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farfegnougat posted:my department accountant says that the stipend isn't taxable, This happened to me too. H&R told me not to file. They are wrong https://www.irs.gov/taxtopics/tc421
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Aug 20, 2018 19:52
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Is there a reason no one uses paper? It involves reading and math, but shouldn't goons be into that?
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Feb 3, 2019 01:15
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tangy yet delightful posted:Is there a way to calculate an estimated IRS penalty for underpayment? I'm not looking for an exact amount but just a ballpark so I can figure if it's worth paying a tax pro to dig further into my turbotax work to see if I can get my tax owed amount down to not have the penalty kick in. Form 2210?
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Feb 18, 2019 04:27
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Cory Parsnipson posted:Guys I hosed up. Same. Since you are fixing it before filing it shouldn't be too bad. I am not a professional, so beware blind leading the blind, but here's what it seems to me. You don't need to file 8606. See here https://www.irs.gov/instructions/i8606 quote:If, in 2018, you made traditional IRA contributions or Roth IRA contributions for 2018 and you had those contributions returned to you with any related earnings (or minus any loss) by the due date (including extensions) of your 2018 tax return, the returned contributions are treated as if they were never contributed. Don’t report the contribution or distribution on Form 8606 or take a deduction for the contribution. However, you must include the amount of the distribution of the returned contributions you made in 2018 and any related earnings on your 2018 Form 1040, line 4a; or Form 1040NR, line 17a. Also include the related earnings on your 2018 Form 1040, line 4b; or Form 1040NR, line 17b. Attach a statement explaining the distribution. See Pub. 590-B to ... You probably should file 5329, but I think it's pretty easy once you get the 1099-R. Use part i to figure the tax. You don't need to fill out part iv, see here for instructions on line 23 quote:You can withdraw some or all of your excess contributions for 2018 and they will be treated as not having been contributed if: ... Oops forgot the 2nd link https://www.irs.gov/instructions/i5329 Epitope fucked around with this message at 20:15 on Mar 5, 2019 |
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Mar 5, 2019 15:29
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I keep hearing about this backdoor Roth IRA. It's always sounded sketchy. Suspicion confirmed, it is sketchy. Stepwise doctrine might bite you rich a holes https://www.kitces.com/blog/dodging-the-income-limits-on-roth-contributions-strategy-or-abuse/
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Mar 26, 2019 21:55
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Jan posted:lol, as if rich assholes are affected by a whopping 5000 in tax relief. Sure, but multiply by number of households and years, and it's a chunk of taxes not drawn on people that can afford it. Of course the rich being able to dodge taxes is rampant, and has been forever. I guess I've allowed myself to hope they'll get busted on this one, silly of me I know.
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Mar 27, 2019 00:17
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Hoodwinker posted:Don't avoid the rich assholes. Become the rich rear end in a top hat. Embrace it. Let the tax advantage flow through you. Oh I'm for sure a rich rear end in a top hat. Doesn't mean I can't dislike rich assholes
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Mar 27, 2019 00:22
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Badger of Basra posted:I definitely didn't know about it when I filed the return or got rid of her assets after she passed away. Sounds like assets were distributed out of the estate before all its debts were paid. Since it was a small estate maybe it will slide
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May 21, 2019 18:38
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Hey tax nerds. I'm trying to comprehend what the guy above me is talking about. It sounds like the scheme from office space, only a real life thing that people do. Am I on track?
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Oct 17, 2019 03:29
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I'm not an expert either, so take this as some guy's understanding, which may be wrong.AFewBricksShy posted:I was just given 25 shares of my company a couple of weeks ago This might be a taxable event. quote:Am I taxed on $62,500 at my normal tax rate and I'm done? It all goes on your return, at more or less your usual rate. W2 numbers go in one set of places, K1 go in other places on your return. One trick is you're taxed on the company's profit whether they distribute that profit or not. So, even if it's still sitting in the company bank account, you still gotta pay the tax on it. Also, you might need to submit quarterly estimated tax payments, if the profits are big enough.
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Apr 19, 2020 08:43
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Direct pay only let's you do two payments in 24 hours. Is this revenge for waiting to the last minute? There's 3 payments due tomorrow :/
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Jul 14, 2020 23:18
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CmdrRiker posted:I just filed my 2019 taxes and I have a question about the specifics of resident/nonresident state taxes for 2020. I moved to a new state and spend the majority of my residency there, but still consider my previous state address my "home" including setting that address on my IRS tax information, receive mail there, have a valid license with that address, and still visit that state for periods of time. (I'm separated but still legally married, and my spouse lives at the aforementioned address.) Can I still consider my previous state to be my "resident state" and file my new state as a nonresident state? This is probably going to depend on which states, and the details of your actions. There are specific ways to maintain residency, or terminate residency. The specifics are also different between agencies, e.g. hunting licenses may require you to live there a full year vs drivers licenses you can change a lot sooner. Taxes probably has its own set of rules on residency. As a starting point, google [your state] department of revenue, residency.
