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I'm self-employed with no subcontractors or employees. I have an IRA, Roth IRA, and SEP IRA--all set up with TD Ameritrade. I contributed to my IRA for tax year 2012 the maximum amount during calendar year 2012. Last week, I also contributed to my SEP IRA account for tax year 2012, using the printed form provided by TDA to specify as much. This morning I got an email from TD Ameritrade saying the following: quote:Thank you for the recent deposit of $redacted into your TD Ameritrade Individual Retirement Account. Am I reading this correctly, that TD Ameritrade has credited my (rather large) contribution to tax year 2013, even though I used the form they provided to specify it as a 2012-year contribution? If so, I can't believe they would cash my check for that much money when it clearly was not my intent to contribute for 2013 yet. Is it going to be a pain in the rear end to fix this?
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Mar 26, 2013 05:39
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| # ¿ May 20, 2024 13:50 |
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I have an IRA and a SEP IRA that I contribute to every year, both with Vanguard. Can I contribute the max to the IRA, then the remainder to my SEP IRA (in multiple contributions), then transfer the SEP IRA balance to my IRA? If so, would I have to set up a new SEP IRA every time, or can I just keep the two accounts I have and transfer between them? (Reason I want to do this is simplifying my holdings due to minimum investments.) Edit: I'm self-employed. Cranbe fucked around with this message at 19:56 on Sep 27, 2013 |
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Sep 27, 2013 19:43
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Self-employed question about a healthcare write-off: I just made my first payment for my health insurance plan (purchased through a state ACA exchange website), which goes into effect 1/1/2014. Would I write that off for tax year 2013 or 2014?
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Dec 10, 2013 23:55
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slap me silly posted:At $1500 I doubt you even underpaid your taxes unless you also hosed up your withholding on your W-2 job(s). Edit: vvv Redacted! Sorry, it's been a long time since I was a first-year contractor and my memory of how I handled taxes back then is apparently fuzzy. Cranbe fucked around with this message at 22:34 on Dec 11, 2013 |
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Dec 11, 2013 22:17
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Holy poo poo, I finally found an accountant who seems to know what she's doing. My accountant last year apparently put poo poo on incorrect schedules, deducted things he wasn't allowed to, and generally just hosed up my tax filing something fierce. Nothing like a several-thousand-dollar surprise correction tax payment!
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Feb 24, 2014 01:54
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I just set up an LLC in Colorado to hold some investments. I'm the only member of the LLC. I need to set up a separate checking account before I start acquiring assets, so there's nothing in the company yet, but the clock's ticking on some opportunities. My question is: Do I need to get a separate TIN for the LLC, or can I use my own SSN for opening the checking account? (I'm scheduling an appointment with an accountant, but it's taking some time, considering it's y'all's busy season.)
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Mar 3, 2014 03:20
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A question regarding an owner-occupied rental single-family home... Scenario (round numbers used for simplicity): i) I buy a 1000-sq.ft house, all finished, no basement. ii) Two bedrooms are each 100-sq.ft, whereas the master is 150-sq.ft. (350-sq.ft in bedrooms total) iii) I rent out the two smaller bedrooms to one tenant each (200-sq.ft total) and take the 150-sq.ft room myself. iv) The remaining 650 square feet in the house are common areas--everybody essentially gets equal access to those areas, as well as the yard, appliances, etc. It's pretty clear how to allocate the rented out rooms for deductions (i.e. 100% of that square footage). But how do I allocate common areas? My accountant was hesitant to attribute much square-footage to the shared areas, wanting only to credit 20% of the house as rented (i.e. the two 100-sq.ft bedrooms). But that seems overly conservative to me, since the tenants aren't paying solely to stay in their respective bedrooms 100% of the time and never use appliances, hang out in the living room, use the kitchen, etc. Seems to me it would be better calculated as follows: { ( [100-sq.ft bedroom] + [100-sq.ft bedroom] ) + ( 2/3*[650-sq.ft in common areas] ) } / [1000-sq.ft overall] = 63.33% tenant-occupied Is that not kosher? In short: How much of the house in the above scenario would be considered tenant-occupied? Reason I ask is to calculate deductions for the costs of repairs/improvements (not including those exclusively affecting my own bedroom, obviously).
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Mar 5, 2014 07:36
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ThirdPartyView posted:According to Section 280A (and related caselaw such as Anderson v. Commissioner of Internal Revenue), no. The common areas are tainted by being mixed personal and business use and the courts have historically backed the IRS in asserting that mixed use taints the business purpose since said mixed unit has been read as being part of a 'dwelling unit' and thus not qualified for business expense deductions. Huh. Makes sense, I guess, but that sucks. Thanks.
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Mar 5, 2014 15:04
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| # ¿ May 20, 2024 13:50 |
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[E: Handled with my accountant.]
Cranbe fucked around with this message at 19:38 on Mar 27, 2014 |
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Mar 25, 2014 05:23
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