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Oh interesting. I can’t see where I made any mistakes in FreeTaxUSA (or in its forms), but it’s easy enough to zero out the basis for this year.
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Jan 25, 2024 21:34
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smackfu posted:Oh interesting. I can’t see where I made any mistakes in FreeTaxUSA (or in its forms), but it’s easy enough to zero out the basis for this year. I doubt you made a mistake, just the form probably populated incorrectly. It’s nothing you have to fix for the prior year.
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Jan 25, 2024 23:24
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If I live in New Jersey but work in New York, would interest income reported on a 1099-INT qualify as nonresident income? My gut says no but FreeTax suggests yes.
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Jan 26, 2024 01:12
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Oxxidation posted:If I live in New Jersey but work in New York, would interest income reported on a 1099-INT qualify as nonresident income? Portfolio income like interest income, dividends, capital gains etc are generally sourced to your state of residency. Not a non resident state.
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Jan 27, 2024 02:01
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First time filling out a Schedule C form for a hobby turned very minor hustle that is more pain than gain. edit: Figured out my question by reading the actual form. Tortilla Maker fucked around with this message at 17:24 on Jan 28, 2024 |
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Jan 28, 2024 16:52
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Hi thread, for the first time in my life I have to do something more complex than just file a W-2 + state return and wanted to check with the thread really quick before I throw a couple hundo at tax prep. tl;dr - This year I moved from California to Illinois, however during this process I remained employed with the same Californian company for the entire year. The company knew I was moving and were notified of the date. They know where I live in Illinois now clearly because they mailed my W-2 for me and my Illinois address is listed in Box e. However, on the W-2 the only state listed in Box 15 is CA, and the state wages in Box 16 are my full wages for the year. I know this is not right and that I have to file a return for Illinois as well for the time I've been here. Questions are: 1. How do I split the wages between the states correctly? Can I just do a simple division by % of the year I spent in each state, or do I need to go back and add up all paystubs to determine exactly what was paid out while I lived in one state vs the other? 2. What date should I use for the delineation? The date I actually first set foot in Illinois after the move, or the date I first officially established residency? I've been staying at a relatives and so have not rented/bought any IL property yet, although I did get an IL DL and registered my car here. 3. Alternatively, is California taxing me on all this income anyway because my employer is in California regardless of me now living out of state? Illinois does have an out-of-state tax credit available for anything that ends up double taxed. 4. When I was trying to figure this out on my own using H&R's free file, it seemed to imply IL would hit me with a delinquency fee for owing them back taxes. Is there any way for me to avoid this? It feels like if they were supposed to know before now about all this but didn't it's my employer's fault, not mine. Thank you in advance for anybody patient enough to assist, even if it's just "sounds complicated go talk to a tax prep service." 
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Jan 30, 2024 01:16
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Sydin posted:Hi thread, for the first time in my life I have to do something more complex than just file a W-2 + state return and wanted to check with the thread really quick before I throw a couple hundo at tax prep. I moved to IL in 2019 and had split IL and TX income (although not your issue where they hosed up the withholding) and I just had a CPA do it for that first year, and then figured out how to do it myself based on that in subsequent years. It wasn't too expensive either.
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Jan 30, 2024 01:26
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When I was in that situation I had to file partial year resident returns in both states. The instructions for allocating the income are determined by each state. I would not be surprised if the tax programs do not bother supporting partial year residents but maybe?
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Jan 30, 2024 01:32
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Appreciate the quick responses, the online forms did support partial residency returns but it wasn't clear how it wanted me to divvy up the income and it seemed like both states had different ideas of how I should do it. It was also pointed out to me IRL that I should probably get in touch with my company's HR department tomorrow and see if there's anything they can do. Worse case scenario if I'm not comfortable I can figure it out online I guess I'll just drop a couple hundo on having a prep service take care of it for me. Mostly I just want to avoid a situation where I gently caress it up and and have two states hounding me.
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Jan 30, 2024 03:20
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The usual software suspects should be able to handle partial year returns just fine. Use the date you moved as your cutoff date. Definitely get your HR to amend your W-2 if you can, otherwise CA is going to see less income on your CA return than they're expecting to and they will send you letters making you explain why. Much easier if everything lines up with what they're told (via W-2s)
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Jan 30, 2024 04:12
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e: nevermind, we good
BlackMK4 fucked around with this message at 01:55 on Jan 31, 2024 |
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Jan 30, 2024 21:51
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Can/will the IRS process refunds for the current year if I haven’t filed a prior year (2022) return yet? I’m expecting a refund for 2023 but owed $0 and expected $0 in 2022 otherwise.
