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I'm going to be in kind of a messed up situation, so I need some help figuring it all out. I'm hoping breaking this up into parts makes it clearer. I own a house in NY. I will not be selling said house. I will be starting a job in NJ, and will have an apartment there. I am separated from my wife, and we will likely be getting divorced this year. My wife lives in NY. How do I figure out how the hell taxes are going to work? Should I keep my "main residence" in NY or say I live in NJ? How do I not get hosed over or double taxed?
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Feb 12, 2016 22:21
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What do I do if my wife won't tell me if she's filing itemized or not? We're separated (and have been for a year), and filing separately. I can't get ahold of her to figure out which she is doing, but I'm definitely itemizing since I own a house and the difference is like $1200 in my return. If she did standard, will the IRS just send a nastygram saying to amend the return, or are they going to go straight to pounding me in the rear end?
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Apr 3, 2016 06:39
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Okay, thanks. Trickier question. I was laid off last year and couldn't afford health insurance for 5 months. My income by itself was below the threshold for my state's plan being "affordable." So in theory, I shouldn't have a penalty. But my wife had insurance through her employer (which she wouldn't let me be on), and if you included her pay (which I had no access or claim to), the plans would have been considered "affordable". Do I need to pay the penalty in this case?
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Apr 3, 2016 19:09
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Edit: I actually did the math instead of going off of memory. My AGI for 2015 was $37,960. The cheapest bronze plan for my zip code on the NY marketplace in 2015 was $270.76 per month for a steaming hot pile of poo. $270.76 * 12 is $3,249.12 per year. Divide that by 0.0805, and you get $40,361.74. If I'm reading that right, I have zero health insurance requirement unless I made over $40k, ignoring whatever my wife made because she filed separately. Correct? Double edit: I don't see modified AGI on my tax return. How is that different from AGI? Triple edit: Found it. quote:To calculate your modified adjusted gross income, take your AGI and add back certain deductions. Many of these deductions are rare, so it's possible your AGI and MAGI can be identical. According to the IRS, your MAGI is your AGI with the addition of the following deductions, if applicable: I don't have any of those things, so they should be identical. KillHour fucked around with this message at 23:23 on Apr 3, 2016 |
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Apr 3, 2016 22:51
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urnisme posted:Yes, because you are married filling separately (and don't qualify for premium tax credits to help pay for marketplace insurance) you would use the annualized premium for the lowest-cost bronze plan for your zip code for the months that you were not eligible for employer-sponsored coverage. For any months you were eligible for employer-sponsored coverage you have to use the annualized cost of that coverage to figure affordability. I had employer healthcare for every month I was employed. I just want to make sure that my wife having a job that I could legally have been on (but couldn't in actuality because she wouldn't let me) won't screw me.
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Apr 4, 2016 05:22
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We're not legally separated, no. No kids (thank God).
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Apr 4, 2016 18:27
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I like how the IRS direct pay website is down on tax day. Great job guys! 
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Apr 17, 2018 19:51
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Hoodwinker posted:The bigger question is, "Why did you wait to file until yesterday?" I waited to file until today.
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Apr 17, 2018 21:07
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My mom does this and complains about it every year. I like getting a modest refund because I'm dumb/bad with money and would rather spend it on something cool once a year than on an extra coffee every week or whatever.
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Apr 18, 2018 05:03
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Greatest Living Man posted:Hi everyone, You don't owe anything to the US unless you make over something like $100K, AFAIK. You still have to file though.
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Jul 19, 2018 20:48
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I'm not a fancy tax accountant person, but I have a REALLY hard time a household making $90k with 2 kids would have zero tax liability.
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Jan 20, 2019 19:34
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Residency Evil posted:Fuuuuck USPS says I have a letter from the IRS coming today. If it makes you feel better, the last time this happened to me, it was a "We want to verify your identity so we don't give your awesome, giant refund to a scammer" letter.
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Feb 12, 2019 16:45
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I'm not a tax person but why would it matter that you're getting more back just to pay it again in taxes? Also, holy crap 2k in taxes is super low for your income.
