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AbbiTheDog posted:Uhhh....if you've got any licensing or are at all any good, you probably could get picked up by a CPA/LTC practice and make better money. Just saying. My firm is definitely understaffed and is willing to pay well to attract talent. I think that is kind of across the board for public.
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Feb 23, 2019 23:36
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anyone know how to get someone on the horn at the IRS to "recertify" my online account? it doesn't accept my address, which i guess means that it's safe from scammers and idiots, including me
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Feb 24, 2019 06:10
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Quick question about stock options, I exercised some in 2018 that were listed on my W-2 in section 12 with code "V", which appears to show their value pre-tax. Do I also have to enter info from the 1099-B I received from Fidelity? The main reason I'm unsure is that the 1099-B also shows the pre-tax value, but I distinctly remember taxes being taken out at the time of the sale. I'm using Express 1040, for reference.
Duncan Doenitz fucked around with this message at 01:20 on Feb 25, 2019 |
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Feb 24, 2019 18:22
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Quick question: My wife and I have a really simple return as usual, just our two (roughly equal income) W-2s and some INTs. When the new withholding calculator came out last spring, I used it to determine if our W-4s had to change. Our W-4s were set to married filing joint with 0 allowances. The calculator said to add something like $64 per paycheck, so I did that. It looks like we owe around $6k. First, I don't understand why the calculator was so far off. Second, should we switch the W-4s to married filing single even though we're not? I don't know if that's still a typical recommendation with the new tax laws. edit: Second quick question: My W-2, in box 14, has an entry for NY-PFL. Seems like this is a new thing for paid family leave in NY this year. I'm using TaxAct, and there's no special line to report this number for NY, only CA. Should it just go in the section for miscellaneous box 14 stuff? There's a warning that it may not be the correct place, so I want to make sure. Thanks. runawayturtles fucked around with this message at 02:36 on Feb 25, 2019 |
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Feb 25, 2019 02:01
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Just chiming in to say I've done my taxes this evening with Credit Karma Tax for the 3rd year in a row and still no issues with my tax situation. Highly recommended if you have simple-ish tax situations and still free as hell. Free Audit Defense this year too!
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Feb 25, 2019 03:25
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I work with a J1 as a nonresident alien and I have been hearing conflicting information on whether or not I can use TurboTax to do my taxes. I have heard that as a nonresident I can't use turbotax, and have to use sites like sprintax and fill out 1040NR. Yet I hear from multiple people who say they have used turbotax in the past and got their refunds fine. Can I just use turbotax or will this come bite me in the future ? (I plan to eventually apply for greencard and citizenship).
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Feb 25, 2019 03:51
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TheEye posted:Quick question: The Congress that enacted tcja tried to get cute and rewrote the tables, w4 tables blow. Calculator relies on tables . It has been happening to alot of people. Until they fix it I've been telling my clients to tell hr to withhold a flat % based on their effective rate.
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Feb 25, 2019 04:49
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My 2 minor children received an inheritance from their grandfather's estate. The will stipulates that the funds must be placed in New York state Uniform Transfers to Minors Act accounts until age 21, with my wife as the custodian. We live in Indiana, and we are in the process of setting up the accounts at Vanguard. We have the checks in hand, and they are about $50k each. My reading says that contributions and any interest/gains/etc for the account are counted as taxable income for the child. Does that include this initial inherited contribution? Will we have to file federal and New York (or Indiana?) state tax returns for them for 2019? I assume we will in subsequent years as the value of the accounts grows.
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Feb 25, 2019 14:29
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TheEye posted:Quick question: For me, single non itemized, the IRS tool was going to make me over-withhold by >$1k. Using a spreadsheet I'm going to get an estimated $0-100 refund (have yet to file, waiting on a K1). Lord of Garbagemen posted:The Congress that enacted tcja tried to get cute and rewrote the tables, w4 tables blow. Calculator relies on tables . It has been happening to alot of people. Until they fix it I've been telling my clients to tell hr to withhold a flat % based on their effective rate. I'd still withhold based on projected taxes vs withholding table, like you suggest. mlnhd posted:My reading says that contributions and any interest/gains/etc for the account are counted as taxable income for the child. Does that include this initial inherited contribution?
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Feb 25, 2019 16:18
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I did some digging based on a coworker's inquiry and I couldn't find anything about the tax tables that jumped out at me as seriously problematic. It seemed on the surface that people's underwitholding was less from that so much as the loss of a serious amount of deductions. Then again, I did notice I had to set both my wife and I to withhold a bunch of additional cash each paycheck last year in order to reach our expected tax burden, and I don't have an exact explanation for that except that the tax tables are hosed.
