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The Slack Lagoon posted:If I have 1099-R should I type those into the tax software even if the taxable amount is zero? Rollovers from former employers to a Trad IRA at Vanguard. Yes you'll want to report it as the IRS has a copy too of that form too and if you don't they're going to make 6 or 7 wild rear end assumptions about it that somehow results in them thinking that you owe a bunch of money you don't actually owe, and they won't tell you abt it for three years and then when they do it'll be nigh impossible to even get them on the phone to get it sorted out I am maybe extremely cranky rn from dealing with a similar situation Make sure you put zero in the taxable amount box ofc
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Mar 2, 2021 20:13
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black.lion posted:Yes you'll want to report it as the IRS has a copy too of that form too and if you don't they're going to make 6 or 7 wild rear end assumptions about it that somehow results in them thinking that you owe a bunch of money you don't actually owe, and they won't tell you abt it for three years and then when they do it'll be nigh impossible to even get them on the phone to get it sorted out And this year they lose everything sent to them by mail too. Also on a related note, is it just me or does the IRS completely ignore Form 8821 if you filed one for a client? Never seem to get an answer to even the most basic “how much do they show as owing?” question, need a 2848 POA or nothing. Not that they seem to keep those around, considering I wind up having to re-fax the drat POA form every single time I call. Starting to wonder if they lost my CAF number/file.
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Mar 2, 2021 20:45
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MadDogMike posted:Also on a related note, is it just me or does the IRS completely ignore Form 8821 if you filed one for a client? Never seem to get an answer to even the most basic “how much do they show as owing?” question, need a 2848 POA or nothing. In practice I've heard that ACS (Collections) doesn't give practitioners the time of day unless they have a POA on file, the POA because representatives under an 8821 can't set up a payment plan (which again, shouldn't matter if they're just trying to get balance <i>information</>) and on file because ACS reps apparently don't all have EEFAX to receive forms during calls. I don't work that department myself so I don't know if that's official policy or not, that's just the feedback I've gotten from practitioners that have called ACS. There's certainly shouldn't be any issues with giving balances due and such on the Priority Practitioner line (one of the ones I work), I do it all the time albeit with the proviso that if the balance is being handled directly by Collections they would be the only ones that can provide an official payoff amount. quote:Not that they seem to keep those around, considering I wind up having to re-fax the drat POA form every single time I call. Starting to wonder if they lost my CAF number/file. black.lion posted:Yes you'll want to report it as the IRS has a copy too of that form too and if you don't they're going to make 6 or 7 wild rear end assumptions about it that somehow results in them thinking that you owe a bunch of money you don't actually owe, and they won't tell you abt it for three years and then when they do it'll be nigh impossible to even get them on the phone to get it sorted out
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Mar 3, 2021 02:58
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I have a question about the stimulus payments that I cannot find an answer anywhere for. Is this the appropriate thread to ask?
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Mar 4, 2021 00:41
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Peyote Panda posted:In theory the 8821 should be sufficient for account questions like that and you'd only need the full 2848 POA for taking account actions like changing the mailing address or setting up an Installment Agreement. This is true, ACS doesn't talk to people with 8821s because ACS are collections and if they can't collect from a TIA, gtfo. Too Many Birds posted:here is a fun one: I'm under the impression that the $1400 Bidenbux are only going to taxpayers, not dependents, so your parents will only get their $2800, not your $1400. Of course, this is all up in the air, but it sounds like they're erring on the side of penny pinching. quote:I don't know what's going on at the CAF unit, but the guidelines they're giving us on the phone over the last few months have gone from the normal 5 business day processing timeframe to 10 to 25 days and this week they just said gently caress it, no timeframes for when 2848/8821s will be processed, don't bother sending it in again if it's already been submitted. lol
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Mar 4, 2021 06:49
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Last year I sent amended returns for 2017 and 2018 which don't show up on the IRS's system. Getting hold of someone on the phone has been impossible. Do I resend them just in case or will that gently caress things up? The amendments didn't change my tax amount but they do change how I calculated my 2019 and 2020 deductions.
