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blue squares posted:I mean I changed what I entered on the website I use to file my taxes, sorry You shouldn't do that. Generally, you should input what you have from your W-2. The trick tends to more come from filing out auxiliary forms that might relate to your situation. Like allocating non-resident out of NY isn't done by changing your W-2 inputs despite the fact NY is bullshit and loving requires box 1 and box 16 to match for some stupid bullshit. You do it by allocating and reconciling income on some NY tax forms for recognizing the NY amounts and Federal amounts are different. Have you e-filed this return or is it still in your e-file queue?
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Feb 3, 2022 00:40
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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? Have kids, buy a house. Also don't do either of those things because they're not worth the tax savings.
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Feb 3, 2022 00:49
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Covok posted: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. Yeah, fair enough. Should see a tax person. I’ve always done my own tax returns but I guess this crosses into tax planning which isn’t as straightforward.
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Feb 3, 2022 00:50
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Covok posted:You shouldn't do that. Generally, you should input what you have from your W-2. The trick tends to more come from filing out auxiliary forms that might relate to your situation. Like allocating non-resident out of NY isn't done by changing your W-2 inputs despite the fact NY is bullshit and loving requires box 1 and box 16 to match for some stupid bullshit. You do it by allocating and reconciling income on some NY tax forms for recognizing the NY amounts and Federal amounts are different. Have you e-filed this return or is it still in your e-file queue? I already filed it. I can submit a correction or wait to see if the IRS tells me there is an error
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Feb 3, 2022 00:54
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smackfu posted:Yeah, fair enough. Should see a tax person. I’ve always done my own tax returns but I guess this crosses into tax planning which isn’t as straightforward. start TLHing like a madman to wipe your cap gains taxes
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Feb 3, 2022 00:55
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smackfu posted:Yeah, fair enough. Should see a tax person. I’ve always done my own tax returns but I guess this crosses into tax planning which isn’t as straightforward. Try to get someone who does both tax and finances. My firm has a FA I work closely with. Being able to look at both sides can maximize your situation. But of course only use people you trust. Don't go to anyone who promises refunds and savings and stuff. Someone whose tepid and is straight that they'll see what they can do but can't promise results is more likely to do things properply. Also accept there may be nothing you can do. Sometimes thems the breaks. It happens sometimes if your situation isn't good for any options.
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Feb 3, 2022 01:04
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blue squares posted:I already filed it. I can submit a correction or wait to see if the IRS tells me there is an error The IRS will never tell you about an amendment in your favor and it sounds like you'll make money in the amendment. In the future, if you think the W-2 is wrong, contact HR or accounting or payroll or w/e and see if they can explain it or if they need to issue a W-2-C.
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Feb 3, 2022 01:12
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If you do think the W-2 is wrong, though, make sure it doesn't need to be corrected first. Doing an amendment of an amendment is a pain in the rear end.
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Feb 3, 2022 01:13
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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? There is no one wierd trick here. Paying someone to subtract the standard deduction and your 401k/ira isn't going to be worth it. You can put money into tax deductible vehicles listed above, and you can make less money.
