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I got my first "stable" paycheck today (the others had all sorts of reimbursements and bonuses and so on) and I think they are withholding too much from me for federal income. Tell me if I'm calculating this wrong: I take my gross yearly salary, subtract my personal exemption and standard deduction (single, male, so should be $10150 total for the 2914 year). This gives me my taxable income. My salary schedule/bracket says is $5081.25 + 25% of the amount over $36900. I take this number and divide by the number of pay periods I have (26) and this gives me the dollar amount of federal taxes I owe per paycheck. My pay stub is withholding $75 more per month so I'd get about a $900 refund next year. I'd like to reduce this amount withheld so that I get a $0 refund (or +/- $20, something in the tens). How can I do this? When I started this job I only got a form that asked how many dependents/exemptions I can claim, which I think = 1 for my case. I remember my very first job in college they asked me to give them a percentage to withhold but I don't see this option.
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Feb 14, 2014 18:44
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I don't really understand how you can look at your iaystub and see Uncle Sam taking $0.00 and think that's perfectly absolutely correct.
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Mar 13, 2014 01:33
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Does charity money count in addition to my standard deduction, or is it an either or type of thing where I need to itemize in order to claim charity donations?
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Mar 21, 2014 22:44
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e: Alright I figured it all out. The number reported in my W2 is the amount I paid to my HSA pre tax, and the amount shown on my 1099-SA is the amount of money I've spent from the HSA. I'm still not sure if I need to account for employer contributions somewhere though. Trying to file my taxes right now (TaxACT) and I'm really confused about my HSA account. My employer gave "free" bonus contributions every quarter (did not come from my pay) and I contributed an amount every month (deducted from my pay, pre-tax I believe). How do I enter this free money or do I not need to? 
Boris Galerkin fucked around with this message at 16:56 on Feb 14, 2015 |
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Feb 14, 2015 16:10
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Another thing I'm not sure about is how to answer questions about my health insurance eligibility. I started my job in February and received health insurance benefits a month later. Before that I was without health insurance. Would I say I was eligible for a HDHP all year or no? Also I guess I'll need to pay taxes for the couple months I didn't have health insurance.
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Feb 14, 2015 17:11
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sullat posted:Form 8965. Did you qualify for an exception? No I don't think so. I just didn't have health insurance because I only moved back to the US at the end of 2013, and accepted my job in like December with a starting date of February, so I just didn't bother with health insurance for the few months it would take to get set up through work. e: Actually, I might qualify for "short coverage gap" and/or "citizen living abroad," and/or "gap coverage at the beginning of 2014." Boris Galerkin fucked around with this message at 17:55 on Feb 14, 2015 |
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Feb 14, 2015 17:51
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JohnnyPalace posted:If your coverage gap was 3 months or less in 2014, you shouldn't have to pay an ACA penalty. Cool, that answers one question. I'm still at a standstill on filing because I'm not sure if/how to report employer contributions to my HSA.
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Feb 14, 2015 19:26
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urnisme posted:The employer contributions should be included in the code W account in box 12 of your W2-the contributions you made pre-tax through patrol deductions should also be in that amount and are treated as employer contributions. It is not included in that box. Great, so I need to deal with more HR bullshit on Monday.
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Feb 14, 2015 19:51
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I held the same job for all of 2015 up until 12/25/16 where I moved out of the state (country really). I did the responsible thing and updated my home address on the payroll website to my current living address and just got my W2 sent to me. Unfortunately the address listed on the W2 is now my current address and when I tried to file my federal/state taxes with TaxAct just now it had a fit with my address (mostly the state return had a problem). Do I have to put the address the W2 is listing or am I safe to just put in the address I lived at for the entire year? Ohio state related question: i had health insurance through work and I still had to pay a bit off of every paycheck, I think this is counted in section 12 labeled under "DD". At the top of my W2 in the information part it also mentions a larger gross salary than what I actually received, but there's a line called "cafe 125" which when subtracted from the "higher" gross salary matches what my actual gross salary was. For the Ohio state part, when tax act asks me what my health related premiums are I can put what's listed under 12-DD there, right? There's another part where it then asks me what the employer paid for health insurance or something, which I'm understanding is the value listed as cafe 125? If I fill out both of these boxes with what I just said then my state refund is about doubled what it was before so that worries me a bit.
