YosTax tax thread: Taxes due April 15th

The Something Awful Forums > Discussion > Serious Hardware/Software Crap > YOSPOS > YosTax tax thread: Taxes due April 15th

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Share Bear: Apr 27, 2004

poty posted:

1.5 is the current fed rate if youre not getting that from your bank theyre stealing from you imo

yeah so especially give it to goldman sachs, the #1 bank that will absolutely NOT steal from you or try to gently caress you over _{compared to other nationwide banks}

# ? Mar 19, 2018 16:34

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# ? Apr 24, 2024 10:12

Steve Youngblood: Mar 19, 2007; ***Hollywood Cobbler***

Question tax nerds: is it true that your tax return is "black money" "off the books" since its from last year, but you dont claim it on this years taxes? My drug dealer tells me things like this when I use my black off the books money to buy drugs from him.

# ? Mar 20, 2018 01:43

rjmccall: Sep 7, 2007; no worries friend; Fun Shoe

your federal tax refund is not income at all, it's just da gubmint giving you your money back

your state income tax refund is different and it's complicated but it doesn't really matter anymore because it's complicated

# ? Mar 20, 2018 01:58

heated game moment: Oct 30, 2003; Lipstick Apathy

Your state tax refund may be taxable at the federal level to the extent it was deducted in a prior year and you received a tax benefit for said deduction

I did my taxes this morning using free file fillable forms. Had to move last year for a job so I�m renting my house, which resulted in a tax loss of about $10K that I was able to deduct. I ended up getting almost $1500 back even though I didn�t itemize. That should help next year when the standard deduction goes up significantly.

Doing Forms 4562, 6198 and 8582 could be confusing if you aren�t familiar with them.

# ? Mar 20, 2018 12:31

PIZZA.BAT: Nov 12, 2016

Share Bear posted:

yeah so especially give it to goldman sachs, the #1 bank that will absolutely NOT steal from you or try to gently caress you over _{compared to other nationwide banks}

it's an actual savings account, not a :airquote:

savings account :airquote:

. fdic insured and all that

# ? Mar 20, 2018 14:05

Share Bear: Apr 27, 2004

Rex-Goliath posted:

it's an actual savings account, not a savings account . fdic insured and all that

ok cool, then its about as good as any other, thanks for the tip

# ? Mar 20, 2018 16:16

Share Bear: Apr 27, 2004

Steve Youngblood posted:

Question tax nerds: is it true that your tax return is "black money" "off the books" since its from last year, but you dont claim it on this years taxes? My drug dealer tells me things like this when I use my black off the books money to buy drugs from him.

my accountant (rule 36) provides the amount of the refund at state, federal, and local, and also calculates how much of that refund is taxable next year (i think state/local but not federal)

# ? Mar 20, 2018 16:17

Bloody: Mar 3, 2013

my state doesn't tax my income because its regressive as poo poo but it sure makes my tax situation straightforward

# ? Mar 21, 2018 04:52

heated game moment: Oct 30, 2003; Lipstick Apathy

http://www.nextgov.com/it-modernization/2018/03/irs-system-processing-your-taxes-almost-60-years-old/146770/

quote:

The IRS� Individual Master File may be the oldest IT system in government and its failure could disrupt tax processing nationwide.

One of the IRS� most important tax-processing applications is old enough to be a grandparent, and officials warn a failure during tax season could have dire economic ramifications or delay tax refunds for 100 million Americans.

The Individual Master File, a massive application written in the antiquated and low-level Assembly programming language, is comprised of data from 1 billion taxpayer accounts going back decades, and chiefly responsible for receiving individual taxpayer data and dispensing refunds.

Despite hundreds of millions in spending, plans to fully modernize the application are more than six years behind schedule, and in a statement to Nextgov, IRS revised its new timeline for a modernized IMF to 2022.

�To address the risk of a system failure, the IRS has a plan to modernize two core components of the IMF by 2021, followed by a year of parallel validation before retiring those components in 2022,� the IRS said.

