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Ok, I've googled this once a year for like a decade now, and have never found an answer. Every year, independent of my regular refund, I receive a check from the us treasury for exactly 1 dollar. The only explanation is the memo area which reads the first 4 letters of my last name, Kansas (I live in Illinois), a date, generally December of the previous year, and then Tax Refund 30. This year they sent me 2, one dated 12/2005. What is happening, money goons?
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Apr 30, 2019 01:31
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Slugworth posted:Ok, I've googled this once a year for like a decade now, and have never found an answer. Every year, independent of my regular refund, I receive a check from the us treasury for exactly 1 dollar. The only explanation is the memo area which reads the first 4 letters of my last name, Kansas (I live in Illinois), a date, generally December of the previous year, and then Tax Refund 30. My car makes a weird noise when the RPMs are around 4,000 and the temperature is 47 degrees, what's going on car goons? No idea without digging through years of data is what I'm getting at.
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Apr 30, 2019 16:45
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Slugworth posted:Ok, I've googled this once a year for like a decade now, and have never found an answer. Every year, independent of my regular refund, I receive a check from the us treasury for exactly 1 dollar. The only explanation is the memo area which reads the first 4 letters of my last name, Kansas (I live in Illinois), a date, generally December of the previous year, and then Tax Refund 30. Pulling your transcript from the IRS website may give a clue (find the $1 items and see what they're called), but you'll likely need a professional to really interpret what's going on. I suppose you could call the IRS call-in line and see what they think of your transcript. If they don't know you could even contact TAS, but they're really more for resolving serious issues. Or that could all be a can of worms not worth opening (personally my curiosity would get the better of me, though).
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Apr 30, 2019 17:20
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Slugworth posted:Ok, I've googled this once a year for like a decade now, and have never found an answer. Every year, independent of my regular refund, I receive a check from the us treasury for exactly 1 dollar. The only explanation is the memo area which reads the first 4 letters of my last name, Kansas (I live in Illinois), a date, generally December of the previous year, and then Tax Refund 30. Have you ever cashed/deposited it? Could just be somewhere back there you were owe $1 and since you don't cash/deposit it they keep sending that same dollar.
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Apr 30, 2019 18:14
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I have a question in a similar vein. This might seem like an incredibly silly and inconsequential thing to care about, but has anyone ever gotten a few dollars more in their tax return then they were expecting? If so, do you know why? I used the FreeTaxUSA low-income online tax filer, went through all the motions and got a projected return of $419. I was happy with this and so sent it in. Fast forward to today and I got a check in the mail from the Treasury for $423. I'm not super sure where the 4 extra dollars came from. Like I said, it's not super important, but my curiosity is getting the better of me. CourtFundedPoster fucked around with this message at 01:10 on May 1, 2019 |
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May 1, 2019 00:55
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That's probably interest? Did it take a while to get your refund?
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May 1, 2019 04:20
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sullat posted:That's probably interest? Did it take a while to get your refund? I don't think it took especially long. When I filled with the service it said that it would take about four weeks to process and have the check sent by mail. I got the return today and it has been roughly 4 weeks. The thing is I had a pretty boilerplate return. Just income from a job, some extra money from FAFSA declared as income, and like $15 from jury duty. The only income I had from last year was excess FAFSA which didn't result in a refund so I don't think it's from last year either.
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May 1, 2019 08:06
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AbbiTheDog posted:My car makes a weird noise when the RPMs are around 4,000 and the temperature is 47 degrees, what's going on car goons? ExtrudeAlongCurve posted:Have you ever cashed/deposited it? Could just be somewhere back there you were owe $1 and since you don't cash/deposit it they keep sending that same dollar. incogneato posted:Pulling your transcript from the IRS website may give a clue (find the $1 items and see what they're called), but you'll likely need a professional to really interpret what's going on.
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May 4, 2019 03:50
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Worst comes to worst, they'll just ask you to pay it back with interest.
