|
So my tax situation is a lot more grim than I expected, and I'm wondering if there is anything I can do to offset this. Here's my basic situation, in the form of distilled W2s and a 1099-G: TurboTax free edition thinks I owe $647, presumably that's via the standard deduction. Filing single. I'm wondering if there's anything I can do to minimize that number. I'd even be willing to hire a preparer to get this fixed for me, but I'm thinking my situation is so simple that I don't have a lot of wiggle room. Not sure what sort of monetarily significant events from last year I could take as deductions. I bought a used car, which came with registration fees and significant sales tax, and I have $261 in student loan interest in the form of a 1098-E, but that doesn't come close to approaching the 5950 of the Std Deduction.
|
#
¿
Jan 21, 2013 19:33
|
|
|
|
| # ¿ May 12, 2024 05:04 |
|
|
AbbiTheDog posted:Student loan interest comes off the front of the 1040, not as an itemized deduction. Unless you're willing to drop into an IRA you're probably going to owe what you see. This is what I was afraid of. If I had IRA droppin' money laying around, paying that wouldn't be a big deal. Guess I'll save up, got plenty of time.
|
|
#
¿
Jan 21, 2013 19:48
|
|
|
AbbiTheDog posted:If you're working two jobs at the same time the withholding tables will fall apart for you. FYI. Nah, I got the axe from W2 #2 in...March? Dunno if that changes anything.
|
|
#
¿
Jan 21, 2013 21:55
|
|
|
Is this the appropriate place to ask how many allowances to list on my W4 when I start a new job here soon? I'm filing single, and will be making $55,000 annually. Not sure what else would be good to provide. Edit: I live in Florida and don't file a state return. Deviant fucked around with this message at 21:29 on Jan 26, 2015 |
|
#
¿
Jan 26, 2015 21:27
|
|
|
EugeneJ posted:The IRS calculator tells you what allowances you need so that your taxes are covered - they don't care about telling you what the optimal number of allowances are for your own finances. This is asking me about 2013, are the numbers still valid?
|
|
#
¿
Jan 27, 2015 19:38
|
|
|
So I filed my 1040EZ, and was happily awaiting my refund, when I got two extra 1099s in the mail, a 1099-R in the amount of $10205 with $2041 withheld, and a 1099-G with 1100 taxable, 0 withheld. The 1040x is loving byzantine as hell, can anyone assist? Edit: Or should I just wait for this? "February 11, 2016 is the earliest you can amend your 2015 taxes." per Turbotax. Deviant fucked around with this message at 18:54 on Feb 8, 2016 |
|
#
¿
Feb 8, 2016 18:48
|
|
|
sullat posted:What's the 1099-G for? Anyway, original info in column A, new info in Column B, new total in Column C. Has to be paper filed, so you'll be mailing it in regardless of whether Turbo tax helps you or not. 1099-G is unemployment benefits. And yeah, but the names of the fields on the 1040X and the 1040EZ aren't identical, so i'm not sure how to cross the data over. It also seems to have a different concept of the standard deduction in the 1040X than it does in the 1040EZ? (EZ told me to enter 10,300 whereas the instructions for the 1040X say 6300) I'll just let turbotax handle it.
|
|
#
¿
Feb 9, 2016 15:41
|
|
|
Someone spot check this and tell me if it sounds about right? State: Florida Status: Filing Single W2 data: Box 1: $25938.14 Box 2: $2481.97 Box 3: $20349.83 Box 4: $1608.16 Box 5: $25938.14 Box 6: $376.10 Box 7: $2888.31 Calculates to a basic refund of about $609? It looks right to me via turbotax and napkin math, but I'm doing this for my girlfriend and she insists her coworker who gets about the same pay grade is getting a refund of over $1,000. I assume the coworker just over-withheld, but I want to make sure I'm not missing anything also.
|
|
#
¿
Jan 18, 2017 18:04
|
|
|
Can someone clarify if I should be keeping receipts for stuff in this situation? I work from home for my employer (classified remote), and was wondering if/how I can claim my home office expenses as deductions. For example, I have an office chair that I bought exclusively for my work space. My understanding is I can only claim expenses that exceed 2% of my AGI? But that would require a massive office spend to both exceed 2% of my AGI and exceed the standard deduction? I definitely don't expect to have $12,000 of home office expenses, though I could run the numbers on stuff like power, square footage, etc. Deviant fucked around with this message at 16:56 on Aug 21, 2019 |
|
#
¿
Aug 21, 2019 16:53
|
|
|
Epi Lepi posted:The Bullshit Fucker Trump Tax Law got rid of those 2% miscellaneous deductions so unless your state still allows them (like NY) don’t bother. Also if you’re in NY don’t bother because they’re sending out audit letters to a billion people who itemize every year and they have mental midgets processing said letters so even if you’re entitled to it you probably won’t get your full state refund. yeah i'm w2. Not in NY (The office is, I'm in FL). standard deduction it is, then.
|
|
#
¿
Aug 21, 2019 19:49
|
|
|
Discendo Vox posted:IRS audit tip: And if I do my friend's for free?
|
|
#
¿
Feb 26, 2020 01:11
|
|
|
I plan to take money out of an old IRA to put towards a down payment on a home, and afaik I can take up to $10,000 penalty free. Can I take >$10,000 and only pay a penalty on the portion above 10k?
|
|
#
¿
May 18, 2020 19:20
|
|
|
Hoodwinker posted:That seems to track with what I'm seeing in Publication 590-B. Are you sure you can actually afford to own a house though if you're drawing from retirement savings to afford a down payment? Yeah, i was just running numbers on if an extra 10k down would be lower the payment in a significant way. It's not to afford the down payment, merely to potentially beef it up a little more. I probably won't do it, but I wanted to know my option on it.