The timeline could slip further, however, because IRS will need the authority to hire at least 50 additional employees�and backfill any losses�and receive an additional $85 million in annual non-labor funding for the next five years. The president�s fiscal 2018 budget request would cut IRS funding by $239 million.

In the statement, IRS said IMF �is antiquated, with an architecture and design that dates back to the 1960s,� and admitted fewer programmers understand the old Assembly code. Auditors at the Government Accountability Office have said IRS has more than 20 million lines of Assembly code.

�The antiquated code is limiting and inflexible in today�s world of databases. Also, the population of developers that understand the IMF code is diminishing as they retire. This means fewer individuals we can hire and train to make necessary filing season changes and address IMF operational and maintenance issues thus creating a higher risk of failure with each passing year,� IRS said. �In spite of this, the code is still robust. With investments in recent years to modernize the IMF infrastructure platform, it continues to run reliably.�

The IRS� main efforts to replace the IMF is the Customer Account Data Engine, which was canceled in 2009, and the subsequent modernization effort CADE 2. Plans to fully implement CADE 2 and replace IMF have slipped, even as individual companies working on the project have earned as much as $290 million in revenue from IRS.

Contracting data obtained by Nextgov through Virginia-based analytics firm Govini indicates contractors Deloitte, CSRA, Northrop Grumman and MITRE Corporation all earned more than $60 million through fiscal 2017 through CADE or CADE 2 task orders.

In the meantime, IRS runs its legacy systems like IMF on newer hardware, though GAO�s latest audit stated 64 percent of the agency�s hardware is aged.

�To IRS� credit, it keeps these old systems running during the file season,� Dave Powner, GAO�s director of IT management issues, said before the House Committee on Ways and Means in October. �But relying on these antiquated systems for our nation�s primary source of revenue is highly risky, meaning the chance of having a failure during the filing season is continually increasing.�

Such a failure would be �catastrophic,� according to former IRS Commissioner John Koskinen.

�I�m concerned that the potential for a catastrophic system failure is increasing as our infrastructure continues to age. If this failure were to occur during the filing season, we could be looking at a lengthy interruption in processing returns and issuing refunds,� Koskinen said in November in his final press conference before stepping down. �This could have a devastating effect on more than 100 million taxpayers waiting on their refunds as well as the nation's economy, which sees some 275 billion dollars of refunds each winter and spring.�

After resigning, Koskinen told Nextgov in late November that work on CADE 2 stalled �because of the budget crunch of the past year or two, along with the critical need to protect taxpayers against identity theft.� IRS diverted resources toward partnerships with private companies and state and local tax agencies to battle identity theft. The agency spends $2.7 billion annually on IT.

�Victims of identity theft dropped by two-thirds, after years of barely being able to hold our own,� he said. �It was the appropriate decision to protect accounts against identity theft, but it has meant that other critical information technology programs have gone more slowly.�

Koskinen added that he doesn�t blame IT contractors �who have done good work� but maligned the recurring cuts in resources Congress dealt the IRS in the past decade.

�We�ve been trying to keep a core team together who understands the system and where it is going, but there are not enough resources,� Koskinen said.

Powner told lawmakers in October that oversight from both Congress and the administration would be crucial toward ensuring IRS delivers a modernized tax-processing system. The American Technology Council or White House Office of American Innovation, he said, could add necessary administrative oversight to IRS� tech system.

Powner echoed the need for administrative oversight on critical IT projects in a House Oversight and Government Reform subcommittee hearing last week.

The Oldest IT System in Government?

Based on research from GAO, the IMF and its sister system, the Business Master File�both operated by IRS�are the two oldest tech systems in all the federal government at approximately 58 years old. The next oldest tech system identified is the Defense Department�s Strategic Automated Command and Control System, which helps coordinate U.S. nuclear forces, which was developed 55 years ago.