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Feb 3, 2022 01:53
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Peyote Panda posted: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. most people got $1400 in biden bux EXCEPT for 17 and 18 year olds in 2001. They don't get it on their parents return and they aren't eligible to get it on their own return if they're claimed as a dependent. 16? They get $1400 bidenbux AND $3k child tax credit. 17 (Maybe full CTC?) 18 ($500 dependent credit) 19, $1400. figured it out, it's called the Economic Impact Payment Holy poo poo this is some hot loving garbage: quote:If you were claimed as a dependent on someone else’s tax return for 2020, you were not eligible for the third Economic Impact Payment. If no one can claim you as a dependent for 2021 and you are otherwise eligible, you can claim the 2021 Recovery Rebate Credit, and must file a 2021 tax return to claim the credit. just straight up "gently caress you to anyone 17 or 18, eat poo poo." Best I can do is forgo claiming the 18 year old so they can get $1400 instead of me getting a credit for $500 but it's still a gigantic "gently caress you" to a freshly eligible voting group. E11999: goddamn this is confusing poo poo: quote:A child is your qualifying child if the following conditions are met: Final edit: Ok for anyone else dealing with teenagers the IRS probably didn't send you enough back in march or whatever and they'll send you a letter stating how much you were given (Letter 6475 9-2021) and you have to file for a Recovery Rebate Credit for the rest. Thanks for the answers, it sent me down the right path to figuring this mess out. Harik fucked around with this message at 02:35 on Feb 3, 2022 |
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Feb 3, 2022 02:08
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H110Hawk posted:There is no one wierd trick here. Paying someone to subtract the standard deduction and your 401k/ira isn't going to be worth it. You can put money into tax deductible vehicles listed above, and you can make less money. Yeah, that's also true. Chances are nothing can be done. So, you can just end up wasting money. But maybe they can do a 529? Or they're literally doing their taxes wrong. Once had a client do their taxes by hand and do 90% right but then just wrote 0 on the tax line and got a letter audit. Or maybe they have more activities than they told us and can optimize there. Like a 1099-B with large box 2a captial gain distributions from a mutual fund that really isn't performing that well so a package shift to more tax advantaged better performing vehicles can make sense. But this could also just be a 1040 short form and all you can do is tell them to consider tax advantaged accounts.  So hard to say without anything to work off of.
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Feb 3, 2022 02:36
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Oh and as a huge warning for anyone married: the IRS is sending each of you a letter with half the amount. That's not redundant, you're supposed to add them up. I can see a lot of people getting hosed by that because it's not obvious that they did it when the instructions are "enter the amount from letter 6419 box 1"
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Feb 3, 2022 02:50
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Harik posted:Oh and as a huge warning for anyone married: the IRS is sending each of you a letter with half the amount. That's not redundant, you're supposed to add them up. I can see a lot of people getting hosed by that because it's not obvious that they did it when the instructions are "enter the amount from letter 6419 box 1" I mean if you use your big brain you should be able to remember how much money hit your actual bank account and extrapolate whether it was $1,500 or $3,000. There’s a lot of dumb over complicated stuff in tax but this ain’t it.
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Feb 3, 2022 04:54
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blue squares posted:I already filed it. I can submit a correction or wait to see if the IRS tells me there is an error Since you efiled, I'd suggest waiting three weeks from your original filing date then call the toll-free line to check the status of your return. Three weeks is the standard processing timeframe for efiled returns and if you call earlier you'll just be told to call back when the processing timeframe has elapsed. At that time, if the return has been held in processing there's a couple of different departments that might be handling that discrepancy and depending on which one it is there'll be different options for correcting it. You might be able to efile an amended return or you may need to submit the information via mail or fax depending on which part of the processing center ends up handling it, and sending it the wrong way would only cause further delays. If you happen to get a notice regarding the issue earlier than that (unlikely but not impossible), that'll also give you guidance on which steps to take next. If the return does get processed without being held for review, then you would just file the amended return. It's usually a good idea to wait for the original return to be processed or to get the go-ahead from the IRS to file the amended return even if the original hasn't been processed. That's because an amended return being received without an original return already processed can cause further confusion except in specific instances where you've been advised to file it.
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Feb 3, 2022 04:59
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Harik posted:But the IRS shorted me $2800 on the check they sent. So maybe I can claim underpayment of the EIP? There really needs to be some loving guidance on this disaster.
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Feb 3, 2022 05:13
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I'm self-filing through FreeTaxUSA and I'm entering the Dividend Income (Form 1099-DIV) data. One of the question is, "Is this a mutual fund that has U.S. Government interest income?". I see my VBTLX, I see the Total Dividends & distributions (nonqualified dividend and short-term capital gain). But the second question is, "Enter the amount of your $XXX of ordinary dividends that are from U.S. Government interest", how do I find this amount?
