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Does the IRS still publish a Tax Product Posting Schedule, or does anyone know when valid 2012 instructions and tax tables might be available? Does this now fall to the "January 5" schedule along with Pub 15? I need to get my refund and boost the economy. 
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Jan 2, 2013 20:33
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fivre posted:I have a job offer (  and ask, What if the contract position turns into a full-time position? Would it still be covered via these independent contractor rates? In terms of overall benefits, does the FT position offer health care and such, because private health insurance (in the US, anyway) could well exceed $5k during the contract period, as could out-of-pocket medical expenses in lieu of health insurance depending on HSA programs and the like.vvvv Wrong thread, but since the $5 depends on negotiations anyway, I think the most important question you can actually ask is, Which of these jobs am I more likely to enjoy? PhantomOfTheCopier fucked around with this message at 06:11 on Jan 9, 2013 |
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Jan 9, 2013 05:00
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woo) and a potential job offer. The latter would be contract-to-hire for six months and the former regular full time. Contract job would be $5k gross more depending on whether I can negotiate it. How much would that work out with the different tax rates for independent contractors/is there anything else it would be good to know on that front?
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Night55 posted:W4s... While I generally use different means myself, I've always found the IRS Withholding Calculator to give results that are reasonably close. Unfortunately, so sad, it seems to be down for maintenance at this time. If you will be filing jointly, since all your income is viewed together but her income only comprises 15-25% of the total income, indeed withholding more income from your pay checks will be more accurate, but I don't see how claiming 2 exemptions is going to work out for you unless you have significantly more deductions than you've identified. I could see a 1/1 or 1/0 situation working, or maybe 1/1+a little extra money withheld each paycheck, but I'd expect you to come up short with a 2/anything. Well, with the IRS calculator being offline, have you checked any other online calculators? Do the worksheet instructions on the W4 not cover a case like this? According to Pub 505, the multi-page instructions for the W4 should contain the necessary worksheets. If not, I believe you want worksheets 1-3, 1-4, and 1-5 from Pub 505 (why is this over a year old?!) Please note that you should plan to review your withholding in May or June to ensure you're on track with expectations. PhantomOfTheCopier fucked around with this message at 04:54 on Feb 7, 2013 |
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Feb 7, 2013 04:40
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Ramadu posted:A. Whether an expenditure for a computer qualifies for the credit depends on the facts. An expenditure for a computer would qualify for the credit if the computer is needed as a condition of enrollment or attendance at the educational institution.". One of my classes had an online component that required me to be online... I am not a lawyer. I am not a tax preparer.
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Feb 10, 2013 05:36
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furushotakeru posted:They aren't doing it that way any longer. With the introduction of modernized efile they are generally processing returns and refunds on a more real-time basis. Although they are no longer providing a timetable for refunds since they are implementing counter-fraud measures, so it might be a few days or it might be up to 3 weeks. 
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Feb 15, 2013 14:31
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Prescription Combs posted:I was filling out my taxes with turbotax and when I came to the retirement section it was reporting that I over contributed to my IRA. The way I have contributions setup I though I was sending 6% pre tax to a traditional IRA and 6% post tax to a Roth. There was a comment in the turbotax Q/A section that mentioned applying the excess amount to my 2011 IRA contribution. Would that mean I subtract the overage amount from 2012 and apply that to 2011? http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits says you're limited to a $5000 contribution total across all your IRAs, so your top choice would be to "withdraw the excess contributions from your IRA by the due date of your individual income tax return" and "withdraw any income earned on the excess contribution". I would hope your Roth account manager would be able to disclose the latter amount and issue a corrected form.
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Feb 22, 2013 14:26
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shodanjr_gr posted:I am employed as a research assistant by the Research Foundation of a public university. I purchased a laptop with my own funds that is used extensively for conducting my research work. The cost of the laptop is above 2% of my AGI and since I'm a non-resident alien I can't get the standard deduction anyway, so anything I can itemize helps. It seems permissible on Form 2106: "An ordinary expense is one that is common and accepted in your field of trade, business, or profession. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be required to be considered necessary." You had better be able to justify all of that before you attempt to take the deduction, and consider other advice usually given to self-employed individuals about business deductions, such as that a 100% deduction taken is likely going to be considered somewhat fallacious for some items where it's clear there is an element of personal use. If I were an IRS auditor, I'd ask: Does everyone at this place of business purchase their own laptop without reimbursement? If so, do they purchase a laptop with these features and price tag? This is entirely opinion. Act at your own risk. Seek the advice of a professional.
