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Pre-tax deductions would be the place to look. Did you change your 401ks somehow?
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Jan 14, 2023 03:11
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KillHour posted:If you make enough last year that you maxed out social security tax, the paychecks at the end of the year wouldn't have that taken out, but now that it's a new year they would. That's the first thing that comes to mind. nah, our paychecks at the end of last year were the same as the other months. smackfu posted:Pre-tax deductions would be the place to look. Did you change your 401ks somehow? nope. same amount this year as it was last year. e: yea, to be specific, the federal government took $192 more this time than last paycheck. i did get some more insurance for the new year, but that was an increase of only $40. other than those two things, there are some minor fluctuations for medicare and social security, but nothing more than $2. i have no idea. we also moved to a new paycheck company, but i can't imagine that has anything to do with this. and obviously that doesn't explain my wife's change either. abelwingnut fucked around with this message at 04:05 on Jan 14, 2023 |
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Jan 14, 2023 03:55
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Does your paycheck list what your taxable income was? Did change from the last paycheck?
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Jan 14, 2023 04:05
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both do, yes. they are equal.
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Jan 14, 2023 04:07
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abelwingnut posted:i have no idea. we also moved to a new paycheck company, but i can't imagine that has anything to do with this. and obviously that doesn't explain my wife's change either. You’re sure you didn’t get a new W-4 as part of the move? I know a bunch of places (particularly union pensions around here) were swapping over to the newer version of the W-4, could that have happened? Or did you change withholding when you got married?
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Jan 14, 2023 20:07
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Bit of an odd question, but does anyone know if the IRA (e: Inflation Reduction Act) tax credits can be claimed if you're MFS? And can they be claimed on top of the standard deduction, or will you have to itemize?
The Slack Lagoon fucked around with this message at 05:11 on Jan 17, 2023 |
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Jan 16, 2023 06:40
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The Slack Lagoon posted:Bit of an odd question, but does anyone know if the IRA tax credits can be claimed if you're MFS? And can they be claimed on top of the standard deduction, or will you have to itemize? The income limit for deductible traditional IRA contributions for MFS is $10k in income unless it's changed in the last year or two. Your best option is a backdoor Roth (assuming the pro rata rule won't screw you).
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Jan 16, 2023 13:08
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Tyro posted:The income limit for deductible traditional IRA contributions for MFS is $10k in income unless it's changed in the last year or two. Your best option is a backdoor Roth (assuming the pro rata rule won't screw you). Ahh different IRA. I meant the Inflation Reduction Act and the tax credits for installation of new electrical equipment and wiring.
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Jan 17, 2023 01:21
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Ha, whoops.
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Jan 17, 2023 01:27
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The Slack Lagoon posted:Ahh different IRA. I meant the Inflation Reduction Act and the tax credits for installation of new electrical equipment and wiring. Hah. Yeah I would go ahead and spell that out at least the first time in a paragraph when talking about it.
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Jan 17, 2023 02:42
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https://youtu.be/X-EWSTH_224
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Jan 17, 2023 12:42
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I withdrew money from an IRA because it was hemorrhaging money when the economy was being panicky. This is from FreeTaxUSA's "Roth IRA Basis" screen:  Is it basically asking me to first input the total value of the shares I sold at the beginning of the year (e.g., 10 shares × $100 per share = $1,000 value), followed by the value when I sold them (e.g., 10 shares × $50 per share = $500 value)?
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Jan 17, 2023 23:59
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Where did the money go? Is it just cash sitting in the same IRA (or some other tax-advantaged account) or did you actually take money out of tax-advantaged space and put it in your checking account?
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Jan 18, 2023 00:57
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Harveygod posted:Where did the money go? Is it just cash sitting in the same IRA (or some other tax-advantaged account) or did you actually take money out of tax-advantaged space and put it in your checking account? Checking account.
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Jan 18, 2023 01:14
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Tortilla Maker posted:I withdrew money from an IRA because it was hemorrhaging money when the economy was being panicky. The "basis" questions are asking how much total $$ you put into the Roth via contributions over the years (top one) and how much you put into it by rolling money over from traditional IRAs and paying any tax on it then (conversions, second one). Those amounts are after-tax money already so can't be taxed again. Anything from what the Roth was earning sitting there is going to be treated as taxable, assuming you aren't over 59 1/2 and you've had the Roth 5 years at least.
