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Skinnymansbeerbelly posted:Rehashing because I cannot find an authoritative source on this. The closest analogue I can think of is the Alaska Permanent Dividend Fund, which is taxable, and for which I believe they send out 1099's. Personally, I'd wait a few weeks and see if the state sends you a 1099. Small White Dragon fucked around with this message at 08:04 on Feb 8, 2022 |
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Feb 8, 2022 07:59
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Skinnymansbeerbelly posted:Some rando forum posts suggest that it might be excluded under something called the General Welfare doctrine, but all the references I can find to that are about payments from Indian & Tribal governments, not States. It’s probably non-taxable due to being limited to lower-income taxpayers. The IRS hasn’t said anything, one way or the other, but they also have bigger fish to fry.
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Feb 9, 2022 01:17
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I’m super confused about the shares that I own from my last company, which I left a few months ago. Last year I was granted some equity as exercisable options, which I exercised and have held for around 10 months. At the time of grant, let’s say the price was $150 and market price was $250 upon exercising. Taxes on that gain were automatically withheld from my paycheck at the time. Today, the price is down to $180 and I’m considering just selling them, even though I’m not in a long term position yet. I’m not really sure what this means when I file though. I guess I’ll still make a profit when I sell but already had taxes withheld, which I’m not sure what to do with.
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Feb 9, 2022 07:01
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UncleGuito posted:I’m super confused about the shares that I own from my last company, which I left a few months ago. Last year I was granted some equity as exercisable options, which I exercised and have held for around 10 months. At the time of grant, let’s say the price was $150 and market price was $250 upon exercising. Taxes on that gain were automatically withheld from my paycheck at the time. Today, the price is down to $180 and I’m considering just selling them, even though I’m not in a long term position yet. I’m not really sure what this means when I file though. I guess I’ll still make a profit when I sell but already had taxes withheld, which I’m not sure what to do with. Anything you do this year is irrelevant to last year. 2021 you pick up the gain and pay taxes on it. If you sell them in 2022 you report that transaction on your 2022 tax return and report whatever gain or loss you end up with.
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Feb 9, 2022 07:20
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UncleGuito posted:I’m super confused about the shares that I own from my last company, which I left a few months ago. Last year I was granted some equity as exercisable options, which I exercised and have held for around 10 months. At the time of grant, let’s say the price was $150 and market price was $250 upon exercising. Taxes on that gain were automatically withheld from my paycheck at the time. Today, the price is down to $180 and I’m considering just selling them, even though I’m not in a long term position yet. I’m not really sure what this means when I file though. I guess I’ll still make a profit when I sell but already had taxes withheld, which I’m not sure what to do with. Your cost basis is $250 because you realized that gain last year on exercise. If you sell at $180 you will have a $70 loss to report. You will not get last year's tax payment back in any way. You just need to use the loss to offset any other gains you may have. If you do not that money is simply gone.
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Feb 9, 2022 15:59
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UncleGuito posted:I’m super confused about the shares that I own from my last company, which I left a few months ago. Last year I was granted some equity as exercisable options, which I exercised and have held for around 10 months. At the time of grant, let’s say the price was $150 and market price was $250 upon exercising. Taxes on that gain were automatically withheld from my paycheck at the time. Today, the price is down to $180 and I’m considering just selling them, even though I’m not in a long term position yet. I’m not really sure what this means when I file though. I guess I’ll still make a profit when I sell but already had taxes withheld, which I’m not sure what to do with. In addition to the others - this was likely withheld at 22%. It is your responsibility do the math on the spread between that and your actual marginal tax rate. Your tax software is probably doing this but make sure you're not overpaying here. If your company reports the income on your w-2 you may need to adjust the basis up to $250 from the tax form you got. Further more - if you are in a higher bracket in 2021 than you are when you sell, even if you have gains to offset, that spread is also gone. Don't worry you can carryover the loss forever until you have gains, and chomp away at it a few grand a year regardless.
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Feb 9, 2022 16:05
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This strikes me as why all the advice I've ever heard has been to sell as soon as you exercise.
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Feb 9, 2022 16:50
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Small White Dragon posted:The closest analogue I can think of is the Alaska Permanent Dividend Fund, which is taxable, and for which I believe they send out 1099's. The Alaska permanent fund dividend is definitely taxable. The economic impact payments (federal) are not.
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Feb 9, 2022 17:28
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KillHour posted:This strikes me as why all the advice I've ever heard has been to sell as soon as you exercise. ISO and ESPP shares are the only ones with any kind of big carrot incentive to hold for 1-2 years. Nso's and rsu's though?  that sell button.
