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I started an after tax 401k ROTH rollover through my job in 2018, and because Fidelity has retirement & investing tax forms in 2 separate places for some dumb reason I overlooked my 1099-R when filing 2018 taxes in March 2019. Can anyone confirm if I need to amend my 2018 taxes even if 1099-R box 2a taxable amount is $0? The rollover value of $2916 shows up on the amended 1040, but I'm not sure if that even matters if no taxes are owed. I just don't want to get 30 years down the road and owe a bunch of fees for a stupid oversight when I start withdrawing in retirement.
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Mar 11, 2020 18:00
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Welp, turbotax seems to have correctly calculated my ESPP basis, unlike fuckin Jerry. Jerry is fired. After he fixes my return from last year which I now know he definitely messed up on, but the amount he was off wasn't enough to set off any alarm bells. This year he came up with a  number. To add a question: Do any of the "minor" (non-Intuit/H&R Block) tax prep companies have a good ESPP calculation system? I know the target numbers now and I would rather not pay Intuit to continue their quest against a sane tax return system.
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Mar 12, 2020 03:51
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H110Hawk posted:Welp, turbotax seems to have correctly calculated my ESPP basis, unlike fuckin Jerry. Jerry is fired. After he fixes my return from last year which I now know he definitely messed up on, but the amount he was off wasn't enough to set off any alarm bells. This year he came up with a Can’t speak for TurboTax but on CreditKarma and FreeTaxUSA it was just a matter of plugging in the numbers and marking with uhhhhh option B which is incorrect basis reported.
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Mar 12, 2020 05:59
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I am very pleased to announce that I've accepted a position in the IRS's communications division! I'm now producing (and frequently performing in, because budget) educational videos about tax compliance for posting to social media. My first work is already out! https://www.youtube.com/watch?v=FNCy9_DU8I4 (I promise that tie was an office in-joke, I don't normally wear it) Discendo Vox fucked around with this message at 00:12 on Mar 15, 2020 |
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Mar 15, 2020 00:09
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I'm showing $0.00 real estate taxes paid on my 1098. Last year we sold a home and bought a new home in November. I'm not sure if that's somehow changed how the real estate taxes are reported (or in this case - not reported) on the 1098 but I'm trying to determine if I need to get that number and/or have the mortgage companies re-send corrected forms because I feel like I'm missing a deduction or credit here. Any help or thoughts on this?
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Mar 15, 2020 22:54
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tangy yet delightful posted:I'm showing $0.00 real estate taxes paid on my 1098. Last year we sold a home and bought a new home in November. I'm not sure if that's somehow changed how the real estate taxes are reported (or in this case - not reported) on the 1098 but I'm trying to determine if I need to get that number and/or have the mortgage companies re-send corrected forms because I feel like I'm missing a deduction or credit here. Assuming you still had a mortgage on the home you sold, you're looking for two 1098s, one for the loan on the old house and one for the loan on the new house. Old loan's 1098 should show any taxes that were paid out of the old escrow. Check that closing disclosure to see if any already-paid taxes were allocated to your buyers in the sale. If you closed in November, it's likely that your escrow account for the new loan didn't pay any taxes in 2019. Check that closing disclosure to see if any already-paid taxes were allocated to you in the sale.
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Mar 16, 2020 05:18
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urnisme posted:Assuming you still had a mortgage on the home you sold, you're looking for two 1098s, one for the loan on the old house and one for the loan on the new house. Old loan's 1098 should show any taxes that were paid out of the old escrow. Check that closing disclosure to see if any already-paid taxes were allocated to your buyers in the sale. If you closed in November, it's likely that your escrow account for the new loan didn't pay any taxes in 2019. Check that closing disclosure to see if any already-paid taxes were allocated to you in the sale. I'll dig that paperwork up hopefully tomorrow. I assume if the taxes are allocated to the buyers then they get to claim any tax break from them?