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May 5, 2019 01:19
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fidelity less than half an hour ago send me an email saying my tax forms are ready.... i had assumed that because i didn't get any emails from them i didn't have any tax forms for them (my ira accounts are on fidelity). but searching on the web it seems like fidelity has been consistently sending out forms in late march or so.. it's may 7th now so i would say this is definitely very late. i'm not sure exactly what to do. i used turbotax to file my taxes this year. do i have to go back into that to submit an amendment or do i have to manually submit a 1040x? does fidelity have any liability on this? i'm honestly confused why they are literally sending me an email now with no explanation of why they sent it to me so late...
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May 8, 2019 00:01
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What forms are they? IRAs and HSAs don't get sent out until late because you are allowed to make prior year deposits up until tax day. In other words, for the first 3.5 months in 2019, you can make contributions to IRA and HSAs and elect to have it taxed as though it was a 2018 contribution. I think there are other types of accounts that get this sort of treatment as well.
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May 8, 2019 00:12
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Strong Sauce posted:fidelity less than half an hour ago send me an email saying my tax forms are ready.... It's probably form 5498, they're issued in May. Tells the IRS what kind of account it is (IRA/Roth/etc.), if you need to take a RMD, how much went into the account during the past year, and how much is currently in there.
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May 8, 2019 20:04
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DaveSauce posted:What forms are they? IRAs and HSAs don't get sent out until late because you are allowed to make prior year deposits up until tax day. In other words, for the first 3.5 months in 2019, you can make contributions to IRA and HSAs and elect to have it taxed as though it was a 2018 contribution. AbbiTheDog posted:It's probably form 5498, they're issued in May. Tells the IRS what kind of account it is (IRA/Roth/etc.), if you need to take a RMD, how much went into the account during the past year, and how much is currently in there. thanks. yeah that is what it is. i was busy most of the work day, forgot about it until i got back home and realized i submitted money into my ira in march so yeah thats why i have that. was freaking out because they just kinda nonchalantly emailed it over with no reasoning why they were 'late'
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May 8, 2019 22:05
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Strong Sauce posted:thanks. yeah that is what it is. i was busy most of the work day, forgot about it until i got back home and realized i submitted money into my ira in march so yeah thats why i have that. was freaking out because they just kinda nonchalantly emailed it over with no reasoning why they were 'late' Technically it's not late - you have until April 15th to make IRA contributions and have it count for the prior year, so your IRA administrator can't really send out the 5498 before May since they don't know if you're doing to throw more money in there after December 31st.
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May 9, 2019 16:32
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Double checking: from my understanding, inheritance from an estate is not taxed at all, correct? Nothing federal, state, etc? And that includes life insurance policies as well? My wife lost her mom/dad in the past year and the estate is beginning to be settled out. How does this get reported to the IRS? Obviously under the Estate tax limit.
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May 10, 2019 18:09
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What state? I think state's have different limits.
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May 10, 2019 19:48
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Estate is in Ohio, we're in PA. Edit: looks like Ohio/PA don't have estate taxes, but pa has an inheritance tax. Does it still apply if the estate is in Ohio but we live in PA? Residency Evil fucked around with this message at 22:25 on May 10, 2019 |
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May 10, 2019 22:03
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Residency Evil posted:Estate is in Ohio, we're in PA. Do I need to PM you my CPAs contact info? Seriously dude.....this is not internet advice. You need a real CPA for your poo poo.
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May 11, 2019 01:31
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Residency Evil posted:Double checking: from my understanding, inheritance from an estate is not taxed at all, correct? Nothing federal, state, etc? And that includes life insurance policies as well? My wife lost her mom/dad in the past year and the estate is beginning to be settled out. How does this get reported to the IRS? Motronic posted:Do I need to PM you my CPAs contact info? It's like having a pediatrician do neurosurgery or something.
