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IRA question for y'all. This coming year I'm getting married, and my finacee is going to graduate school. We will be filing separately. I make enough money that I am not eligible to directly contribute to a Roth IRA. She will be making some money through potentially work-study employment and summer internship programs. Assuming that she makes over $5,500, she would be able to contribute $5,500 to a Traditional IRA, but not to a Roth IRA. Is this a correct understanding of the situation, or will she be able to contribute to her existing Roth IRA?
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Jul 10, 2017 12:32
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OK, cool - finacee will be in school and I think there was some implication around aid, but I'll have to look at that more carefully.
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Jul 10, 2017 16:09
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Based on date of payment.
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Jul 11, 2017 17:03
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Michael Scott posted:To satisfy my nosy curosity can I ask what you do for a living that lets you work for an out-of-state employer and generates $25k in state tax? Seriously, gently caress off with asking every high earner what they do for a living. It's incredibly irritating and juvenile.
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Aug 11, 2017 16:41
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Interest is piqued. Software?
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Michael Scott posted:Already got my answer but sorry you were triggered! I think discussing earnings and careers should be less taboo than it is. You don't think it's worth learning about what someone does that places them in the above-99th percentile, and that's fine, but don't be a jerk about it. this is the loving income tax questions thread dude. every single thread that has a high earner post in it you ask what they do. This isn't the high earners "how did you get where you are today" thread, and neither are the other threads you do this in (electric car thread in AI for starters) if you want to learn how to make a lot of money in your field why don't you post a thread asking for advice?
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Aug 11, 2017 22:51
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AmishSpecialForces posted:You make a good point about the ER, and it is super low, but Wealthfront charges little for a higher rate of return then in the TSP. there is absolutely no guarantee that this continues to be true at any point beyond today or over any sort of time horizon that includes points in time beyond today
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Aug 16, 2017 18:19
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if she's in a super high AGI bracket and is only buying land have you considered straight cash homie
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Aug 28, 2017 18:10
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I think I'd recommend not trying to skirt the rules by splitting your transfer in to smaller transfers.
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Sep 13, 2017 11:50
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Is there some reason you don't just pay down that student loan balance so this problem goes away?
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Oct 13, 2017 13:29
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deong posted:I don't understand fully. With the new taxplan, should we be waiting longer than normal to do taxes? I usually like to get mine done around the last week of Feb. I don't have anything really. I don't own a house, no kids/wife. I have student loans that I pay off, a 401k, and sub 5k in random stock picks/buttcoin. I usually just turbotax it myself. No, you should not wait longer, since none of the new tax plan changes your taxes for 2017 unless you perhaps own property, which you do not.
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Jan 3, 2018 16:50
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Withholding strategies vary for bonuses. Mine get treated as a monthly check so they end up with a significantly higher withholding that what I really owe because it assumes my income is a lot higher than it actually is. This is kind of annoying.
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Jan 5, 2018 20:36
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Farchanter posted:If my grad school tuition is reimbursed by my employer after I complete a course, am I still allowed to deduct the tuition payment? why on earth would this be the case
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Feb 28, 2018 17:35
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My inclination is the same; it's not really a "gift" as there is a quid pro quo, so therefore it's taxable income at the filthy fiat money value on receipt, and you owe STCG on any gains between receipt and liquidation. On the other hand, if you take a loss in that period you can also use that like you would use any other loss.
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Mar 1, 2018 22:03
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Elizabeth Mills posted:"Here, I got you an adorable Golden Retriever puppy. PSYCH! I'm taking the golden retriever back and using the money to build a wall on the Mexican border!" that is a loving retarded analogy
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Mar 15, 2018 10:30
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I got one from the Commonwealth of Massachusetts claiming that I owned them full year taxes despite the fact that I moved out.
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Jun 27, 2018 20:05
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why would you even remotely consider that a good idea, regardless of what stock it was
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Jan 13, 2019 17:32
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RCarr posted:So what do I do? Ask my accounting department why they suck? this is not an accounting department issue it's based on how you filled out your W-4 you can fill out a new W-4 if you would like!
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Jan 24, 2019 23:01
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you asked a real professional for advice and now you want to validate that against a bunch of goons?