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Feb 10, 2016 19:04
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I'm a US citizen and have been working abroad since January. I'm working for a local company, being paid in the local currency, and will pay income taxes to this country. I understand that I need to report my income to the IRS nonetheless but I have the option to claim the FEIE (I don't earn anywhere close to $100k) or a foreign tax credit. How do I decide which one is more tax advantageous for me? Also I just found out that I apparently need to make quarterly estimated tax payments to the IRS since my employer isn't withholding US taxes for me. Apparently the first payment was due in April. Oops. I wasn't expecting to pay any federal income taxes to the IRS so I just never thought about it but 1040-ES seems to want me to estimate my quarterly payments based on my 2015 income which was entirely in the US and my 2015 salary is more than 200% my current salary, so that just seems really dumb to me to use my 2015 income to estimate my 2016 taxes (where I'll expect to owe $0 to the IRS). What do I need to do to avoid being fined for negligence?
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Jun 29, 2016 11:00
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kaishek posted:In order to avoid penalties for underpayment, you have to pay at least as much in taxes as you paid last year OR within 10% of your tax liability for this year. So you could get away with paying as close as possible to your estimated taxes for this year. Right, so let's assume I take the FEIE which gives me an AGI of $0 so I'd owe nothing for 2016 to the IRS. How do I handle the estimated payments then? Can I just ignore them until I file taxes in April or do I still need to do something stupid like mailing them the quarterly forms with $0 written on a check? I'm pretty sure I'd pass the physical presence test for residency either way but I was going to try to claim "bona fide residence" instead. The documents (I forgot which one now, 54 sound familiar? The one for US persons abroad.) are not very explicit about how I can claim bona fide residency abroad. I mean, it basically said something like "you can claim bona fide residency if you work abroad but plan on returning the the US, someday, as long as you set up a tax home there and can demonstrate a good reason."  I plan on living here for at least 5 years and I have literally no property of any sorts left in the US so I figured that would pass.
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Jun 29, 2016 19:06
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So I've put off on my taxes this year and simply forgot about them due to the fact that I don't live in the US anymore. I mean I knew I had to file my income anyway even if I didn't have to pay taxes (I shouldn't) but I just forgot and didn't treat doing my taxes as something important thing year since I'm 99% sure I won't have to pay anything anyway. Anyway I'm reading this where it mentions an "automatic 2 month extension." How To Get The Extension To use this automatic 2-month extension, you must attach a statement to your return explaining which of the two situations listed earlier qualified you for the extension. Does this mean that I don't have to submit anything now (by the 15th)? My interpretation of "automatic" means: I can submit a tax filing by June 15th and just attach a note saying "I'm claiming my 2 month extension for living abroad" and that's that, right?
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Apr 14, 2017 06:36
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sullat posted:Correct. Sweet. Time to put it off until June 14th and make another post asking "so the automatic 2 month extension can be renewed right?" No just kidding I'll get right on it today to figure out what I need to get taken care of to submit my taxes.
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Apr 14, 2017 08:53
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Is TurboTax deluxe edition sufficient for my needs if I have: W2, 401k, Roth IRA, HSA, no taxable investments? The website suggests Premier because I said I owned investments or whatever but the comparison basically says the Premier provides extra help for people selling investments, have rental property, and/or want to understand their tax history better. I can get it for free or pay $25 for premier. I feel like I don’t care about any of those extras.
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Jan 4, 2024 20:32
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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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These work in Google Sheets: https://sites.google.com/view/incometaxspreadsheet/home
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Feb 5, 2024 19:02
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neogeo0823 posted:Hey thread, I'm having a bit of whiplash, and I'm hoping you guys can help me out. Has something changed, broadly, with how taxes are calculated or something between last year and this year? Nothing has changed with my job or withholdings from last year to now that I'm aware of, but while I got a pretty decent return last year, this year I find that I'm getting a tiny amount back from state, and I owe federal $16. This is worrying to me, considering that I always throw in an additional $30 weekly withholding for federal taxes, intent on getting back most of that ~$1500 come tax time. Am I gonna have to go to HR and up that amount to like $60 for next year? Or did I somehow severely gently caress something up somewhere while importing my W2 into the site I'm using? I mean owing a small amount to the feds is much better than getting $1500 back but ok.
