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KYOON GRIFFEY JR posted:Are you intending to spend 183+ days in Virgina to qualify as a resident? What you posted seems irrelevant considering you started off with "I'm moving to Washington" - are you intending to move there without doing any of the things in the list? Yeah that's a really good question, I worded it poorly, let me give you one specific example; lets say it turns out, for example, I have 30 contiguous days I can stay there. I would get a short term rental and then organize interviews, look for a house, then officially move later depending on how that went, or choose to stay in VA. That way the worst case scenario is basically I was there for 30 days, I failed some interviews or didn't get good offers, and then I end up being in VA 335 days in 2023. Small White Dragon posted:The problem here is that if you live in that other state, you can potentially create a Nexus for your employer, meaning the State could hold them liable for corporate income taxes and so forth. One detail here I don't really know if it matters, but said company is already based in WA. (which undeniably has made me mad that they would push back on moving there). Salt Fish fucked around with this message at 21:51 on Apr 3, 2023 |
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Apr 3, 2023 21:47
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H110Hawk posted:You need to put the $507 in your 1040 as a payment. Do you know what line or form that would go under? I'm using Turbotax free right now and my income consists of my W-2, 1099-INT, and that $507 which I have listed under "Estimated Tax Payments". I don't think it fits any of the other categories (Self-Employment, Unemployment, Other Common Income, Investments and Savings, Less Common Investments and Savings, Retirement Plans and Social Security, Rentals, Royalties, and Farm, Other Business Situations, S-corps, Partnerships, and Trusts, and Less Common Income)
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Apr 3, 2023 21:51
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Centzon Totochtin posted:Do you know what line or form that would go under? I'm using Turbotax free right now and my income consists of my W-2, 1099-INT, and that $507 which I have listed under "Estimated Tax Payments". I don't think it fits any of the other categories (Self-Employment, Unemployment, Other Common Income, Investments and Savings, Less Common Investments and Savings, Retirement Plans and Social Security, Rentals, Royalties, and Farm, Other Business Situations, S-corps, Partnerships, and Trusts, and Less Common Income) I suppose estimated payments are sort of like negative income, but you might want to look in the Payments section... (on the second page of the 1040EZ, don't know where it is in Turbotax)
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Apr 4, 2023 00:20
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I don’t see how it matters. You owe $X taxes, you paid $Y taxes so far, you take the difference and that’s what you pay or get refunded now.
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Apr 4, 2023 01:12
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Centzon Totochtin posted:Do you know what line or form that would go under? I'm using Turbotax free right now and my income consists of my W-2, 1099-INT, and that $507 which I have listed under "Estimated Tax Payments". I don't think it fits any of the other categories (Self-Employment, Unemployment, Other Common Income, Investments and Savings, Less Common Investments and Savings, Retirement Plans and Social Security, Rentals, Royalties, and Farm, Other Business Situations, S-corps, Partnerships, and Trusts, and Less Common Income) I don't use TurboTax but based on the instructions on their website it looks like you would go to the Estimated Payments section and then select Payment with Extension. smackfu posted:I don’t see how it matters. You owe $X taxes, you paid $Y taxes so far, you take the difference and that’s what you pay or get refunded now.
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Apr 4, 2023 01:40
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So I've backdoor Roth'ed for years. Almost every single year, I have gains between the date I contributed to my Trad IRA and when I convert it to Roth, creating a $100 or so taxable income. This year, I lost like $600 between when I stuck money in my Trad IRA and converted to Roth (forgot to do it right away). 1040 Line 4a shows the $5400 IRA "distribution," but HR Block software shows 0 for the taxable amount. Should a -$600 be in there?
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Apr 4, 2023 06:48
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Henrik Zetterberg posted:So I've backdoor Roth'ed for years. Almost every single year, I have gains between the date I contributed to my Trad IRA and when I convert it to Roth, creating a $100 or so taxable income. This year, I lost like $600 between when I stuck money in my Trad IRA and converted to Roth (forgot to do it right away). 1040 Line 4a shows the $5400 IRA "distribution," but HR Block software shows 0 for the taxable amount. Should a -$600 be in there? Roth conversions do not generate tax losses
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Apr 4, 2023 11:56
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Admiral101 posted:Roth conversions do not generate tax losses Ok thank you!
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Apr 4, 2023 17:24
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It's easy to avoid that situation by keeping your backdoor contribution as cash in the trad IRA account and not investing it until after the Roth conversion is complete.
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Apr 4, 2023 17:42
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I have a fairly low income job, it's my only income, it's the same job I had last year, I claimed 0 on my taxes...Literally nothing has changed since last year and I got a few grand back. yet turbotax is saying I owe money for federal this year. I am so loving confused right now.
