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MadDogMike posted: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. I'm trying to figure out here what the original poster was asking - perhaps I'm missing something or they are. They have given no information on whether their traditional IRA contribution was expected to be pre or post tax unless I've missed it.
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Mar 25, 2020 00:14
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Motronic posted:I'm trying to figure out here what the original poster was asking - perhaps I'm missing something or they are. They have given no information on whether their traditional IRA contribution was expected to be pre or post tax unless I've missed it. Henrik Zetterberg posted:Sorry, I wasn't specific. This is all post-tax action.
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Mar 25, 2020 00:27
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Distracted, missed it......carry on. Sorry.
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Mar 25, 2020 00:50
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MadDogMike posted: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. Yeah I noted in my original post we both have zero-balance Trad IRAs. I am doing the Roth -> Trad rechar now to avoid the over-contribution penalty, then I'm going to convert it to Roth basically immediately. I'm know (like Henrik) I may have some taxable gain, but I am OK with that to make use of the Roth space. I'm just trying to figure out if I need to make note of the rechar somewhere on my 2019 taxes, or if as far as the IRS is concerned it was the same as a non-deductible (post-tax, whatever) Trad IRA contribution.
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Mar 25, 2020 02:13
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Sobriquet posted:Yeah I noted in my original post we both have zero-balance Trad IRAs. I am doing the Roth -> Trad rechar now to avoid the over-contribution penalty, then I'm going to convert it to Roth basically immediately. I'm know (like Henrik) I may have some taxable gain, but I am OK with that to make use of the Roth space. Hmm, can’t remember specifics here, but do double check to make sure how they handle it avoids the rules that limit recharacterization (so you want to reverse the Roth contribution as opposed to directly swapping it to traditional IRA, because then you won’t be allowed to immediately swap it right back to Roth). If I can recall more on that (or if on checking I’m misremembering) I’ll try to follow up here with more detail.
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Mar 27, 2020 23:40
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I had a discussion with my CPA, and disagree with what they filed for my 2019 returns. It has been filed and accepted. I want to change my COGS to reflect the items that sold in 2019. How can I go about it? Any help would be greatly appreciated. Thanks
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Mar 29, 2020 00:30
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Dial M for MURDER posted:I had a discussion with my CPA, and disagree with what they filed for my 2019 returns. It has been filed and accepted. I want to change my COGS to reflect the items that sold in 2019. How can I go about it? Any help would be greatly appreciated. Thanks https://www.irs.gov/forms-pubs/about-form-1040x Be aware that the entire IRS is basically on fire at the moment due to the coronavirus outbreak. I have no idea how long it will take for them to respond to your amended return.
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Mar 29, 2020 05:05
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Thanks for the link. I wasn't sure how it worked since it wasn't like a past years return or something.
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Mar 29, 2020 07:37
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Discendo Vox posted:Be aware that the entire IRS is basically on fire at the moment due to the coronavirus outbreak. Speaking of which, how about all those stimulus questions, huh? Given how bad it is at our office I shudder to imagine what the actual IRS phone lines are like right now. No people, if you had like $1.20 in taxable income you do NOT need to suddenly file a 2019 return just to get your stimulus check, though I grant you may be waiting a while without direct deposit info on file. Hope the less ethical bastards aren’t trying to literally scare up business with that sort of thing.
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Mar 30, 2020 22:50
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MadDogMike posted:Speaking of which, how about all those stimulus questions, huh? Given how bad it is at our office I shudder to imagine what the actual IRS phone lines are like right now. No people, if you had like $1.20 in taxable income you do NOT need to suddenly file a 2019 return just to get your stimulus check, though I grant you may be waiting a while without direct deposit info on file. Hope the less ethical bastards aren’t trying to literally scare up business with that sort of thing. I can imagine some payday loan place is already trying to figure out a way to have people file their taxes with the payday loan places ACH info in exchange for getting $500 stimulus cash RIGHT NOW.
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Mar 30, 2020 23:06
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I've set up a script of different issues and elements about the relief that I go through with taxpayers (on the rare chance that I can speak with them under the circumstances), but it's mostly covered well on the IRS site. It is, uh, going to get messier, if multiple additional different relief regimes pass.