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Feb 6, 2024 21:42
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I got a form from the HSA my work deposits my contributions into and it says I contributed a lot less into the HSA than I actually did. There’s like 2 months of paychecks just missing and the only activity in those 2 months are interest payments. My W2 is saying the correct amount on the box for the HSA contributions. And yes the money was deducted from my gross pay so the money was never paid out to me. So let’s say if the correct amount was $2000 the form the HSA sent is $1500 and after digging the reason is because they just never got 2 entire months worth of contributions… somehow. Can I still file my taxes or do I need to wait for a bullshit corrected version from the HSA custodian? I mean as far as I care, my W2 is 100% correct and it’s the HSA’s form that is wrong. E: I did not distribute/reimburse myself for expenses, and I did not contribute extra post-tax. I opened a Fidelity HSA in December or January but it sits empty at $0 until I can figure out how to transfer assets.
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Feb 7, 2024 23:57
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Now I get to play the fun game of “Where is my money?“ while being bounced back and forth between payroll and benefits and the payroll provider and the HSA administrator.
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Feb 8, 2024 00:30
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Guy Axlerod posted:Did you hit an annual maximum? Nope. Theres direct deposits up to August, then just interest payouts until October.
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Feb 8, 2024 01:50
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If I am planning on earning extra income via 1099 self employment (on top of my w2 with normal withholding) but I’m not exactly sure how much because I might just decide to stop pursuing more work, do I need to declare anything to the IRS? Or can I just log into irs.gov and pay them every quarter what I owe based on what I already took in? I know the better option is to just increase my withholding on my w2 job but like I said I don’t know if I want to commit to pursuing work all year. So I don’t wanna deal with changing withholding and maybe having to change it back.
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Feb 9, 2024 14:03
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Konstantin posted:If my student loans are forgiven, is that reported on a 1099-C? If so, then a bunch of people are going to have a real rude awakening next year when they get four figure tax bills they weren't expecting. https://www.forbes.com/sites/adamminsky/2023/01/24/will-you-be-taxed-on-student-loan-forgiveness-in-2023-key-details Seems like people won’t be taxed for it at the federal level for now: quote:While all federal student loan forgiveness is temporarily tax-exempt at the federal level, this is temporary under the provisions of the American Rescue Plan Act of 2021. Unless Congress extends those provisions or makes them permanent through new legislation, the tax relief expires at the end of 2025. Some states may tax it: quote:While the American Rescue Plan Act of 2021 exempts federal student loan forgiveness from federal taxation, it does not necessarily exempt borrowers from state income taxes. Many states have laws or policies that mirror the federal tax treatment of debt cancellation events, but this is not always the case. It is possible in certain situations that a borrower could incur state taxation as a result of student loan forgiveness, even if it is not taxed federally. https://www.forbes.com/sites/adamminsky/2022/08/29/bidens-student-loan-forgiveness-could-be-taxable-in-some-states quote:According to the Tax Foundation, 13 states could treat Biden’s student loan forgiveness initiative as taxable income to borrowers. The states are Arkansas, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, New York, Pennsylvania, South Carolina, Virginia, West Virginia, and Wisconsin.
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Feb 23, 2024 03:50
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It doesn’t sound like this is a US income tax question? Without knowing anything else like what country you’re talking about etc it really seems like your mom unnecessarily complicated things because now you have to figure out how to bring half a million in cash into the US which sounds like it’s going to raise a bunch of red flags. Not to mention it sounds like your mom was actually trying to commit tax fraud in her country of residence? That’s the only reason she pulled everything out in cash, according to your post, isn’t it?
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Feb 26, 2024 13:40
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I've never had any luck with websites when I lived abroad. I ended up just spending a weekend reading though the 1040 instruction book and double checking my forms with this excel spreadsheet. You'll have to file taxes by mail but good news is you get an automatic extension. The important forms are schedule 1 and form 2555 (foreign income), and schedule b (foreign bank account). Boris Galerkin fucked around with this message at 03:54 on Apr 6, 2024 |
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Apr 6, 2024 03:48
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Try running the numbers in this excel spreadsheet: https://sites.google.com/view/incometaxspreadsheet/home All the cells and dependencies are linked and automatically update. Might help you resolve your issues. (If you don't have excel it works in Google sheets too.)
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Apr 13, 2024 04:07
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