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Who would you like to have do your taxes and deal with the IRS?

  • John Wick

    Votes: 99 20.3%
  • Tony Stark

    Votes: 55 11.3%
  • The Vogons

    Votes: 17 3.5%
  • Agent 47

    Votes: 34 7.0%
  • Scrooge McDuck

    Votes: 140 28.7%
  • Doctor Doom

    Votes: 62 12.7%
  • Thor: The Dark World

    Votes: 80 16.4%

  • Total voters
    487

feline fury

Member
Dec 8, 2017
1,539
Without knowing anything?

Wash sales.
Nah, the wash sales total was zero according to both the website and the form. I ended up going through all my trades line by line and found one trade that was on the website but wasn't on the form for some reason. That accounts for the discrepancy but does that mean that trade wasn't reported to the IRS? It's not like the trade was on the last day of the year or anything so I don't know what happened.
 

Sayre

The Fallen
Oct 27, 2017
728
Nah, the wash sales total was zero according to both the website and the form. I ended up going through all my trades line by line and found one trade that was on the website but wasn't on the form for some reason. That accounts for the discrepancy but does that mean that trade wasn't reported to the IRS? It's not like the trade was on the last day of the year or anything so I don't know what happened.
Your best bet is to call the company and figure out why that trade was left off. Could have been a mistake or could have been a specific reason.
 

feline fury

Member
Dec 8, 2017
1,539
Your best bet is to call the company and figure out why that trade was left off. Could have been a mistake or could have been a specific reason.
Yeah, seems weird. Still trying to get a hold of somebody at the brokerage but the clearinghouse is already closed. Good thing I'm not doing this at the very last minute before the filing deadline!
 

Zonic

Member
Oct 25, 2017
33,376
Need some quick help clarifying something. I'm at the part where it's asking me about car registration fees & to "enter the deductible portion of your car registration fee". Is the amount they're asking for how much I paid for the car or how much I paid to transfer the title in my name? This is through TurboTax, btw.

Edit: wait, now I'm hearing it's just 60% of the yearly registration renewal due to having a 2008 or older car.

Edit 2: well, got my taxes done. After the $26 I owe, my refund is a grant total of.....$8. Weeee...
 
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Jeffapp

Member
Oct 29, 2017
2,246
just entered everything and i'm making double what I did in 2014 and I own a home but my tax return is $1,000 less.
Trump's American dream.
 

GulAtiCa

Community Resettler
Avenger
Oct 25, 2017
7,541
Just got my W2 in from work, put it in (along with my Wife's W2) and now owe $5,500.. Oooff. I still have to wait for my Tax stuff for my stock selling from last year, so I'm easily expecting another $1000 owed at least.. lol

Quite a difference from 2 years ago when I was getting like $2k+ back to last years of owing $3,500 to this year of so far owing $5,500. Luckily at least I have $10k in savings, so I'm prepared. But really curious what making me owe so much. I understand last year, as Federal/State exemptions were set to 2 by mistake, but I corrected that last year and somehow owe a lot more. Thinking for this year I should change it to 0. I'd rather pay more taxes up front and get money back then be hit with big owed amount.
 
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Zoe

Member
Oct 25, 2017
14,238
Just got my W2 in from work, put it in (along with my Wife's W2) and now owe $5,500.. Oooff. I still have to wait for my Tax stuff for my stock selling from last year, so I'm easily expecting another $1000 owed at least.. lol

Quite a difference from 2 years ago when I was getting like $2k+ back to last years of owing $3,500 to this year of so far owing $5,500. Luckily at least I have $10k in savings, so I'm prepared. But really curious what making me owe so much. I understand last year, as Federal/State deducations were set to 2 by mistake, but I corrected that last year and somehow owe a lot more. Thinking for this year I should change it to 0. I'd rather pay more taxes up front and get money back then be hit with big owed amount.
Has your income been creeping up? Everything tipped over for us last year when we started to hit some phase-outs. I finally turned in a new W4 the other day since the previous format doesn't work well if both earners bring in around the same income.
 

ghostemoji

Member
Oct 27, 2017
4,816
How worried should I be that someone opened my W-2? The perforated edges were torn off and the glue was undone when it was sitting in my mail box. The accompanying 1095-C form with the same type of envelope/paper was untouched.
 