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Feb 3, 2022 05:26
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This is gonna suck, I bet! I have a bunch of 1099-DIV forms that I just discovered from my stock purchase plan with my previous employer. 19-year-old me was dumb as poo poo, assumed that all relevant tax forms would be given to him on paper by Personnel staff he shouldn't have trusted with anything, and didn't ask the right questions of anybody. I have about $7k to pay back taxes on, and a couple tax years that I no longer have paperwork for. 1 - What do I need to file amended tax returns? How much time will each take if I'm just adding one form and sending it back in? I've been using turbotax for most of those years (their record goes back to 2013) but keeping paper copies of all my other forms. 2 - Should I amend previous returns before filing for this year? Should I include this info in this years filing, or amend it in later after I've done the others? 3 - My paper records only go back to 2013. I thought I was in the clear for previous years so I tossed them per the usual (in retrospect kinda dumb) advice about seven years of tax records. Can I request those from the IRS? How bad can that process be? If there's a more efficient way to take care of this all-at-once, in-person or something, I'll probably do it, even if it sucks. I genuinely hosed up and want to make it right. Also, it'd be nice of I could cash this thing out so I can dump it on what remains of my student loan. Also, not going to jail would be cool. I am internally beating my head against a wall
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Feb 3, 2022 05:40
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obi_ant posted:I'm self-filing through FreeTaxUSA and I'm entering the Dividend Income (Form 1099-DIV) data. Usually it's in the back of the 1099-Composite from the broker in the supplemental section. Oh wait, this is vanguard. They put out a supplemental on their website: https://personal.vanguard.com/pdf/USGOIN_01_2022.pdf
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Feb 3, 2022 05:44
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Yak Shaves Dot Com posted:This is gonna suck, I bet! This might be an odd question to lead with but what tax year are these form for?
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Feb 3, 2022 05:46
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Covok posted:Usually it's in the back of the 1099-Composite from the broker in the supplemental section. Oh wait, this is vanguard. They put out a supplemental on their website: https://personal.vanguard.com/pdf/USGOIN_01_2022.pdf Oh thanks! That's super helpful. For the VSMGX, I just compared it to the URL (7.85%) and took the percentage off of the line 1A and used that. For my 3 fund (VTSAX, VFIAX and VBTLX), I just used the Total Dividends & distributions total amount from VBTLX. It looks like VTSAX and VFIAX is 0.01% (which makes sense). Thank you so much, I wouldn't have been able to figure it out otherwise.
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Feb 3, 2022 06:25
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Peyote Panda posted:Most likely, since your return is showing different W2 amounts than what your employer filed with the IRS, the return's going to get held in processing to resolve that error. Thank you for taking the time to write this!
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Feb 3, 2022 14:35
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work needs to get off its duff and send me my stupid schedule k-1 so i can make with the government paying now please. 
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Feb 3, 2022 15:16
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Deviant posted:work needs to get off its duff and send me my stupid schedule k-1 so i can make with the government paying now please. Schedule K-1 isn't gonna be ready for a long while. That's what you get when the corporation return is done. Or partnership too. Depends on the business of course but a lot of mine don't ever get done that fast. Depends on the people. Like any return, someone has to approve the final draft. Corporate people tend to want more discourse because there are a lot of moving parts. And all of this is before we consider whether the corp keeps good books or not. If they are small, assume they don't. Trust me.
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Feb 3, 2022 17:02
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I moved from Indiana to Illinois and submitted a W-4 for my three dependents for a deduction of $6000. However, my paychecks this year appear to show a larger than anticipated increase in federal taxes compared to my last job. For the record, I got a $4000 pay increase from switching jobs, but that shouldn't result in an increase of $360 per month. My guess is that my job is not actually reducing my federal taxes based on my dependents. When I look at my paystub, it shows that I'm married but allowances are N/A. I keep getting four figure refunds for the federal government and I would really prefer having that throughout the year instead obviously. I'm guessing this requires a call to HR to see how they are handling W-4s. I wish the tax withholding calculator was available so I can reduce my refund to near zero.