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Sep 20, 2019 21:42
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OAquinas posted:The carryforward is limited to 5 years. Any left after that is lost. Why would you want a larger refund at the end of the year instead of paying less taxes upfront? Even if you wanted this for some insane reason, you could just have them withhold more. Ancillary Character posted:Is that $10k in pretax exemptions Traditional 401k contributions? You can switch those over to Roth contributions instead to up your tax bill. OK, this might actually make sense. You'd effectively be "spending" your credit to avoid tax altogether on the money in the IRA. KillHour fucked around with this message at 05:55 on Sep 21, 2019 |
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Sep 21, 2019 05:51
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My girlfriend received a corrected. W2 after she already filed. The corrected W2 had her wages sightly lower than the original (by about $200). Does she really need to file a corrected return if she doesn't care about the $60 extra she'd get for the trouble?
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Feb 22, 2020 07:37
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Hypothetically, if you were to exercise ISO stock options and the most recent valuation put the fair market value of the options below the exercise price, would that have any effect on tax burden?
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Feb 27, 2020 23:29
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Motronic posted:If I reading this right I'd assume you wouldn't have a tax burden because there was no gain. I doubt you'd be able to claim the loss though, but maybe. That's what I figured. Just wanted to double check.
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Feb 27, 2020 23:59
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8-bit Miniboss posted:Guess I'm using FreeTaxUSA this year. I just now read the week old news that loving Intuit bought Credit Karma. So loving pissed. They can eat poo poo. The American tax system sucks poo poo and Intuit keeps lobbying to keep it that way. gently caress right off. Goddamnit, really? loving gently caress.
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Mar 3, 2020 15:21
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gently caress Intuit. They lobby to keep tax codes as complicated as possible. I used to use Credit Karma Tax, but Intuit bought them too. Use Free Tax USA instead. Name sounds sketchy but it's legit.
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Mar 8, 2020 15:59
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If I get audited, I'm buying you the most annoying avatar.
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Mar 21, 2020 03:30
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 Maybe you can find new parents?
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May 21, 2020 00:14
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Magic City Monday posted:the chief of surgery will operate on you insteaf of a resident or normal surgeon This is honestly surprising and kind of scary. I would have assumed the surgeon you get would be based on need.
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Jan 3, 2021 22:07
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IRA conversion questions. Because of Rona, I was able to make contributions later to my 2020 Traditional IRA later in the year. I did a backdoor conversion to a Roth as soon as they hit (~1 week), so I have minimal gains to report on them. But because of this, I now have a 1099-R that shows distributions for 6,572.10. This number is made up of 6k worth of contributions for 2019, $500 of contributions for 2020 (I'm maxing this out before tax day, don't worry) - both of which I contributed post-tax - and apparently $72.10 in capital gains that I presumably have to pay taxes on. These were over several distributions, but they were all total distributions and seem to be consolidated into a single form. My understanding is I need to fill out an 8606 to offset this, but I'm foggy on the details. Do I have to fill out one for each year? One for each contribution? Just one? How do I indicate that I already paid taxes on this stuff? Sorry if this is all basic and I'm just being dumb and the answer is "Your tax software will handle it," but this is my first time doing this and I REALLY don't want to get screwed out of a couple thousand dollars on my retirement. Also, the contributions I'm still going to make for 2020 are going to be used on the 2021 taxes to offset the distributions that happen in FY 2021 for the conversion, right?
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Jan 12, 2021 06:17
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SlapActionJackson posted:Your tax software will handle it. Thanks. I'm not gonna lie, I panicked a little when Vanguard sent me a 1099-R with $6500 in "taxable" distributions. I thought I hosed up at first. KillHour fucked around with this message at 06:31 on Jan 12, 2021 |
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Jan 12, 2021 06:26
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SlapActionJackson posted:I'll bet box 2b "Taxable amount not determined" is checked, which basically means ignore box 2a "Taxable amount" and let your tax software figure it out. It is but now this is confusing. Maybe Credit Karma tax is just bad at this but there's nowhere to enter an 8606 and there's just questions about basis, which I guess is about your 8606 from last year? I didn't file an 8606 last year. Was I supposed to? What is my basis in this case? Edit: I think I figured out the magic combination of things. Did I do this right, assuming I plan to max out my 2020 contributions before April 15?   If I understand it correctly, this should now give me the 5500 I need to use as a basis next year to offset the conversion for the rest of my 2020 stuff. KillHour fucked around with this message at 07:28 on Jan 12, 2021 |
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Jan 12, 2021 07:20
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SlapActionJackson posted:That looks right. Yes, but I'm stupid (and didn't realize I'd be making contributions until after I filled my taxes). Do I need to do anything about it or just  ?