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Mar 4, 2021 16:04
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Ur Getting Fatter posted:Last year I sent amended returns for 2017 and 2018 which don't show up on the IRS's system. Getting hold of someone on the phone has been impossible. Do whatever is correct based on the amended returns and wait for paperwork telling you otherwise. I wouldn't bother trying to get someone on the phone.
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Mar 4, 2021 16:20
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My wife and I have a shared savings account, but we MFS, so the bank account interest needs to be split. From what I understand is I fill out the 1099-INT with some of the interest designated, and I need to make a 1099-INT for my wife. Is my wife's PAYER information the bank's information or my information?
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Mar 4, 2021 16:52
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H110Hawk posted:Do whatever is correct based on the amended returns and wait for paperwork telling you otherwise. I wouldn't bother trying to get someone on the phone. Sounds like a plan, thank you!
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Mar 4, 2021 17:25
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I asked earlier if this was the appropriate thread but now I'm on my computer instead of mobile so I'm going to go ahead and ask. My son got the second stimulus of $600 by check, issued January 6 after getting the first one by check last year as well. Day before yesterday he got a debit card for another $600 that specifically states it's for the second stimulus. The date on the accompanying letter is February 15. He's 19, a student with $8,552 in income in 2019 (he's not filed for 2020 yet). Obviously this is incorrect. I asked my tax person whose answer initially was, "I have no idea what you should do with it." She later called back and told me this: You SHOULD send it back according to IRS guidance. She then told me that there are no provisions in the bill that provide means for the government to take it back, nor is there anything in the tax code that allows the IRS to take it back. Obviously, he shouldn't go spend it on something foolish but he's a student with loans, $600 makes a difference to him. She said it can also be a concern that payments returned to the IRS are never recorded as received, thus the government says you still owe money back to them. Anyone have an opinion on the right thing to do here?
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Mar 4, 2021 18:36
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ncumbered_by_idgits posted:Anyone have an opinion on the right thing to do here? Assuming you can cover it for him should it come back, I wouldn't rock the boat. Spend it on
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Mar 4, 2021 19:08
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sullat posted:This is true, ACS doesn't talk to people with 8821s because ACS are collections and if they can't collect from a TIA, gtfo. Gee, because of course I'm most likely to be calling to to do something I can do by filling out the drat 9465 (or direct the client to call since they know their account number and what's the right day to take the money out better than me) as opposed to, oh, gently pointing out there's something they have screwed up. Well, looks like my unofficial policy of "always file 2848, just add limitations if it bothers the client" is the correct one. Peyote Panda posted:I don't know what's going on at the CAF unit, but the guidelines they're giving us on the phone over the last few months have gone from the normal 5 business day processing timeframe to 10 to 25 days and this week they just said gently caress it, no timeframes for when 2848/8821s will be processed, don't bother sending it in again if it's already been submitted. Because of COURSE my client also wants to wait a month before I can do anything for them, especially if the thing they want me to do is "speak with a human being after our last letter reply vanished into the ether and the IRS is making lien threats"  . God bless the people without the previous mentioned EEFAX that have been willing to have me fax the POA to a co-worker with it at least.ncumbered_by_idgits posted:I asked earlier if this was the appropriate thread but now I'm on my computer instead of mobile so I'm going to go ahead and ask. I'd send it back with delivery confirmation to ensure it's received (so at worst you have a receipt of delivery to smack the IRS over the head with if they claim you kept it). Instructions are here for how to do the return.
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Mar 5, 2021 01:22
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MadDogMike posted:I'd send it back with delivery confirmation to ensure it's received (so at worst you have a receipt of delivery to smack the IRS over the head with if they claim you kept it). Instructions are here for how to do the return. Oh good idea. I should have thought of that.
