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KOTEX GOD OF BLOOD posted:This is not strictly an income tax question but I figured people in here would know. Has the IRS really not posted any new Form 990s online since TY2019? That seems pretty loving bad for 501c transparency. The 2021 990 blank can be found at https://www.irs.gov/pub/irs-pdf/f990.pdf
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Jan 28, 2022 02:01
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Missing Donut posted:The 2021 990 blank can be found at https://www.irs.gov/pub/irs-pdf/f990.pdf He means the filled and filed one's from charities.
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Jan 28, 2022 02:50
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H110Hawk posted:He means the filled and filed one's from charities. Ahh, gotcha.
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Jan 28, 2022 03:14
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Peyote Panda posted:You're probably right about what happened as the IRS just sent out a raft of those notices triggered precisely because there's a payment on file but no return processed yet and almost all of them are in your boat. An easy way to check on that is to pull up an account transcript on IRS.GOV for the 2020 tax year and see if there's a TC (Transaction Code) 610 Remittance Received with Return for the payment amount. That would indicate that the processing center did receive the return with your payment and it's just delayed in processing, in which case there's no need for you to do anything other than wait unless you receive other notices indicating a specific issue.
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Jan 28, 2022 06:51
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sullat posted:lmao, that's awesome. Not surprised it's Atlanta though, that's where W&I is headquartered. Unless there's a secret law that gives the IRS authority to institute taxes after the end, I am skeptical of that second part, but then again, in the wastelands, might makes right. I think the sales tax thing sounded like an explored option they could present to Lord Humongous as an alternative tax collection method if income tax filing wasn’t possible. I suspect you’d still be able to have income tax filing of some sort anyway, even if you have to replace efile with your fellow Warboys shouting “Witness!” as you sign your return in metallic spray paint. KOTEX GOD OF BLOOD posted:This is not strictly an income tax question but I figured people in here would know. Has the IRS really not posted any new Form 990s online since TY2019? That seems pretty loving bad for 501c transparency. I saw at least one 2020 990-N in the system, so those at least are up there. Not sure about the other returns, although companies can post those themselves (remember seeing one website when I was learning 990 prep that had all sorts of 990 returns up; kind of neat seeing things like the American Red Cross’s tax return). Question for IRS folks; I’ve got somebody with a Medicaid waiver (where you subtract out the income as difficulty of care payments) who winds up with a refund. System is proclaiming you can’t efile any return with more refund than AGI; is that an IRS rule I was unaware of or should I be employing sarcasm against our programmers? Well, employ it for this issue specifically, I’ve got plenty of reasons to snark at them this season.
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Jan 28, 2022 20:26
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I just noticed that the 1099-R from my Roth IRA rollover is coded as J. I remember that check was made out to me, not to Vanguard 'for the benefit of', but I mailed that check directly to Vanguard. It was within 60 days of the distribution and none of the funds ever touched one of my bank accounts. What documentation should I getting ready to prove that it was a rollover and not a distribution to me?
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Jan 28, 2022 23:11
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MadDogMike posted:I saw at least one 2020 990-N in the system, so those at least are up there. Not sure about the other returns, although companies can post those themselves (remember seeing one website when I was learning 990 prep that had all sorts of 990 returns up; kind of neat seeing things like the American Red Cross’s tax return).
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Jan 28, 2022 23:29
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So am I interpreting this correctly: if I had a 2020 income that made me eligible to receive EIP 3, never received squat, and then in 2021 had just enough income to not be eligible, I receive 0 bidenbucks?
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Jan 30, 2022 07:39
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what exactly is an excess accumulation tax? i dont think i'm anywhere near the IRA limits H&R block wont let me uncheck this box when this page comes up:  and when i hit next:  there's no option for me to hit NO on the page in the second screenshot, only me or spouse. this year was the first year I had enough savings to open a Roth IRA and I put exactly 6k (the limit for 2021) into it. is this what i'm getting dinged for? i was only employed for 7 of 12 months last year so there's no way i actually hit the limit for my regular 401k (pretax). there's no way my wife put any significant amount into her 401k cause she doesn't earn much money. just to experiment i clicked ok ok ok ok and got through that whole section and nothing changed in terms of my refund so maybe H&R block's software sucks?
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Jan 30, 2022 20:51
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I hate doing taxes. It used to be fun, but now that I've got to deal with investments and property and other really good problems to have it is really just beyond me and I'd rather pay someone to do it right than stress over whether I've screwed it up and overpaid or, worse, underpaid and invited the hassle of IRS attention. I'm more interested in getting a competent preparer who can deal with the IRS if anything goes wrong than in pinching every penny since somehow I find myself in a position where there's a substantial amount of money involved. While searching I ran across the National Association of Enrolled Agents which lists about a dozen possibilities in my immediate area. Can anyone attest to whether this is a reasonable starting point? If not is there a better directory/resource?