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Feb 9, 2022 17:32
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H110Hawk posted:ISO and ESPP shares are the only ones with any kind of big carrot incentive to hold for 1-2 years. Nso's and rsu's though? Pretty sure all of them only give you the long term capital gains rate if you hold them for more than a year after exercise, unless I’m forgetting something? Obviously if you don’t want to worry about it dropping in a year and don’t mind the ordinary tax rate then sell away though.
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Feb 9, 2022 17:53
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MadDogMike posted:Pretty sure all of them only give you the long term capital gains rate if you hold them for more than a year after exercise, unless I’m forgetting something? Obviously if you don’t want to worry about it dropping in a year and don’t mind the ordinary tax rate then sell away though. RSUs don’t give you any capital gains if you sell immediately at exercise so it doesn’t matter what the tax rate is. There’s nothing to tax.
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Feb 9, 2022 17:59
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Thanks all! To be fair, these ISOs were making a pretty nice profit until this year - it was just the most recent grant that is kind of underwater. I guess I might hold them to see if the price bounces back a bit along with the rest of tech.
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Feb 9, 2022 18:47
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MadDogMike posted:Pretty sure all of them only give you the long term capital gains rate if you hold them for more than a year after exercise, unless I’m forgetting something? Obviously if you don’t want to worry about it dropping in a year and don’t mind the ordinary tax rate then sell away though. Basically, yes. RSU's and non-ISO options (NSQ? NSO? TBD?) all of the upside is immediate ordinary income, and only the spread from that basis to your disposal price is any kind of capital gain. ESPP and ISO's let you delay those taxes until disposal and convert some of it to Capital Gains. Generally people want cap gains not ordinary income. Though ISO's show up on your AMT worksheet as income if you don't dispose of them in the same year you exercised them. raminasi posted:RSUs don’t give you any capital gains if you sell immediately at exercise so it doesn’t matter what the tax rate is. There’s nothing to tax. If your company offers that it's great, ours doesn't. Even if they vest inside a trading window I still have to go mash a button, which means slight movement will inevitably have occurred generating yet more lines on my 1099-B.
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Feb 9, 2022 18:48
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UncleGuito posted:Thanks all! To be fair, these ISOs were making a pretty nice profit until this year - it was just the most recent grant that is kind of underwater. I guess I might hold them to see if the price bounces back a bit along with the rest of tech. My thought is if all tech went down about the same as your shares, you may as well sell and put that money in a tech index fund. You stand to lose out if your specific company does better than all the rest of them, but you're more insulated from your company underperforming too. Someone smarter than me can explain if/how you can use your losses today to offset those future gains.
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Feb 9, 2022 18:55
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UncleGuito posted:Thanks all! To be fair, these ISOs were making a pretty nice profit until this year - it was just the most recent grant that is kind of underwater. I guess I might hold them to see if the price bounces back a bit along with the rest of tech. nothing makes a profit until you realize it
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Feb 9, 2022 18:59
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H110Hawk posted:Basically, yes. RSU's and non-ISO options (NSQ? NSO? TBD?) all of the upside is immediate ordinary income, and only the spread from that basis to your disposal price is any kind of capital gain. ESPP and ISO's let you delay those taxes until disposal and convert some of it to Capital Gains. Generally people want cap gains not ordinary income. Though ISO's show up on your AMT worksheet as income if you don't dispose of them in the same year you exercised them. Oh I’m stupid, of course there’s no gain if you sell immediately, the impact is all W-2. It’s too drat early in the season for my brain to be failing like this! 
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Feb 9, 2022 19:42
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This might not be the right thread to ask - but is LifeLock worth a poo poo? My mother's all ~proactive~ all of a sudden about "protecting their identity" and the only thing I've heard about LifeLock is that it's a royal bitch pain in the rear end to cancel once you're enrolled.
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Feb 10, 2022 03:24
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BIG HEADLINE posted:This might not be the right thread to ask - but is LifeLock worth a poo poo? My mother's all ~proactive~ all of a sudden about "protecting their identity" and the only thing I've heard about LifeLock is that it's a royal bitch pain in the rear end to cancel once you're enrolled. No. Just lock her credit at the various agencies and it will cover like 99% of it. Get an ID theft rider on your homeowners insurance if you want coverage.
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Feb 10, 2022 03:39
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H110Hawk posted:No. Just lock her credit at the various agencies and it will cover like 99% of it. Get an ID theft rider on your homeowners insurance if you want coverage. Well, in this case it's my *father's* credit, which he barely ever uses. I think the extent of ID theft my mother's suffered is that someone claimed her stimulus money, or tried to.
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Feb 10, 2022 04:05
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Is there an alternative to the ID.me thing the IRS has for getting previous filing information? Its really lovely and asking for way more things than I want to trust a private company with.