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Mar 16, 2020 05:39
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tangy yet delightful posted:I'll dig that paperwork up hopefully tomorrow. I assume if the taxes are allocated to the buyers then they get to claim any tax break from them? Yes
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Mar 16, 2020 05:55
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The IRS has delayed the payment deadline to July 15 due to the coronavirus outbreak: https://www.irs.gov/coronavirus See below. Discendo Vox fucked around with this message at 15:29 on Mar 20, 2020 |
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Mar 19, 2020 19:54
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As a accountant: thank god. I was dreading busy season just extending forever into the distance.
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Mar 20, 2020 03:02
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I got a 1099-B for an investment account that my grandparents set up for me a long time ago that I closed out in 2019. Should there also be an accompanying 1099-DIV or do I not get one since it's closed out?
Paul MaudDib fucked around with this message at 06:02 on Mar 20, 2020 |
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Mar 20, 2020 05:20
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Paul MaudDib posted:I got a 1099-B for an investment account that my grandparents set up for me a long time ago that I closed out in 2019. Should there also be an accompanying 1099-DIV or do I not get one since it's closed out? Unless you actually got dividends for the year, you don’t get one.
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Mar 20, 2020 06:49
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Discendo Vox posted:The IRS has delayed the payment deadline to July 15 due to the coronavirus outbreak: Word is coming from the washington post that Mnuchin is now saying the filing deadline is also postponed to July. I've not heard anything official.
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Mar 20, 2020 15:28
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Discendo Vox posted:Word is coming from the washington post that Mnuchin is now saying the filing deadline is also postponed to July. I've not heard anything official. https://twitter.com/IRSnews/status/1241008572332466178 Not official official, but a tweet from the IRS twitter is a pretty good indication it'll happen.
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Mar 20, 2020 19:29
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incogneato posted:https://twitter.com/IRSnews/status/1241008572332466178 Mind you the states may or may not delay filing deadlines, so be careful in that regard. On the other hand, if you want to really be safe filing extensions lets you push federal and state off until October if need be.
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Mar 20, 2020 20:16
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I have a question about business inventory. We took out a loan to buy a bunch of stuff in 2018, but not a all of it had sold by the end of the year. So because I have a bunch of COGS and not as much sales my income is stupidly low. Is there a way to offset that somehow? I can't compare inventory levels from beginning to the end of the year because this has never come up and that data is gone. Going forward we'll keep track where we are at each December 31st.
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Mar 20, 2020 20:32
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Discendo Vox posted:I am very pleased to announce that I've accepted a position in the IRS's communications division! I'm now producing (and frequently performing in, because budget) educational videos about tax compliance for posting to social media. That's awesome. You've joined a famous, even legendary team! https://www.youtube.com/watch?v=7jW04WmOw7s Do Three's Company next!
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Mar 20, 2020 23:00
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incogneato posted:https://twitter.com/IRSnews/status/1241008572332466178 Now official: https://www.irs.gov/pub/irs-drop/n-20-18.pdf
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Mar 21, 2020 01:40
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Ceiling fan posted:That's awesome. You've joined a famous, even legendary team! God what this is loving lavish, when on earth did we have the budget to do this? We've been recycling the same UNAX scenario clips for 30 years because we can't afford to take a camera offsite anymore like, this is what we use to try to recruit people! (I do not work in our comms division, if I did things would be much less dire there) Discendo Vox fucked around with this message at 02:34 on Mar 21, 2020 |
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Mar 21, 2020 02:27
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Discendo Vox posted:(I do not work in our comms division, if I did things would be much less dire there) Too bad. We are all now counting on you as well as holding you accountable for an entire government agency. E: no pressure
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Mar 21, 2020 03:17
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If I get audited, I'm buying you the most annoying avatar.
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Mar 21, 2020 03:30
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KillHour posted:If I get audited, I'm buying you the most annoying avatar.
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Mar 21, 2020 03:33
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Avatar purchases for IRS goons do not qualify as an advance payment against liability.
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Mar 21, 2020 05:50
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Discendo Vox posted:God what I think your video production budget took a hit around 2012 when this and a few others started turning up in public. Now you know the faces of the people you can thank for having to run every project up to the commissioner and back for approval. The video turned up as part of a government waste hunt after one of the GSA's divisions held an $800,000 conference in Las Vegas. So nobody was in a particularly understanding or forgiving mood.