|
|
#
¿
May 18, 2020 19:30
|
|
|
Epi Lepi posted:Remember that it's still subject to income tax even if it's not subject to the 10% penalty. This is the reason I probably wouldn't do it. I'd lose a fair bit of it to taxes.
|
|
#
¿
May 18, 2020 20:24
|
|
|
fwiw i'm a remote nyc employee and i don't pay nyc income tax
|
|
#
¿
Oct 27, 2020 15:57
|
|
|
I wonder where that 'checkbox' would be on credit karma tax, i do have receipts to support it, but wasn't worried since I wasn't itemizing. Edit: found it, its in the charity section, duh
|
|
#
¿
Feb 3, 2021 20:05
|
|
|
what do people use to file their taxes now? i used to use credit karma tax but now it wants me to install CashApp and that is right out
|
|
#
¿
Jan 12, 2022 17:28
|
|
|
Here's a weird situation. I filed my taxes last year via Credit Karma Tax. I'm trying to get the return from them, but I have an email dated Feb 12, 2021 saying "my federal return was accepted", and I seem to recall getting a small refund, which I've now verified: Edit, yes, I have a $96 direct deposit from IRS TREAS 310 TAX REF PPD ID: ########### However, on the IRS's "Get Transcript" page, I only have a verification of non filing for the year 2021. What happened here and how do I get my old return short of installing Cashapp to log into what credit karma tax has become? Edit Edit: I got my 2021 1040 from CK and it looks like the entire second page is blank? Edit Edit: I'm loving stupid, aren't I? 2021's transcript would be the taxes i'm *about* to file. I'm going to leave this here in case anyone else makes the same mistake. Deviant fucked around with this message at 17:21 on Jan 21, 2022 |
|
#
¿
Jan 21, 2022 17:10
|
|
|
KillHour posted:I spent your entire post itching to point this out and you ruined it. they really shouldn't put up a verification of non filing for a year who's deadline hasnt even come close yet
|
|
#
¿
Jan 21, 2022 23:34
|
|
|
work needs to get off its duff and send me my stupid schedule k-1 so i can make with the government paying now please. 
|
|
#
¿
Feb 3, 2022 15:16
|
|
|
So, I finally got my K-1 from my workplace. FreeTaxUSA is asking for the numerical boxes on the form, which are all blank. I do however have numbers in the lettered boxes up to and including N. How do I enter this? This seems strange. Edit: I have a code AH in the amount of 38967 on page 2. Deviant fucked around with this message at 14:53 on Mar 22, 2022 |
|
#
¿
Mar 22, 2022 14:45
|
|
|
Missing Donut posted:I don't know anything about how FreeTaxUSA data entry works, but did you try putting the number and the code in the box? As in, if box 11 has "A" and 300 you put "11A" in the numerical box? The numbered boxes are _totally_ blank. On page 2 I have quote:Partner Footnotes Associated w/Sch. K-1, Line 20 When I put that into FreeTaxUSA I get: quote:Enter Other Information Elsewhere The VCP was a Value Creation Program, similar to stock options. I was issued company stock, which I immediately sold. My understanding is that it was taxed as long term on award (230 shares at $169.42/share = $38966.60), and short term for the small gain between that and sale ($7.09 x 230 = $1630.7) but I'm unclear on how to enter that. Boxes 8 and 9a on the K1 i'd think, but they're blank on the form itself. Deviant fucked around with this message at 15:12 on Mar 22, 2022 |
|
#
¿
Mar 22, 2022 14:54
|
|
|
KYOON GRIFFEY JR posted:Pretty much everyone I know stopped using tax prep software and started using A Guy as soon as they started getting K-1s Yeah, this is not what I'd call common for me, so I was hoping to avoid it. I thiiiink I've got it right though.
|
|
#
¿
Mar 22, 2022 15:30
|
|
|
actionjackson posted:OH GOD DAMMIT Curse you, linear time!
|
|
#
¿
Mar 22, 2022 15:52
|
|
|
Any one weird trick to reduce my tax owed by about...$1224? Simple setup, W-2 and Standard Deduction. Just got a stock payout from the company this year that pushed my taxable way up. I have home mortgage interest, but not nearly enough to itemize (napkin math says about $7500, so I'd have to pull another $6k some of deductions out of my rear end to even match standard) It's not a huge deal, it just sucks.
|
|
#
¿
Jan 8, 2024 21:57
|
|
|
CellBlock posted:State and Local taxes? For me, my state and local taxes plus mortgage interest is enough to go over the standard, and charitable contributions are a little more on top. Not in the grand land of Florida, baybee! Not sure what local taxes would be deductible, but no state income tax.
|
|
#
¿
Jan 8, 2024 22:09
|
|
|
Jobert posted:Property Tax or Sales Tax can count towards that deduction Tried it. Still leaves me about $1000 below standard. H110Hawk posted:Did you pay the taxes on that stock payout? Sounds like "not yet." This isn't extra taxes, it's just mis-estimation. You should be minimizing your tax burden annually regardless of if you owe or get a refund. You are right that this is not what I asked. The stock is on my W2 and already worked in. I didn't say it wasn't accurate, I asked if I could weasel out of it. I'll stop complaining about my taxes when they start going to something besides Raytheon.
|
|
#
¿
Jan 9, 2024 00:25
|
|
|
|
| # ¿ May 12, 2024 05:04 |
|
|
Gabriel Grub posted:I was not serious about the traveling with half a million dollars cash and bullion, guys. stop ruining my dream of traveling handcuffed to a briefcase.
|
|
#
¿
Feb 29, 2024 17:31
|
|