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Apr 4, 2023 18:06
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SamDabbers posted:It's easy to avoid that situation by keeping your backdoor contribution as cash in the trad IRA account and not investing it until after the Roth conversion is complete. Oh yeah that's actually a good idea. Thanks!
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Apr 4, 2023 18:09
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Henrik Zetterberg posted:Oh yeah that's actually a good idea. Thanks! Definitely make sure that you do the conversion right away in the future - it makes your life significantly easier.
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Apr 4, 2023 18:37
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veni veni veni posted:I have a fairly low income job, it's my only income, it's the same job I had last year, I claimed 0 on my taxes...Literally nothing has changed since last year and I got a few grand back. yet turbotax is saying I owe money for federal this year. I am so loving confused right now. Look at your w-2, box 1/3/5, take the biggest number. Subtract the standard deduction (basically $13k single or $26k MFJ). Look up the new number in the tax tables, it's an IRS publication. Compare it to the box 2 number. Subtract the number you looked up from box 2, if the results are positive you're owed a refund unless you have other income from elsewhere. If it's positive you owe. Triple check TurboTax or throw it in the trash and use another free file service gently caress intuit.
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Apr 4, 2023 19:01
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Here's a question about my situation, specific to NY/NJ: Married filing jointly, living in NJ. Spouse worked at a NY job, hybrid work arrangement all year (commuting 3 days a week). I worked at a NJ job until mid-February 2022, and switched to a NY job starting right at the end of February. After switching jobs, I worked from home almost entirely - only 6 days spent working in NY during the entire 10-month period I was working in the new job. So far, the lovely normal rules in NY about WFH applies, but here's the kicker: My new NY employer was renovating its entire office space throughout 2022 (reopened in Jan. 2023), and it only had a temporary "swing space" available, which could host, at most, about a dozen employees, when there are almost 100 employees working for this employer. While I would have normally had a designated office space, the swing space worked like a bunch of visitor offices and desks, which could only be taken by reservation on a day to day basis. Can I claim this as a situation in which my working from home was for the employer's convenience, therefore allowing me to allocate NY and NJ income based on actual days worked in NY? And if I actually do this, I will end up claiming a large refund from NY, offset by a large payment to NJ (plus underpayment penalties), since my NY employer withheld NY income tax only. I'm 99.99% sure that this will trigger an audit from NY (though I'm sure NJ will be happy to take my money). So the question is, does anyone know how much an NY income tax audit sucks? Really tempted to push this because the difference will end up being about $4,500, even after the underpayment interest to NJ...
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Apr 4, 2023 19:08
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Wondering if anyone can answer some questions about a generation skipping trust--my partner just found out her grandparents set one up for her and that it comes into her possession soonish. We don't have a lot of info on it yet but I'm just trying to get some pieces in place so I can handle the tax side of it intelligently. As I understand it, the big advantage of generation-skipping trusts is that there's no estate tax on the money, but other than that there's no tax advantage per se, right? I've had a hard time finding out concrete info regarding trusts and taxes. My assumption is that any distributions from the trust would need to be pro-rata distributions (i.e. proportional distributions of principal & interest) and that the principal isn't taxable, but the interest is. Would that be correct? And is the interest just taxed as normal income? And for trusts in general like this, once my partner hits the age where the trust transfers to her, it still functions basically the same, right? Like the money stays in the trust until we elect to pull it out? Or are some trusts set up for automatic distributions? Basically I know nothing about how the trust is set up at the moment but will hopefully know more before it actually hits "maturity" or whatever you'd call it with trusts, I'm mostly trying to avoid getting slapped with a huge unexpected tax bill because we're getting the whole trust dumped on us in a year or something silly like that.
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Apr 4, 2023 19:37
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You need an attorney to review it and refer you to a cpa. The laws have changed two dozen times since it was put in place assuming it's non-revocable.
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Apr 4, 2023 19:43
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KYOON GRIFFEY JR posted:Definitely make sure that you do the conversion right away in the future - it makes your life significantly easier. Oh for sure. I usually do it as soon as the money hits my trad IRA and settles. I just got busy this year and in December had a "oh poo poo I forgot to do this!" moment.
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Apr 4, 2023 19:55
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Transcendi posted:Here's a question about my situation, specific to NY/NJ: If you're due an abnormally large refund from them there's good odds that NYS will send you a letter asking you to justify your non-resident allocation. You will need to get a letter from your employer stating that you working from home was for their convenience, NYS will just blanket deny you without that.
