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Cool, figured as such. Just making sure as turbotax has royally hosed up something similar of mine in the past (cost-basis due of rsa/espp stock stuff) and figured maybe this was similar. Thanks!
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Apr 4, 2019 00:53
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black.lion posted:My record (the worst record) this season is 141 receipts for a Sch C. I'm legit dreaming about how drunk I'm gonna be on April 15. I have to come back the next few days to get our office ready for off-season work, so no rest for me on the 15th. On the bright side I seem to be having a better showing of work done this year, though I'm wondering how the hell the twenty year veterans in our office deal with their return loads considering how much higher they are than mine.
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Apr 4, 2019 16:45
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That's terrible Mike how do you survive, I haven't had an entire weekend off since February; our office is closed 4/16 - 4/21 so we can lick our psychological wounds, and without that to look forward to on the horizon I may or may not have retained my sanity these last few weeks.
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Apr 4, 2019 18:25
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So my hosed-feeling situation where my partner's new 401k provider and HR department refused to work together to remove his excess 401k contributions for 2018 seemed to have worked out yesterday. Vanguard removed the contributions from my partner's rollover IRA, and I figured out how to enter the excess withdrawal into Turbotax. Everything seemed fine and dandy when I checked the return again today, right up until it was time to efile; Turbotax just wouldn't let me do it, and kept reminding me that there was too much contributed to our 401ks last year (we know). In the course of my research while trying to figure out why our excess withdrawal wasn't showing up on the file-by-mail packet turbotax gives you to print out, I found this: https://ttlc.intuit.com/questions/4698409-excess-401-k-contribution-preventing-e-file posted:Customers who have excess 401(k) contributions are given steps on how to handle the excess contribution:
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Apr 4, 2019 18:59
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Posting to see if I have any posts in here asking about the probable tax cheating I did last year.
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Apr 5, 2019 01:17
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bird with big dick posted:Question on mortgage interest deduction for non-marrieds. Quoting and editing and asking again. This is even more pertinent now due to the tax changes.
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Apr 5, 2019 01:29
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bird with big dick posted:Quoting and editing and asking again. This is even more pertinent now due to the tax changes. I see this a lot, there's even a section right below the regular mortgage interest to claim interest when the mortgage statement is for another person.
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Apr 5, 2019 03:22
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black.lion posted:That's terrible Mike how do you survive, I haven't had an entire weekend off since February; our office is closed 4/16 - 4/21 so we can lick our psychological wounds, and without that to look forward to on the horizon I may or may not have retained my sanity these last few weeks. Don’t feel TOO bad for me really. I do get some days off during the week (usually Sunday) so my base schedule isn’t really that terrible, overtime only becomes a common thing in April. More importantly I do get time off after the 19th, quite a bit. Since we’re seasonal (read: not full time) employees here, we have to get a bunch of weeks off before those folks working offseason like myself can either get a break later on or (in my case) take it right after the season proper ends. Most of the preparers don’t even work offseason so they just work for 4 months of the year then take classes/work on their golf games so lots of them are actually retired and just work the season for extra $$. Overall it wouldn’t surprise me if I only work as much as (or maybe even less than) you do, I just can’t walk out the evening of the 15th saying “So long suckers!” is all  . Truth be told even when I was officially off on the 15th I usually wound up working to get our ITIN documentation up to snuff the following days anyway; as the CAA at our primary ITIN office I have to process all the ITIN paperwork from other offices and lots of those guys don’t get everything to me until the end of the season anyway given their workloads.
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Apr 5, 2019 18:44
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MadDogMike posted:Don’t feel TOO bad for me really. I do get some days off during the week (usually Sunday) so my base schedule isn’t really that terrible, overtime only becomes a common thing in April. More importantly I do get time off after the 19th, quite a bit. Since we’re seasonal (read: not full time) employees here, we have to get a bunch of weeks off before those folks working offseason like myself can either get a break later on or (in my case) take it right after the season proper ends. Most of the preparers don’t even work offseason so they just work for 4 months of the year then take classes/work on their golf games so lots of them are actually retired and just work the season for extra $$. Overall it wouldn’t surprise me if I only work as much as (or maybe even less than) you do, I just can’t walk out the evening of the 15th saying “So long suckers!” is all Yeah, it sucks for three months out of the year, but the rest of the year if I charge 20 hours it's a busy week.
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Apr 5, 2019 20:07
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AbbiTheDog posted:Yeah, it sucks for three months out of the year, but the rest of the year if I charge 20 hours it's a busy week.