GulAtiCa

Community Resettler
Avenger
Oct 25, 2017
7,541
Has your income been creeping up? Everything tipped over for us last year when we started to hit some phase-outs. I finally turned in a new W4 the other day since the previous format doesn't work well if both earners bring in around the same income.
Yeah, for both of us. Decided going to change our exemptions to 0 for both of us as well going forward. That should hopefully fix this.

I actually went back though my tax W2s over the years and noticed that the year I got married and changed my filling status to Married, that the amount I paid in Federal taxes dropped in half. That same year my wife was nearly unemployed for the whole year, so we didn't notice the tax issue till last year.

Hopefully this time next year it be much much different haha
 

burgerdog

Member
Oct 27, 2017
9,082
In the same boat as well. In short, the IRS form (8915-E) for this is not finalized yet (drafted but not approved). They estimate that it will be approved by end of February and then companies like TurboTax will need a couple of weeks to develop the electronic version. So in short, looks like we need to wait until mid-March for the tools to be updated.

Do you think there's a good chance they will waive that 10% fee? My wife got covid twice last year so I'm really hoping that they do.
 

the-pi-guy

Member
Oct 29, 2017
6,270
Went through Turbo tax and filled out everything. Turns out twins makes for a nice tax return.

Are 2020 new borns supposed to count for the Recovery Rebate Credit?
 

SirWag

Member
Oct 27, 2017
65
Do you think there's a good chance they will waive that 10% fee? My wife got covid twice last year so I'm really hoping that they do.
That's my understanding! Under the CARES Act, if you qualify for a COVID hardship, the 10% withdrawal fee will be waived in addition to being able to spread the tax from your retirement withdrawal across three years. Just gotta wait until they release the form and they update the electronic tools.
 

Reym

Member
Jul 15, 2019
2,655
Ugh, those few months n unemployment due to the pandemic really killed me. I asked them to take taxes out of it, but it looks like it wasn't nearly enough. Usually get a couple of thousand back, but this year I had to pay in a thousand. Weirdly glad now that I saved the stimulus...
 

Javaman

Member
Oct 31, 2017
630
According to the worksheet, your 17 year old is cancelling it out.

I had that exact same problem with credit karma. Newborn in 2019 and the irs used 2018 for credit calc causing me to miss her on the first stimulus and a son that turned 17 last year that they paid me for that shouldn't have. Like you said it ends in a wash and the other guy shouldn't be keeping the credit on the second stimulus. CK asked what the stimulus amounts were that I received and it calculated it correctly (a wash)
 

Javaman

Member
Oct 31, 2017
630
That's my understanding! Under the CARES Act, if you qualify for a COVID hardship, the 10% withdrawal fee will be waived in addition to being able to spread the tax from your retirement withdrawal across three years. Just gotta wait until they release the form and they update the electronic tools.
In CK you can select that as an option, whether or not it's a corona hardship withdraw. I "think" though the 1099 has to be coded a certain way, not sure. It also let me toggle 1 year payoff for taxes vs 3 years and it was a no-brainer to spread the pain, especially with stimulus phase-outs based on agi possibly for 2020 taxes.
 

Tom Nook

Avenger
Oct 25, 2017
15,787
Need help on filling out Schedule E - first time filling this form out.

I bought a Condo in September and currently living there. I also have a roommate currently renting the other room from day 1. The rent I'm receiving is taxable so I'm filling out this form.

Under "Fair Rental Days", is it the number of days from Move-in Day to Dec 31? and enter 0 under Personal Use Days?

Expenses:
For insurance, I prepaid the insurance premium for a whole year when purchasing the Condo. Can I assume the amount should only be the months used and not the whole amount?