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Feb 3, 2022 17:03
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Deviant posted:work needs to get off its duff and send me my stupid schedule k-1 so i can make with the government paying now please. K-1s this year are probably going to be later than normal. Expect to file an extension and be grateful if you are able to file by 4/18 this year.
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Feb 3, 2022 17:09
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DTaeKim posted:I moved from Indiana to Illinois and submitted a W-4 for my three dependents for a deduction of $6000. However, my paychecks this year appear to show a larger than anticipated increase in federal taxes compared to my last job. Yeah, nothing really can be done without some peepers at the actual numbers. Since I wouldn't put my paycheck online on a dead comedy forum, HR is the best to ask. Or accounting. Or however your firm handles it.
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Feb 3, 2022 17:13
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Covok posted:Yeah, that's also true. Chances are nothing can be done. So, you can just end up wasting money. As asked it set off all my "grrrr taxes the gubmit takin mah monay" alarms. If the poster would like to expand upon their position we could help.
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Feb 3, 2022 17:21
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calbruc posted:Been looking around and can't seem to get a straight answer, hopefully it's straightforward: Quoting for new page. Can I eFile if I have form 8958 (Allocation of Tax Amounts Between Certain Individuals in Community Property States)? Everything seems to be pointing to printing and sending in, which my assumption is will delay any return for months.
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Feb 3, 2022 18:27
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H110Hawk posted:As asked it set off all my "grrrr taxes the gubmit takin mah monay" alarms. If the poster would like to expand upon their position we could help. I'm new to the thread. I've done taxes of for middle income for 3 years. I am just trying to stop my first instinct of "Don't say poo poo without evidence" which I use as a golden rule at the office. Like I also ask for a copy or documentation before opening my mouth. But also this is like a generic advice thread so shrug.
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Feb 3, 2022 18:31
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calbruc posted:Quoting for new page. Can I eFile if I have form 8958 (Allocation of Tax Amounts Between Certain Individuals in Community Property States)? Everything seems to be pointing to printing and sending in, which my assumption is will delay any return for months. The IRS supports e-filing of the form. If the software you use does not support 8958, then your options are to print and mail in (not the greatest idea given the state of the IRS and the USPS) or to find a different piece of software that supports e-filing the form.
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Feb 3, 2022 18:37
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Covok posted:I'm new to the thread. I've done taxes of for middle income for 3 years. I am just trying to stop my first instinct of "Don't say poo poo without evidence" which I use as a golden rule at the office. Like I also ask for a copy or documentation before opening my mouth. But also this is like a generic advice thread so shrug. And I certainly don't do this professionally thank goodness. 
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Feb 3, 2022 19:59
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H110Hawk posted:And I certainly don't do this professionally thank goodness. Yeah this job loving sucks.
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Feb 3, 2022 21:46
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Covok posted:Schedule K-1 isn't gonna be ready for a long while. That's what you get when the corporation return is done. Or partnership too. Depends on the business of course but a lot of mine don't ever get done that fast. Depends on the people. Like any return, someone has to approve the final draft. Corporate people tend to want more discourse because there are a lot of moving parts. And all of this is before we consider whether the corp keeps good books or not. If they are small, assume they don't. Trust me. Yep, our firm will file more than 10,000 partnership returns in the next month and a half, and anything complex gets extended. I'm afraid there are also new forms for partnerships this year, K-2 and K-3, that are going to slow everything down. Even though nothing on the K-3 will likely apply to you, the partnership generally has to file unless they can confirm that no direct or indirect partner will need it.