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Feb 25, 2019 16:41
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Calculating my tax burden for next year should be fairly simple, right? Let's say 100k in income. -$6k 401k -$6k HSA -$5k Dependent FSA -$5k Insurance Payment -$18k HoH Deduction $60k in Taxable income. Taxes on first $51,800 are $5,944, then the remainder is taxed at 22% ($1,804) for a total of $7,748. Then I just subtract $4k in credit for the kids, then another $200 in credit for the remainder of the Childcare deduction to get the final tax burden of $3,548. This seems too easy for something as complicated as taxes, but I can't think of a way in which it's incorrect.
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Feb 25, 2019 16:44
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No Butt Stuff posted:Calculating my tax burden for next year should be fairly simple, right? code:
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Feb 25, 2019 16:50
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So then instead of worrying about using the IRS calculator, I should just model my paychecks to find the correct withholding number to make sure I've set aside that amount by the end of the year and not lose any more sleep? This year was fine, and I know I've gotta make adjustments when the divorce goes through, but I want to make sure I'm not turbofucking myself in early 2020. Thanks 
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Feb 25, 2019 16:54
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No Butt Stuff posted:So then instead of worrying about using the IRS calculator, I should just model my paychecks to find the correct withholding number to make sure I've set aside that amount by the end of the year and not lose any more sleep?
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Feb 25, 2019 16:56
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SiGmA_X posted:Man that sucks. My boss has the same thing. He makes more than his wife but not that much more. Congress writes the guidelines, IRS interprets that and sets the formulas.
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Feb 25, 2019 17:05
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When calculating income taxes owed, only Federal counts, and not SS and Medicare because they're FICA taxes, right? In 2019 I should owe $19k in income taxes. So looking at my paychecks I should only be extrapolating from the Federal line and not the SS and Medicare lines for what is being withheld according to my W4 allowance, right?
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Feb 25, 2019 19:13
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Duncan Doenitz posted:Quick question about stock options, I exercised some in 2018 that were listed on my W-2 in section 12 with code "V", which appears to show their value pre-tax. Do I also have to enter info from the 1099-B I received from Fidelity? The main reason I'm unsure is that the 1099-B also shows the pre-tax value, but I distinctly remember taxes being taken out at the time of the sale. I'm using Express 1040, for reference. Yes, you need to fill out a schedule D with the 1099-B. You should be aware in this case the 1099-B reports incorrect basis amounts (because the IRS requires it be done wrong) that you must adjust.
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Feb 25, 2019 19:39
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8-bit Miniboss posted:Just chiming in to say I've done my taxes this evening with Credit Karma Tax for the 3rd year in a row and still no issues with my tax situation. Highly recommended if you have simple-ish tax situations and still free as hell. Free Audit Defense this year too! I did mine + helped my fiancee do hers yesterday using the Free Fillable Forms website (https://www.freefilefillableforms.com/) which costs $0 although you do need to look up some stuff in the tax table. Anyone with a simple situation can do it, the most annoying part is typing out your whole W-2.
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Feb 25, 2019 19:59
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Fhqwhgads posted:When calculating income taxes owed, only Federal counts, and not SS and Medicare because they're FICA taxes, right?
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Feb 25, 2019 20:13
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Lord of Garbagemen posted:My firm is definitely understaffed and is willing to pay well to attract talent. I think that is kind of across the board for public. Yeah, I gave up trying to find/hire new staff. There's NOBODY out there.
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Feb 25, 2019 20:16
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Hoodwinker posted:That's correct. OK cool, so I'm pretty spot on there. Thanks!
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Feb 25, 2019 20:46
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nervana posted:I work with a J1 as a nonresident alien and I have been hearing conflicting information on whether or not I can use TurboTax to do my taxes. I have heard that as a nonresident I can't use turbotax, and have to use sites like sprintax and fill out 1040NR. Yet I hear from multiple people who say they have used turbotax in the past and got their refunds fine. Can I just use turbotax or will this come bite me in the future ? (I plan to eventually apply for greencard and citizenship). Yes, you are supposed to file a 1040NR. No idea if TT supports this form, but probably not. Your friends are likely filing 1040s, which isn't correct.
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Feb 26, 2019 00:25
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PatMarshall posted:Yes, you are supposed to file a 1040NR. No idea if TT supports this form, but probably not. Your friends are likely filing 1040s, which isn't correct. what's the penalty for filing incorrectly? How come so many people I know have not had problems yet?