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Apr 5, 2019 21:01
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SiGmA_X posted:That sounds somewhat appealing compared to corporate finance, or at least all the companies I’m familiar with... It has it's pros and cons. I'm a terrible employee when I work for someone else. Edit: Well, I but my rear end and try my best to make the company better/more profitable. However, I'm cynical and sarcastic and always think I'm better than the partners.
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Apr 6, 2019 02:05
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Looking at my 1098-T, it appears to list this discounted amount as a Scholarship/Grant. When I put this into TurboTax, it reduces my refund by $500. Does that sound correct? Nevermind, I missed a section and it corrected the reduction. Although, without entering that Scholarship line, I qualify for $323 Lifetime Learning Credit, and with it I don't. Elysium fucked around with this message at 17:32 on Apr 6, 2019 |
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Apr 6, 2019 17:25
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Real dumb question from a baby. I started my own business last year and have an appoint with a CPA in a few days. I'm in middle of organizing my paperwork for my CPA. I was provided a list of things he needs. This is all cool. As someone new to this, is there any organizational techniques to help keep my self sane not just this year, but going forward? Side question, any IRS guidances I should familiarize myself with before I sit with the CPA? (business is a machine shop with good amount of capital outlay, I'm single, own no land property)
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Apr 7, 2019 22:17
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More of a turbo tax question. I was part of a partnership that sold it's rental property in 2018. The K-1 came in, and everything looks fine with it. But when I entered it into Turbo Tax, it increased my refund for the year, which makes no sense. I've triple checked and I've entered all the K-1 information correctly. Is there something obvious I'm missing here? This is what is showing on my income screen which doesn't even begin to make sense to me.
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Apr 7, 2019 22:45
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rump buttman posted:As someone new to this, is there any organizational techniques to help keep my self sane not just this year, but going forward? This is what the professional you are interviewing is supposed to tell you. Find a few more, do the same thing. Find the one you want to work with.
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Apr 7, 2019 23:55
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Motronic posted:This is what the professional you are interviewing is supposed to tell you. Find a few more, do the same thing. Find the one you want to work with. I"m very confident in my CPA's competence and want to work with him. I am asking the tax thread to see if there is anything obvious I have not asked. I hope that clears things up.
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Apr 8, 2019 00:21
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rump buttman posted:I"m very confident in my CPA's competence and want to work with him. I am asking the tax thread to see if there is anything obvious I have not asked. I hope that clears things up. It doesn't. Because the right professional will ask the right questions and you will be able to disclose the intensely personal information you shouldn't be posting here to get advice on. It's not clear how you already know this is the right person, but if they are good on you.
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Apr 8, 2019 01:45
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I'm not sure if this is the right thread or not but I guess I'll ask; my father died last year and I inherited half of his father's condo last year because of it. The condo is however in Hungary so my grandfather's wife and I decided to sell it and we have an offer that would net me near $70K. I won't be taxed in Hungary on this (apparently), but when I bring the money over to the US will I be taxed? I'm mad dumb about taxes so I don't know how this works or if there's a tax on inheritance from out of country.
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Apr 9, 2019 01:05
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Hey guys, I'm a total amateur at taxes and I had a couple of questions about my tax return this year. I want to use CreditKarma's tax thing, but I'm not sure if my return can count as single-state or not, and therefore if I can use the program or not. Basically, I moved from Texas at the beginning of the year to Illinois. Although all of my actual work this year was done from Illinois, I did receive one last paycheck for $375 from a company I worked for in Texas, for work I did in late December right before I moved. Thus, that income is part of my 2018 return and I have a W2 from them. Does this mean I have to file multi-state because it was technically done in Texas? Alternatively, can I still file single-state because Texas doesn't have income tax? Also, about 1/6 of my income from this year was 1099, but it was sporadic side work. Should I still try to make deductions from this portion for business expenses, and what is reasonable for me to deduct if it's not my main job?
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Apr 9, 2019 02:19
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Harry posted:More of a turbo tax question. I was part of a partnership that sold it's rental property in 2018. The K-1 came in, and everything looks fine with it. But when I entered it into Turbo Tax, it increased my refund for the year, which makes no sense. I've triple checked and I've entered all the K-1 information correctly. Is there something obvious I'm missing here? This is what is showing on my income screen which doesn't even begin to make sense to me. Im going to take a stab and say you had PAL and that the sale is coded as either a complete disposition or and partial disposition of a passive activity. There are about a million questions that need to be asked, but at least that is what the mechanics look like. Lord of Garbagemen fucked around with this message at 02:33 on Apr 9, 2019 |
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Apr 9, 2019 02:27
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Keret posted:Hey guys, I'm a total amateur at taxes and I had a couple of questions about my tax return this year. I want to use CreditKarma's tax thing, but I'm not sure if my return can count as single-state or not, and therefore if I can use the program or not. Texas is a sales tax state.