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May 11, 2019 03:35
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Motronic posted:Do I need to PM you my CPAs contact info? Our taxes aren't super complicated: just w2s and some 1099s. It looks like PA has an inheritance tax of 4.5%, but it's unclear if that's only for estates in PA or for any resident of PA, even if the estate isn't there. Happy to take their contact info though! Edit good news!: https://revenue-pa.custhelp.com/app/answers/detail/a_id/692/related/1 https://revenue-pa.custhelp.com/app/answers/detail/a_id/1403/related/1 https://revenue-pa.custhelp.com/app/answers/detail/a_id/1271/related/1 Residency Evil fucked around with this message at 07:20 on May 11, 2019 |
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May 11, 2019 07:10
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I was made the de facto payroll manager at the small office I work at despite never having anything to do with it. There's no health insurance, but a couple people negotiated "some un-taxed money every paycheck to count towards health insurance" One of them is already set up on the payroll website, but it's listed under deductions as a negative advance. So in addition to her regular pay, there's like -3,000 YTD in the deductions section under advance. That seems.... wrong. She has been here a couple years, so I asked her how that works out on her taxes and she said she "has a tax guy that I give that stuff to" So what's the proper way to handle this? It's money on top of their salary, so should I just bump up their salary by that amount and then have the pre-tax medical deduction take it back out?
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May 20, 2019 15:29
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Simpsons Reference posted:I was made the de facto payroll manager at the small office I work at despite never having anything to do with it. I dont think you can offer a hra without offering a group health insurance plan under the ACA. That should be straight wages.
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May 20, 2019 19:39
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Lord of Garbagemen posted:I dont think you can offer a hra without offering a group health insurance plan under the ACA. That should be straight wages. You can do a QSEHRA without group insurance if you're a small employer, but that has to be offered on the same terms to all qualifying employees, which doesn't sound like what's being done here. cowtown fucked around with this message at 21:36 on May 20, 2019 |
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May 20, 2019 21:32
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Not sure if I should ask this here or in legal questions. My mom passed away in 2018 and I filed her tax return for that year, signing as personal representative. She was eligible for a refund. She did not have a will and had little assets (two cars, $500 in the bank, $500ish worth of stuff). I got a letter from the IRS (CP49) last week saying that she owed $18k on her 2010 return and that the refund had been applied to that. I don't know anything about her finances so I have no reason to believe she didn't owe that money. I definitely didn't know about it when I filed the return or got rid of her assets after she passed away. I wasn't sure from the letter whether I needed to pay that money or what. I think this is probably untaxed capital gains, since I know she cashed out her IRA at some point a few years ago (2010 I guess). I thought the most likely thing would be that I would owe what her assets were worth (which is less than her total owed) and that somehow I would have to communicate this to the IRS, and the rest would just be left owed since her "estate" would be insolvent. I called the IRS and they said at first that I did not need to pay anything and that there was a notice on the account indicating that no more letters would be sent. Then about 5 minutes later (after some silence while the IRS person was researching I assume), they said they weren't sure what would be owed and that I should contact a tax attorney. I have done so. Has anyone had an experience like this before? It's difficult for me to believe either that somehow it doesn't have to be paid at all or that I, personally, would owe all of it. e: also the letter did not have a due date for when the amount needed to be paid by Badger of Basra fucked around with this message at 00:27 on May 21, 2019 |
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May 21, 2019 00:18
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Badger of Basra posted:Not sure if I should ask this here or in legal questions. In theory you're supposed to call the collections department of the IRS so they can determine if they want to make a claim against the estate.
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May 21, 2019 15:57
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sullat posted:In theory you're supposed to call the collections department of the IRS so they can determine if they want to make a claim against the estate. I thought that’s who I talked to (it was the number the letter told me to call if I had questions) - is there a better number?
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May 21, 2019 17:31
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Badger of Basra posted:I thought that’s who I talked to (it was the number the letter told me to call if I had questions) - is there a better number? If you actually hired a tax attorney, you should be asking them these questions. Edit: and stop contacting the IRS directly yourself until you've talked with your attorney.
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May 21, 2019 17:39
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incogneato posted:If you actually hired a tax attorney, you should be asking them these questions. At a certain point, hiring a tax attorney will cost more than it sounds like was in the estate. I'd send a letter to the IRS outlining collections department what was in the estate, a copy of the death certificate, copies of any court documents, and tell them to shove off (politely).
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May 21, 2019 18:18
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AbbiTheDog posted:At a certain point, hiring a tax attorney will cost more than it sounds like was in the estate. I'd send a letter to the IRS outlining collections department what was in the estate, a copy of the death certificate, copies of any court documents, and tell them to shove off (politely). Definitely all true. I wasn't recommending an attorney. The IRS person who suggested hiring one was probably doing so as a matter of course, not as a comment on the complexity of the case. OP said they already contacted one, though. If an attorney has been hired, they should use them, not the internet.