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Jan 18, 2023 04:40
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Why can't I just list myself as Exempt every year and pay everything I owe on Tax Day? At what point will the IRS get mad at me for listing myself as Exempt? I was Exempt last year, and I just got a notice from my payroll that I need to complete a new W2 by February 15th. If there's a (small) chance I will be Exempt again this year (I'm still on a probationary period, and could theoretically be let go at any time), can I also file this new W2 as Exempt for 2023, and take care of any tax liabilities next Tax Day?
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Jan 23, 2023 20:17
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literally this big posted:Why can't I just list myself as Exempt every year and pay everything I owe on Tax Day?
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Jan 23, 2023 20:18
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Is there a website that goes over forms in simple language? The IRS simplified explanation of the form I’m trying to figure out (1120s schedule k-1) is still too in depth.
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Jan 23, 2023 21:04
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Form K-1 is not simple period. Thanks for coming to my Ted talk.
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Jan 23, 2023 21:26
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I'm helping my relative (single, no dependents) with his QDRO (qualified domestic relation order) 401k and the required minimum distribution that he will have to start taking. He turns 73 years old this year and his ending balance at the end of 2022 was $65,000. The customer service team at his brokerage was not able to provide us with an RMD because it's a QDRO account so they told us to speak with a tax advisor to figure it out. From what I can see online, is the calculation as simple as: $65,000 / 26.5 = $2,452.83 So essentially around $205 a month? Am I missing something here? Busy Bee fucked around with this message at 23:02 on Jan 23, 2023 |
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Jan 23, 2023 22:55
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Busy Bee posted:I'm helping my relative (single, no dependents) with his QDRO (qualified domestic relation order) 401k and the required minimum distribution that he will have to start taking. I don't know why it being a QDRO has anything to do with not being able to do the RMD, but yes you have the math right. He can take more out but that's the minimum. Golden Bee posted:Is there a website that goes over forms in simple language? The IRS simplified explanation of the form I’m trying to figure out (1120s schedule k-1) is still too in depth. Please tell me that you're asking this question because you received a K-1, and not because you are attempting to self-prepare an S corp return.
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Jan 24, 2023 00:24
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Oh, they got rid of the $300 deduction for cash donations to qualified charities?
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Jan 24, 2023 01:22
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Small White Dragon posted:Oh, they got rid of the $300 deduction for cash donations to qualified charities? Yes, that was for 2020 and 2021 only. Hopefully they never bring it back.
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Jan 24, 2023 02:17
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Missing Donut posted:Yes, that was for 2020 and 2021 only. Weird thing to be mad at.
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Jan 24, 2023 04:34
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Epi Lepi posted:Weird thing to be mad at. Yeah, I made a 300 dollar cash donation. Source: Trust me, bro.
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Jan 24, 2023 05:13
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Epi Lepi posted:Weird thing to be mad at. It was bad tax law. It’s essentially unauditable with little additional funds going toward charitable coffers. They might as well have just increased the standard deduction across the board. (Not dissimilar for K-12 teachers. It sucks explaining to a teacher that the $1,500 they spent on their classrooms only saved them $36 in taxes.) Maybe it’s just annoying as a tax professional. After two years reeducating clients on the tax value of charity post-TCJA, we had two years of a minuscule benefit for out-of-pockets, and are now back to re-reeducating to 2019.
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Jan 24, 2023 07:00
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Missing Donut posted:It was bad tax law. It’s essentially unauditable with little additional funds going toward charitable coffers. They might as well have just increased the standard deduction across the board. It's really easy to get to $300 in donations, it's only $25 a month. If someone tells me they hit that I'm not going to really interrogate them about it. I was just happy to tell my clients who give every year but can't itemize that they actually got a benefit for once, even if it's small.