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Jan 31, 2022 04:49
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Loucks posted:I hate doing taxes. It used to be fun, but now that I've got to deal with investments and property and other really good problems to have it is really just beyond me and I'd rather pay someone to do it right than stress over whether I've screwed it up and overpaid or, worse, underpaid and invited the hassle of IRS attention. Facebook / next door or personal recommendations. Find people who are in your situation and ask who they use, then talk to that person about if they have experience with your complications specifically. It does not have to be the most expensive person, just one comfortable with your situation. Assuming you keep good records and can do basic summation it shouldn't be exorbitant. I paid a little under a grand last year for a return I made stupidly complicated. I assume this year will be closer to $500.
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Jan 31, 2022 06:19
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I hate waiting for a W2 for a company I no longer work for
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Feb 1, 2022 01:10
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Perhaps I should rephrase: I know my 2020 return was received, but never processed, and that I was entitled to EIP 3 based on that years income. I have completed the Recovery Rebate Credit Worksheet for my 2021 return, and I cannot claim the credit for that tax year. Is there any way to get my bidenbucks? I feel like I should be calling my congresscritters constituent service line, because this is some major bullshit.
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Feb 1, 2022 01:30
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Skinnymansbeerbelly posted:Perhaps I should rephrase: I know my 2020 return was received, but never processed, and that I was entitled to EIP 3 based on that years income. I have completed the Recovery Rebate Credit Worksheet for my 2021 return, and I cannot claim the credit for that tax year. Is there any way to get my bidenbucks? I feel like I should be calling my congresscritters constituent service line, because this is some major bullshit.
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Feb 1, 2022 01:55
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BraveUlysses posted:what exactly is an excess accumulation tax? i dont think i'm anywhere near the IRA limits The excess accumulation tax occurs when you fail to take sufficient money out of a retirement plan during the year because you had a Required Minimum Distribution. If none of the circumstances that would have triggered a minimum distribution apply (as listed in that second screenshot) it might be a software error or there might be something earlier in your inputs making it think you should have taken an RMD when that wasn't the case.
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Feb 1, 2022 02:11
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In 2019, I bought some shares in the startup I worked at. We had an exit event in December 2020, and our shares were automatically sold for us. Paid the LCTG on them with my 2020 taxes, easy peasy. But wait! Turns out they didn't know the true final share price until a bit later, so I got an extra $53 in January 2021. I got the 1099-B for that a week ago. Only problem? TurboTax won't let me input it because the share sale date is listed as 12/2020, and it must be on or after 1/1/2021. Is their intention that I go through filing an amended 2020 return for a whopping $53?
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Feb 1, 2022 03:17
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Omne posted:In 2019, I bought some shares in the startup I worked at. We had an exit event in December 2020, and our shares were automatically sold for us. Paid the LCTG on them with my 2020 taxes, easy peasy. Yup. But you could also just forget.
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Feb 1, 2022 03:36
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ranbo das posted:My friend asked for help with her taxes as an independent contractor. She apparently talked to her boss who told her that quarterly taxes are optional and you can just pay everything you owe on tax day (???) and that he's been doing it for years because his CPA says it's fine. My guess is the person views it as "optional" in the same way a lot of my clients view it as "optional." The estimated understatement penalty isn't too large in many instances so some of my clients view it as a tax to keep their money until tax day and use it as they see fit. Which...I guess technically it is? Also got some clients that hate the "guberment" and want to wait to the literal last second to pay their taxes, even if that's actually to their detriment and actually means they give more money to the "guberment." I've told them this many times but the disconnect does really get through since I think the whole point is the feeling of "defying them" by waiting until the last minute. Edit: In other words, it's not really "optional." If you owe money and don't pay your quarterlies, you'll pay a penalty. Most tax preparers just add that penalty quietly onto the return on the appropriate line since it isn't usually big. I'm not one of those tax preparers, for the record. As a matter of fact, I've gotten many clients who don't know this penalty exists until I point it out to them and tell them to do quarterlies. Edit Edit: Honestly, jumping off of that, its honestly scary how little most clients seem to understand about their taxes. I usually spend the last minute explaining their return to them before I have them sign the e-file release. Most don't understand me, but it's worse how many new clients literally have no idea any of the poo poo that's on their taxes. Got a guy turn white one time when I pointed out their previous accountant claimed they spent 8k of their 50k salary on charity. Covok fucked around with this message at 04:37 on Feb 1, 2022 |
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Feb 1, 2022 03:46
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That's where I'm at. In an average year, getting my poo poo together before Jan 22nd and making an estimated payment might save me $50. Worth it, but it doesn't rank in the top 10 among bad tax efficiency decisions that I've made.