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Jan 31, 2024 05:22
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Well gently caress me. I had my taxes all set and filed through TurboTax. Then yesterday I got a 1099-I form for the thousand bucks that I cashed out of an old, defunct retirement account early last year (and completely forgot about). They did the withholding properly so it shouldn't have much effect on anything, but when I went to TurboTax they wouldn't let me amend my return. Apparently that feature isn't available until February 15th. I definitely should have gone to a professional.
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Jan 31, 2024 17:11
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Nah you just should never actually file until March at earliest. You can complete your return but not file. I got caught out by a similar thing last year and learned my lesson.
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Jan 31, 2024 18:04
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Hypothetically, if I hosed up and signed up for Employee + Domestic Partner insurance coverage through work without realizing that it would add literally $500/month in additional taxes because of stupid IRS bullshit, how would I go about unfucking up?
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Jan 31, 2024 19:03
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KYOON GRIFFEY JR posted:Nah you just should never actually file until March at earliest. You can complete your return but not file. I got caught out by a similar thing last year and learned my lesson. I totally agree with this. I get stuff trailing in through mid Feb sometimes so I don't even look at my taxes until March. I'm not counting on any sort of refund though, so I don't really care when I file them. KillHour posted:Hypothetically, if I hosed up and signed up for Employee + Domestic Partner insurance coverage through work without realizing that it would add literally $500/month in additional taxes because of stupid IRS bullshit, how would I go about unfucking up? What do you mean? The benefits the company you work for covers for your domestic partner are considered imputed income and are taxable. I'm not aware of a way to "unfuck" this. Before I got married it was a separate line item on my paycheck and extra taxes were taken out to account for it.
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Jan 31, 2024 19:47
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skipdogg posted:What do you mean? The benefits the company you work for covers for your domestic partner are considered imputed income and are taxable. I'm not aware of a way to "unfuck" this. Before I got married it was a separate line item on my paycheck and extra taxes were taken out to account for it. They didn't make this clear when I did it, and also didn't clarify how much income it would be considered (it's a lot - the taxes are more than the entire employee cost of the insurance). By "unfuck" I mean get it changed to just cover me so she can get hers through work.
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Jan 31, 2024 20:06
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KillHour posted:They didn't make this clear when I did it, and also didn't clarify how much income it would be considered (it's a lot - the taxes are more than the entire employee cost of the insurance). By "unfuck" I mean get it changed to just cover me so she can get hers through work. Wait until open enrollment again or have a qualifying life event like losing your job, having a baby, or getting married. Once you make your insurance elections you can't just change them at will.
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Jan 31, 2024 20:14
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Pittsburgh Fentanyl Cloud posted:Wait until open enrollment again or have a qualifying life event like losing your job, having a baby, or getting married. Once you make your insurance elections you can't just change them at will. Wouldn't ending the domestic partnership count as a life event? Getting divorced does.
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Jan 31, 2024 20:16
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KillHour posted:Wouldn't ending the domestic partnership count as a life event? Getting divorced does. It does not because having a domestic partnership isn't quantifiable. A divorce, birth, job loss, etc is. I worked in health insurance for over a decade and never heard of breaking up with your girlfriend counting as a QLE, but call your HR people and check to make sure. (If it is and you lie about changing your living situation in order to wrangle a QLE you are probably opening yourself up to some poo poo.)
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Jan 31, 2024 20:20
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Pittsburgh Fentanyl Cloud posted:It does not because having a domestic partnership isn't quantifiable. A divorce, birth, job loss, etc is. I worked in health insurance for over a decade and never heard of breaking up with your girlfriend counting as a QLE, but call your HR people and check to make sure. I found some information in my state (NY) about ending a domestic partnership being a qualifying life event. I don't think the reason for doing it matters - it just says you just can't file for a new one for a year. I'll ask HR though thanks.
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Jan 31, 2024 20:26
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Boris Galerkin posted:Can/will the IRS process refunds for the current year if I haven’t filed a prior year (2022) return yet? I’m expecting a refund for 2023 but owed $0 and expected $0 in 2022 otherwise. They will process the return but might not give you a refund if they think you should file for 2022.