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May 21, 2019 18:32
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Badger of Basra posted:I definitely didn't know about it when I filed the return or got rid of her assets after she passed away. Sounds like assets were distributed out of the estate before all its debts were paid. Since it was a small estate maybe it will slide
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May 21, 2019 18:38
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incogneato posted:If an attorney has been hired, they should use them, not the internet. Wait a minute - you mean I can't send all these people invoices? poo poo.
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May 21, 2019 19:33
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Badger of Basra posted:I thought that’s who I talked to (it was the number the letter told me to call if I had questions) - is there a better number? This is the standard procedure, the linked pub has phone numbers to call. Yeah, from a practical point the IRS may not bother doing anything, but it is still something that the personal rep should do.
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May 22, 2019 03:29
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The healthcare thread recommended I repost this here: Ok I have a question I'm in NY and get insurance through my employer (I have to because their cheapest lovely bronze plan is "affordable" and I'm locked out of the exchange) BUT I just had a revelation - am I right in thinking that I could qualify for Medicaid if I dump a large chunk of my salary into my 401k and IRA to lower my MAGI? I have a lot in savings and could easily live off 10k or whatever in earned income with the rest going to retirement - if I did this, would I still be required to pay premiums for an employer plan? Or would the employer plan no longer be "affordable" since my reduced MAGI would render it not affordable? tldr: can I opt out of my employer's health plan and get on medicaid if I start dumping money into my retirement funds?
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Jun 2, 2019 13:01
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EugeneJ posted:The healthcare thread recommended I repost this here: That's a Medicaid question, not a tax question.
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Jun 3, 2019 00:46
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EugeneJ posted:The healthcare thread recommended I repost this here: Per this at least it appears Medicaid MAGI does indeed not count things put towards retirement contributions. I would probably double check with New York's HHS to be sure though, there might be some sort of state issue I'm not aware of. sullat posted:That's a Medicaid question, not a tax question. To be fair it's kind of tax related since Medicaid and the Marketplace are sort of linked now (if your income is too low Healthcare.gov applies for Medicaid for you IIRC).
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Jun 5, 2019 00:08
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MadDogMike posted:Per this at least it appears Medicaid MAGI does indeed not count things put towards retirement contributions. I would probably double check with New York's HHS to be sure though, there might be some sort of state issue I'm not aware of. Be sure to check if Medicaid has asset limits on your state. Even if you income qualify, assets you hold might make you ineligible.
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Jun 7, 2019 13:57
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Follow up: I called New York State of Health and it turns out they only look at your gross income and post-tax deductions (so IRA contributions count, pretax 401k deductions do not) I make around 30k a year and with the $6000 I put into an IRA, that will qualify me for an Essential Plan ($20/month) when open enrollment begins later this year I am super happy as I had been putting off a surgery because of the cost, but now I'll be able to get it done on the cheap 
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Jun 13, 2019 15:42
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EugeneJ posted:Follow up:
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Jun 17, 2019 15:03
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SiGmA_X posted:I don't understand this. Maybe its because the caffeine hasn't saturated my blood yet. A traditional IRA is a pre-tax deduction just like a traditional 401k. Yeah I didn't phrase that right, sorry I meant Traditional 401k payroll deductions aren't counted by NY State of Health when calculating income - you *are* allowed to subtract Traditional IRA contributions from your gross, though
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Jun 17, 2019 21:19
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I'm obviously going to speak with an accountant about this, but... I live in Aus but am a member of an LLC in the United States. I've received equity and royalties from the LLC which are taxed at 15% and 10% respectively due to the Aus-US tax treaty. (Also declaring income here). Question is, when I do my tax return next January for the 2019 calendar year in the US, does the tax-free threshold still apply to me? Ie will I receive a refund? Or does that not apply to non-resident aliens? Weird question, just thought someone might know. CelestialScribe fucked around with this message at 03:25 on Jun 19, 2019 |
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Jun 19, 2019 03:19
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