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Feb 26, 2019 04:36
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mlnhd posted:My 2 minor children received an inheritance from their grandfather's estate. The will stipulates that the funds must be placed in New York state Uniform Transfers to Minors Act accounts until age 21, with my wife as the custodian. We live in Indiana, and we are in the process of setting up the accounts at Vanguard. We have the checks in hand, and they are about $50k each. I think I figured this out. The inheritance is not taxed for now because estate and gift taxes have already been paid by the estate. We are going to invest the accounts in Target Date index funds. I think they will only owe tax once we incur capital gains by selling the fund shares or they get earned income.
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Feb 26, 2019 05:12
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Lord of Garbagemen posted:Congress writes the guidelines, IRS interprets that and sets the formulas.
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Feb 26, 2019 06:11
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Another question: TaxAct recommended filling out questions about a "Credit for Prior Year Minimum Tax" because I paid alternative minimum tax last year (due to a high state and local tax itemized deduction). I got stuck when it asked for the "MTCNOLD" from the instructions. I don't understand the instructions at all... can someone help explain, or is it all pointless because I won't qualify for a credit anyway? Also, regarding that NY-PFL thing on my W-2, runawayturtles fucked around with this message at 05:44 on Feb 27, 2019 |
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Feb 27, 2019 05:27
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SlapActionJackson posted:Yes, you need to fill out a schedule D with the 1099-B. You should be aware in this case the 1099-B reports incorrect basis amounts (because the IRS requires it be done wrong) that you must adjust. By "adjust", do you mean I need to enter the amount I actually received from the sale, rather than the amount listed on the 1099-B? Sorry, I've done my own taxes for years, but this is the first time I've had any income other than wages.
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Feb 27, 2019 14:27
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TheEye posted:Another question: TaxAct recommended filling out questions about a "Credit for Prior Year Minimum Tax" because I paid alternative minimum tax last year (due to a high state and local tax itemized deduction). That doesn't sound correct. Form 8801 is only really for temporary timing issues (AMT vs regular depreciation, recognition of ISO income). Credit for prior year minimum tax paid is *not* for permanent differences (eg, state income taxes).
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Feb 27, 2019 17:23
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AbbiTheDog posted:That doesn't sound correct. Form 8801 is only really for temporary timing issues (AMT vs regular depreciation, recognition of ISO income). Credit for prior year minimum tax paid is *not* for permanent differences (eg, state income taxes). Yeah, you're right, definitely not for my situation. After a bunch of searching I eventually found a site that explained it in an understandable way. Should have just waited a little while for your post instead, heh.
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Mar 1, 2019 10:13
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Duncan Doenitz posted:By "adjust", do you mean I need to enter the amount I actually received from the sale, rather than the amount listed on the 1099-B? Sorry, I've done my own taxes for years, but this is the first time I've had any income other than wages. The amount you actually received from the sale ("Proceeds" box 1d) will be correct. The amount shown for what you paid ("Cost or Other Basis" box 1e) will be wrong. The 1099B will have basis = shares x strike_price, but your actual basis = shares x exercise_day_fmv shares x (exercise_day_fmv - strike_price) is ordinary income and already included in your W2 as you can see from the box 12 data. Proceeds - ( shares x exercise_day_fmv) is your actual capital gain/loss and if you did a same day sale should result in a short term capital loss exactly equal to the commissions paid on the transaction. SlapActionJackson fucked around with this message at 15:31 on Mar 1, 2019 |
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Mar 1, 2019 15:28
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TheEye posted:Yeah, you're right, definitely not for my situation. After a bunch of searching I eventually found a site that explained it in an understandable way. Should have just waited a little while for your post instead, heh. I'll mail you a bill.