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Mar 1, 2013 00:41
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IRS just sent me a letter indicating that my form wasn't signed. As it would now be suspect that they received the form I sent, even though Where's My Tax Refund indicates that it's being processed, is there any way to verify that they have the correct information, particularly the direct deposit routing information? Should I try to get a 1040X in at the same time so they cut a check instead?
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Mar 8, 2013 00:41
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Robo Kitty posted:I'm trying to set up estimated tax payments for 2013 and have no clue what I'm doing - the 1040ES instructions are just flying right over my head. Have you tried http://apps.irs.gov/app/withholdingcalculator/ ? What you can probably judge based on 2012 that it's probably a bit unlikely for the entire tax code to change, so perhaps you should fill out the 2012 1040 with your 2013 numbers to see what happens? Personal exemptions and deduction amounts change so little from year to year that you're unlikely to hit a major snag with this technique. Of course, the online calculator considers all that, so it should be a bit faster.
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Apr 9, 2013 00:24
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Robo Kitty posted:Oh geez, this would be perfect... What's perfect about it is that it gave me a reasonable number: "Your anticipated income tax for 2013 is $2,940". When I calculated it by hand with the 2012 form, I got $3001; with Pub 505 (2013) I got $2942.25. I think it's safe to say your estimated tax will be around $2950 (any other interest, etc.)? An employer will follow Pub 15 Circular E to calculate withholding. If you set one exemption for each of the above: Job 1 should withhold $310, Job 2 should withhold nothing, and Job 3 should withhold $320 for the year, so you will owe $2320. If each job is set with zero exemptions, Pub 15 Circ E gives annual withholdings per job of $700, $189, and $710, and you will owe $1351 which you should spread over your jobs by filling in W4 Line 6 with an appropriate per-paycheck withholding. The IRS calculator said you will need to withhold "an additional amount of $1,874 for the balance of 2013" (because it knows that three months have passed already, and I put in $0 for the amount already withheld). In summary, you'll owe around $2950 total on the form (assuming these numbers), so you need to subtract what has already been withheld, prorate the zero-exemption number for Job 1 for the next eight months ($467), subtract off the other two zero-exemption numbers, and divide the result into Line 6 of your W4 appropriately. Easy.  Right?Oh, and for gently caress's sake check in with the IRS Calculator in July and August at the least.
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Apr 9, 2013 23:07
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Den of Lies posted:So, my wife and I owed on taxes again this year and cannot figure out why. The only thing we put on our W4's is a 1 on line A since nobody can claim us as a dependent. is there anything I can do to get a bigger refund besides giving them an amount to take out of every paycheck? Which is what I did this year to see if that would give us a refund next year. We have nothing else we can claim like kids or or any other deductions as far as I am aware of.  You can still put zero exemptions on the W4. Use http://apps.irs.gov/app/withholdingcalculator/ with your current paystubs to verify your W4 numbers.
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Apr 16, 2013 22:31
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Orange_Lazarus posted:So, all the money that's taken out of my check pre-tax (401k, Healthcare, FSA Card) doesn't count as taxable income on my federal and state income accounts right?
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Apr 22, 2013 04:59
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Kloaked00 posted:... I've finally started my first real job after 8 years of college then grad school. I had to fill out my W4 and filing as single, and having one job, I ended up with a total of 2 allowances on line H. I had also used the IRS withholding calculator to try and figure out how much I should be withholding on my bi-monthly paycheck. This said that for my gross of ~$50,000 that my tax liability will be ~$4600 and that I should be taking 7 allowances. The W4 form contains a worksheet that helps you calculate withholding (Line H) but it need not match what you place on the "Withholding Certificate". You don't even have to complete the worksheet, as far as I know, and it mentions that Line 5 can be smaller than H. An employer doesn't know your full financial situation, but is required to adjust withholding based on this form. You are liable for your year-end tax and, as the W4 says, you're always entitled to an IRS review. If your semimonthly gross is $2k and you claim two exemptions (E=2) of $162.50 each, Pub 15 Circular A Alternative 1 tables show $247/period, or $2964 over the next twelve periods. At E=7, it works out to $109/period or $1313 cumulative for the next twelve. The withholding calculator gave me E=5 and an anticipated tax of $1808 (so I believe my earlier numbers). It's very likely you've put the wrong numbers on the calculator. Is your expected 2013 gross $50k or $100k? You can file for a student loan interest deduction on interest you've paid. Honestly, since the calculator results are suspect, and we don't know what the AGI here actually will be, I have to advise that you set E=2 or E=1 and re-evaluate in September. Employers might get pissed if you try to change the W4 monthly, but if you change it in September and again March 2014, they shouldn't say anything. If they do, just tell them you're getting a full deduction for student loan interest and you filled out the W4 wrong, sorry. In any case, you're better off not getting as much monthly on your paycheck at E=1, budgeting a bit conservative at the beginning, and finding out you screwed up and getting a check for $2k the first year you're a wage earner. If you end up owing $2-3k your first time out, then you'll be earning even less all next year as you work to pay off penalties. Perhaps one fundamental point in all this is that your employer doesn't know anything about your earnings or deductions outside that job. They take your per-period pay, plug it into a chart with your claimed exemptions, and withhold that amount. In what field did you get your degree? Please say it's not mathematics. 