At IRS, the beginning of the IMF and BMF harkens back to the early days of computing itself. In 1960, an IRS report announced plans to install computers to automate tax processing at a facility in Martinsburg, West Virginia.

Today, almost six full decades later, the IRS is still using the same systems to process the nation�s tax returns.

# ? Mar 21, 2018 15:33

The Management: Jan 2, 2010; sup, bitch?

I will fix this system for them for only $100 million.

# ? Mar 21, 2018 16:39

HoboMan: Nov 4, 2010

The Management posted:

I will fix this system for them for only $100 million.

you are selling yourself short

# ? Mar 21, 2018 16:52

Shaman Linavi: Apr 3, 2012

you both might be in luck, the IRS posted a bunch of stuff on USAJOBS for IT Specialists!

also in tax news: i had to file an amendment and my state return got lost in the mail, :rip:

# ? Mar 21, 2018 17:02

Silver Alicorn: Mar 30, 2008; 𝓪 𝓻𝓮𝓭 𝓹𝓪𝓷𝓭𝓪 𝓲𝓼 𝓪 𝓬𝓾𝓻𝓲𝓸𝓾𝓼 𝓼𝓸𝓻𝓽 𝓸𝓯 𝓬𝓻𝓮𝓪𝓽𝓾𝓻𝓮

got my $6 state tax refund check :peanut:

# ? Mar 23, 2018 01:28

tk: Dec 10, 2003; Nap Ghost

I�ll not fix the system for only $50 million.

# ? Mar 23, 2018 01:52

HoboMan: Nov 4, 2010

poo poo, i couldn't possibly compete with that price

# ? Mar 23, 2018 18:35

pram: Jun 10, 2001

Silver Alicorn posted:

got my $6 state tax refund check

grats

# ? Mar 29, 2018 05:02

Silver Alicorn: Mar 30, 2008; 𝓪 𝓻𝓮𝓭 𝓹𝓪𝓷𝓭𝓪 𝓲𝓼 𝓪 𝓬𝓾𝓻𝓲𝓸𝓾𝓼 𝓼𝓸𝓻𝓽 𝓸𝓯 𝓬𝓻𝓮𝓪𝓽𝓾𝓻𝓮

has everyone finished their taxes yet ?

# ? Apr 2, 2018 15:52

Cat Face Joe: Feb 20, 2005; goth vegan crossfit mom who vapes

yes

# ? Apr 2, 2018 15:55

The Management: Jan 2, 2010; sup, bitch?

if my taxes aren�t done by March I start getting nervous.

# ? Apr 2, 2018 16:22

Farmer Crack-Ass: Jan 2, 2001; this is me posting irl

finished my taxes a week ago. feds owed me like $6 but i had to pay the state $14. guess i've got my withholdings dialed in pretty good.

# ? Apr 2, 2018 16:38

Agile Vector: May 21, 2007; scrum bored

Silver Alicorn posted:

has everyone finished their taxes yet ?

yes, and projections for next year with tax changes are ill be taxed less, so rip my roads and schools i guess

# ? Apr 2, 2018 17:51

The Management: Jan 2, 2010; sup, bitch?

Agile Vector posted:

yes, and projections for next year with tax changes are ill be taxed less, so rip my roads and schools i guess

your state and local taxes are less?

# ? Apr 2, 2018 18:08

Bloody: Mar 3, 2013

Silver Alicorn posted:

has everyone finished their taxes yet ?

not yet

# ? Apr 2, 2018 18:29

ate shit on live tv: Feb 15, 2004; by Azathoth

Looks like I overpaid by 2.5%, not too shabby imo. I'll put that refund into my brokerage account, not sure what I'll invest in, probably some low expense ratio ETF. Though kid's these days have been talking about this "buttcoin" thing, so maybe i'll check that out. Yea I'm a pretty savvy investor.