Baby Proof fucked around with this message at 04:30 on Feb 1, 2022 |
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Feb 1, 2022 04:28
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Omne posted:In 2019, I bought some shares in the startup I worked at. We had an exit event in December 2020, and our shares were automatically sold for us. Paid the LCTG on them with my 2020 taxes, easy peasy. The 1099-B probably reports you getting your $53 as of the date you actually received it in 2021, right? I don't think amending the 2020 return would be appropriate given that you had no access to such income in 2020.
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Feb 1, 2022 04:38
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Any ideas what's going on here with my W-2? The 2nd row for Box 18 matches Box 3. Should I just ignore the first 1st row for Box 18? I didn't move or anything, but maybe my work changed something due to me being WFH? I left the job in August otherwise I would just ask HR
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Feb 1, 2022 14:50
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Hashtag Banterzone posted:Any ideas what's going on here with my W-2? The 2nd row for Box 18 matches Box 3. Should I just ignore the first 1st row for Box 18? I didn't move or anything, but maybe my work changed something due to me being WFH? I left the job in August otherwise I would just ask HR I don't know Ohio or Colombus taxes since I never have clients there so I feel wrong advising, but I wonder if this is like the time my client's employer put the paid family leave insurance on the locality line instead of box 14. Still, I feel unqualified to discuss Ohio taxes and leave that to a local professional.
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Feb 1, 2022 15:35
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Hashtag Banterzone posted:Any ideas what's going on here with my W-2? The 2nd row for Box 18 matches Box 3. Should I just ignore the first 1st row for Box 18? I didn't move or anything, but maybe my work changed something due to me being WFH? I left the job in August otherwise I would just ask HR You can still ask HR. Email them and politely ask why there are two lines instead of one. Do you have any friends in the same situation? Ask them.
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Feb 1, 2022 15:45
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Hashtag Banterzone posted:Any ideas what's going on here with my W-2? The 2nd row for Box 18 matches Box 3. Should I just ignore the first 1st row for Box 18? I didn't move or anything, but maybe my work changed something due to me being WFH? I left the job in August otherwise I would just ask HR Ohio has local income tax, but looks like you live and work in the same locality. I assume the (lower amount in box 18) amounts is the pre-work from home and the second is work from home. Just use the full amount one (matches box 3); you live in the same municipality so the whole thing is taxable there anyway.
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Feb 1, 2022 16:48
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So my previous employer sent out their w-2s yesterday and I received it today. It looks like there is was no state income tax withheld, which makes me owe a bunch of money. I called the business to talk to their acct. but she went on vacation starting today. So I checked my paystubs. It looks like they never have taken out state taxes. I filled out my w-4 how I always do, I claim 0 and withhold an additional $10 per paycheck for state. Is there anything I can do at this point or do I just need to wait until she comes back from vacation?
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Feb 1, 2022 18:54
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There's nothing you can do at all. No withholding is no withholding. It's not like the money didn't go anywhere, you got a slightly bigger paycheck each week or whatever and now you have to pay it back. You'll want to talk to the accountant to fix this for the current year but the past is done.
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Feb 1, 2022 19:09
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Epi Lepi posted:There's nothing you can do at all. No withholding is no withholding. It's not like the money didn't go anywhere, you got a slightly bigger paycheck each week or whatever and now you have to pay it back. You'll want to talk to the accountant to fix this for the current year but the past is done. ...gently caress. I don't work there anymore so that doesn't matter. I just hope this is the last time that I have to deal with them loving me over.
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Feb 1, 2022 19:15
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Ball Tazeman posted:So my previous employer sent out their w-2s yesterday and I received it today. It looks like there is was no state income tax withheld, which makes me owe a bunch of money. I called the business to talk to their acct. but she went on vacation starting today. So I checked my paystubs. It looks like they never have taken out state taxes. I filled out my w-4 how I always do, I claim 0 and withhold an additional $10 per paycheck for state. Is there anything I can do at this point or do I just need to wait until she comes back from vacation? Just another reminder to read and understand your paystubs. This should be have been glaringly obvious all year long. You can try dropping a dime on them to the state and seeing if there is a reward. They were probably required to be withholding per statute.
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Feb 1, 2022 19:24
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Been looking around and can't seem to get a straight answer, hopefully it's straightforward: In CA, need to file as Married Filing Separately. I know how to fill out form 8958 just fine, but am I not able to eFile at all because of this form? FreeFileFillableForms.com doesn't have it that I can see, FreeTaxUsa.com says I have to print and send in my taxes if I use them... Do I really need to print and send in my taxes, like a caveman?