PhantomOfTheCopier fucked around with this message at 06:06 on Jun 23, 2013 |
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Jun 23, 2013 04:13
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Close, but the table has some weird A*B-C thing in it, your net paycheck doesn't go up when taxes are withheld  and withholding applies for 13 payments this year so you'll end up with a refund:Kloaked00 posted:Thanks so much for the response. My yearly gross (not AGI) salary is $50k so since I'm starting July 1, I'll be earning $25k for the second half of this year. I also looked over some things and realized it's not semi-monthly, but bi-weekly (so every 2 weeks for a total of 26 pay periods per year). pre: 1923 Gross wage = FICA Taxable
-228 Federal withholding (E=2) 191 (E=3) 169 (E=4) 146 (E=5)
25%*(1923-2*150)-177.80
-119 Social Security
-28 Medicare
1548 net wage 1585 (E=3) 1607 (E=4) 1630 (E=5)
25000 Gross Income
-6100 Personal Deduction
-3900 Personal Exemption
15000 AGI (no other deductions)
-1804 Tax 2013 current law brackets
8925*10%+
(15000-8925)*15%
2964 Tax paid (228*13) 2483 (E=3) 2197 (E=4) 1898 (E=5)
+1160 Refund +679 (E=3) +393 (E=4) +94 (E=5)
Disclaimer One: You're still better off with a refund. Indeed you earn more biweekly money at E=5, to the tune of $82 woop de doo, for less refund later. E=3 or E=2 now looks good to me based on these numbers. Disclaimer Two: If you have a 401k, your tax will change, but not your FICA requirements. Health plans reduce both. Disclaimer Three: Your student loan deduction is based on interest paid during the year, to a maximum of $2500 (?). It's an AGI deduction, so your tax liability will decrease and your refund increase. Disclaimer Four: The feds can and do change tax brackets very late in the year. 2012 taxes were not officially released until January. Slackers. Getting a refund (>$500) is better than owing money (>$500). Check number sanity on your first pay check; if it's not even close, Ask. After four to six paychecks, go back to the IRS calculator and check again. If all is well, it should recommend E>=5. Thanks for trying to understand and checking the math. Others need to do this as well. Now then, who amongst us has verified that the withholding tables are even sensible based on the brackets?
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Jun 23, 2013 21:47
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Kloaked00 posted:Last question, where is the form/publication that you plugged all those numbers into? I'd like to run the numbers myself to really get comfortable with the math. Thanks again, I really appreciate it. ) and all the aforementioned documents employers use to calculate things like withholding (expect these to be a few bucks off depending on the technique they use).I know of no (single) online calculator for the results I posted. One needs to follow the format of the 1040, Pub 505 or 15A for the withholdings calculations, and so forth. Heck, this year it looks like I used Notice 1036 from January 3 to get the withholding tables but one can typically get all the relevant data from Pub 505. Normal people use the IRS Withholding calculator, when it becomes available, and you can usually get pretty close using last year's forms.My job has nothing to do with taxes or accounting. I read the instructions. 
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Jun 24, 2013 22:22
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AzureSkys posted:"Last year I had a right to a refund of ALL Federal income tax withheld because I had NO tax liability," This year, you have $625.75 remaining estimated tax to be collected over the next five months, or $125/mo. If the calculator shows those numbers and says to file for eight allowances, that's what you should use. The W4 box for "Exempt from All Tax" is a completely different box. File for the number of exemptions from the worksheets/calculator. On January 1, 2014, switch your W4 back to one (1) exemption, for silly sake, and when they release the 2014 online calculator, verify that your 2014 numbers will work out as expected.
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Jul 23, 2013 04:42
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Bad Munki posted:What the heck does that even mean, and what on earth is supposed to go in that blank?  but it seems to be the name of the organization."The incorporators constitute a majority of the members of the committee authorized to incorporate SomethingAwful.com by the requisite vote required by the organic law of the association for the amendment of such organic law." The organic law would be your charter, constititution, bylaws, and parliamentary authority. There should be an established voting requirement to amend any of those items. Most small organizations don't have a "committee authorized to incorporate", so it likely defaults to the entire voting membership, unless that membership has formed a committee with executive power for the purpose of incorporation. As it would be very, very unlikely that an amendment in your organization can occur with less than a majority vote, you will have an established majority if the vote is to incorporate. Note: I'm an amateur parliamentarian that drips Robert's Rules of Order. I am not a lawyer. I have never formed a non-profit.