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Mar 30, 2020 23:36
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MadDogMike posted:No people, if you had like $1.20 in taxable income you do NOT need to suddenly file a 2019 return just to get your stimulus check You sure? My impression was that everyone that doesn't get an SSA-1099 has to have filed either 2018 or 2019 returns
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Mar 31, 2020 00:15
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Is it still being done as a refundable tax credit in the final bill?
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Mar 31, 2020 00:19
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Here's the IRS site https://www.irs.gov/coronavirus
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Mar 31, 2020 00:32
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One (of many) concerns that I have is what happens with all the people who get their refunds through their preparers. It's a lot more than you think, since it's so easy to check the 'take your fee from my refund' box on Turbo Tax or whatever.
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Mar 31, 2020 01:10
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Discendo Vox posted:Here's the IRS site IRS posted:Stimulus payment checks: No information available yet, No sign-up needed As ever, and I say this without a shred of irony, I loving love the IRS.
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Mar 31, 2020 02:28
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sullat posted:One (of many) concerns that I have is what happens with all the people who get their refunds through their preparers. It's a lot more than you think, since it's so easy to check the 'take your fee from my refund' box on Turbo Tax or whatever. Preparers directly getting paid from a refund is super illegal, it has to be done via specific legal instruments that transfer the funds through control of a separate entity before they hit the taxpayer's account. See 31 CFR § 10.31. Discendo Vox fucked around with this message at 02:53 on Mar 31, 2020 |
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Mar 31, 2020 02:47
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Discendo Vox posted:Preparers directly getting paid from a refund is super illegal, it has to be done via specific legal instruments that transfer the funds through control of a separate entity before they hit the taxpayer's account. See 31 CFR § 10.31. Yeah, yeah, I know the specifics of how it needs to be done. The point is, that the intermediary bank's account information is what's on file with the IRS and not the ultimate recipient's. Green Dot bank or whoever will get the stimulus check, and then what? Will they forward it to the Emerald card? Who knows?
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Mar 31, 2020 03:51
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Discendo Vox posted:Here's the IRS site So now there is this: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know quote:I am not typically required to file a tax return. Can I still receive my payment? So, actually, this is concerningly somewhat wrong based upon what I understand. My understanding is that anyone who receives an SSA-1099 does not need to file because their income base for the check is what is in their SSA-1099. This covers Social Security retirement and disability recipients, but not people who receive SSI. Though these people may receive their payment sooner if they file instead of making IRS coordinate with SSA to provide that information.
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Mar 31, 2020 13:58
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sullat posted:Yeah, yeah, I know the specifics of how it needs to be done. The point is, that the intermediary bank's account information is what's on file with the IRS and not the ultimate recipient's. Green Dot bank or whoever will get the stimulus check, and then what? Will they forward it to the Emerald card? Who knows? Point of order, Emerald Card is H&R Block, and Axos Bank are the folks handling the bank parts of our operation. Now will they forward it to the Emerald Card automatically? Who the gently caress knows indeed! Certainly not me as the guy answering questions on the phone about it!  Sub Rosa posted:So now there is this: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know Oh God bless, something I can point people at when they expect me to know things even the IRS doesn’t. Folks really do believe tax preparers are some kind of sorcerers who propitiate the dark demons of the IRS and draw upon their power, don’t they? Wonder if I could talk my bosses into allowing a robe with stars and pointy hat in our dress code (or at least more comfortable shoes).
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Mar 31, 2020 15:12
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Woohoo, thanks to coming back to the States early due to the COVID pandemic, my wife missed eligibility for the Foreign Earned Income Exclusion by about 2 weeks, costing us about $10K in taxes. 
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Apr 4, 2020 14:01
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Tyro posted:Woohoo, thanks to coming back to the States early due to the COVID pandemic, my wife missed eligibility for the Foreign Earned Income Exclusion by about 2 weeks, costing us about $10K in taxes. Did she owe any taxes where she was working overseas? You can still write those off with Form 1116 if so.
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Apr 4, 2020 14:29
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Sub Rosa posted:So, actually, this is concerningly somewhat wrong based upon what I understand. My understanding is that anyone who receives an SSA-1099 does not need to file because their income base for the check is what is in their SSA-1099. This covers Social Security retirement and disability recipients, but not people who receive SSI. Though these people may receive their payment sooner if they file instead of making IRS coordinate with SSA to provide that information. And yeah I was right. Updated: quote:I am not typically required to file a tax return. Can I still receive my payment?
