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Peyote Panda posted:No guarantees though. I remember one case where I was looking over the scanned documents the taxpayer's accountant had sent in which included a photocopied page of the publication with the specific rule the filing was relying on highlighted and underlined and the processing center still sent the equivalent of a "Durrrr, I don't get it" notice. Did you know that you can elect to take the premium tax credit as a lump sum on your return instead of having it be paid to the insurer on your behalf? There's a procedure that lays out how to do it. I talked to probably the only person to ever do it that way and of course he followed the procedure exactly and of course it got math errored off the return.
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Mar 24, 2021 04:13
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Peyote Panda posted:Just to clarify, it's not about fixing it after the fact. You wouldn't get any stimulus payment until the return is fully processed and if you file with a missing or incorrect 8962 you'll run into that delay previously mentioned. The marketplace also reports their information to the IRS, so if a 1095-A was issued under your Social Security Number and there's no 8962 or an incorrect one attached to the return it's going to get flagged automatically and a 12C letter will get sent out asking for you to send in the needed documentation and then your return will enter the hellworld of manual processing. Thanks for clarifying that.
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Mar 24, 2021 05:27
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CainFortea posted:Thanks for clarifying that. Also theoretically if you filed your 2019 return and it qualifies you, you should still get the current stimulus payment, just obviously not immediately.
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Mar 24, 2021 06:01
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Peyote Panda posted:Overall, adding up to be a great fuckin' tax season. I've never been able to enroll in e-file for preparers because I'm overseas, and to verify your identity they text your US phone number (don't have) or mail you a PIN (expired by the time it reaches me). This has never been a problem in the past; expats are used to things taking a bit longer and being more inconvenient. The current extreme situation is causing me to question whether it is even ethical for me to take on work at this point, as paper filing is now having negative impacts beyond waiting longer for refunds and paperwork to clear. My personal 2019 return has still not processed, which means no second or third stimulus yet. Every client I asked so far has said the same, and I can assume it's true of those I haven't polled yet. One client is waiting on a very substantial refund for 2019 and as far as I can tell his return is still sitting untouched in the Austin processing center. Most of them would not be able to get it right using self-preparation software like TurboTax, Big 4 offers expat services for $$$$ and is as likely as not to gently caress it up, so the only realistic option for timely processing is to send them to one of the big online companies specializing in expat services, likely permanently losing some or all of my business.
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Mar 24, 2021 06:33
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Sigh. I filed my taxes last weekend and just realized I forgot a 1099-INT. The bank website said I had no tax forms but it was under a stack of mail, the liars. So I guess I need to amend for the first time. I owed a few hundred this year and scheduled it for 4/15. FreeTaxUSA says wait for that payment to happen, then amend with the extra form. It also says the IRS might fix it for me, but then I imagine they'd send a bill? Would rather fix it now but it doesn't seem like I can change the payment date...
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Mar 24, 2021 07:02
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runawayturtles posted:Sigh. I filed my taxes last weekend and just realized I forgot a 1099-INT. The bank website said I had no tax forms but it was under a stack of mail, the liars. So I guess I need to amend for the first time. how much interest are we talking about here? if it’s under a hundred bucks you should skip it and let them send you a notice (if they even get around to it)
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Mar 24, 2021 07:16
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scribe jones posted:how much interest are we talking about here? if it’s under a hundred bucks you should skip it and let them send you a notice (if they even get around to it) Around 800, from a few EE bonds.
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Mar 24, 2021 07:23
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So I'm in a fun tax situation where I'm on contract through the end of July, and then will (presumably) be transferred to a full-time employee with the company I'm working for. I downloaded the 1040-ES, and as the OP indicated, quickly had to fight the urge to tear my hair out. I also have deductions to account for in regards to supplies I've purchased specifically for this job, including a fancy new laptop. Does anyone have any recommendations for software or even tax preparers/accountants who can help me out with my situation (for monies, of course)? I want to make sure what I pay in April is as close to correct as possible.
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Mar 24, 2021 14:48
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Can I have a quick sanity check from the thread? I just paid $650 to have someone file my Federal and State (VA) taxes. I think that’s probably a lot, but I live in the DC metro area where COL is pretty high, and I itemized for the first time this year. Is it worth looking for another CPA in the future or is my price reasonably fair?