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Jan 24, 2023 17:36
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Epi Lepi posted:It's really easy to get to $300 in donations, it's only $25 a month. If someone tells me they hit that I'm not going to really interrogate them about it. I was just happy to tell my clients who give every year but can't itemize that they actually got a benefit for once, even if it's small. I didn't question any client telling me that they had the $300 either. I'm sure plenty of people lied about it or counted GoFundMe fundraisers and girl scout cookie purchases in it. But it ultimately didn't matter because the tax reduction was so minimal. Nobody's going to audit it; not you, not me, not the IRS. It didn't incentivize increased charitable giving. It did, however, waste a lot of time as the IRS had to reprogram their computers for it three years in a row because of the law changes. Wouldn't it be fun if we get a 2022 extenders bill that reverts the new amortization of R&D expenses -- and also extends the special $300/taxpayer charitable contribution?
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Jan 24, 2023 19:51
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literally this big posted:Why can't I just list myself as Exempt every year and pay everything I owe on Tax Day? Just FYI, not sure where the exact line is but if you gently caress around with this enough the IRS will hit you with mandatory withholding orders. That means until you get it lifted (which can take years) they will get a cut of each check and you get to wait until tax time you get any overpayment back.
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Jan 25, 2023 14:18
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If I'm filing MFS and we have joint accounts with 1099-INTs does the interest HAVE to be split between both people or can one person claim it all? MFS with standard deductions.
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Jan 26, 2023 02:12
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Missing Donut posted:It was bad tax law. It’s essentially unauditable with little additional funds going toward charitable coffers. They might as well have just increased the standard deduction across the board. That's too bad. I liked the idea, personally. Especially post-TCJA, few people itemize.
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Jan 26, 2023 08:56
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Is there any benefit to keeping a US address when filing with the IRS? I'm helping my mother with her taxes and she has an address in the US but spends the majority of her time abroad outside the country. I'm assuming that the IRS does not care as long as all taxes are taken care of and the filer is able to receive any documents from the IRS. Seems like there's some good information here - https://www.greenbacktaxservices.com/blog/virtual-mailbox-living-abroad/ Busy Bee fucked around with this message at 11:15 on Jan 26, 2023 |
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Jan 26, 2023 11:13
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Busy Bee posted:Is there any benefit to keeping a US address when filing with the IRS? I'm helping my mother with her taxes and she has an address in the US but spends the majority of her time abroad outside the country. Pretty much, so long as you’re reporting her tax info right she can have any mailing address, though I recommend a US address if she can check it relatively easily just because mailing out of the country can be a pain and take a long time with potentially time sensitive mail like IRS stuff. If she gets refunds she wants a US bank account though, IRS (and I think most if not all states) won’t do direct deposit to foreign banks.
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Jan 26, 2023 15:55
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Ignoring the IRS I would keep one just to make banking easier. And don't let the banks find out she's abroad or out of the country.
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Jan 26, 2023 17:04
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Doing my taxes and I see TurboTax is saying a DVD donation is worth $4. I've got roughly 700 DVDs that I haven't touched in years, if I end up donating those this year to Salvation Army or Purple Heart, is that really going to be a $2,800 deduction? I have to assume that's a huge red flag.
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Jan 26, 2023 17:07
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One weird trick, IRS hate it.
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Jan 26, 2023 17:11
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I just threw away spindles of DVD-RW. Still wouldn't have reached my standard deduction though.
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Jan 26, 2023 18:04
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just looking for somebody to help me make sure I'm understanding my situation correctly. the short version is: - partner and her youngest (a minor) moved into my home in may '22 - partner's oldest (also a minor) moved into my home in june '22 - partner quit job to take care of kids, etc, though still made more than the $4,400 threshold for the year - i make all the money - partner gets no child support for the kids my questions: - do i qualify for Head of Household? - can i safely say i have 3 dependents (assuming the kids aren't claimed by somebody else)? or just 2?
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Jan 26, 2023 21:54
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Are you married to partner? If not, the answer is immediately "no" to all of them.
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Jan 26, 2023 23:55
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spammy davis jr posted:just looking for somebody to help me make sure I'm understanding my situation correctly. the short version is: Not this year you can't. None of them will count as a qualifying relative because they did not live with you for the full year. If they all live with you for the entirety of this year and you continue to provide "more than one half of the support" for the household then you will be able to claim all three and also qualify as head of household. If you get married then you will file jointly and you can claim the kids because they're your now spouse's blood relatives.
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Jan 27, 2023 21:52
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