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Sep 9, 2019 20:34
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what's the deal with free tax usa? is it legit?
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Jan 24, 2020 16:54
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yes free tax usa sounds like a scam but its legit and works well
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Jan 12, 2022 18:35
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to me this sounds like you are doing a substantial amount of work for very little benefit and you'll have to constantly readjust based in changes on your pay to stay optimized versus just letting it float with the new, more accurate withholdings
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Feb 2, 2022 18:21
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i also get my withholdings all hosed up due to bonuses and i've made the decision that it is not worth my effort to spend time trying to adjust for the opportunity cost of not getting the money earlier, especially since bonuses are variable but if it is to you, go for it. government doesn't care how you get to the withholding number
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Feb 2, 2022 19:07
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smackfu posted:Yeah, fair enough. Should see a tax person. I’ve always done my own tax returns but I guess this crosses into tax planning which isn’t as straightforward. start TLHing like a madman to wipe your cap gains taxes
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Feb 3, 2022 00:55
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UncleGuito posted:Thanks all! To be fair, these ISOs were making a pretty nice profit until this year - it was just the most recent grant that is kind of underwater. I guess I might hold them to see if the price bounces back a bit along with the rest of tech. nothing makes a profit until you realize it
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Feb 9, 2022 18:59
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Pretty much everyone I know stopped using tax prep software and started using A Guy as soon as they started getting K-1s
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Mar 22, 2022 15:22
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I'm receiving profits interests and have to file a 83(b) election. Is this something I can do by myself? The IRS example on the topic includes language around common stock, which this is not. I kind of assume I should consult with a professional.
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Mar 26, 2022 14:44
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Admiral101 posted:Theyre really not required in most situations with LLC/LP profits interests. Most practitioners recommend them only 1) in the interest of being conservative and 2) theyre not particularly hard to do. Extremely helpful, thank you very much!
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Mar 29, 2022 13:06
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Residency Evil posted:Honestly, thanks again. hell at least buy the man an avatar
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Apr 8, 2022 01:28
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It's an exceptional year when you switch jobs, so I'd probably rather just plan to save the money for the tax bill rather than loving about with withholdings. It is, after all, the same money and same obligation. It just depends on whether you want to hold on to it or you want the government to hold on to it for you.
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Feb 1, 2023 16:16
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Epi Lepi posted:The underpayment penalty is so negligible, I don't know why people bug out about it so much. It's generally preferable to avoid any penalties if possible.
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Feb 1, 2023 17:19
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I'm still waiting to figure out if the tax rebates from the Commonwealth are federally taxed or not. Supposedly no, but I can't find anything super specific.
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Feb 13, 2023 13:44
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Yeah I just found an actual IRS pub on it that appears to make it clear - posting for others's benefit. https://www.irs.gov/newsroom/irs-issues-guidance-on-state-tax-payments-to-help-taxpayers
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Feb 14, 2023 17:42
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How much is it off by? I'm typically within about a percent and a half, that seems reasonably close.
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Feb 22, 2023 16:00
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Salt Fish posted:Okay with all due respect you're clearly wrong if you think about it for more than a few seconds. For example, if I log in and send an email from an airport layover, that isn't a taxable event. As far as I can tell it varies between 18 and 182 days depending on the state. 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?
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Apr 3, 2023 19:42
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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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tumblr hype man posted:Are you taking money out of the 401k, IRA or HSA or just saving into them? freetaxusa is good and not a scam, and you should never give Intuit money
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Jan 5, 2024 15:20
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Xenoborg posted:Am I the only one who thinks tax prep sites like freetaxusa or turbotax are both much more complicated and error prone than using freefilefillableforms and reading the forms themselves? I appreciate the convenience of being able to do both state and federal concurrently
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Jan 5, 2024 16:20
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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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I think it's fine to try to equalize your withholdings, but sometimes people seem not to understand that being under-withheld is not related to your actual tax burden.
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Apr 15, 2024 17:51
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Almost all of that is state taxes. You aren't far off on Federal. You should check your state tax withholdings specifically.
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Apr 15, 2024 18:30
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