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I live in New York State, but don't live in New York City. In fact, I've never even visited NYC. In the Spring of last year, my company changed payroll providers, from ADP to some other company who is apparently staffed by infinite monkeys on infinite adding machines. On one of the first few paychecks under the new system they deducted a NYC resident income tax. I believe they refunded the tax with the next paycheck, and did not deduct that tax again. My W-2 showed up, and it lists the $20 NYCR withholding. My first course of action will be to contact my boss and tell him that I think my W-2 is inaccurate. However, lets say my boss says "Looks OK to me LOL" and I file with the current W-2. I don't really see how to indicate that I don't like in NYC, but have NYC taxes withheld. (I use Tax software, but I like to understand what it's doing) Also, will NYC challenge/audit my return? (Probably not over $20, but I've heard that NYC can be a bunch of dicks.)
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Feb 6, 2013 00:46
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I use Vanguard for my IRA, and they will let you make a 2012 contribution until 11:59 PM Monday. Apparently the time stamp is based on when you click the button, not when they get the money. Even for a new account. https://personal.vanguard.com/us/insights/article/last-chance-ira-042013
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Apr 14, 2013 15:31
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C-Euro posted:I filed my state taxes (Indiana) online on April 7th and haven't gotten my refund yet. I've had no indication that my taxes didn't go through or that there were any problems with it, should I be worried? I'm admittedly a little impatient because I'm moving in a few weeks, and could really use the money to help pay for that. http://www.in.gov/dor/4339.htm Check the status of your refund online! It only took me two clicks to find that, and I don't even live in Indiana
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May 28, 2013 22:21
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Clever Gamma posted:As a full-time, single, dependent student who'll make less than $4500 this year across three jobs this summer and one part-time past September, should I arrange to have this amount deducted from my paycheck? Thank you so much for the 7.65% figure, by the way, I've been unable to find it elsewhere. Are you a half-time or better student working for your school? There is a FICA exemption there.
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Jun 5, 2013 22:29
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salisbury shake posted:My dad just died He put it in a safe deposit box, and so can you, at least until you know what to do with it. You don't have to tell them what you put in the box. When you do go to deposit it, know that currency transactions in excess of $10k generate a Currency Transaction Report, as a part of the RICO (Racketeering) laws. However, structuring deposits so that you remain under reporting thresholds is a bad idea. No matter if the money is clean, evading reporting requirements is a federal crime.
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Jul 8, 2013 02:22
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. He was a bit of a goldbug, so when his estate was transferred to me there wasn't much in terms of inheritance as he didn't keep money in banks. However, going through his belongings I found his savings of about ~$25k in cash in a lockbox along with some other valuables that he told me he kept stashed away 'just in case'. Every reference I encounter says that I don't have to declare cash/estate inheritance if it is under a certain amount and not 'complex', as the estate tax should have been paid out by the executor of the estate before I ever received anything. Obviously, no estate tax was paid on this sum of money. I'm his sole heir, and only one mentioned in his will so I guess it's mine. I'd like to put it into my bank and retirement account, but don't know exactly what I should be doing here with regards to declaring it to the IRS. Unfortunately, my tax guy is away til next week, so I'm kind of in limbo here with a stupid amount of money just sitting around and not somewhere safe. I feel like if I bring that much money in cash to a branch it will raise a million red flags that and I'll end up locked out of my savings or be audited or something.
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dzarc posted:Since IRS will know about it one way or the other and there are no taxes involved, I rather not fill out the form. If they want to investigate, go ahead. I don't see how filling out the form will make it seem less like money laundering. We're not talking about millions here. Structuring payments to stay under filing requirements or avoid scrutiny itself is illegal.
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Oct 16, 2013 21:43
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If you don't file the form, it's possible that the money can be deemed income in the year you began the structured transactions. You would then either have to pay taxes as if it were income, or pay the negligence penalty. Stop being a baby.