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Jan 12, 2021 16:40
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I googled it and apparently there's a $50 fine if they catch it but it's like... whatever, sure I'll cut them a check.
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Jan 13, 2021 02:02
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You must make a LOT for that to be even possible holy poo poo
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Jan 17, 2021 03:55
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How would taxes on $4k reduce your refund by $12k? That makes no sense.
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Feb 2, 2021 01:12
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Is there some sort of statute of limitations on how long the IRS can wait before complaining about your return? "Hey, you said you donated $500 to charity in 1972. You have receipts for that, right?"
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Feb 4, 2021 14:54
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I'm lucky if I can find my insurance cards when I need them. There's no way I'll have receipts for anything in 7 years.
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Feb 4, 2021 15:26
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Congrats on potentially getting away with accidental tax evasion. 
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Feb 5, 2021 19:47
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Free Tax USA does. I used that to get some money the gov owed my GF on a prior year return. They charged some nominal fee like $20, but it was easy.
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Feb 6, 2021 18:15
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IIRC, your basis would be 0 unless you're an idiot like me and you wait until after the end of the calendar year to do it, at which point it becomes an annoying clusterfuck.
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Feb 19, 2021 14:32
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Ughhh, she hasn't filed yet but my GF was on furlough and I just KNOW this is going to be a huge pain the rear end that isn't going to be handled OOTB by tax software because of the timing.
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Mar 6, 2021 05:41
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If they didn't do it that way, rich people would split their income across as many states as possible to minimize taxes.
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Apr 21, 2021 15:54
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Hey look, it's a thing of questionable accuracy that my inlaws are using as an excuse to get mad at those drat democrats trying to rob us of our hard earned money.
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Jan 9, 2022 00:29
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Motronic posted:My response to that is more "how have they gotten away with NOT doing this for so long?" Snopes has more details: https://www.snopes.com/fact-check/cash-app-irs/ quote:As of this writing, the current threshold for such reporting is $20,000 and 200 payments in goods and services. Come Jan. 1, 2022, that reporting threshold will drop down to $600. But PayPal notes: quote:According to PayPal, which owns Venmo, the change doesn’t affect people who use the apps for personal transactions, like paying a friend back for your share of dinner, gifts, or chipping in for trips. PayPal also states that its app allows users to categorize their own transactions as personal versus rendering payment for “goods and services.” So yeah, it will only affect people who specifically say that money is payment for goods or services, which literally nobody does unless they run a business. Though, honestly, the old reporting thresholds were probably fine. Motronic posted:And yes, it's a pain in the rear end when I'm unloading my flyers season tickets at a loss (because I "missed the cancellation deadline" some time during the pandemic when they literally couldn't provide the product I bought and buried the notification in all of the loving spam and marketing emails they send out) but like, it's an extra couple of things to do at tax time. It's not a huge deal. This is actually a huge deal to a large number of people who are tax illiterate and rely on following the prompts on turbotax and not itemizing. However, they will get around it by lying and saying it's a personal payment and not one for goods or services like before. KillHour fucked around with this message at 00:40 on Jan 9, 2022 |
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Jan 9, 2022 00:37
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Deviant posted:Edit Edit: I'm loving stupid, aren't I? 2021's transcript would be the taxes i'm *about* to file. I'm going to leave this here in case anyone else makes the same mistake. I spent your entire post itching to point this out and you ruined it.
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Jan 21, 2022 22:24
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Deviant posted:they really shouldn't put up a verification of non filing for a year who's deadline hasnt even come close yet You might need to prove you haven't filed YET
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Jan 21, 2022 23:43
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