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Big Ol Marsh Pussy posted:probably a stupid question that's already been answered before - i moved states this year and did my federal for free on creditkarma but can't do my state return there because of the move. what's the best (cheapest) way to file my state taxes? There are fifty fuckin states, Jesus Christ.
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Mar 2, 2020 19:30
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Big Ol Marsh Pussy posted:probably a stupid question that's already been answered before - i moved states this year and did my federal for free on creditkarma but can't do my state return there because of the move. what's the best (cheapest) way to file my state taxes? Print out paper returns and mail them in.
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Mar 2, 2020 20:59
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Guess I'm using FreeTaxUSA this year. I just now read the week old news that loving Intuit bought Credit Karma. So loving pissed. They can eat poo poo. The American tax system sucks poo poo and Intuit keeps lobbying to keep it that way. gently caress right off. 
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Mar 3, 2020 09:10
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8-bit Miniboss posted:Guess I'm using FreeTaxUSA this year. I just now read the week old news that loving Intuit bought Credit Karma. So loving pissed. They can eat poo poo. The American tax system sucks poo poo and Intuit keeps lobbying to keep it that way. gently caress right off. Goddamnit, really? loving gently caress.
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Mar 3, 2020 15:21
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8-bit Miniboss posted:Guess I'm using FreeTaxUSA this year. I just now read the week old news that loving Intuit bought Credit Karma. So loving pissed. They can eat poo poo. The American tax system sucks poo poo and Intuit keeps lobbying to keep it that way. gently caress right off. I've been trying to delete my Intuit account/data, but whenever I get to the confirmation screen it tells me my password is wrong. The same password I just used to log in 5 minutes prior. Pulled from a password manager.
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Mar 3, 2020 18:15
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KillHour posted:Goddamnit, really? loving gently caress. https://techcrunch.com/2020/02/24/intuit-credit-karma/ I’ve since deleted my Credit Karma account last night and hope since they follow the CCPA as I live in California, that my poo poo is well and truly gone.
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Mar 3, 2020 21:05
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Residency Evil posted:Lol man hopefully next year we do a better job with our W4s, because this year between state and federal taxes we underpaid by 16k. Did you already change your W-4 this year? Because, word of warning, they went to a whole new system this year, no more "allowances" in the calculations. They do have a calculator on the IRS website you can play with to generate the new W-4s, not really sure yet whether they're better or not than the old setup though (which fortunately is grandfathered in for everybody who had one).
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Mar 3, 2020 23:02
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Is there a filing tool that is going to make it easy to compare our results for MFJ and MFS? I started with Turbotax, but that was going to require me to enter all the information 3 times and my wife had 5 jobs last year so gently caress that.
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Mar 3, 2020 23:40
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99% of the time MFJ is better unless you have specific types of student loan debt.
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Mar 3, 2020 23:52
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I have a solar hot water system but had to replace my hot water tank, cause it was broken. It's one of the special tanks that are designed specifically for solar hot water systems. Does this qualify for a credit on form 5695? The instructions are unclear on this
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Mar 4, 2020 09:53
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Konstantin posted:99% of the time MFJ is better unless you have specific types of student loan debt. My wife has an PAYE plan for her student loans, and I was told that this can be affected by having our joint income listed.
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Mar 4, 2020 16:52
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Baronash posted:My wife has an PAYE plan for her student loans, and I was told that this can be affected by having our joint income listed. Yes, the PAYE payments will take into account both your incomes if you MFJ. If you file MFS, many deductions won't apply, so you have to run it both ways. Usually MFJ still wins.
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Mar 4, 2020 16:59
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Residency Evil posted:Yes, the PAYE payments will take into account both your incomes if you MFJ. Do any of the filing services make this comparison easy to find? I was looking at Turbotax, but their online service requires three accounts in order to do the comparison. That was a bit more of a headache than I was hoping for.
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Mar 4, 2020 19:14
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I freelance and get a handful of W2s and a small 1099 every year. I don’t have an organized business entity or anything. None of my W2 payers offer any retirement plans, but I’d like to do more more tax-advantaged saving in addition to the Roth IRA I’m maxing. From that rough description, does it sound like I’m eligible to put 25% of the sum of all my w2 gross into an “individual 401k?” My tax preparer was telling me to start a “SEP” but reading this, that seems to share the same yearly limit as the IRA I already fill. https://investor.vanguard.com/small-business-retirement-plans/comparison
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Mar 5, 2020 03:10
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eddiewalker posted:From that rough description, does it sound like I’m eligible to put 25% of the sum of all my w2 gross into an “individual 401k?” I was actually just looking at this stuff and I realized that I probably should have done a solo 401k, but apparently you need an EIN to open one which seems like a massive pain in the rear end. If you get an EIN for a sole proprietorship does that mean you have to file a separate tax return for it?
