US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Chin Strap posted:

I (and many many others) strongly believe that you should not hold stocks in the company you work for. 100% of your income is already tied to the performance of that company, and tying up even more assets to its performance is extremely risky. So selling them for taxes is good in that it already reduces some of that exposure. I don't know how long you have to hold before you can sell the rest but I always do so ASAP.

The general way to look at it is this. If, instead of the stock, you got cash from the company, what would you use that money for? If the answer is anything other than "buy company stock" you should sell.

# ¿ Apr 29, 2011 07:32

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# ¿ Apr 28, 2024 10:37

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Pitch posted:

I was in the emergency room a few weeks ago and as part of the billing process for an uninsured patient the hospital wants a copy of my 2010 tax return. I didn't file for 2010 because I was unemployed the entire year. The stuff I received says that in this case I should call an IRS 800 number and request a "tax account letter" for 2010. The number provided is an automated system that offers me a "tax account transcript" but then informs me one cannot be provided because I have no return on file for that year. The only Google result for "tax account letter" is, in fact, a PDF of the very form the hospital sent me. Does anyone know what paperwork they actually want, if it exists?

Just download a 2010 1040EZ and fill it out for the hospital.

# ¿ Jun 4, 2011 12:06

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Omits-Bagels posted:

I've just been offered a job in France (I'm an American) but they aren't going to pay for my plane ticket.

What steps do I need to go through to see if I'm eligible to deduct the cost of a plane ticket (I looked over the first post but I'm still confused)?

I'll have made/will make about $16,500 + �6500 (about $9500) during the 2011 year and I don't own a home or anything like that.

In your situation you will probably take the standard deduction, so you can't deduct your plane ticket.

# ¿ Jun 8, 2011 03:13

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

If I decide to 'stake' a player in a poker tournament, paying part of his entry fee and getting a portion of his winnings, how do I treat this income? Do both of us have to pay taxes on it?

# ¿ Jan 15, 2012 03:49

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

I thought you weren't required to disclose any illegal activity on your income tax forms because of the 5th Amendment. You have to report the income, but you don't have to report where it's from.

# ¿ Jan 16, 2012 20:37

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

You should really ask your lawyer about this. If he isn't aware of the tax implications of the settlement he helped negotiate, you should have gotten a better lawyer.

# ¿ Jun 27, 2012 18:53

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

I take it you don't have any truck drivers as clients then? Those guys regularly claim more than 17k a year in M&IE deductions, and have the documentation to back it up.

# ¿ Jul 30, 2012 11:34

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

This sets off several sets of alarm bells, and you should stay as far away as possible. Number one, no reputable brokerage service would recommend this course of action. They shouldn't even be talking to you about your In-law's assets unless they have his written consent for you to handle his finances. They certainly shouldn't be recommending that he legally transfer those assets to you. Having $15,000 transferred into your bank account and then wired out of the country will raise some major red flags, the IRS will know about it and may be asking some very pointed questions. Something very shady is going on here, if you're a part of it you are in way, way over your head and need to GTFO, and if you're not a part of it then you need to stay that way and not get involved with your in-laws finances at all.

# ¿ Oct 12, 2013 00:29

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Vertigo Ambrosia posted:

This may be a silly question, but if I don't make enough money to file but am on Medicaid, do I need to file anyway to keep my benefits? Or would I just need to file state taxes?

Even if you don't have to file, you should file if you've worked at all in order to get any withheld taxes back and claim the EITC.

# ¿ Mar 8, 2014 22:13

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

You don't have to claim it as income, but your fiancee will have to file Form 709. This form is rather complicated and she should probably have a tax professional handle it. She won't owe any tax, since you can give up to about $5.3 million during your lifetime tax-free.

# ¿ Apr 3, 2014 00:11

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

If you're on a F1 student visa, what you are doing is illegal, you should stop right now and talk to an immigration attorney before you get kicked out of the country.

# ¿ Jan 1, 2017 03:53

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

You could make her an authorized signer, which means she can get a debit card with her name on it and access basic account information, but you would be solely responsible for the account with the money being legally yours.

# ¿ Jul 20, 2018 15:20

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Yeah, Enron actively encouraged employees to put a significant percentage of their savings into Enron stock, which didn't work out too well when the whole company collapsed due to massive accounting fraud.

# ¿ Jan 13, 2019 16:07

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

MadDogMike posted:

Yeah, they can quite seriously wind up sending someone to knock on your door and demand to see the office space and ding you if they so much as see a kid's toy there. At minimum in my office at least the usual recommendation is to take a picture to be able to show it's set aside for business there. Anything you "split" for business should also be documented as much as you can for safety (guessing phone usage between business/personal gets... iffy quick) unless it's split by an accepted way like business miles for driving or square footage in the case of home offices, and even those might get challenged.

Do you seriously have to give up your Fourth Amendment rights to take a home office deduction?

# ¿ Jan 28, 2019 06:58

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

You are misunderstanding tax credits. To use your terminology, tax credits reduce your tax bill and have nothing to do with withheld money. Certain tax credits can be refunded even if your tax bill is zero, but this usually doesn't come up unless you are near or at poverty.

# ¿ Sep 21, 2019 10:23

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

99% of the time MFJ is better unless you have specific types of student loan debt.

# ¿ Mar 3, 2020 23:52

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

I would absolutely insist on getting paid as a W2 employee. Even if you trust them absolutely, this is a massive red flag, if they can't handle the modest bookkeeping requirements associated with paying you properly, and they are too cheap to pay someone to do it for them, then are they really people you want to depend on for your paycheck? Either they are trying to screw you or they have no idea what they are doing, either way you should run.

# ¿ Jul 28, 2020 20:38

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

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.

# ¿ Feb 22, 2024 18:43

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# ¿ Apr 28, 2024 10:37

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Plus, the background check process to become a federal employee can take months, even for positions not dealing with classified information. For jobs where they have to compete with the private sector for talent, that can be a big issue, as there needs to be a pretty big carrot at the end to get qualified applicants to jump through all their hoops.

# ¿ Mar 24, 2024 11:24

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.