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Feb 2, 2022 00:58
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Since the withholding calculator is currently down can someone make sure I’m thinking about this correctly? Total projected 2022 income: $128,065 401k Contribution: ($20,500) Standard Deduction: ($12,950) Taxable Income: $94,615 Then using the 2022 tax tables I come up with total tax liability of $16,543.10 (which is $15,213.50 plus 24% if the amount over $89,075). I’ve already withheld $7,200 this year leaving $9,343 to withhold the rest of the year, which when spread across 21 remaining paychecks means I should withhold $445/paycheck. I’m currently withholding $506. Can I just add dependents to my W4 to drop me down to the appropriate amount or should I use the deductions section and figure out the appropriate math? Does it matter if I claim dependents or exemptions if I get to the same place and don’t create a tax liability?
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Feb 2, 2022 17:11
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to me this sounds like you are doing a substantial amount of work for very little benefit and you'll have to constantly readjust based in changes on your pay to stay optimized versus just letting it float with the new, more accurate withholdings
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Feb 2, 2022 18:21
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It’s due to getting bonused out in January, which front loads a lot of that income and the withholding, this year the bonus totaled $25k gross. It looks like I can just add $4k of additional deductions in the new W4 to get where I need to be. I guess I’d have to revisit it later in the year depending on any raise/job change/additional comp. Not a huge amount of money either way but I’d like to have it now rather than in a year or so.
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Feb 2, 2022 18:54
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i also get my withholdings all hosed up due to bonuses and i've made the decision that it is not worth my effort to spend time trying to adjust for the opportunity cost of not getting the money earlier, especially since bonuses are variable but if it is to you, go for it. government doesn't care how you get to the withholding number
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Feb 2, 2022 19:07
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bidenbucks and older kids with jobs: I have 17 and 18yo dependents that did not qualify for bidenbux on my taxes (I got the joint $2800 + 1400 for a younger sibling), but have their own part-time jobs with income below $600. If they file as dependents they don't get the bux, if they file as non-dependents I guess I lose $500 each but they get $1400? Also it's incredibly confusing: does 17 count for the child tax credit this year or not? That's worth more than $1400. I want them to file just in case any more money is coming (its not and never will again) so they get it right away. e: does filing their own taxes gently caress up their status for health insurance?
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Feb 2, 2022 19:08
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Harik posted:bidenbucks and older kids with jobs: Something that might help for sorting out the eligibility for the Child Tax Credit is the Interactive Tax Assistant on IRS.GOV. You can find it by entering "ita" in the search box on the IRS homepage and it has interactive walkthroughs where you can put in your general info to get a clearer answer on some tax questions like dependent claims. You are not alone with finding this especially complicated and confusing this year. As far as the health insurance, are you and your children on a healthcare marketplace plan and you want to make sure that if they file their own return it won't cause any future eligibility issues? If that's the case they'll need to include an 8962 with their returns even if they are just dependents on your marketplace plan. The 8962 does have instructions on how to fill it out to indicate when the filer is on a marketplace plan but someone else is paying the premiums and claiming the Premium Tax Credit. But yes, anyone filing an individual tax return who is on a marketplace plan (even if they are just listed as a dependent on someone else's health plan) has to include the 8962 with their return to reconcile the PTC (even if they are not claiming said credit).
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Feb 2, 2022 21:45
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My employer put all of my combined HSA contributions, both theirs and my own, onto my W-2. I thought this was an error and changed my W2 to only include what they put, and reported my own $1k contributions later. This increased my tax return by about $1k. But all of my contributions were pre-tax, so I think actually I hosed up and my employer had done that correctly, and I was only supposed to report any additional, post-tax contributions I made. Oops
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Feb 2, 2022 23:50
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blue squares posted:My employer put all of my combined HSA contributions, both theirs and my own, onto my W-2. I thought this was an error and changed my W2 to only include what they put, and reported my own $1k contributions later. This increased my tax return by about $1k. Wait, you changed your W-2? What do you mean by that?
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Feb 3, 2022 00:27
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If you just have a large amount of W2 income, is there anything you can do to reduce paying taxes on that besides maxing out your 401K?
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Feb 3, 2022 00:32
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smackfu posted:If you just have a large amount of W2 income, is there anything you can do to reduce paying taxes on that besides maxing out your 401K? Too vague of a question and not enough information on your situation to really give a detailed answer. But, to give an equally vague answer, look into what pre-tax options your employer provides. Also, see if you can contribute to an IRA as there are income limitations on deduction IRAs. Otherwise, you probably need someone to do a general deep dive into your return. Or, at least a cursory glance. It's pretty hard to give advice, in my experience, without knowing someone's situation. I mean, heck, the pre-tax may not even be worth it depending on your income level and how you expect your retirement to go, if ROTHs are even applicable to your situation.
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Feb 3, 2022 00:35
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Covok posted:Wait, you changed your W-2? What do you mean by that? I mean I changed what I entered on the website I use to file my taxes, sorry
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Feb 3, 2022 00:38
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