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Mar 5, 2020 03:28
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eddiewalker posted:From that rough description, does it sound like I’m eligible to put 25% of the sum of all my w2 gross into an “individual 401k?” It's hard to say what's best without knowing the amounts and how much you'd like to save.
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Mar 5, 2020 03:53
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Small White Dragon posted:A SEP or a solo 401(k) would be limited just on your self-employment income. You can do that in addition to a Roth, assuming you're under the income limits. I only have $4000 worth of 1099 income this year, so maybe it’s not worth the effort
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Mar 5, 2020 04:22
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mystes posted:Does it work this way? I had assumed the solo 401k would just be based your self-employment income, but I would be interest to hear if that's not correct. You can apply for an EIN online and you pretty much get it instantly. Make sure you save the PDF that they give you your EIN on because I don't think you can retrieve it again.
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Mar 5, 2020 05:40
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So my grandfather gifted me 60 shares of AT&T stock when he passed away in 1999. He wound up with these shares since he bought stock in Woodbury Connecticut Telephone in 197?. Since then it has grown to about 172 shares through dividend reinvestment over the last 21 years. I want to sell this stock and move it to index funds in my Roth IRA since owning individual stocks is not part of my investment strategy. Probably due to the the Woodbury Telephone --> SNET --> AT&T transition I cannot find a cost basis on any of the documentation. What would be the best way to estimate my tax liability? My best estimate is that T was trading for about $58 a share in October 1999. So my gains, if I were to sell today, would be about $3,060 and my tax bill would be ~$460 (15% LTCG).
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Mar 5, 2020 15:11
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Ancillary Character posted:You can apply for an EIN online and you pretty much get it instantly. Make sure you save the PDF that they give you your EIN on because I don't think you can retrieve it again.
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Mar 5, 2020 15:55
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mystes posted:But does having an EIN not change how I file taxes at all? Do I have to have my 1099s go to the EIN rather than my SSN? It doesn't unless you go and create a corporation.
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Mar 5, 2020 16:39
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Ancillary Character posted:It doesn't unless you go and create a corporation. I probably should have done the solo 401k last year, but unfortunately right now I'm not sure what my total income or the breakdown between w2 and 1099 income will be so I have no idea what to do now. mystes fucked around with this message at 17:06 on Mar 5, 2020 |
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Mar 5, 2020 16:59
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mystes posted:Thanks, but out of curiosity do you know what the point is of requiring an EIN for a solo 401k in the first place then? I'm not sure, but I think it's because the 401k plan itself is its own entity, and has paperwork that needs to be filed when assets exceed $250k, so it needs its own identification number. EDIT: You have until the day your taxes are due to make employer-side contributions to a Solo 401k for precisely this reason. Employee-side contributions, however, must be done by December 31st. The 401k plan must be established before the calendar year you want to contribute to is over, so you're already too late for 2019. Ancillary Character fucked around with this message at 17:12 on Mar 5, 2020 |
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Mar 5, 2020 17:09
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eddiewalker posted:I only have $4000 worth of 1099 income this year, so maybe it’s not worth the effort Ancillary Character posted:EDIT: You have until the day your taxes are due to make employer-side contributions to a Solo 401k for precisely this reason. Employee-side contributions, however, must be done by December 31st. The 401k plan must be established before the calendar year you want to contribute to is over, so you're already too late for 2019.  I don't know why I didn't start really thinking about this stuff until after I had filed my taxes.