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Jul 15, 2020 20:11
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Duxwig posted:Doing my taxes by hand is an equal to going to the dentist, but I've invested this much so far with their mess ups, no reason why I can't do it all by hand from now on if this is their "support." Same. If it's big enough to hire a professional then sure. But if it's small enough for the basic bs, I can screw it up myself thank you very much
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Feb 27, 2021 21:32
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Don't get cute indeed. Maybe I'm risk averse when it comes to tax, but OP's question sounds like a step below putting money on a roulette wheel, when you owe it to the mob who is big and organized and does not forget debts
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Jun 10, 2021 21:27
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Hadlock posted:What do you guys use for tax planning etc Out of possibly morbid curiosity, did you figure out the 199a stuff? For your question, renting out plus new job seems like a tax situation you can get a pretty good estimate for. The starting a business one seems a lot harder. Like wouldn't you need to have a pretty clear business model, good estimates of revenue and expenses, etc? How much effort are you going to spend on those things, for a venture you aren't very committed towards?
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Nov 1, 2021 21:55
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Hadlock posted:I can model my W2 income on a spreadsheet, but short of writing a bunch of custom python I can't think of how to model all this stuff and see if any of it qualifies as better than a pipe dream Ya, doubt there's a simple way. "See an accountant" seems gratuitous, and the more you understand yourself the better anyway. If you put in the effort to create an app that does the calculations, you can sell that too (and further complicate your taxes, and get sued when it screws up someones return). It might help to play around with the forms themselves, e.g. 8995a (and look, 199a is for high earners too, trumps not a socialist). Also visit the primary text, e.g. Sec. 195, not just explainers by for-profit entities that are trying to sell you something. Like, before it seemed maybe you had 195 and 199a confused. Also, 199a is scheduled to go away in 4 years, we better vote trump back in to keep the gravy train rollin
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Nov 2, 2021 19:36
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You made me curious so I perused form 709. There is a section for deceased spouses, where you can claim their lifetime exclusions. There are 7 lines in the regular form, so you can have 7 deceased spouses (77 million) before you have to attach an extra page. So now I'm imagining a rich person trolling the nursing home, looking to marry people who are about to die. Happy thanksgiving!
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Nov 25, 2021 20:33
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https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2quote:For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don't pay enough tax by the due date of each payment period, you may be charged a penalty even if you're due a refund when you file your income tax return at the end of the year. "may"
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Nov 29, 2021 22:46
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Tenchrono posted:Thats what I was thinking, got bored on the plane and figured I'd just post. Maybe imagine if you brought in a partner for this enterprise. You both put $5,000 in as seed money, so the business has $10,000. Would you spend all that on a car? Or would you spend $2,500 on cameras/mics/lights, $2,500 on logo and graphics stuff, $2,500 on mustache wax, and still have a $2,500 uber budget to get this thing off the ground.
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Jan 10, 2022 19:16
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Source doesn't matter. Timing can, but if you have steady income and steady withdraw you're good there too. I underpaid, and am trying to estimate the penalty. Form 2210 is hilariously convoluted, even for a tax form. Is this saying I owe 3% late fee, but if it's still outstanding the next quarter it becomes 6% then 9% then 12%? The bit I'm confused by is page 7 here https://www.irs.gov/pub/irs-pdf/i2210.pdf Epitope fucked around with this message at 15:40 on Apr 8, 2022 |
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Apr 8, 2022 15:37
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Missing Donut posted:You'll notice that on each area of figuring the penalty you multiply everything by the number of days divided by 365, and then multiply it by 3%. The math might seem weird but it's an annualized 3% rate, as if it were interest. Thanks, that's what I thought, I just like it when the form spits out something that matches my expectation. I see what I was doing wrong, I was short each quarter so I thought 1b was me paying it off today, but I see it applies the next payment first. The simple method was a lot less loop the loops.
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Apr 8, 2022 17:43
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I think you either get comfortable interacting with Vogons, or avoid them unless you're forced
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Apr 25, 2022 21:23
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Maybe you didn't file schedule D, but should have? Maybe "shown on return" is imputed?
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May 5, 2022 21:13
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I bet the IRS don't like cops either :P Why rat out the dealer when you can just tax them more. Isn't that what 280e is all about?
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May 7, 2022 13:14
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Gnumonic posted:I'm terrified about penalties and worried that I might have to quit my job to avoid being crushed by them. (I won't be able to find a new job easily; this was part of a career transition and I was lucky to get the position I got). That seems insane... I don't want to quit my job... Dont worry, this is not something to quit your job over. Also, you're almost certainly overestimating how behind you are. You made 3000 in q1. You're not supposed to pay 2000 just because you expect to make more later.