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Feb 12, 2022 22:39
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Azuth0667 posted:Is there an alternative to the ID.me thing the IRS has for getting previous filing information? Its really lovely and asking for way more things than I want to trust a private company with. They are thankfully dropping their braindead "facial recognition" requirement. https://www.eff.org/deeplinks/2022/02/victory-irs-wont-require-facial-recognition-idme
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Feb 12, 2022 23:10
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Azuth0667 posted:Is there an alternative to the ID.me thing the IRS has for getting previous filing information? Its really lovely and asking for way more things than I want to trust a private company with. *If you had an amended return for the years in question and you need information including that you'll want to order an account transcript as well since that will show the amended return changes. **Filing a change of address with the USPS is also supposed to update the IRS as well but whether that actually takes place has been inconsistent.
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Feb 13, 2022 00:18
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^^: That is what I did, will have to wait 2-3 weeks to file now but at least I don't have to do that stupid signup.H110Hawk posted:They are thankfully dropping their braindead "facial recognition" requirement. Thank gently caress, I was seriously contemplating if I could get away with using a picture of my balls.
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Feb 13, 2022 00:21
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Azuth0667 posted:Thank gently caress, I was seriously contemplating if I could get away with using a picture of my balls. Only if a picture of your balls is indistinguishable from a picture of your face.
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Feb 13, 2022 01:34
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That sounds like an experiment that needs to happen. Would whatever algorithm they are using be able to discern between a face or a piece of paper cut to be the outline of a head in front of a scrotum?
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Feb 13, 2022 01:53
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Maybe not but good luck ever managing to take an identical enough picture of your balls to be able to do your taxes next year
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Feb 13, 2022 02:47
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Azuth0667 posted:That sounds like an experiment that needs to happen. I mean there was the one time the DoD mistook a picture of balls for an Iraqi military installation
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Feb 13, 2022 18:34
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RELEASE 8915-F ALREADY
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Feb 15, 2022 04:02
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Covok posted:RELEASE 8915-F ALREADY I love that my tax software does not pull any information from last years 8915 forward. Just super that I have to double check every client that might have had a 1099-R to see if they opted to split over three years.
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Feb 15, 2022 06:37
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Epi Lepi posted:I love that my tax software does not pull any information from last years 8915 forward. Just super that I have to double check every client that might have had a 1099-R to see if they opted to split over three years. Same. Honestly, I am so sick of this industry.
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Feb 15, 2022 07:31
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Covok posted:RELEASE 8915-F ALREADY  Azuth0667 posted:Thank gently caress, I was seriously contemplating if I could get away with using a picture of my balls. 
Peyote Panda fucked around with this message at 16:54 on Feb 15, 2022 |
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Feb 15, 2022 08:40
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Are there any legitimate online tax preparer services?
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Feb 15, 2022 15:32
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Upgrade posted:Are there any legitimate online tax preparer services? I mean, it depends? My office allows for drop off and remote work, especially since COVID. So I guess we technically are one.
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Feb 15, 2022 16:44
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Covok posted:RELEASE 8915-F ALREADY At least starting tomorrow my company’s software will finally let us file it; we just need to manually fill out a worksheet and scan it every time!  Covok posted:I mean, it depends? My office allows for drop off and remote work, especially since COVID. So I guess we technically are one. Same here; too bad most of my clients tend to be older and less tech savvy, considering the company is trying to get more people to do things electronically.
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Feb 15, 2022 17:53
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Just got another 1099-B today. Procrastination wins again! 
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Feb 15, 2022 19:07
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Covok posted:I mean, it depends? My office allows for drop off and remote work, especially since COVID. So I guess we technically are one. Want a client? 
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Feb 15, 2022 19:11
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Upgrade posted:Want a client? I am legitimately weighing the pros and cons of having a client who knows what a goober I am online and would have my work email. Also, the logistics of how to give any info out without doxing myself.
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Feb 15, 2022 19:13
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Covok posted:I am legitimately weighing the pros and cons of having a client who knows what a goober I am online and would have my work email. Also, the logistics of how to give any info out without doxing myself. You’re probably too good for what is actually a very easy married filing separately situation
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Feb 15, 2022 19:51
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Covok posted:I am legitimately weighing the pros and cons of having a client who knows what a goober I am online and would have my work email. Also, the logistics of how to give any info out without doxing myself. And do you really want someone mailing you the perfect identity theft packet?
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Feb 15, 2022 20:08
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H110Hawk posted:And do you really want someone mailing you the perfect identity theft packet? Do you think that we never mail information back and forth to clients?
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Feb 15, 2022 22:52
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