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Mar 24, 2021 22:48
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dexter6 posted:Can I have a quick sanity check from the thread? Mine here in washington was between 400 and 500 for a local CPA. When we did the H&R Block tax preparers a couple years ago we paid around $400 as well. I don't know if COL area affects this price, so yours are a little higher, though not insanely higher. I'm sure more people will be able to give a better idea of what the true average should be.
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Mar 24, 2021 22:57
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dexter6 posted:Can I have a quick sanity check from the thread? Maybe? Depends on what kind of work goes into your return.
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Mar 24, 2021 23:20
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scribe jones posted:how much interest are we talking about here? if it’s under a hundred bucks you should skip it and let them send you a notice (if they even get around to it) Nah, don't do this. Amending it should be pretty trivial you can efile amended returns now and just pay the difference.
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Mar 25, 2021 04:07
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My 2019 tax return still has not been processed by the IRS. I haven't received either of the last two rounds of stimulus payments despite being eligible, and I assume the reason for that is that there is no 2019 return in the IRS's system. Am I going to be able to claim a credit for both of these stimulus payments on my 2020 taxes?
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Mar 25, 2021 17:49
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Pungent Mammy posted:My 2019 tax return still has not been processed by the IRS. I haven't received either of the last two rounds of stimulus payments despite being eligible, and I assume the reason for that is that there is no 2019 return in the IRS's system. Am I going to be able to claim a credit for both of these stimulus payments on my 2020 taxes?
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Mar 25, 2021 19:08
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Peyote Panda posted:Yes and no. The only way to get the second payment now would be to claim it using the Recovery Rebate Credit on your 2020 return. The 1st and 2nd payments are no longer being issued as stimulus payments. The third payment is probably waiting for either a 2019 or 2020 return to be processed to provide info on your eligibility and how to send that payment, though to be honest that process has been all over the place with no clear guidance on how that's being decided. Thanks for the response. So I can claim the second $600 payment as the RRC, but the third $1400 payment may still be disbursed by direct deposit or check when one of the newer returns is processed. Do I have that right?
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Mar 25, 2021 19:49
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dexter6 posted:Can I have a quick sanity check from the thread? The answer, like with all things accounting, is: It depends. Do you have a small business or rental property or ten thousand non-covered security sales every year? Do you provide your CPA with your docs promptly and in an organized fashion, or do you drop off a greasy paper bag full of receipts randomly? What did they charge for your return last year? Did anything change? There's like a million reasons your return could cost $X.XX - some returns I do for $200 and some I do cost over $1,000 Then there's the PITA charges...
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Mar 25, 2021 19:49
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Pungent Mammy posted:So I can claim the second $600 payment as the RRC, but the third $1400 payment may still be disbursed by direct deposit or check when one of the newer returns is processed. Do I have that right?
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Mar 25, 2021 20:14
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Peyote Panda posted:Yes! Sorry to be a little vague on the third payment, but it's been all over the place as far as processing goes. For that I'd just suggest continuing to check Get My Payment for additional updates on your 3rd payment and there should also be more general clarification on our website as that becomes available. Thanks, I’ll keep checking that. Do you recommend waiting to file 2020 until I see that 2019 has been processed?
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Mar 25, 2021 20:29
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Pungent Mammy posted:Thanks, I’ll keep checking that. Do you recommend waiting to file 2020 until I see that 2019 has been processed?
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Mar 25, 2021 21:12
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Peyote Panda posted:No. They're processed separately so generally speaking there's no reason to wait. If you're filing 2020 electronically, just keep in mind since 2019 hasn't been processed that when it asks for last year's AGI as part of the e-file signature process you just put in a 0. Thanks so much for your help!
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Mar 26, 2021 00:31
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So I messed up and I am not sure what to do. 1. Earlier last year (2020) I contributed directly to my Roth IRA. I then realized a few months ago I made too much. At this time it was $6000 2. A couple of months ago I thought I could fix it, So I re-characterized the distribution from my Roth IRA, to a Traditional IRA (The initial $6000), eventually it rolled over like $7500 3. Then to qualify for the Roth like I'm supposed to, I did the transfer of $6000 from my Traditional IRA to my Roth IRA. (Backdoor Roth) 4. Now I'm not sure what to do with the $1500 left in my Traditional IRA? Am I supposed to get a form 5498 from Vanguard? Am I supposed to process an excess contribution remoal? I already made contributions for 2021, so transferring it there is not an option... **Edit Was I supposed to transfer over the whole amount ($7500) to do the Roth IRA conversion after the re-characterization? If I do it now and its gained a little bit of value (From $1500 to $1700...) Senor P. fucked around with this message at 02:01 on Mar 26, 2021 |
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Mar 26, 2021 01:09
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black.lion posted:The answer, like with all things accounting, is: It depends. Must be nice to be able to adjust your prices to reflect inconvenience levels. On the other hand, I just broke $1700 for the first time for one person for one year (partnership/personal return dual returns), so perhaps I shouldn't fuss too much about where things are set really.
