposed to answer yes on the one with the employee contribution, and no on the other. Is that correct? And if that's correct, on the entry with the employee contributions, am I supposed to to input as my contributions the employee contributions amount (#5) or the gross distribution amount (#1)? I assume it's #5 by the way it's worded, but it also feels incorrect that I would be basically paying taxes on half of the fund growth on this rollover when the whole point of that growth is that I already paid taxes up-front on it. Blinkman987 fucked around with this message at 08:20 on Feb 9, 2019 |
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Feb 9, 2019 07:34
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obi_ant posted:I've been using H&R Block to enter my taxes in, everything is working pretty well but I have a1099-MISC form that they want to charge me $50 for. The amount for the 1099-MISC is $5,000. Should I just pay the H&R Block fee or move along to something else? The IRS has a list of "free" tax sites to efile. What I did not realise until recently, is that some are far more generous in what they will charge people. See my above review of an alternative to turbo tax (or H&R Block). You should wait for your other statements as a general rule, especially if you are below the income threshold to claim the 401k retirement credit.
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Feb 9, 2019 07:38
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