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Mar 5, 2021 02:26
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Who here is ready to amend every return you've done over the past month with unemployment income? https://twitter.com/ddayen/status/1367860251744116737?s=19 Good policy but still 
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Mar 6, 2021 04:27
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man, i was such an rear end to my housemate last week when he started doing his taxes about how mine were already filed and my refund was in the bank. i hope he doesn't remember
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Mar 6, 2021 04:49
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saltylopez posted:Who here is ready to amend every return you've done over the past month with unemployment income? And they still manage to insert some means-testing bullshit with it only being the first $10,200 of UI. This is almost a rhetorical question at this point, but why not just declare all the unemployment income non-taxable just for the sake of simplicity? I'm sure there'll be will be more detailed info on how some lanyard-dicked assholes arrived at that number as the perfect compromise between making sure the resolution is sufficiently overcomplicated while not quite giving people enough assistance to make a real difference. 
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Mar 6, 2021 04:55
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Ughhh, she hasn't filed yet but my GF was on furlough and I just KNOW this is going to be a huge pain the rear end that isn't going to be handled OOTB by tax software because of the timing.
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Mar 6, 2021 05:41
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KillHour posted:Ughhh, she hasn't filed yet but my GF was on furlough and I just KNOW this is going to be a huge pain the rear end that isn't going to be handled OOTB by tax software because of the timing.  Hopefully we'll get it done a skosh sooner this time around.
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Mar 6, 2021 06:04
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Peyote Panda posted:FUUUUUCCCCKKK. Not to the policy itself, it's the least the government could do under the circumstances, but Jesus what lovely timing. I hope to Christ the IRS can figure out some sort of systematic adjustment to already filed returns because the amount of amended returns otherwise would be ridiculous. Between the record number of unemployment claims and the likelihood that the people with unemployment income were in a rush to file to get whatever refund they could/get their info in the system for a possible third stimulus I'm sure a shitload of the potentially affected taxpayers have already filed. The $10,200 is apparently the total amount someone would have received from just the bonus $600/week if they were on unemployment the whole time.
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Mar 6, 2021 14:24
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saltylopez posted:Who here is ready to amend every return you've done over the past month with unemployment income? So happy for my clients, so sad for myself. As if I didn't have enough work to do!
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Mar 6, 2021 20:17
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Guess that answers my question about whether Congress could stop doing tax law changes after the fact and get it right the first time .
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Mar 7, 2021 02:49
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MadDogMike posted:Guess that answers my question about whether Congress could stop doing tax law changes after the fact and get it right the first time I'm really hoping that if the IRS is able to do something systemically for the already-filed returns but that's unlikely just because a change in total taxable income can have so many additional effects that a full amended return would probably necessary in a lot of cases to capture all of the adjustments. Especially if you start getting into determining MAGI for items like the 8962 which still capture certain types of nontaxable income like nontaxable Social Security Benefits. Peyote Panda fucked around with this message at 17:37 on Mar 7, 2021 |
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Mar 7, 2021 03:25
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Well I came here to ask if I was going to have to amend our return to get my paid unemployment taxes back. This is likely to be a huge pain in the rear end right? They withheld almost a $1000 for the months I was furloughed, I definitely want that back.
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Mar 7, 2021 14:49
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While doing this year's taxes I found an error on last year's return that I filed. Long story short, there was a number where there shouldn't have been, and instead of owing ~$2k (which was paid on time/early), I should have owed ~$3k. Is fixing this as simple as filing an ammendation, writing a $1k check, and waiting or should I be seeking professional counsel instead of internet counsel?
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Mar 7, 2021 17:49
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GoreJess posted:Well I came here to ask if I was going to have to amend our return to get my paid unemployment taxes back. This is likely to be a huge pain in the rear end right? The biggest drag may just be the waiting time. An amended return can take up to 16 weeks to process under ideal circumstances. If you have to mail in a print copy, well.. the submission centers haven't caught up with processing last year's returns yet (IIRC, due to the retooling for COVID social distancing and other safety measures they're still only operating at 25% capacity or something like that) so it might be considerably longer than that.