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Mar 26, 2021 01:12
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MadDogMike posted:Must be nice to be able to adjust your prices to reflect inconvenience levels. On the other hand, I just broke $1700 for the first time for one person for one year (partnership/personal return dual returns), so perhaps I shouldn't fuss too much about where things are set really. We have pretty reasonable rates to start with, we don't charge for most consults and any IRS representation for our regular clients for instance, so if someone is taking advantage of our time we try to make sure that's reflected somewhere in billing. We used to be really bad about billing for our time but we're desperately seeking that work-life-balance everyone keeps talking about. The $1000 returns are like 2x Sch C with a lot going on or like 5x rental properties, esp if trash for recordkeeping
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Mar 26, 2021 03:05
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sale on Banksy art posted:I've never been able to enroll in e-file for preparers because I'm overseas, and to verify your identity they text your US phone number (don't have) or mail you a PIN (expired by the time it reaches me). That should be pretty easy to fix. You can get a Google Voice number for free that will let you receive text messages. Otherwise, I want to say there are cheap prepaid SIM cards (maybe from T Mobile?) that have cheap international options that you could get next time you're in the US.
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Mar 26, 2021 19:42
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Ur Getting Fatter posted:I didn't go into data because it's way over my head but the conclusions seem to line up with other reporting in the last few years? Rich people avoid way more tax than poor people, random audits are either bad at catching the avoidance or recovering money is too expensive due to rich people having lawyers, so IRS avoids enforcing. One of the root problems with a lot of the reporting is IRS emphatically does not run reports by income, they do it by return issues. The normal calculus very explicitly does not line up with the appealing class stories, and a lot of the systemic flagged issues that IRS devotes resources to are multiparty systemic, like EITC fraud, which can involve whole networks of preparers and clients. I'm struggling to parse the estimate basis they're using here, but I just don't know the normal estimate system used in the past to tell how far off base their assumptions about systemic nonreporting are. The timing with the new administration is making me extra suspicious.
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Mar 27, 2021 02:16
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Magic City Monday posted:That should be pretty easy to fix. You can get a Google Voice number for free that will let you receive text messages. Otherwise, I want to say there are cheap prepaid SIM cards (maybe from T Mobile?) that have cheap international options that you could get next time you're in the US. They won’t send the PIN to any random number. It has to be registered in your name. I’m going to have to change my mailing address at some point, have them mail it to my dad, then change it back.
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Mar 27, 2021 04:16
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So I adjusted my w4 to take an additional 150 federal withholdings at my w2 job, expecting my salaried paycheck to be 150 dollars less than the previous. Except it was about 400 less, even though the gross pay was the same. I compared them line by line and the only difference was the 150 withholding, but somehow they withheld 400 more in the total (even though it says 150 in the additional column). Is this a mistake or am I missing something?
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Mar 27, 2021 20:51
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FateFree posted:So I adjusted my w4 to take an additional 150 federal withholdings at my w2 job, expecting my salaried paycheck to be 150 dollars less than the previous. Except it was about 400 less, even though the gross pay was the same. I compared them line by line and the only difference was the 150 withholding, but somehow they withheld 400 more in the total (even though it says 150 in the additional column). Is this a mistake or am I missing something? If your previous W-4 was done before 2020 then your change also moved you to the new withholding system.
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Mar 28, 2021 02:38
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Long story short, we live in MI but my wife worked in NY. Due to covid, her employer offered her a reduced salary to stay home and not work, then she took a buyout in August. The state of NY is now asking for more information from us on why our total income vs NY taxable income is so different (she worked 31 days, and according to the questionnaire for non-residents, we were taxed appropriately). Is there any guidance for a situation like this where you're paid to stay home and not work? I don't know how widespread this actually was but it ended up being really common for airlines to do for cost savings. The only proof we have right now is her last paystub that show "regular pay" for the days she worked, "relief pay" for her reduced pay to stay home, and "severance pay" for her buyout. I don't know how to explain this to NY in writing, other than what I did here. Any recommendations?