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Feb 1, 2024 02:08
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Lol at people who file in loving January, especially tax professionals.
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Feb 1, 2024 02:20
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Kicking your domestic partner to the curb in order to save some taxes is pretty grim
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Feb 1, 2024 02:22
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I cashed some paper EE bonds in 2023 (less than $1000). Should I expect to receive any type of form for those? Treasury Direct doesn't show anything.
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Feb 1, 2024 04:31
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Yes, you should get a form 1099-INT from the bank where you cashed the bond. Only the interest on the bonds is taxable, not the whole amount.
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Feb 1, 2024 04:38
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Gabriel Grub posted:Lol at people who file in loving January, especially tax professionals. What’s the issue?
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Feb 1, 2024 05:00
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Discendo Vox posted:What’s the issue? Some form you forgot about will arrive in early February.
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Feb 1, 2024 05:21
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Subvisual Haze posted:Some form you forgot about will arrive in early February. And then in mid March you will get the corrected version. I tell clients with investment accounts not to bother me about filing until late February at the earliest. Especially if they have RBC Capital Markets, that company always sends out corrected forms.
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Feb 1, 2024 05:25
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Also, if you're that pressed for a refund, you're probably not the kind of business I want.
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Feb 1, 2024 05:41
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EITC refunds don't even get issued until Feb 15th so you may as well wait.
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Feb 1, 2024 06:19
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I have a Roth IRA, and for the first time I got a 1099-R saying I had 1500 in rollover contributions. I didn't take any money out, are these reinvested dividends? I'm doing my taxes, and it asks "Did you convert part or all of this distribution from a traditional IRA to a Roth IRA?" and "Did you rollover part or all of this distribution into a traditional IRA or another qualified retirement account within 60 days of receiving this distribution?" it's also weird because it lists a taxable amount, but then says taxable amount not determined. apparently code 2 is "Early distribution (except Roth), exception applies" thanks
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Feb 2, 2024 19:50
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Did you do a backdoor Roth or something?
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Feb 2, 2024 19:55
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Guy Axlerod posted:Did you do a backdoor Roth or something? definitely not - looking in my account, I had everything in VTSAX, but is says I did some conversion for a 2040 retirement fund for some reason. I should just call them.
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Feb 2, 2024 19:59
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That 1099-R that you posted says that you moved $1,505 out of a traditional IRA. Given distribution code 2, it's almost certain that you converted that money into a Roth IRA. If you look at your brokerage account, I think you'll find that you have two IRA accounts, a traditional and a Roth. This conversion will be taxable, unless you previously made nondeductible contributions to your traditional IRA. The brokerage doesn't know whether your previous contributions were deductible, which is why they checked "taxable amount not determined." That is for you to figure out from your tax records. Telegnostic fucked around with this message at 20:51 on Feb 2, 2024 |
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Feb 2, 2024 20:27
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ah I see, I contributed to a traditional IRA, even though I don't remember doing that at all. But sure enough it's in my records - I wonder if I accidentally selected traditional vs. Roth, since I did it right before tax day last year.
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Feb 2, 2024 21:52
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Ok looking for an answer that should be simple but googling it has led to it being even more confusing. I work remote for a NY based company, but I live in CO. I have not set foot in NY all year. My company is withholding CO state taxes according to my W2. The company does have an office in CO, though I don't go in. Do I have to file a NY state return? edit: Contacted HR and they told me I do not. Sorry for panic posting here. trip9 fucked around with this message at 17:41 on Feb 5, 2024 |
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Feb 5, 2024 04:41
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Random musing… my fortune 100 job pays for my cell phone service bill because of vague reasons like “I need to be available” and “I have my work accounts on it.” This is reimbursed like any other travel expense and not taxed. I would still have this expense if not employed. Is this just a legacy of times when not everyone had a cell phone? Is there some percentage of work use required to not make this a taxable fringe benefit?
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Feb 5, 2024 14:41
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In order for the cell phone to be a nontaxable benefit, there must be "substantial business reasons" for them to provide it to you.https://www.irs.gov/publications/p15b posted:Examples of substantial business reasons include the employer's:
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Feb 5, 2024 17:20
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Thanks for digging that up. That does seem aligned with the first reason I mentioned so all is good.
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Feb 5, 2024 17:47
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