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Apr 4, 2020 16:47
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MadDogMike posted:Did she owe any taxes where she was working overseas? You can still write those off with Form 1116 if so. Yeah this. 1116 also allows carry forward.
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Apr 4, 2020 19:51
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Goons rule, thanks, I'll look into that
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Apr 4, 2020 22:22
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For the past 3 years I've rented out an apartment. When I did my taxes for the first year I hosed up my Cost Basis (or TurboTax did, who the gently caress knows) calculations and have been deducting about half of what my actual depreciation is. Starting 2020 I'm no longer renting the apartment because I moved back into it. Do I: a) Amend my 2017 and 2018 returns? b) File 2019 with the correct depreciation and leave 2017 and 2018 as is? c) File 2019 with the wrong number and eat the loss because the amount of money I overpaid isn't worth the hassle?
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Apr 5, 2020 01:05
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I finished amending my 2018 return this morning. I forgot to adjust my cost basis for disqualified ESPP sales. My understanding is that I only need to mail in the 1040X plus any forms that changed (in my case Schedules 1, D, and form 8949). I had a couple of questions to clarify. 1. Do I need to send in a modified 1040 that reflects the changes? It seems like all the needed info is on the 1040X. 2. Do I need to send in my W2 or 1099s? From reading the IRS website it seems like I don’t.
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Apr 5, 2020 01:22
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Ur Getting Fatter posted:For the past 3 years I've rented out an apartment. When I did my taxes for the first year I hosed up my Cost Basis (or TurboTax did, who the gently caress knows) calculations and have been deducting about half of what my actual depreciation is. Amend 2017 and 2018, use the correct figures for 2019. You'll get a refund for the first two since increased depreciation = more expenses. The real reason to fix it is there's something called depreciation recapture that will occur when you sell the apartment, and by the IRS rules you have to use the correct depreciation values for the years in question even if you didn't on the returns, so not correcting it would just punish you to no gain. Just be glad the error occurred in the range for amendment, if somebody screwed up depreciation before the three year window you have to file Form 3115 Change in Accounting Method which for a non-trained person (and many trained ones, in my experience) is basically incarnate to do.EPICAC posted:I finished amending my 2018 return this morning. I forgot to adjust my cost basis for disqualified ESPP sales. My understanding is that I only need to mail in the 1040X plus any forms that changed (in my case Schedules 1, D, and form 8949). I had a couple of questions to clarify. No to both (lots of programs generate the changed 1040, but that's just for your personal reference, NOT to be sent in, and the only time I'd consider adding the W-2/1099 is if what you're correcting is leaving them off the return), just send the 1040X and the forms you mentioned. Though if you're in a state with income tax you may wish to review amending that return as well since the change in capital gains may affect that as well.
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Apr 5, 2020 17:24
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MadDogMike posted:No to both (lots of programs generate the changed 1040, but that's just for your personal reference, NOT to be sent in, and the only time I'd consider adding the W-2/1099 is if what you're correcting is leaving them off the return), just send the 1040X and the forms you mentioned. Though if you're in a state with income tax you may wish to review amending that return as well since the change in capital gains may affect that as well. Thank you. I need to do this as well.
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Apr 5, 2020 17:29
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Just want to say: a) Thanks to whoever recommended FreeFillableForms. b) Double thanks to whoever recommended doing a run through on TurboTax first and then using FFF. b) gently caress TurboTax. c) Jesus Christ are US taxes complicated but I feel like I understand much more about my tax liability now that I've done it all myself. Now to get started on those amendments...