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Apr 9, 2019 02:28
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s.i.r.e. posted:I'm not sure if this is the right thread or not but I guess I'll ask; my father died last year and I inherited half of his father's condo last year because of it. The condo is however in Hungary so my grandfather's wife and I decided to sell it and we have an offer that would net me near $70K. I won't be taxed in Hungary on this (apparently), but when I bring the money over to the US will I be taxed? In the US inherited property gets a step up in basis to the FMV at DOD. I have never gone looking to see if this applies to assets in other countries. My gut instinct says it should apply to assets outside the country as well (as long as you receive it through inheritance on DOD), I would have to go look through the code to make 100% certain though. One thing you will want done is to have a valuation done, usually on US properties this is not an issue (we always have property tax valuations as a last resort). No idea how Hungary does it, and you will want to have it to back up your stepped up basis number if the IRS comes knocking.
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Apr 9, 2019 02:32
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I agree. Location of the property should not matter (assuming you are a US citizen/resident). The advice above is very good. I had a client with a similar issue, but in the other half of the old dual monarchy. Her issue was a lot harder though as she inherited the property in the 50s and was selling now, so we had to go back and try to establish the value of forest land in the 50s, haha.
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Apr 9, 2019 02:45
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Do I need to claim the property here first or something? From my understanding the property is already sold (I'm not handling it, my mother is since I don't speak the language) so all I'm getting is money than actual property. I know nothing about owning property or dealing with huge sums like this so this is a really weird situation I've found myself in.
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Apr 9, 2019 03:56
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I'm sitting down with a fresh W-4 and the associated calculation sheet for myself since my wife and I owed a bunch of money on our 2018 returns (like nearly everyone else). We don't have any itemized deductions worth accounting for, but we are both working so I also filled out to the two-earners/multiple jobs worksheet. In my case line 2 was greater than line 1 (so 0 deductions on line 5 on the actual W-4), so I ended up going through the entire two-earners worksheet. Is the additional annual withholding I came up with (line 8 of this worksheet) what I need withheld from just my paycheck for the year, or what my wife and I need withheld from our combined paychecks for the year? We were given pre-filled 1040-ESs by our accountant so we could make estimated 2019 tax payments, but were told we could ignore them if we adjusted our W-4s properly. However, the amount we owe according to this worksheet is nearly triple what our 1040-ESs claim, and I'm not sure if one of those numbers is way off the mark or if they actually line up after deductions. I won't be claiming any deductions on line 5 of the actual W-4 as mentioned previously, so maybe that's where the difference is?
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Apr 9, 2019 04:04
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In February I found out about a tax error that means I underpaid by a few hundred dollars in each of a few recent years. I went to H&R Block hoping to obtain (and pay for) guidance on how to fix the problem. Their general preparer had no idea (it's an unusual issue) and their tax professional politely showed me the door in favor of other business. Since then I've been digging through IRS publications myself to find out how to fix this error, and I've filled out form 1040X for affected years. I want someone to review these after the April 15 filing date. Does H&R Block do this for individuals? Or would there be more appropriate ways to get advice? e: I'm sorry if the tone of this post comes off as critical of H&RB. I'm just frustrated that I sought help from a place with a big "tax help" sign and got nowhere. Gazpacho fucked around with this message at 06:47 on Apr 9, 2019 |
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Apr 9, 2019 06:13
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Hey all, long story short: for various reasons, I filed an extension even though I am (was) expecting a refund. I received some information that I actually may owe several hundred dollars in taxes instead. I am waiting for more details, but in the meantime, given that the extension is already filed, how should I go about making a payment before the 15th? e: for clarification, I think I'm asking about whether it will be a problem if my extension form says I expect to owe no taxes, but then I make an extension payment anyway? kgibson fucked around with this message at 14:36 on Apr 9, 2019 |
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Apr 9, 2019 14:33
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Lord of Garbagemen posted:Im going to take a stab and say you had PAL and that the sale is coded as either a complete disposition or and partial disposition of a passive activity. There are about a million questions that need to be asked, but at least that is what the mechanics look like. There's a $5164 carryover loss from the previous years. Messing with the numbers, an increase to the 1231 gain increases the refund, while increasing the 1250 decreases the refund (that part makes sense). I just can't think of a reason for that to happen. I'd prefer to avoid paying the $75 for the turbo tax advice but I just can't find anyone else having this issue. Harry fucked around with this message at 18:35 on Apr 9, 2019 |
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Apr 9, 2019 18:33
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kgibson posted:Hey all, long story short: for various reasons, I filed an extension even though I am (was) expecting a refund. I received some information that I actually may owe several hundred dollars in taxes instead. I am waiting for more details, but in the meantime, given that the extension is already filed, how should I go about making a payment before the 15th? Use the IRS direct pay system and flag the payment as payment with extension, that will hold the payment and then make sure to report it on line 71 of the schedule 5.