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Apr 4, 2023 21:50
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veni veni veni posted:I have a fairly low income job, it's my only income, it's the same job I had last year, I claimed 0 on my taxes...Literally nothing has changed since last year and I got a few grand back. yet turbotax is saying I owe money for federal this year. I am so loving confused right now. Check your W2 from last year vs this year. Is the income 10k higher, or is your withholding several k less? Those are the most likely causes. If they are still similar you'll can compare your 1040 form from this year vs last.
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Apr 4, 2023 21:59
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H110Hawk posted:You need an attorney to review it and refer you to a cpa. The laws have changed two dozen times since it was put in place assuming it's non-revocable. Yeah fair enough, that seems like the safest route anyway. Sort of a follow-up question, I have an accountant I work with for tax filing that I like a lot but I think he might be an enrolled agent, not a CPA. Should I still talk to a CPA specifically or is it possible this is in his wheelhouse? I'm sure I could ask him too and he'd set me on the right path, but I don't want to hassle him about it til we're out of tax season.
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Apr 5, 2023 00:25
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MockingQuantum posted:Yeah fair enough, that seems like the safest route anyway. First find out what the estate means, then ask your attorney. It's possible that this is all a big nothing and you get it for free. It's also possible to owe some taxes. Thankfully almost no one should be making new generation skipping trusts anymore. Odds are if there is accounting to be done you will want an accountant proper. Should be a one time thing though.
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Apr 5, 2023 00:33
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H110Hawk posted:First find out what the estate means, then ask your attorney. It's possible that this is all a big nothing and you get it for free. It's also possible to owe some taxes. Thankfully almost no one should be making new generation skipping trusts anymore. Cool, that gives me a starting place. It's not like this is massive, life changing money, but it's nothing to sneeze at either and we didn't really have any inkling that it existed until the start of this year. Kind of a weird situation all around.
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Apr 5, 2023 00:40
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I was on my wife's HSA for 6 months (Jan - Feb plus July - Oct) in 2022, and we got a letter saying she contributed more than the IRS max for the year and we need to pull some out (but won't tell me how much). I assume that's just because she was over the maximum for a Self Only plan when December rolled around? I found one document from some random insurance provider that says the yearly max is prorated monthly when you switch back and forth between single and family, which would mean we are about $1,500 under what our max would be, but everything else I find assumes you are on one plan and stick with it. So, is that right? If you contribute the family max for 6 months and switch to Single and pay that max for 6 months, are you fine or does it only matter what you were in December?
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Apr 6, 2023 16:49
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In 2021 I back doored the max amount into a Roth for the 2020 tax year. I did this right before doing my taxes and put it on there not thinking about the fact that there would eventually be a tax form for it. I did the same last year for 2021 but had a 1099-R for the previous year this time. For a multitude of reasons I haven't put any money into the Roth for 2022(still maxing out my TSP though) but the 1099-R has the money I put in last year on it. Since I've already claimed both years I've contributed what do I do with the form? Do I ignore it? Do I need to do an amended return to change the year I put it on my return without the proper tax form? Is this where I go talk to a real live CPA? I did double check my 2020 return to verify that I had claimed the $6,000 and it is on there. e: just going to go with an accountant. I moved out of state and h&r block thinks I owe Missouri almost $8k which should not be true. fknlo fucked around with this message at 19:16 on Apr 6, 2023 |
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Apr 6, 2023 18:16
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Friend posted:I was on my wife's HSA for 6 months (Jan - Feb plus July - Oct) in 2022, and we got a letter saying she contributed more than the IRS max for the year and we need to pull some out (but won't tell me how much). Yes it is prorated by month with a few exceptions that let you use your Dec 1st status for the whole year if that is greater. This worksheet can be used to find out what your max was. https://www.irs.gov/instructions/i8889#en_US_2022_publink1000281027
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Apr 6, 2023 20:00
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I just noticed that my wife's 1099-R has an incorrect RECIPIENT'S TIN. It looks like a SS number, but it isn't hers. I'm reasonably confident that we will not be able to get a corrected 1099-R in time to file. I'm using Free File Fillable Forms-- When I enter her 1099-R info, should I put the incorrect TIN number from the 1099-R she received, or should I enter her correct SS number?
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Apr 6, 2023 23:45
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You should file an extension, but use the forms to figure out the exact amount you owe if any first. Then get the corrected forms. Don't put information you know is wrong into the system.
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Apr 6, 2023 23:54
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veni veni veni posted:I have a fairly low income job, it's my only income, it's the same job I had last year, I claimed 0 on my taxes...Literally nothing has changed since last year and I got a few grand back. yet turbotax is saying I owe money for federal this year. I am so loving confused right now. fwiw Intuit's site wasn't working for me this year on multiple browsers because I don't know why so I used goon recommended freetaxusa (not a scam) and it was actually a much more pleasant experience. I doubt I'll ever go back to TT. If you feel up to it maybe get a second opinion with different software.