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Oct 17, 2013 00:28
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Why does it take some places so long to send out their W2s and other end of year statements? My Student Loan has my 1098E form ready in the first week of January, my current bank has the 1099 INT ready early in January, but others are often ready at the IRS deadline. I can understand my brokerage taking a while, they have to compile information from a few sources, etc. But my old bank, who only reported interest, and my current employer don't have that excuse. What are they doing with all that time? Wouldn't you want to get it done as early as possible, giving time to fix problems?
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Dec 30, 2013 15:47
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It's one filing that both of you fill out and sign together. If you're doing your taxes online or with software, you could start entering your stuff now, and his as you get it. For the Roth IRA, if you qualify for the "Saver's Credit" you will file Form 8880 and enter your Roth IRA contributions there. It sounds like you are a full time student, so you may not qualify for the credit. See http://www.irs.gov/pub/irs-pdf/f8880.pdf
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Jan 14, 2014 21:41
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Oxxidation posted:I've done my taxes before, but this always catches me off-guard - when do 1099E forms typically go out? I just got my W-2's and now that I remember that yes, it is tax season, I'm somewhat concerned I might have trashed the 1099E thinking that they were another "pay your loans" reminder letter. I got mine online (Along with everything else). Try checking your loan servicer's website.
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Jan 15, 2014 22:52
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Lee Harvey Oswald posted:Does that service feature a deductions calculator like the paid services? Basically, all I need is to deduct student loan interest and want to pay as little as possible. I've used the TruboTax and H&R Block Free File services. Student loan interest deduction, along with many others, are available. This year's program has started, so check it out yourself.
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Jan 22, 2014 02:50
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SurgicalOntologist posted:drat, it requires income >= $58k. Some day... No it doesn't. It looks that way based on the page linked, but anyone can use the free fillable forms, once they become available.
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Jan 24, 2014 18:18
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ashgromnies posted:Is there any way I can view what my withholdings are set at? I owe $1200 again this year, this sucks. It should be on your paycheck.
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Feb 7, 2014 19:40
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GreenBuckanneer posted:I went through these stupid things and the only one that seemed decent was either turbotax or it was taxact and they still cost money to file state taxes. Federal was free, but that wasn't very helpful. I'm sure it depends on the state, but the H&R Block option had NY state taxes included in the free-file tier.
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Feb 8, 2014 02:25
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Bisty Q. posted:In NY, they aren't allowed to charge you for e-filing E-File is mandatory in NY, so that makes sense. But they could still charge you for the preparation, right?
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Feb 8, 2014 13:33
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In my experience, NYS seems to almost always under-withhold, regardless of your claimed exemptions.
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Mar 2, 2014 01:54
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onefish posted:Turbotax just calculated that I had a small underpayment penalty, even though my tax liability (the amount I had to pay to NYS -- got a refund federally) last year (and this year) was under $1000 (~$750). (I'm a non-freelance employee, almost all income W2 with appropriate withholdings, just a little extra income from investments) The rules for the underpayment penalty are pretty simple: http://www.tax.ny.gov/pit/file/interest_and_penalties.htm#Penalty_for_underpaying_your_estimated_tax Check it out yourself.
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Mar 9, 2014 14:22
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Barracuda Bang! posted:For part of the year I privately/independently purchased marketplace-type health insurance. Is there a form I should be getting/requesting from that health insurance company regarding how much I paid that I would report on my taxes similar to a student loan interest statement (I think 1098-E?)? You'll get a form 1095-A from the exchange, rather than the insurance company.
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Jan 23, 2015 15:20
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NY state let me schedule a direct debit in the future. I filed both returns ASAP, I'd get my Federal refund when they felt like sending it to me, and then the NY payment didn't get taken until April 15. There's no national tax clearinghouse or anything like that.
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Feb 18, 2015 17:32
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The 1099-R is a report of money that came out of your account (Distributions). If you only had money go into your new account, then you won't have a 1099-R.
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Feb 20, 2015 19:55
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Isn't it on your W2?
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Jan 15, 2016 21:22
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You don't need a form to file your taxes. You just need to know how much you contributed (or will have contributed by April 15). You will get a From 5498 some time in May, but it's just for your records, no need to file it.