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Feb 4, 2022 00:20
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Covok posted:Yeah this job loving sucks. It has its moments, like my current 11hr shift. I tell myself the fact I’m solidly booked should make the time go faster, but it really doesn’t…  PatMarshall posted:Yep, our firm will file more than 10,000 partnership returns in the next month and a half, and anything complex gets extended. I'm afraid there are also new forms for partnerships this year, K-2 and K-3, that are going to slow everything down. Even though nothing on the K-3 will likely apply to you, the partnership generally has to file unless they can confirm that no direct or indirect partner will need it. So they require those for everybody not just the companies with international income? Wish my drat update class had notified me. Thankfully I’ve only barely dipped my toe into business entity returns so at least I know before I did any partnership or S-Corp returns. Question for folks out here; I’ve got somebody who received a 1099-INT after we filed (a piddly little amount from IRS for the late payment for 2020). I punched it in and confirmed it has literally no impact on the bottom line of their 1040. Do we need to actually bother sending an amendment for this? I was under the impression the IRS wouldn’t appreciate the extra work for zero impact and they probably won’t even send a letter demanding zero dollars payment.
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Feb 4, 2022 01:01
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MadDogMike posted:So they require those for everybody not just the companies with international income? Wish my drat update class had notified me. Thankfully I’ve only barely dipped my toe into business entity returns so at least I know before I did any partnership or S-Corp returns. The IRS revised the instructions on 1/18 (not affecting the PDF copy) here: https://www.irs.gov/forms-pubs/changes-to-the-2021-partnership-instructions-for-schedules-k-2-and-k-3-form-1065. I don't think it's the fault of your update class. quote:Question for folks out here; I’ve got somebody who received a 1099-INT after we filed (a piddly little amount from IRS for the late payment for 2020). I punched it in and confirmed it has literally no impact on the bottom line of their 1040. Do we need to actually bother sending an amendment for this? I was under the impression the IRS wouldn’t appreciate the extra work for zero impact and they probably won’t even send a letter demanding zero dollars payment. I wouldn't.
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Feb 4, 2022 01:25
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Background: I live in WA state, so I don't have to worry about state income tax. I experienced under and unemployment from November 2020 to the end of January 2021, and collected unemployment benefits during that time period. Unemployment payments are normally taxable. A covid relief bill made 2020 unemployment payments (up to a certain amount) exempt from taxation, but 2021 unemployment payments are still taxable as normal. I initially filed for unemployment benefits in November 2020. However, due to the very high volume of unemployment claims at that time, my claim was not actually approved until early 2021. I received my first unemployment payment in the first few days of January 2021. This payment included several thousand dollars in backpay for all the weeks of under/unemployment I experienced in November and December of 2020. Unfortunately, this means that all of the unemployment payments I should have gotten in November and December 2020 instead got paid out to me as 2021 unemployment income. Since 2021 unemployment income is taxable as normal, this means that I'm looking at several thousand dollars of 2021 taxable income that wouldn't exist if the state had been a week or so faster in processing my unemployment claim. My intuition is that there's nothing I can really do about this, at least nothing that would be worth the time and money involved. But if anyone thinks differently, let me know.
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Feb 4, 2022 01:30
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Missing Donut posted: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. I actually received the money in April 2021, but that date is not included in the 1099-B; the only date is in box 1c and it's the initial 12/2020 date.
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Feb 4, 2022 01:51
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Started filing jointly with my wife last year and our combined AGI is $86k something. Therefore, we don't qualify for IRS Free File through any of their programs, but I loving hate TurboTax and their money-grubbing ways, even though I have used them for the last 7 years due to my dad always using them. Should we freeball it with self-filing through the IRS and through our state for the state tax, or is it worth it to go with TurboTax? We both only have one W2 and basic 1099s, and no freakish investment/crypto/rental income/child support situations.
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Feb 4, 2022 03:10
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I've been happy with freetaxusa.com, and I've heard similar from other people here. Don't be put off by the sketchy name, it's a solid platform (although I've never had anything especially complex).
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Feb 4, 2022 04:05
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Covok posted:This might be an odd question to lead with but what tax year are these form for? Starts in 2008, goes up to this last year. A particular form for stock purchase plan, for multiple tax years. I just wasn't even thinking about it for years on end. I even forgot I had the plan until I switched employers this last year. The form was only distributed digitally, unlike every other form I've had to use over by the years. Yak Shaves Dot Com fucked around with this message at 05:44 on Feb 4, 2022 |
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Feb 4, 2022 04:25
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