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The Scientist posted:In y'all's opinions would it be advisable to claim that special $600 tax credit for people that didn't receive the additional stimulus but who know that they're eligible? Even if my 2019 taxes havent been processed by the time that I file for 2020? Yes. The $600, like the $1200 before it, was an estimated prepayment of the credit that appears in the 2020 return. If you haven't gotten the $600 yet, the only way to get it is to claim it on the 2020 return. Empty Whippet Box posted:what....I have to file 2019 to get the $1400? I mean, we're going to, but that seems crazy to me. the 2020 return won't get that going? or do you just mean if the 2020 return gets audited? e: I'm pretty sure that's what you meant lol Yeah, if the 2020 gets caught up in processing because something flagged, they won't be able to estimate your eligibility for the $1400. Then they would look for a 2019 return to estimate eligibility and pay it. If you miss out during this round of payments in the spring, you would have the ability to claim the $1400 as a credit on your 2021 return next year.
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Mar 20, 2021 15:35
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Duckman2008 posted:The article says some states are waiving their taxes but doesn’t go into which ones. Has anyone seen anything on how individual states are handling this cluster gently caress ? This is a summary my tax software put out https://kb.drakesoftware.com/Site/Browse/17148/State-Conformity-to-ARP-Unemployment-Compensation If your taxable income at the state level will change from what you already filed you'll want to check your state's tax department to see if you need to amend or not. I'm in Nebraska, and I expect that we will have to amend Nebraska returns because Nebraska is following the federal on this, but Nebraska starts off by just importing the federal AGI and then making certain adjustments. So I don't think Nebraska revenue will know how much of your federal AGI came from unemployment to know how much it should be reduced. They haven't announced anything yet, so we're telling taxpayers to wait until after the deadline before we try to amend anything.
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Mar 20, 2021 20:32
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freezepops posted:What's the correct way to fill out line 7 on form 1040 if you do not have any capital gains? Don't check the box. That box means you have capital gains but you qualify for the exception that you don't have to complete schedule D (e.g., your only line 7 income is reported to you on a 1099-div).
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Apr 2, 2021 15:13
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HIJK posted:This is a very simple question that's also mildly embarrassing so I hope the thread enjoys this. The IRS uses a nine-factor test to determine if something is a hobby or a business https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses If this is the only time you'll get a commission for your writing, it is likely a hobby, and you can just list the total amount you got paid as "other income" on Schedule 1. If you keep doing these commissions, it is very possible that it becomes a business and you'll have to start listing it on Schedule c and tracking and deducting your expenses.
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May 5, 2021 14:35
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Steve Yun posted:Hi guys I was told to repost here You and the treasurer should read up on Backup Withholding https://www.irs.gov/businesses/small-businesses-self-employed/backup-withholding. The basic idea is that if he refuses to give his ID number on the W-9 or otherwise, you withhold 24% of his payment and send it in to the IRS through the backup withholding program.
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May 6, 2021 19:23
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KOTEX GOD OF BLOOD posted:Fuckers. Your amended return will probably process sooner if you wait and e-file in January when it opens again instead of mailing the return now. Still pay now.
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Dec 6, 2021 02:25
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Volunteer with the VITA or TCE programs and use their software to file your return, while supporting your community. https://www.irs.gov/individuals/irs-tax-volunteers
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Jan 12, 2022 23:38
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MadDogMike posted:Have to do it in 2023 since it’s a return for a full tax year. You can’t file early because what would happen if you did another gift later in the year? Yes https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin
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Jan 19, 2022 20:02
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SadBag posted:On the 1040-X, do I just need to put in the correct amount that should have had returned to me on line 21 (the "This is the amount overpaid on this return" line), and then they'll return that along with the money I paid when I thought I had underpaid? No, list the additional amount you paid on line 16, line 17 should be the total of your withholdings and the payment you incorrectly made with your original return. Line 21 should be the total amount they're going to send you.
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Apr 29, 2022 17:36
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drk posted:Does anyone know how the IRS determines 30C eligibility for credits on installing EV chargers? Notice 2024-20 identifies which census tracts are qualified. The form instructions have a worksheet that walks through determining if your location is eligible.
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Mar 27, 2024 02:14
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