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Mar 21, 2020 16:56
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We don't need to do a Gilligan's Island sketch ofc, but my god we could have better scripts, actors, and visuals than the pseudo-powerpoints we've currently got.
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Mar 21, 2020 17:21
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I don't think crappy videos are necessarily a bug. Crappy production value signals to people that it's all business and frugal. Sure you might have some talented amateur writers/actors/etc but anything beyond that, you court suspicion (fairly or not) that resources are mismanaged.
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Mar 21, 2020 18:09
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Discendo Vox posted:God what Hey, they came out with a new UNAX clip a few years ago. It was the talk of the town. It was the one with the woman checking up on her baby daddy's refund.
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Mar 22, 2020 04:42
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https://www.youtube.com/watch?v=X0RebubZ3f4
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Mar 22, 2020 16:37
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Funny the stupid things that stand out in your brain, mine immediately went "I'd be in trouble if I left that much paperwork with SSNs on it out on my desk". Granted the occasions when I'm working on something and people suddenly dump another client on me make the place look like a paper explosion, but at a certain point I expect to triage and lock stuff up to finish later. Also can't really buy the charity notion given how many I ask who say "I dunno how much I gave, let's just leave it off since I can't find the receipt anyway". Though the opposite end with people who save those receipts showing a $3 contribution with their purchase somewhere are somewhat amusing (especially when they don't have near enough stuff to even consider itemizing). Only real charity annoyances are the lots of physical item donation types; Form 8283 drives me insane to fill out in job lots, especially when they give everything to the same place and I try not to confuse entries. I have the local Goodwill address memorized from typing it so much. On my crazier days going through about 15+ entries I'm half-tempted to substitute "Looted" for "Purchased" for "how acquired" on a few entries in the middle and see if anyone notices. I suppose for real honesty I shouldn't put "Thrift Shop Value" down for how FMV was calculated, more like "Best guess using those crappy price sheets they hand out which don't cover half the things the client gave". It ain't the sale of home that worries me when clients move, it's how many items they donate to avoid having to move them...
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Mar 22, 2020 21:11
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MadDogMike posted:I suppose for real honesty I shouldn't put "Thrift Shop Value" down for how FMV was calculated, more like "Best guess using those crappy price sheets they hand out which don't cover half the things the client gave". Hey, now, I spend real time working my way through the Sharper Image website finding the closest equivalent item and multiplying by 0.99, because I take care of my poo poo. Really, I ought to get some kind of reimbursement for the amount of time I take making sure the government knows how I've done all the things that helps society, and why I don't have to pay nearly as much as those other slackers.
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Mar 22, 2020 21:52
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MadDogMike posted:Funny the stupid things that stand out in your brain, mine immediately went "I'd be in trouble if I left that much paperwork with SSNs on it out on my desk". Granted the occasions when I'm working on something and people suddenly dump another client on me make the place look like a paper explosion, but at a certain point I expect to triage and lock stuff up to finish later. Also can't really buy the charity notion given how many I ask who say "I dunno how much I gave, let's just leave it off since I can't find the receipt anyway". Though the opposite end with people who save those receipts showing a $3 contribution with their purchase somewhere are somewhat amusing (especially when they don't have near enough stuff to even consider itemizing). Only real charity annoyances are the lots of physical item donation types; Form 8283 drives me insane to fill out in job lots, especially when they give everything to the same place and I try not to confuse entries. I have the local Goodwill address memorized from typing it so much. On my crazier days going through about 15+ entries I'm half-tempted to substitute "Looted" for "Purchased" for "how acquired" on a few entries in the middle and see if anyone notices. I suppose for real honesty I shouldn't put "Thrift Shop Value" down for how FMV was calculated, more like "Best guess using those crappy price sheets they hand out which don't cover half the things the client gave". It ain't the sale of home that worries me when clients move, it's how many items they donate to avoid having to move them... tbh I love charitable contribution cases, they're really fast and straightforward 99% of the time. But there's definitely a lot of incorrect practices on them out there, especially with documenting value of donated objects. No, the door hanger where you made up a number for value isn't adequate, Mr. taxpayer. Those weren't $5,000 dollars of tshirts you donated to goodwill.