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Mar 7, 2021 17:54
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SterlingSylver posted:While doing this year's taxes I found an error on last year's return that I filed. Long story short, there was a number where there shouldn't have been, and instead of owing ~$2k (which was paid on time/early), I should have owed ~$3k. Is fixing this as simple as filing an ammendation, writing a $1k check, and waiting or should I be seeking professional counsel instead of internet counsel? Sending in an amended return with a check should be fine. They aren't going to care. They might mail you back something saying you owe a few bucks in interest. Unless you did this with fraudulent intent in which case why did you do it for only $1000?
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Mar 7, 2021 18:05
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Early last year, my mother revealed to me that she'd opened a UTMA account for me shortly after I was born in which she deposited some stock. I guess she'd just kind of forgotten about it or something. Upon discovering this, I sold some of the stock and transferred the rest to my personal brokerage account. But now that I'm seeing the 1099-DIV that the transfer agent sent to me (for the first time) I'm wondering who's been paying the taxes on the dividends it's been accruing all these years. I just asked her and she said that she's never really thought about it and her tax preparer always seemed to consider the account unimportant. But I reached the age of adulthood in the account's state fifteen years ago - has she mistakenly been paying taxes I should have been paying all that time? Has nobody been paying them? She's speaking with her tax preparer in a few days, and I'll take what she says to my tax preparer, but I'm hoping that someone can give me a ballpark sense of the questions to ask and the things to worry about. In terms of absolute dollars the account wasn't very big, so I expect I'll be able to absorb back taxes and penalties as long as they aren't usurious.
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Mar 7, 2021 19:03
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raminasi posted:Early last year, my mother revealed to me that she'd opened a UTMA account for me shortly after I was born in which she deposited some stock. I guess she'd just kind of forgotten about it or something. Upon discovering this, I sold some of the stock and transferred the rest to my personal brokerage account. But now that I'm seeing the 1099-DIV that the transfer agent sent to me (for the first time) I'm wondering who's been paying the taxes on the dividends it's been accruing all these years. I just asked her and she said that she's never really thought about it and her tax preparer always seemed to consider the account unimportant. But I reached the age of adulthood in the account's state fifteen years ago - has she mistakenly been paying taxes I should have been paying all that time? Has nobody been paying them? edit: nevermind, I think I see. Youve been a working independent adult for some time. To who has the tax 1099 been issued to? You or your mother?
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Mar 7, 2021 22:10
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Admiral101 posted:edit: nevermind, I think I see. Youve been a working independent adult for some time. Yep, it’s been over a decade since I last filed as her dependent. quote:To who has the tax 1099 been issued to? You or your mother? Once I learned of the account last year, I updated it with my contact information. I received my first 1099-DIV for it this year. I presume that previously they’ve been going to her based on the fact that she said her preparer never seemed to consider the paperwork complicated because I don’t know what other paperwork it would have been. I can’t imagine the transfer agent just not issuing the 1099.