Mortgage Interest is the amount on Form 1098 Box-1 from the Lender?

Do utilities include PG&E and Comcast Xfinity? Whole amount on the bills or partial amount?

I bought and install a new Facuct for the Kitchen, is this consider Supplies on the expense?

Thank you.
 

Pet

More helpful than the IRS
The Fallen
Oct 25, 2017
7,070
SoCal
Need help on filling out Schedule E - first time filling this form out.

I bought a Condo in September and currently living there. I also have a roommate currently renting the other room from day 1. The rent I'm receiving is taxable so I'm filling out this form.

Under "Fair Rental Days", is it the number of days from Move-in Day to Dec 31? and enter 0 under Personal Use Days?

Expenses:
For insurance, I prepaid the insurance premium for a whole year when purchasing the Condo. Can I assume the amount should only be the months used and not the whole amount?

Mortgage Interest is the amount on Form 1098 Box-1 from the Lender?

Do utilities include PG&E and Comcast Xfinity? Whole amount on the bills or partial amount?

I bought and install a new Facuct for the Kitchen, is this consider Supplies on the expense?

Thank you.

You should probably consult a CPA for the first year Schedule E preparation. After that, you can do it yourself.
 

RockmanBN

Visited by Knack - One Winged Slayer
Member
Oct 25, 2017
27,950
Cornfields
Brother said Jackson Hewitt would not amend his taxes to claim the stimulus we didn't get in 2020. In 2019 we were claimed as depended but independent in 2020. They said he also couldn't claim it because he was in college during 2020. Am I fucking up with TurboTax claiming the stimulus?

Edit: just talked to the IRS. Idk what the hell Jackson Hewitt is doing
 
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vypek

Member
Oct 25, 2017
12,540
I filed with FreeTaxUSA on January 29 and I got a notice a few minutes ago saying the IRS has accepted my return today.
 

ContractHolder

Jack of All Streams
Member
Oct 25, 2017
16,206
Hey so I reviewed my taxes the other day after I saw the IRS accepted my return. I wanted to try and figure out what I need to do for a potential amended return. But I noticed something and I wanted to get some opinions here before I do anything.

Is section 30's "Recovery Tax Rebate Credit" referring to the stimulus payments and whether or not I'm missing any payment? Since I did this through H&R block, I wasn't actually filling out the form but answering questions. I reviewed that section again and saw section 30 was blank.

I'm starting to wonder if I do need to send in and amended return (especially since when I only put in the $1,200 when H&R Block had that as the only option, my estimated refund didn't change or was impacted to begin with). If section 30 needed to indicate that I got both stimulus payments though (or whatever section was required for me to indicate that), then I know for sure I need to send an amended return.
 

SilkySm00th

Member
Oct 31, 2017
4,801
I owed on my state for the first time ever this year - offset enough to still get a return out of my Fed but i think next year i'm finally biting the bullet and just paying someone to do mine.
 
Oct 25, 2017
10,720
Hey so I reviewed my taxes the other day after I saw the IRS accepted my return. I wanted to try and figure out what I need to do for a potential amended return. But I noticed something and I wanted to get some opinions here before I do anything.

Is section 30's "Recovery Tax Rebate Credit" referring to the stimulus payments and whether or not I'm missing any payment? Since I did this through H&R block, I wasn't actually filling out the form but answering questions. I reviewed that section again and saw section 30 was blank.

I'm starting to wonder if I do need to send in and amended return (especially since when I only put in the $1,200 when H&R Block had that as the only option, my estimated refund didn't change or was impacted to begin with). If section 30 needed to indicate that I got both stimulus payments though (or whatever section was required for me to indicate that), then I know for sure I need to send an amended return.

pretty sure you are totally fine. Blank = 0. If you were claiming the credit then there's a worksheet to be attached but if you got your full amount and aren't claiming it for 2020 it's not a big deal. Zoe or Pet could probably confirm
 

Zoe

Member
Oct 25, 2017
14,238
pretty sure you are totally fine. Blank = 0. If you were claiming the credit then there's a worksheet to be attached but if you got your full amount and aren't claiming it for 2020 it's not a big deal. Zoe or Pet could probably confirm
Yeah, if you fail to claim money you're due, it's not like the IRS is gonna chase you down and hand it to you.
 