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Mar 28, 2021 18:53
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I have a quick general question on how the Self-Employed Health Insurance deduction works. I've got a simple small business that I run full time and I get my healthcare through the ACA marketplace. Can I deduct the entire cost of my plan/premiums, the cost of my plan minus the credits/subsidies or am I being stupid and I shouldn't touch it? I'm kind of stuck with an H&R Block person due to family connections and general entanglement  . 99% of the time it's fine, even if it feels like I'm paying to ultimately do my own taxes, walk her through them and then hand them off. But it seems like she has no idea how to handle anything ACA related. It looks like their software normally handled it fine in previous years but this year it seems to not be working and keeps leaving me with 0 deduction even though it seems like I should be able to at least claim something. I don't know if it's a software thing or she's making some mistake without realizing it. Just want to know that I'm not doing something wrong or getting screwed.Thanks. Parakeet vs. Phone fucked around with this message at 02:27 on Mar 30, 2021 |
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Mar 30, 2021 02:20
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Parakeet vs. Phone posted:I have a quick general question on how the Self-Employed Health Insurance deduction works. I've got a simple small business that I run full time and I get my healthcare through the ACA marketplace. check Pub 974, there’s some worksheets in there that should be useful
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Mar 30, 2021 02:54
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Thanks, that's exactly what I was looking for.
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Mar 30, 2021 06:03
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As someone who refreshes wmr and igmr and /irs looking for updates to my early filing with no movement, and watching all the frustrated people call over and over again and scream about irs workers, I just wanted to say thanks for your service. I can’t imagine what a nightmare this year has been for y’all.
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Mar 30, 2021 14:27
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Did they move back the Fed estimated quarterly tax due date for 2021 or is that still April 15? Also anyone have a good short term tax gain calculator for NY State and NYC? I can't find anything.
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Mar 30, 2021 22:27
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hanales posted:As someone who refreshes wmr and igmr and /irs looking for updates to my early filing with no movement, and watching all the frustrated people call over and over again and scream about irs workers, I just wanted to say thanks for your service. I can’t imagine what a nightmare this year has been for y’all. cheese eats mouse posted:Did they move back the Fed estimated quarterly tax due date for 2021 or is that still April 15?
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Mar 31, 2021 01:11
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Peyote Panda posted:Unfortunately, the quarterly estimated payment is not included in the general filing extension; it's noted in the sixth paragraph here Ok ty that's fine. I know what I'm doing this weekend then.
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Mar 31, 2021 02:17
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CPA doing my taxes took 8 weeks and me correcting some errors before charging 700 due to increased complexity/forms and time researching and completing with early disability withdrawal. I don't know if this is common since I've always paid a flat rate but I feel like at this point I'm just kidding for the access to the software they have to put in notes since the thread have the same advice and stuff it in a tenth of the time. We'll be using someone else in the future but I'm hoping I can keep things simple enough for me h&r block software from now on.
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Mar 31, 2021 03:29
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IRS website says 3 weeks to get your return after filing - it's been two, so I'm not surprised it's not in yet, but anyone filed in the last month get theirs yet? Just wondering if it'll be slower than usual due to backlog or what.
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Mar 31, 2021 17:44
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empty whippet box posted:IRS website says 3 weeks to get your return after filing - it's been two, so I'm not surprised it's not in yet, but anyone filed in the last month get theirs yet? Just wondering if it'll be slower than usual due to backlog or what. It takes like six months in the best of times for expats to get refunds, so it is very interesting to watch people in America demand the IRS pay their phone bill now!
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Mar 31, 2021 18:12
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I get to pay estimated state (AZ) taxes for 2021.  I'm just barely over the threshold that requires me to pay them so they're tiny payments and I would rather just pay them all at once. Do I actually have to wait for the correct quarter to make those payments or can I just pay them early?empty whippet box posted:IRS website says 3 weeks to get your return after filing - it's been two, so I'm not surprised it's not in yet, but anyone filed in the last month get theirs yet? Just wondering if it'll be slower than usual due to backlog or what. I e-filed on the 20th. My refund direct deposited into my bank account on the 29th. I'm not sure how much this matters but my tax situation is pretty simple.
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Mar 31, 2021 22:39
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