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Mar 7, 2021 22:36
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I can't speak for years prior to 2019 but my child's UTMA account interest/dividends are below the filing threshold for her to file (~$1000 in unearned income). She gets issued a 1099-int/-div but since they are below the filing threshold, we don't need to file a return for her nor report it on our return and it's tax free. Above the filing, threshold a UTMA beneficiary I believe needs to file a separate return, or somehow have it reported on whoever is the guardian's return but I don't anticipate ever getting into that situation until she takes ownership at 18/21 years old. I suspect the UTMA dividends and interest was reported under your SSN for all those years, you are probably in the clear for all the years you were a dependent of hers. But the years you weren't a dependent you may need to amend based on the amount. AtomicSX fucked around with this message at 00:09 on Mar 8, 2021 |
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Mar 7, 2021 23:59
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AtomicSX posted:I can't speak for years prior to 2019 but my child's UTMA account interest/dividends are below the filing threshold for her to file (~$1000 in unearned income). She gets issued a 1099-int/-div but since they are below the filing threshold, we don't need to file a return for her nor report it on our return and it's tax free. Above the filing, threshold a UTMA beneficiary I believe needs to file a separate return, or somehow have it reported on whoever is the guardian's return but I don't anticipate ever getting into that situation until she takes ownership at 18/21 years old. His post indicates he hasnt been a dependent in a long time so I doubt he was a dependent for many of the years in question. raminasi posted:Yep, it’s been over a decade since I last filed as her dependent. Right but in whose social security number? Social security numbers are how the IRS matches tax information to tax returns. If it is in her social security number, and she has been reporting it, theres not really a problem. If it is in your social security number, and you havent been reporting it, you may or may not one day get an automated letter assessing tax on an open tax year (statute closes after three years on a filed return). So far this sounds like the potential income is really nominal and this isnt something I would be losing sleep over, if I was you.
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Mar 8, 2021 00:13
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Thanks for all your help!Admiral101 posted:So far this sounds like the potential income is really nominal and this isnt something I would be losing sleep over, if I was you. I’m not really worried; it’s more that I’m trying to get out in front of questions my tax preparer might have.
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Mar 8, 2021 00:18
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MadDogMike posted:Not that they seem to keep those around, considering I wind up having to re-fax the drat POA form every single time I call.   same bro, same, every drat time
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Mar 9, 2021 00:23
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Does anyone know how to fill out schedule 3 properly for quarterly estimated tax payments? I'm using the IRS online fillable forms and I also made an estimated tax payment for Q1 of 2020 (the one where you use 1040-ES). I have it filled out like this:  This is 12d of schedule 3, replace "####" with an actual integer. When I filed my form it keeps getting rejected because it says I filled out a line wrong. I can use the error search provided by the IRS and I get this: IRS error search posted:Error I've copied an exerpt of the schedule 3 instructions here: 1040 Schedule 3 Instructions posted:Line 12d It doesn't say explicitly but I'm reading that I should select "TAX" in the dropdown, but it doesn't say to write anything in the space next to it. I bolded the part that I think applies to me. Maybe I should just put "0" in the space?
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Mar 9, 2021 01:22
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https://www.irs.gov/instructions/i1040gi#idm140228283919696 Google says Form 1040 Line 26.
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Mar 9, 2021 01:29
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H110Hawk posted:https://www.irs.gov/instructions/i1040gi#idm140228283919696 Ah shoot. The IRS site says in other places to use schedule 3. I guess I thought line 26 was only for 2019 refunds. Thanks!
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Mar 9, 2021 01:41
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Question: my parents did not get a stimulus check in 2020. I was under the impression that they'd be eligible to get an extra refund back on their taxes. My dad is saying that's true, however their income was significantly higher in 2020 versus 2019, right around the phaseout. Apparently rather than the extra stimulus refund being based on 2019 taxes, it's being based on his 2020 AGI, which results in a significantly lower amount. Is that the case?
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Mar 9, 2021 01:44
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Cory Parsnipson posted:Ah shoot. The IRS site says in other places to use schedule 3. I guess I thought line 26 was only for 2019 refunds. Est. payments used to go on Schedule 3, and I'm guessing they haven't updated all their literature yet. Ungratek fucked around with this message at 17:03 on Mar 9, 2021 |
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Mar 9, 2021 14:05
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The child credit for 2021 was expanded to $3,000, but it's $3,600 for a child "under 6". What if a child turns 6 during the year? Does it go by their age on December 31, 2021? I'm assuming yes which means my son hosed up by having his 6th birthday recently. 
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Mar 9, 2021 18:14
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Can you efile an amendment to his birth certificate
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Mar 9, 2021 18:31
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