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Mar 6, 2020 03:45
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I have a question about loving up Roth IRA contributions. background: So last year I contributed 5.5k for 2019. I forgot and contributed again and then realized this when doing taxes so I withdrew it (before the deadline). So for my 2018, I paid taxes on the 100 bux or so on the gains. I read at that time that I would have to file form 8606 and attach my 1099R to the 2019 return... question: I'm filling out 8606 right now and it says not to include any amounts where the contributions were returned to me. So basically I have this form with part 1 and 2 empty and part 3 has 3 places where I put down "0". Is that right?? Seems like I'm doing it wrong... Also do I need to add a letter of intent explaining this stuff? (I did in the 2018 return). I'm not sure how to do this using the online form though. Cory Parsnipson fucked around with this message at 05:03 on Mar 8, 2020 |
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Mar 7, 2020 21:09
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Last year I lived in California the first 9 months and had 0 income, then I got a job in New Mexico where I lived the last 3 months earning income. The NM job was a temp position initially, so I maintained a CA address in the event that the position didn't work out (still have a room/furniture in my old house that my old roommate is using as a guest bedroom). I'm only planning on being in NM until the end of summer before moving back to CA (just working here while the SO finishes grad school), so I haven't actually bothered changing my address in most places, still have CA drivers license / car registration / voter registration, etc. For tax purposes, was I a full year or part year CA resident? I believe in NM I'm considered a 1st year resident (was in NM for less than 185 days, but was living in NM on the last day of 2019)? On an unrelated note, on account of not working until the end of 2019, I'm still making 2019 contributions to a Roth IRA. My goal is to hit the contribution limit by 4/15, but it's possible I won't quite get there. How much of a pain is it if my estimated contribution for 2019 ends up differing from my actual contribution (since I'm planning on filing my taxes prior to making all my 2019 contributions)? AFAIK it shouldn't have any effect (negative or positive) on my 2019 tax liability, but would that still require sending some sort of addendum if the numbers are off?
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Mar 7, 2020 22:12
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Have kind of an unusual question I think... My wife had one of her paychecks garnished in 2019 due to another state thinking she owed taxes from 2013, which she did not. So she got that cleared up and received the ~$500 back. Now she has a 1099-G for the refund, and I don't know if it's taxable. If it matters, I don't think she filed any taxes in 2013, she was still in school and didn't have a job yet. Anyone know the answer? Thanks.
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Mar 7, 2020 23:27
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runawayturtles posted:Have kind of an unusual question I think... My wife had one of her paychecks garnished in 2019 due to another state thinking she owed taxes from 2013, which she did not. So she got that cleared up and received the ~$500 back. Now she has a 1099-G for the refund, and I don't know if it's taxable. If it matters, I don't think she filed any taxes in 2013, she was still in school and didn't have a job yet. Anyone know the answer? Thanks. If she deducted the taxes paid in the year that they were taken, it would be included back in income the year she gets the refund.
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Mar 8, 2020 07:36
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Am I loving myself over more than necessary by using TurboTax "free" (i.e. they take a chunk out of your refund), or is that one of the better options?
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Mar 8, 2020 15:51
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gently caress Intuit. They lobby to keep tax codes as complicated as possible. I used to use Credit Karma Tax, but Intuit bought them too. Use Free Tax USA instead. Name sounds sketchy but it's legit.
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Mar 8, 2020 15:59
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Pollyanna posted:Am I loving myself over more than necessary by using TurboTax "free" (i.e. they take a chunk out of your refund), or is that one of the better options? Yes. They charge you a premium for the loan. Also gently caress Intuit. Why would you voluntarily give them money, let alone part of your refund?
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Mar 8, 2020 16:25
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 Free Tax USA you say. That really does sound sketch...but I'll take a look.
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Mar 8, 2020 16:28
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1095-C isn't used anymore or something, and 1099-HC was for the state taxes part. I owed 5 bux to the IRS  But I got a $120 return from MA.The idea is to get as close to $0 as possible on both counts, right? Pollyanna fucked around with this message at 17:11 on Mar 8, 2020 |
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Mar 8, 2020 16:39
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Pollyanna posted:1095-C isn't used anymore or something, and 1099-HC was for the state taxes part. Really? What happened to it?
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Mar 8, 2020 17:22
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Small White Dragon posted:Really? What happened to it? "Good news! The IRS no longer needs proof that you have health care!" Something about some Trump bill or another.
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Mar 8, 2020 17:26
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Small White Dragon posted:Really? What happened to it?
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Mar 8, 2020 17:26
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Maybe I misunderstood, but I didn't have to use it
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Mar 8, 2020 17:27
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Yes, you still receive the form, but the tax software just asks yes/no if you had health insurance for all of 2019. No need to actually scan it in.
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Mar 8, 2020 17:34
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Pollyanna posted:
It's legit, run by taxhawk. Usually they have cash back for a lot off too on the usual sites
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Mar 8, 2020 17:59
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Pollyanna posted:
The part where you want to get close to zero is specifically when you're making withholding payments. The idea is to be accurate in what you put on the forms, whatever that may mean in terms of taxes owed. We don't need the healthcare form because we are supposed to get the healthcare info from other orgs along the chain. You should keep it for your records in case something goes wrong with that process- it's a backstop you can give us if you get audited. I really hate it when people have healthcare coverage irregularities- those systems are a pain to navigate and were rushed in setup, so there's a lot of manual entry and unusually complex procedures involved.
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Mar 9, 2020 00:37
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