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Apr 9, 2019 19:01
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I just worked eleven and a half hours at the office and I’m looking at tax questions, what is wrong with me...Gazpacho posted:In February I found out about a tax error that means I underpaid by a few hundred dollars in each of a few recent years. I went to H&R Block hoping to obtain (and pay for) guidance on how to fix the problem. Their general preparer had no idea (it's an unusual issue) and their tax professional politely showed me the door in favor of other business. Sorry you had such trouble, I’ve done tons of meetings like that, though maybe you caught an inexperienced preparer (I did just wind up today with a client who had to come to me because the person they saw had no idea how to handle a like kind exchange, some problems are kinda rare). As far as reviewing returns, H&R Block does offer a Second Look service to do that, although your odds of getting a slot before the 15th for that is kinda zero at this point. Not a problem for 2016 or 2017 amendments, but if you amended 2015 that needs to be sent by the 15th to count. Other companies and CPAs probably offer similar services as well if you prefer, can understand being a bit down on taking it back to Block at this point obviously. kgibson posted:Hey all, long story short: for various reasons, I filed an extension even though I am (was) expecting a refund. I received some information that I actually may owe several hundred dollars in taxes instead. I am waiting for more details, but in the meantime, given that the extension is already filed, how should I go about making a payment before the 15th? That shouldn’t be an issue honestly, I doubt they would refund the “extra” right away without a filed return. Follow sullat’s advice for how.
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Apr 10, 2019 02:01
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Thank you both. Went ahead and squared that away today.
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Apr 10, 2019 02:20
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Gazpacho posted:e: I'm sorry if the tone of this post comes off as critical of H&RB. I'm just frustrated that I sought help from a place with a big "tax help" sign and got nowhere. At least they were honest about not knowing how to solve your problem. That’s at least better than giving you bad advice. I have even heard of H & R Block employees giving totally wrong advice in the case of unusual tax situations. For example, I have heard a story about an H & R Block employee telling a fully-funded graduate student to claim their tuition benefit as income. This bad advice can more than double the student’s tax liability.
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Apr 10, 2019 11:00
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A quick question for any other preparers in here regarding Premium Tax Credit allocations for 1095-As where you're dealing with more than one tax family (a married couple claiming a non-dependent child in my case): Is there any reason that you cannot allocate 0% of the policy to the tax family with higher income and 100% to the family with lower income? The research I've done makes it seem like the allocation percentages are more or less arbitrary so long as all parties agree to them.
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Apr 10, 2019 13:50
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Hey everyone, I super need help/advice for handling my dad's tax returns. I posted the following in the health care thread on another sub-forum yesterday:surf rock posted:I agreed to help my dad file his taxes this year. Mom always took care of that, but she was killed in a car accident in November 2017. I think my dad used an accountant to file his taxes last year because it was easier and he wasn't sure how Mom's passing impacted the tax situation or not, but this year that wasn't a factor and I don't think he wanted to spend the money on a tax preparer again. And received this really helpful reply: Highbrow Slick posted:He needs to contact the marketplace and send them a copy of her death certificate. Michigan appears to participate in the federal marketplace, so healthcare.gov in this instance. They will likely retroactively remove her from coverage effective the date of death and he will not be responsible for her tax credits afterwards. This is how it works in California, I assume Michigan is similar. So, I'm coming to the tax experts. I can almost 100% guarantee that my dad will not want to file an amended return or for an extension and would rather just pay more. I'm also so loving frustrated that I'm doing this poo poo from a different state and that he took almost a whole goddamn month to scan the form and send it to me, DAYS before the filing deadline. I am just so incredibly confused and honestly I'm crying as I try to figure out how the gently caress I'm going to fix this in, what, the next three days with someone who I can't even get to pick up the phone this morning. I don't know what to do, but I know that there is a -2421452145141% chance that I could get him to see an actual tax preparer now ESPECIALLY when I'm sure they're all already booked. If anyone here could point me to my best option, I would really really really really really appreciate it.