# ? Apr 3, 2018 05:58

Agile Vector: May 21, 2007; scrum bored

The Management posted:

your state and local taxes are less?

dont have the specifics yet since i havent got my packet with details, but ill assume yes because that seems to be the trend as well here

city is a bit more, but thats because i changed cities i work in. in that case, i can definitely say that city does have dece schools so the change isnt surprising (nicer roads too)

# ? Apr 3, 2018 06:21

Feisty-Cadaver: Jun 1, 2000; The worms crawl in,
The worms crawl out.

owed $350 this year and twice that to the accountant who does them for me

only 30 pages this year, down from 40 last year \m/

# ? Apr 3, 2018 06:45

heated game moment: Oct 30, 2003; Lipstick Apathy

i have to do my state taxes on paper bc they suck so i always wait until april to do so out of spite

# ? Apr 3, 2018 18:44

HoboMan: Nov 4, 2010

eat it nerds i owe the maximum amount i can without having to pay a penalty

# ? Apr 6, 2018 01:02

SolTerrasa: Sep 2, 2011

Nice, I got a letter that says I owe $45,000 for 2016. Schwab didn't report the cost basis for my RSUs and neither did I (because I'm a dumbass), so I filled out a schedule D and a 1040X and now the government owes me like $40 because of a few dollars in losses between vesting and sale. Gonna spend it on tacos.

# ? Apr 6, 2018 16:52

pram: Jun 10, 2001

yes i love getting the bills for $50k because you dared to sell a stock ever

# ? Apr 6, 2018 17:44

The Management: Jan 2, 2010; sup, bitch?

I have no idea why they don�t just report the basis too. every year it�s a painful process. I learned quickly that it�s easiest to keep my own record of what I sold when and what the basis was than rely on my dumb brokerage

# ? Apr 6, 2018 18:37

rjmccall: Sep 7, 2007; no worries friend; Fun Shoe

iirc the irs does now require brokerages to report basis for certain securities acquired after a certain date, but that doesn't mean they report a useful basis. my wife's ex-company got bought out last year and the broker reported a basis of -33 dollars on the forced sale of that stock

# ? Apr 6, 2018 18:39

PIZZA.BAT: Nov 12, 2016

rjmccall posted:

my wife's ex-company got bought out last year and the broker reported a basis of -33 dollars on the forced sale of that stock

what

# ? Apr 6, 2018 18:48

rjmccall: Sep 7, 2007; no worries friend; Fun Shoe

Rex-Goliath posted:

what

there was some unexplained adjustment to the cost basis vs. the originally-reported income for the rsus, and on at least one of the forms they sent us, they somehow list that difference instead of using either of those two numbers

# ? Apr 6, 2018 19:40

The Management: Jan 2, 2010; sup, bitch?

I sold Apple options before and after the split. that was a clusterfuck.

# ? Apr 6, 2018 19:50

PIZZA.BAT: Nov 12, 2016

rjmccall posted:

there was some unexplained adjustment to the cost basis vs. the originally-reported income for the rsus, and on at least one of the forms they sent us, they somehow list that difference instead of using either of those two numbers

that's sort of impressive/scary that the very fact it was negative didn't crash anything or even throw a warning

# ? Apr 6, 2018 20:36

Hurt Whitey Maybe: Jun 26, 2008; I mean maybe not. Or maybe. Definitely don't kill anyone.

April 15 is a Sunday and April 16 is Emancipation Day.

taxes aren�t due until April 17.

# ? Apr 6, 2018 23:21

power botton: Nov 2, 2011

Hurt Whitey Maybe posted:

April 15 is a Sunday and April 16 is Emancipation Day.

taxes aren�t due until April 17.

good bit

# ? Apr 6, 2018 23:27

Bloody: Mar 3, 2013

still havent done my taxes. maybe tomorrow

# ? Apr 7, 2018 01:41

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# ? Apr 24, 2024 10:12

SolTerrasa: Sep 2, 2011

don't do em. fight the man.

# ? Apr 7, 2018 04:05

The Something Awful Forums > Discussion > Serious Hardware/Software Crap > YOSPOS > YosTax tax thread: Taxes due April 15th

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