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Mar 2, 2019 00:22
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My wife and I had a child last year, so I'm navigating the maze of child tax deductions for the first time. All of them seem pretty straightforward, but I'm struggling to understand how Turbotax is calculating our dependent care credit. My wife's employer gives a stipend of up to $5000/yr for child care at a facility that's located near her work, which is taken off our bill from the provider to give us a maximum of 50% of the normal rate. Because we claimed the stipend late last year, she only received $2737 last year, which is taken off our bill from the provider before we pay our portion. What we paid to the provider was $2998, so just under the cap for the deduction. However, Turbotax seems to be considering the stipend to be a deduction/contribution of her pay, because it is listed on her W2 in box 10 as Dependent Care Benefit. It thus gives us $262 in eligible care expenses. Is this the correct way that this deduction is handled? My wife seems to think we should be able to claim our entire $2998 in expenses, for a credit of $599 vs the $52 credit we are currently getting (20% of the $262 in eligible expenses $2998 minus the $2737 benefit) EDIT: And reading through the IRS guidance, it is being calculated correctly. Because the benefit is not counted in our income, it gets subtracted from our paid expenses and we get the credit for the difference. So with the full stipend, we would normally claim nothing from the dependent care credit. I'll just leave this so others can learn from my confusion. PitViper fucked around with this message at 20:16 on Mar 4, 2019 |
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Mar 4, 2019 20:12
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Guys I hosed up.  I contributed to my Roth twice in 2018. I spoke to Vanguard today and they gave me a form to fill out so I can sell some assets and move the excess money into a different account. If nothing goes wrong this should be taken care of before the end of the week. I'm also told I will be given a 1099R that I owe tax on for the 2019 return (since the correction was done this year). My question is, do I need to do anything in particular on my 2018 return? From googling it looks like I might need to fill out forms 8606 and 5329. But if I manage to fix this before the tax deadline do I still need to fill them out?
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Mar 5, 2019 02:38
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Cory Parsnipson posted:Guys I hosed up. Same. Since you are fixing it before filing it shouldn't be too bad. I am not a professional, so beware blind leading the blind, but here's what it seems to me. You don't need to file 8606. See here https://www.irs.gov/instructions/i8606 quote:If, in 2018, you made traditional IRA contributions or Roth IRA contributions for 2018 and you had those contributions returned to you with any related earnings (or minus any loss) by the due date (including extensions) of your 2018 tax return, the returned contributions are treated as if they were never contributed. Don’t report the contribution or distribution on Form 8606 or take a deduction for the contribution. However, you must include the amount of the distribution of the returned contributions you made in 2018 and any related earnings on your 2018 Form 1040, line 4a; or Form 1040NR, line 17a. Also include the related earnings on your 2018 Form 1040, line 4b; or Form 1040NR, line 17b. Attach a statement explaining the distribution. See Pub. 590-B to ... You probably should file 5329, but I think it's pretty easy once you get the 1099-R. Use part i to figure the tax. You don't need to fill out part iv, see here for instructions on line 23 quote:You can withdraw some or all of your excess contributions for 2018 and they will be treated as not having been contributed if: ... Oops forgot the 2nd link https://www.irs.gov/instructions/i5329 Epitope fucked around with this message at 20:15 on Mar 5, 2019 |
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Mar 5, 2019 15:29
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Oh. Shoot I missed that section I guess. So I guess I'll attach a statement explaining it then. The vanguard rep said I'd have to deal with the distribution in next year's return. It might be good for me to get an advisor to help me this year... Thanks for the info!
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Mar 5, 2019 18:38
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Cory Parsnipson posted:Oh. Shoot I missed that section I guess. The excess and its earnings need to be removed from the account. The 2019 1099-R you will receive will likely have the code J (or T) and P. Save yourself the heartache and include the earnings on your 2018 return. Otherwise the IRS will be expecting an amended 2018.
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Mar 5, 2019 20:05
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Oh ok... So I'm guessing I won't have the 1099R available so I'll have to calculate the earnings by hand?
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Mar 5, 2019 20:13
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Cory Parsnipson posted:Oh ok... So I'm guessing I won't have the 1099R available so I'll have to calculate the earnings by hand? ya should be pretty straight forward, Amount on Disbursement Check less contribution amount. The broker should be able to pull up the earnings relatively quickly for cutting the check to you.
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Mar 6, 2019 06:39
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I'm guessing the answer is no, but are there any sites that allow you to do your state taxes without doing your federal taxes through the same site? I used to just use turbotax but the last few years I did some stuff that required me to fill out a schedule C which turbotax's free edition doesn't support. I found some other sites on the IRS website that allowed me to submit these for free, but the one I used this year still isn't supporting WI returns. It has said coming soon since I filled out my federal return back in January. I emailed customer support and all they said was "look at home screen on our site" I'll probably give it another month, and then just print off my federal and do my state taxes by hand and mail it in, but for obvious reasons I don't want to do that.
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Mar 7, 2019 13:49
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BAE OF PIGS posted:I'm guessing the answer is no, but are there any sites that allow you to do your state taxes without doing your federal taxes through the same site?
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Mar 7, 2019 14:08
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