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Apr 10, 2019 16:23
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surf rock posted:Hey everyone, I super need help/advice for handling my dad's tax returns. I posted the following in the health care thread on another sub-forum yesterday: I deal with this all the time - when one spouse passes away, the grieving process can take many forms - typically, you see the surviving spouse just not want to deal with something like taxes and see the deceased's name all over paperwork. Brings back bad memories. Especially when the spouse that died was the one that did all the tax filings. Honestly? Just extend the returns right now (Form 4868). Interestingly, the penalty for tax UNDERPAYMENT is relatively low, and you can attempt to use a penalty waiver (first time or extenuating circumstances) for any penalty that might occur. Note his state of residence might have it's own extension form - google is your friend for this. A lot of states "piggyback" off the federal extension, so if you file that, the state considers you extended as well. This gives your dad until October to actually file his returns. No signature is required, but this late in the year, I'd mail it certified to ensure you have proof of mailing. https://www.irs.gov/pub/irs-pdf/f4868.pdf
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Apr 10, 2019 16:31
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I don't see how you avoid either getting an extension or ending up in a situation where you need to amend the return later. Michigan's extensions piggyback off the federal, so you'd only have to send in one. saltylopez fucked around with this message at 16:36 on Apr 10, 2019 |
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Apr 10, 2019 16:34
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silence_kit posted:At least they were honest about not knowing how to solve your problem. That’s at least better than giving you bad advice. I have even heard of H & R Block employees giving totally wrong advice in the case of unusual tax situations. For example, I have heard a story about an H & R Block employee telling a fully-funded graduate student to claim their tuition benefit as income. This bad advice can more than double the student’s tax liability.  My parents separately paid for a session with an accountant and, although I couldn’t be there personally, my impression is that he made things up without consulting the rules and guidance that would be more harmful than the worst the IRS could do to me.
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Apr 10, 2019 16:45
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Thank you all for the super-quick advice; I really appreciate it. He finally called me back, and I was stunned that he offered to take all his forms in to an actual tax professional tomorrow to look at it and to file for the extension. So hopefully that works out. That said, I'm still doubtful that he's going to find someone who has the capacity to take him on this close to the deadline, so I'm looking at Form 4868 (or whatever the H&R Block online edition is) and trying to figure that out. It's asking for "total tax owed" and "taxes I've already paid." It tells me that the first can be found on Form 1040's line 15 and the latter can be found on Form 1040's line 18, minus anything on Schedule 5 Line 71. When I looked up Form 1040, I got kind of confused again. - Looking at the W-2, he had $328 in federal income tax withheld, $728 in Social Security tax withheld, and $170 in Medicare tax withheld. So, I think his "taxes I've already paid" figure is $1,226. - But I'm not sure how to calculate the total tax owed figure. His income on his W-2 was $11,739. When we did the interest income and dividend income filings originally, they were $258 and $343, and he had $243 in capital gains. So, I think his total income was $12,583 with a standard deduction of $12,000. So, I think his taxable income would be $583 at a rate of 12%, so I think his "total tax owed" figure should be $70. Am I understanding those elements correctly? Thank you so much!
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Apr 10, 2019 17:24
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saltylopez posted:A quick question for any other preparers in here regarding Premium Tax Credit allocations for 1095-As where you're dealing with more than one tax family (a married couple claiming a non-dependent child in my case): Yep, minus certain situations (which don’t apply here), you’re in the allocation situation where you can agree to split the percentage however both sides agree judging by the 8962 instructions. saltylopez posted:I don't see how you avoid either getting an extension or ending up in a situation where you need to amend the return later. Michigan's extensions piggyback off the federal, so you'd only have to send in one. Yeah, file an extension, this is what they’re made for really. And one correction to the initial advice I saw you cross post, pretty sure he can’t wind up needing to pay the insurance company back for anything (indeed, in this scenario they got paid too much for someone who was no longer there). He may wind up having extra tax to pay off the excess credit, but that’s capped at certain numbers depending on income, and considering there’s going to be a drop in income from the loss of one of the earners that may offset the change in PTC from the loss of one spouse anyway, hard to tell without seeing the numbers. You may be able to figure out the actual impact using the current 1095-A with the tax tool on the healthcare.gov website to get the corrected SLCSP number for the appropriate months after your mother passed, though that’s tricky enough you may want to just wait for the corrected form. Not sure if alternative marriage calculation stuff gets involved here, pretty sure not but I’d have to double check, that bit still confuses me some.
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Apr 10, 2019 17:39
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Anyone have a good article that goes into this House bill that apparently makes all state-provided free tax software illegal?
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Apr 10, 2019 17:47
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