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Apr 6, 2020 05:23
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MadDogMike posted:Amend 2017 and 2018, use the correct figures for 2019. You'll get a refund for the first two since increased depreciation = more expenses. The real reason to fix it is there's something called depreciation recapture that will occur when you sell the apartment, and by the IRS rules you have to use the correct depreciation values for the years in question even if you didn't on the returns, so not correcting it would just punish you to no gain. Just be glad the error occurred in the range for amendment, if somebody screwed up depreciation before the three year window you have to file Form 3115 Change in Accounting Method which for a non-trained person (and many trained ones, in my experience) is basically Hey so I was working on my 1040x and realized that in 2017 my income tax was $0 after credits (I did pay SE tax), so turns out that adding the correct depreciation does not modify my tax liability. I should still fill the 1040x with all the correct amounts and just put $0 on the refund amount, right? Also, in Part III, I should explain that the depreciation calculations on form 4562 were incorrect and include the correct calculations? Or do I need to attach a new 4562? Thanks, sorry for all the questions!
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Apr 6, 2020 16:34
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Ur Getting Fatter posted:Hey so I was working on my 1040x and realized that in 2017 my income tax was $0 after credits (I did pay SE tax), so turns out that adding the correct depreciation does not modify my tax liability. Yes, do a 1040X with a new 4562 and the corrected Schedule E, explanation of "incorrect depreciation for apartment on Schedule E". Also, did you have a loss for the rental you were unable to claim because of income limits? There is a Form 8582 to report that on as well, because passive losses get carried forward to either offset passive income in future years or (when you sell the apartment) take on the final disposition Schedule E, and higher depreciation with a prior loss would increase that carryforward loss. And don't worry about questions, as I've told people before it's getting me to shut up about talking about taxes that's hard  .
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Apr 6, 2020 23:47
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No loss, thankfully! One last question. Since the reduced rental income modifies my overall income, this also changed my total Retirement Savings Credit (since my income tax was lower, the credit limit was also lower). I should also file a revised 8880, right? Gonna start work on 2018 which hopefully should be faster now that I know the process.
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Apr 7, 2020 16:01
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Ur Getting Fatter posted:No loss, thankfully! If it's affected, supply an updated version of the form always, yes.
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Apr 7, 2020 16:22
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I think I’m done with both amendments and my 2019 return. Should I mail in both amendments, wait till I have confirmation they’ve been received then efile 2019? Or just mail in everything together, including 2019?
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Apr 8, 2020 13:18
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You can file them together, each year will be processed separately so don’t need any special tricks. I’d efile 2019 if you can though since paper returns are taking a LONG time to process given the current apocalypse going on. If you do self select PIN be sure to use the values from the original 2018 return, not the amendment though.
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Apr 8, 2020 19:25
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Perfect, thank you so much for all your help. I'll mail the amendments off as soon as I'm able and then e-file when I get a received confirmation or before the deadline, whatever happens first. The amendments don't change my final payment for 2019 in any case so I figure it's not the biggest deal.
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Apr 8, 2020 20:06
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If you're dealing with audits, please be patient. We're now looking at the total seizeup of basically the entire examination system.
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Apr 9, 2020 07:22
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Discendo Vox posted:If you're dealing with audits, please be patient. We're now looking at the total seizeup of basically the entire examination system. Doh! Noticed a bunch of random 2019 refunds getting delayed, guessing that’s related too. Though of course those people I assisted with W-7 ITIN applications were probably doomed to long delays anyway thanks to the required paper filing and having to process the application in Austin only. Honestly all things considered I’ve been kind of expecting everything to blow up under you guys anyway, especially considering all the stimulus workload you got flung on your plague-exposed overworked selves. If you make the deadlines I’m hearing for said stimulus I will be genuinely impressed how well you pulled off such a psychotic goal with such little time and support, rest of the IRS functionality burned down or not. Also, this is mostly H&R Block related but probably applies to other similar programs; folks who normally get the refund deposited on an Emerald Card will get the stimulus direct deposited there too, I assume other companies with similar programs will as well. I also know for H&R Block they’re planning to add $10 to cover any fees if you need to pull it out as cash or otherwise transfer it to somewhere else, though that bit may not apply to other companies of course. So if you know anybody freaking out about whether they’d get the stimulus because they’re using one of those prepaid cards, let them know it’s OK.
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Apr 9, 2020 19:39
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OK, this may be better answered in the investment thread, but does anybody have any good sources for historical stock prices? Used to use Yahoo Finance, but that and every other alternative I try seems to have either only a short period of historical data or uses some drat custom page app that just fails on my browser and phone. Always a nightmare when basis not reported...
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Apr 11, 2020 19:43
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