ContractHolder

Jack of All Streams
Member
Oct 25, 2017
16,206
pretty sure you are totally fine. Blank = 0. If you were claiming the credit then there's a worksheet to be attached but if you got your full amount and aren't claiming it for 2020 it's not a big deal. Zoe or Pet could probably confirm
Yeah, if you fail to claim money you're due, it's not like the IRS is gonna chase you down and hand it to you.

Oh good, then I don't need to worry about filing an amended return then. I've been worried for days that the screw up with H&R Block was going to be a pain to resolve.

Thanks to you both! I appreciate it!
 
Oct 30, 2017
2,363
SHIT. I just completed my federal tax return for Turbo Tax, and I just realized I said NO when I was asked if I received the full first and second around of stimulus. I was then prompted to enter the amounts for both. I entered $600 for the first round and $600 for the second round, which led to some kind of additional credit for selecting no, thus increasing my refund I think? I should've entered $1200 for the first round.

So now it says I have to wait until 2/26 to file for an amended when then next 1040x goes out. FYI I had a baby in November and got the CTC.

Did I mess up badly or am I screwed?
 

CapNBritain

Member
Oct 26, 2017
534
California
My wife and I went from getting 2 grand back to owing 4 this year with no change. Both of us make roughly the same amount and have 0 exemptions and nothing else to declare. I did notice that for some reason my wife had 2/3 the amount I had taken out of her paycheck for taxes despite us making the same amount of money. We can't find any reason for this. Did her work screw something up? Does this have something to do with the new Tax Act that kicked in?
 

Surakian

Avenger
Oct 27, 2017
10,821
Got my accepted notice on the 11th for federal and state today. Time to sit back and wait for the returns to drop.
 

Shadybiz

Member
Oct 27, 2017
10,108
My wife and I went from getting 2 grand back to owing 4 this year with no change. Both of us make roughly the same amount and have 0 exemptions and nothing else to declare. I did notice that for some reason my wife had 2/3 the amount I had taken out of her paycheck for taxes despite us making the same amount of money. We can't find any reason for this. Did her work screw something up? Does this have something to do with the new Tax Act that kicked in?

It's a longshot that this is what's going on with yours, but I had a similar issue. When I entered my wife's information into Turbotax, it had us getting a decent federal refund, but then owing NJ an amount that simply didn't make sense. We have never owed NJ anything, so I questioned it, especially because it had us owing several thousand to NJ.

Turns out that her payroll company (we'll call them Paychex), fucked up the W2's. One of the items, "FLI," was put into box 15 of the W2. So, I put it into box 15 in Turbotax, because why wouldn't I? This was the thing that caused the swing.

So, I googled it, and it turns out that FLI needs to go into box 14, not 15. Once I fixed that, it swung back to us getting a modest state refund. I told my wife to alert all of her coworkers (and her manager) to the fact that the W2s are wrong, because others might put it into the box that it says to, and not question it.

Moral of the story: Might not be your issue, but make sure that all of those "extras" (FLI, WC, etc.), are where they're supposed to be on the W2.
 

vypek

Member
Oct 25, 2017
12,540
I checked IRS2Go and it says I entered the wrong information? Its the same information that I had placed in there previously in the past few days. I thought it would have been rejecting my information before because of an overnight update. Anyone ever had this happen before?
 

CapNBritain

Member
Oct 26, 2017
534
California
It's a longshot that this is what's going on with yours, but I had a similar issue. When I entered my wife's information into Turbotax, it had us getting a decent federal refund, but then owing NJ an amount that simply didn't make sense. We have never owed NJ anything, so I questioned it, especially because it had us owing several thousand to NJ.