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Apr 7, 2023 00:08
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I need to file an extension and owe. I have my estimated K-1s but won't get the final value for a while. I have TurboTax Home & Business 2022 for Windows (thick version, not the web version). It could print forms to file with my state for an extension. Every instruction for a federal extension is to login online, then I have to key in all my info again (even though it's already in TurboTax). Is this really the only way to do it? I'm about to just fill out an IRS 4868 PDF, but I'm not sure how to tell TurboTax I did that & sent payment in a few months once everything comes in. Would I just add my payment to the "other amounts paid in 2022" box?
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Apr 7, 2023 03:38
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With the new job I got this fall, I’m contributing 6% of my paycheck to a 401k, and that apparently means I get $40 Retirement Saver’s Credit. That is less than the amount I now have to pay to TurboTax since it also means I no longer qualify for free filing  I think that’s it, anyway. What box on my W2 would that be in? 13?
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Apr 7, 2023 06:25
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Generally, retirement plans through an employer are reported as one of the various codes in box 12.
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Apr 7, 2023 13:24
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H110Hawk posted:You should file an extension, but use the forms to figure out the exact amount you owe if any first. Then get the corrected forms. Don't put information you know is wrong into the system. Maybe they could use a 4852 to report the income and state the reason for the substitution form was an erroneous 1099-R? Winged Orpheus posted:Generally, retirement plans through an employer are reported as one of the various codes in box 12. Yeah, 401k is usually a code D entry in box 12, though depending on the specific retirement stuff it may be an alternate letter.
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Apr 8, 2023 02:01
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Yep, box 12a, code D - Elective Referrals to 401K. One of 4 copies of that W2 didn't have 12, 15 or 16 filled in so I may have overlooked it, but it got imported into TurboTax just fine, so I don't know how I missed it there. It's annoying that I have to pay $56 dollars to file a $40 credit, but oh well.
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Apr 8, 2023 02:51
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I have a client's son who is active military and received combat pay. My understanding is combat pay is subject to FICA taxes but not income tax and generally I should be able to subtract Box 1 Wages from Box 3 wages on the W-2 and arrive at the combat pay number. On his W-2 the difference between box 1 & 3 is less than the amount his W-2 claims is combat pay. By like, $13K. Before I tell them to endure the pain of getting the government to correct his W-2, is there any other reason that anyone can think of that would lead to this discrepancy?
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Apr 8, 2023 03:58
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Dr Christmas posted:Yep, box 12a, code D - Elective Referrals to 401K. You can probably check and see what freetaxusa.com (not a scam) will cost to get you the savers credit.
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Apr 8, 2023 04:17
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Hed posted:I need to file an extension and owe. I have my estimated K-1s but won't get the final value for a while. I figured it out... to do an extension you have to completely exit the program and then come back into it. There's a "File Extension" button in the lower right. It goes away once you start working on everything. 
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Apr 8, 2023 15:12
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Epi Lepi posted:Before I tell them to endure the pain of getting the government to correct his W-2, is there any other reason that anyone can think of that would lead to this discrepancy? There definitely are some types of military pay subject to income tax and not FICA. I see a W-2 every year where box 1 is higher than box 5 by in excess of $15k, but I don't remember exactly what kind of pay is taxed that way.
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Apr 8, 2023 16:13
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There's a whole publication about military tax stuff, pub 3 IIRC.
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Apr 8, 2023 17:19
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I have a tax question! I file my taxes myself every year. They're pretty uncomplicated. (I used HR Block for a decade but now use TaxSlayer). I live and work in NC. But in 2022 I had one small job in California. About $3100. The company hired me as an employee for this one job and I got a W-2. I am Married Filing Jointly. TaxSlayer of course is like "hey you entered a California W-2... you need to file a state return there." It brings over all my info and it says I owe $2500. On $3100. There is the option to switch to just Married Filing Single for the CA return (which you're eligible to do as long as one spouse didn't work at all in CA). That takes it down to about $1700 but holy poo poo. What am I missing here?
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Apr 8, 2023 20:17
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BonoMan posted:I have a tax question! I file my taxes myself every year. They're pretty uncomplicated. (I used HR Block for a decade but now use TaxSlayer). My CA tax prep software said I owed a huge amount of money until I got to the section where I certified that I had health insurance all year. There's a big penalty in CA if you dont.
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Apr 8, 2023 20:59
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