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May 31, 2022 04:56
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School of How posted:I don't have health insurance. But I don't live in California either. How do I owe money to a state I don't even live in? Looks like you needed to claim exemption E https://www.ftb.ca.gov/forms/2020/2020-3853-instructions.pdf School of How posted:The reason why my form says my penalty is $0 is because Turbo Tax asks me if I can "afford" health insurance, and I always answer "No". That has always exempted me from all health insurance penalties before. Haha, you're a riot dude
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Jun 1, 2022 21:28
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I got a letter from the IRS, which I would like to reply to. It is from Kansas city, but I am in Alaska so would normally correspond to Ogden UT. Should I reply to Kansas City, or Ogden, or both?
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Jun 17, 2022 18:20
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Much appreciated. The reason I wondered was there is clearly an error somewhere (someone else's name, my ID number) so didn't know if I should be going to home base. Obviously concerned about identity theft type stuff
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Jun 17, 2022 19:14
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How do EINs work? If there is an EIN that is different by a single digit, what would that mean? e.g. 11-1211111 vs 11-1411111
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Jun 28, 2022 01:48
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It's the letter I mentioned a week or so ago. I originally didn't notice the number was a different number. So it's some other human's name, but our company name, but the ein is slightly different than our company. The guy at the local irs office didn't offer too many clues. Will the accountant who does the books know anything? Typing that out I have a theory. Someone on our end must have made a typo in the ein at some point. That got this other guy's business tied to us. Epitope fucked around with this message at 04:54 on Jun 28, 2022 |
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Jun 28, 2022 04:51
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MadDogMike posted:A little surprised if so, the IRS should have disregarded what you sent in if the EIN was wrong for the name. I had a client who screwed up getting an estate EIN and we couldn't even file until we had the correct one figured out. Though maybe what happened is they were looking for this other business (somebody who owes the IRS moving with no forwarding address makes a whole lot of sense unfortunately) and when you sent in something with the wrong EIN they thought they found them. At this point, unless you can specifically find something in YOUR business's taxes that fits what the letter is about, I'd just write back with the correct EIN/contact person name and say this letter isn't for you. At minimum it would put the ball in their court and I'd think having the correct EIN would let them look at the appropriate returns and reporting documents and figure out "wrong person" themselves. Thanks. I did find three quarterly 941s we filed with the typo. I think you're right about this other person owing them money and not leaving an address. Hopefully untangling this isn't too big a headache.
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Jun 30, 2022 20:26
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Elephanthead posted:He didn’t mention that he was the member it could be another entity that he owns which could change the tax treatment, disregarding any elections that were made. Maybe the LLC is owned by his solo 401k. 
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Jul 10, 2022 03:31
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Intuitively, if you sell your house for more than you bought it that's capital gain. If you dispose of your lease for more than you entered it, seems that's similarly capital gain. Owner-occupier home sellers get an exclusion, but not surprising renters don't get an exclusion.
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Nov 10, 2022 21:41
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Don't send that. If you want something from them, be more professional. If you don't want anything from them, don't bother sending anything. If you're going to sue them or whatever, sue them, don't threaten or vent to them or whatever that is. Hi so and so, Thanks again for taking a look at my 2021 invoices. Any updates on what can be done? Also, I've made an unfortunate discovery. Yesterday I was told about PFIC rules, which was the first time I have heard about this critical detail. It seems there was an oversight, and your team did not educate me on this fundamental item. This has serious negative implications for my finances. What can you do to help me rectify this? Do you have insurance that would come in to play, or a quality guarantee policy? Thank you again for working on this for me ~~Meth
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Dec 20, 2022 22:48
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Taxes are like a take home exam, middle school algebra material at sophomore weeder class difficulty
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Mar 9, 2023 05:21
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I'm curious too, like even if it's 22% 7k would mean more then 30k worth of gains in a year, ya? So like 10% the value of the account. If they've done that much shuffling, maybe exiting won't have as much of a tax hit?
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Apr 21, 2023 21:03
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See, labor wants capital. It needs it. Owning the means of production is a burden, let money carry it (and 100% of the profit). Anyway, probably schedule C and SE. Pay quarterly with 1040 ES. It's business income
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Sep 28, 2023 17:34
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Oh is it a loan? If it's a loan at some point it would be paid off (or foreclosed) ya?
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Sep 28, 2023 20:51
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Baddog posted:Hahaha it looks like it worked! That rules. Tapping on the pipe to talk to the deck below in our decaying ship
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Oct 12, 2023 22:00
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Hadlock posted:Is there a table for this specifically? Like down to the $1000? I can find the obvious tax brackets, but I want to actually calculate this and model our tax liability, and I don't want to do the spreadsheet to do it Have you not seen the tax tables? https://www.irs.gov/pub/irs-pdf/i1040tt.pdf The irs instructions and other resources are quite good, usually worth checking there first before for profit websites
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Nov 10, 2023 22:49
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