Turns out that her payroll company (we'll call them Paychex), fucked up the W2's. One of the items, "FLI," was put into box 15 of the W2. So, I put it into box 15 in Turbotax, because why wouldn't I? This was the thing that caused the swing.

So, I googled it, and it turns out that FLI needs to go into box 14, not 15. Once I fixed that, it swung back to us getting a modest state refund. I told my wife to alert all of her coworkers (and her manager) to the fact that the W2s are wrong, because others might put it into the box that it says to, and not question it.

Moral of the story: Might not be your issue, but make sure that all of those "extras" (FLI, WC, etc.), are where they're supposed to be on the W2.

Thanks but that's not it. I will see if my wife can talk to her payroll to see if something else is wrong. I feel like it has to be the amount of taxes withheld because it's 2/3 of what mine is and we make around the same amount of money.
 

GulAtiCa

Community Resettler
Avenger
Oct 25, 2017
7,541
I'm still waiting on my Schwab Tax stuff for my non-roth investments. Then I can finally file. Should be able to this weekend.
 
Oct 30, 2017
2,363
SHIT. I just completed my federal tax return for Turbo Tax, and I just realized I said NO when I was asked if I received the full first and second around of stimulus. I was then prompted to enter the amounts for both. I entered $600 for the first round and $600 for the second round, which led to some kind of additional credit for selecting no, thus increasing my refund I think? I should've entered $1200 for the first round.

So now it says I have to wait until 2/26 to file for an amended when then next 1040x goes out. FYI I had a baby in November and got the CTC.

Did I mess up badly or am I screwed?

Anyone? I'm reading of you had a baby before end of 2020 you'd qualify for more stimulus. But I'm not sure if it applies to my situation where I accidentally entered $600 for the first round.
 

Magneton

Banned
Jul 31, 2018
244
Has anyone used any of the free tax filing options listed on the IRS' website this year? I used to use H&R Block's free option through the IRS, but they've ended that partnership and now I'm not sure which option would be best to go with.
 

Surakian

Avenger
Oct 27, 2017
10,821
Has anyone used any of the free tax filing options listed on the IRS' website this year? I used to use H&R Block's free option through the IRS, but they've ended that partnership and now I'm not sure which option would be best to go with.

I used the free TurboTax offered through the IRS this year. It was pretty painless.
 

Culex

Banned
Oct 29, 2017
6,844
So i had my taxes done tonight and now OWE 450 dollars to the state of CT....my wife collected unemployment pandemic pay for 3 months, and I guess not enough was taken out...

FUCK.

I'm getting back 2270 for the fed, so netting only 1700 and change.
 

vypek

Member
Oct 25, 2017
12,540
I checked IRS2Go and it says I entered the wrong information? Its the same information that I had placed in there previously in the past few days. I thought it would have been rejecting my information before because of an overnight update. Anyone ever had this happen before?
It may have just been the holiday. The status tool is working for me again.

And it looks like as of this morning, my state has withdrawn the amount I owed them
 

AIan

Member
Oct 20, 2019
4,845
I got my 1099 emailed to me today... and I realized I forgot to report two stocks that I traded last year. Fuck. At least the total gain is at under a dollar lmao.

Will I be getting a letter? Or should I amend it?

On another note, both returns got accepted.
 

Plasmid

Attempted to circumvent ban with alt account
Banned
Oct 25, 2017
686
Just about done, i just need robinhood to send me the tax info from last year :(
 

HamSandwich

Banned
Oct 25, 2017
6,605
If anyone can help, that would be awesome.

I work in NY but live in NJ, so I got two W2s.

One of my W2s shows "Total State" in box 15 with State Income Tax amount in box 17. I'm guessing this is the one for NY.
My other W2 from NJ has NJ in box 15 and wages in box 16.

Which one do I use on the federal return? How do I go about this?
 

AlteredBeast

Don't Watch the Tape!
Member
Oct 27, 2017
4,761
Getting 8200 back this year. Lol, it's just ridiculous. I use the calculator each year to determine my withholdings, but I never fail to always get at least $5k back...