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Aug 1, 2013 04:32
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100 HOGS AGREE posted:I'm single, don't own a house/property, no dependents, pay a boatload of student loan interest every year and I definitely don't itemize on my taxes. I also think I'll end up contributing like 800 bucks to a 401k by the end of the year and work pays for part of my medical coverage. Does that matter? I always get huge tax returns so I think I'm doing this wrong? My gross wages for this year are gonna be like.... 27-28k I think. Your year-end tax liability is based on your $28k minus $10k for the standard deduction and personal exemption, so no more than $18k AGI. Subtract $800 for the 401k, some exempt medical plan fees, and up to $2500 in student loan payments. That's around $15k AGI, or $1805 of tax liability, but you've paid in 12*275 or $3300, giving you a refund of $1495. Those are my calculations; let's see what the IRS Calculator says: "[Y]our anticipated income tax for 2013 is $1,882. If you do not change your current withholding arrangement, you will have $3,025 withheld for 2013 resulting in an overpayment of $1,143." This is based on a single, non-dependent, with no further adjustments. If you have a "boatload of student loan interest" deducted from your AGI yearly, you'll probably end up doing well with two exemptions, but one won't hurt much. Also, putting $800 annual dollars in a 401k, starting at age 18, gives you $142k dollars at age 66, which is hardly enough to pay heating bills, so you should really think about front loading that 401k as much as possible. That money is tax exempt (today, but it doesn't save you gobs on taxes since you're already in the 15% bracket). So, how close is my estimate of income to your actual monthly earnings? If it's 50% off, for example, some important piece of info is missing. What does the tax calculator actually say?
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Oct 12, 2013 06:12
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scribe jones posted:I'm sure they'll get to it once it's time to pass a comprehensive tax reform bill vvvv Oh, right, I forgot that the largest US companies actually only have costs in this country. All profits are made through offshore call centers. PhantomOfTheCopier fucked around with this message at 14:58 on Nov 27, 2013 |
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Nov 26, 2013 15:00
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Same Great Paste posted:I'm a Canadian citizen residing and earning wages in the US (Bay Area, sup). I had been going to H&R Block, but since I have a Canadian investment account that contains US stocks that pay dividends who's taxes are withheld, they insist I'm difficult and can only use their Master Preparers. The master preparer I'd been using had been strongly implying that my only option past her was to pay Price Waterhouse two grand, and then this year she retired.
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Dec 24, 2013 15:14
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Small White Dragon posted:So e-filing is delayed. Can we go ahead and mail in paper returns?  What's up, taxes-done-by-the-2nd buddy?
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Jan 3, 2014 15:10
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nwin posted:I'm trying to determine why my refund went into the Owed column this year. Some basic info:...
nwin posted:Meaning you pay less taxes MFJ? Regarding taxes owed, following the 2013 1040 I show a tax of $6007 MFJ, but $6178 and $500 MFS. There's a pretty clear winner there. I've known people to not get married because filing as separate single people carries less tax liability, but the tables suggest that only works for higher AGIs. All these numbers are terrible approximations on the grounds mentioned by TenjouUtena. Things like pretax 401k and health care deductions change much, so you either need to plod through the public documentation on how withholding and taxes work, or you need to pay someone to do it for you.
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Jan 27, 2014 18:09
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Hey friendly goons, now that everyone has filed their taxes, tell me how the NIIT works. I'm trying to figure out if I need to go fix three of the last four years, if I should try popular filing software to see if it automatically pops up there, forget it until they come asking for the money (because how would I compute the penalties anyway), or visit an accountant. So if magi is 202,000 (filing singly) and 1000 is interest from a savings account, you get to file the NIIT form and schedule 2 and pay an additional 3.8% on that 1000? (And there's the bit about minimum of gains versus amount over 200k) I have easy peasy taxes, some rsu years that put me above 200k, some capital gains years (but not this year), but I feel like I've flubbed something that isn't mentioned in the capgains instructions, the amt instructions, sched1, etc.
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Apr 16, 2024 04:15
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SlapActionJackson posted:That's the idea, yes. If you're over 200K in wage income (RSUs are wage income), you will also need form 8959 - Additional Medicare Tax.
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Apr 19, 2024 05:15
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