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Feb 4, 2016 16:32
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Aren't union dues tax deductible?
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Jun 2, 2016 15:45
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Did you mean to say that NC taxes were NOT withed from your paychecks? You'll want to look up NC Estimated Tax.
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Oct 4, 2016 17:33
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I used the IRS Free Fillable Forms last year. It was fine. NY has something that is nearly the same, it is also fine. This year I need to attach a statement to my return, and it's not supported by them, so I have to use something else. Otherwise, I would use it again.
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Jan 27, 2017 15:20
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An IRA is defined contribution, not defined benefit.
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Feb 4, 2017 17:41
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The state ID number is the ID number of the employer as registered with that state. You can't just use some other employer's ID number.
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Feb 5, 2017 20:07
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Try this out if you want to optimize witholding: https://www.irs.gov/individuals/irs-withholding-calculator
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Mar 17, 2017 14:46
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Leviathan Song posted:That thing sucks. Someone with access to the raw withholding formulas needs to make a better one that doesn't assume you're midyear and gives you some level of sensitivity analysis. Also it sucks that my state bases withholding on federal w-4. I'm always trying to minimize federal return without getting a state penalty without access to the actual formulas used. There is obviously math behind it. Give me the drat formula. Here you go: https://www.irs.gov/publications/p15/ar02.html#en_US_2017_publink1000254783
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Mar 19, 2017 18:49
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You could mistakenly enter your social security number on the income line.
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Mar 25, 2017 22:13
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Forever. You might need them in a dispute about your Social Security benefits.
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Jun 24, 2017 20:15
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Don't optimize your tax form retention policy. You're talking about ~40 8606 forms over your working lifetime. Just keep all the poo poo.
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Jun 28, 2017 15:22
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I'd be annoyed about having to do work to fix their mistake, but I wouldn't think that I could keep the money.
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Mar 15, 2018 15:07
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You don't need a DBA for your pseudo uber driver "business." You don't really need an EIN either, but at least those are free.
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Apr 3, 2018 19:14
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Badger of Basra posted:In 2018 I got a check for some unclaimed property from the state. The claim was in my name but my dad (who passed away a few years ago) was an additional owner. The money doesn’t seem to be related to an IRA or anything, but to an investment made by my dad that was for some reason in my name. It sounds like it was already your money and therefore not income.
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Jan 29, 2019 17:22
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Yes, you can pay a penalty if you don't make large enough quarterly payments. You may find it easier to look up when the penalties kick in, and pay exactly that much. I think the threshold I used when doing consulting was to cover 100% of my tax owed in the previous year. (Or was that 110%?) So you take the Tax line from your 1040, subtract the expected amount of withholding from your W2 job, and divide that by 4. That's your quarterly payment amount. But if you're only making a few thousand on top of your day job, you may not even need to make any quarterly payments, your extra amount owed at the end of the year could be less than the penalty threshold.
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Mar 25, 2019 15:30
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You could make an estimated tax payments if you really want to. You do it online, make sure to save the receipt. Since this is a one-time thing, you're probably not going to have any underpayment penalties, so sticking it in a savings account will get you some interest and save you the hassle of figuring out how to make the estimated payments to the IRS and your state.
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May 16, 2020 13:58
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Mecha posted:I had 1099 income for January and February but am switching to a W2 job next week, hopefully for the rest of the year. To figure an estimated payment for Q1, do I need to make a guess on my future net income for the W2 job, or can I just use 25%-33% of the 1099 income as an estimated payment? You can avoid a penalty by meeting 100% of last year's tax liability or 90% of this year. If your W2 job is consistent and you expect to keep it for the rest of the year, take last year's tax amount, subtract the amount of withholding you expect from your W2 job, and pay that amount. If your income has gone up, you probably will owe more, but you won't also owe a penalty.
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Jul 2, 2020 00:13
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The gains count as income.
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Jun 14, 2021 14:46
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Small White Dragon posted:Had an interesting conversation and couldn't find an answer either way. You could refuse to provide a SSN/EIN and force the payer to do backup withholding.
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Jun 16, 2021 20:46
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