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Mar 23, 2020 01:07
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My wife and I accidentally over-contributed to our Roth IRAs for 2019. I just called Vanguard and had them recharacterized to Trad contributions. Does this mean I can just report them as Non-Deductible Traditional contributions on form 8606 for 2019? We both had no or zero-balance Trad IRAs on Dec. 31, 2019 and have not done any recharactsrizations or conversions before, although we did backdoor Roth for 2020 already this year.
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Mar 24, 2020 17:54
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I do a max contribution in January to a traditional IRA. A couple days later when it settles, I do a conversion to Roth IRA to make it a backdoor contribution. For my 2018 and 2019 taxes, two different CPAs both listed the full $6xxx (original $6k + gains over the few days before I convert) as taxable income. Am I going crazy, or am I just supposed to be taxed on the gains between the traditional contribution and the conversion? I'm like 98% sure I'm right, but 2 different CPAs have done the same thing.
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Mar 24, 2020 21:19
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Henrik Zetterberg posted:I do a max contribution in January to a traditional IRA. Is your AGI too high to contribute post-tax dollars to a traditional IRA? If so, they are doing it right.
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Mar 24, 2020 22:48
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Motronic posted:Is your AGI too high to contribute post-tax dollars to a traditional IRA? If so, they are doing it right. There's no income limit for a traditional IRA contribution, right? I'm not looking to deduct my traditional contribution, I'm just looking for the traditional --> Roth conversion to not get taxed on the whole balance, just the gains, which is how I understand it works. I'm backdooring the Roth because yes, my AGI is too high for a direct Roth contribution.
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Mar 24, 2020 23:25
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Henrik Zetterberg posted:There's no income limit for a traditional IRA contribution, right?
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Mar 24, 2020 23:28
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mystes posted:Are you saying that you think you can put pre-tax income in a roth IRA via a backdoor IRA? Or you are getting double taxed on a non-deductible IRA contribution?
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Mar 24, 2020 23:29
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Henrik Zetterberg posted:There's no income limit for a traditional IRA contribution, right? No, but there are income limits and other pitfalls on that contribution being pre-tax. https://www.nerdwallet.com/article/investing/ira-contribution-limits
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Mar 24, 2020 23:30
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mystes posted:Are you saying that you think you can put pre-tax income in a roth IRA via a backdoor IRA? Or you are getting double taxed on a non-deductible IRA contribution? Sorry, I wasn't specific. This is all post-tax action. Here's what I did: - Post-tax, non-deductible contribution of $6000 into Traditional IRA. - Trad IRA gains $200 over the course of a few days. - Converted $6200 Trad IRA balance (same # of shares I bought with the original contribution) to Roth IRA. This should result in me only being taxed on the $200 gains, and not the whole $6200 "distribution," correct?
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Mar 24, 2020 23:41
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Sobriquet posted:My wife and I accidentally over-contributed to our Roth IRAs for 2019. I just called Vanguard and had them recharacterized to Trad contributions. Does this mean I can just report them as Non-Deductible Traditional contributions on form 8606 for 2019? Uh, word of warning, if you have any traditional IRAs, doing a backdoor Roth later on is going to have tax impacts. Called the Pro Rata rule, pretty good explanation here as to the consequences. Motronic posted:Is your AGI too high to contribute post-tax dollars to a traditional IRA? If so, they are doing it right. Uh, that doesn't make any sense, by their very nature non-deductible contributions to a traditional IRA don't care about your AGI, you aren't taking any benefit on them. Only other limit I can think of is if you don't have the earned income to contribute, but unless you're a trust fund person I don't see that generally causing issues. Unless there's something I'm missing I'm pretty sure Zetterberg is right that only the gains should be taxable not the non-deductible contributions, unless for some reason the CPAs were taking the trad IRA deduction on the contributions before doing the Roth conversion on 8606. Which admittedly they might be, backdoor Roth is one of those relatively rare things that a less informed preparer might be making mistakes with (God knows my first one I researched VERY carefully to ensure I did the 8606 right). I'd have to see the actual forms probably to be sure what was going on though.
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Mar 24, 2020 23:56
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