Tax Return Season 2020 |OT| All your tax are belong to us

SpecX · Feb 4, 2020

whatsinaname said:
Holy shit, State is giving you back that much!? Did you qualify for some state specific credit/refund? Like some EV thing?

My tax situation was mostly the same with 2 exceptions, I had my daughter I have an agreement to claim with my ex for 7 months vs the 6 since she was unable to watch her due to some sick days and then during the summer which gave me a boost and I paid $8k additional interest on my mortgage this year vs last.

Normally I get back $300 - $500 between what I owe Fed and get back from State.

sangreal · Feb 4, 2020

RadCatDad said:
I am so confused. My income keeps rising but my tax refund has been flat for the past several years. In fact, it has gone down. Any ideas why that is? Fed has been $900-$1000. Oregon state refund has been $300 two years in a row. I am still claiming 0. I am insured year round with only one job and one source of income. Maybe these numbers are okay? I just always second guess them because I do it myself on TT.

your withholding on your paychecks has increased in-line with your higher income so there should be a minimal change to your refund. Going down can be do to things like income limits on a number of credits, etc. but small changes are normal

Deleted member 54292 · Feb 4, 2020

sangreal said:
your withholding on your paychecks has increased in-line with your higher income so there should be a minimal change to your refund. Going down can be do to things like income limits on a number of credits, etc. but small changes are normal

cool, I kinda figured that this was normal but having a second opinion helps. Thank you :)

Power Shot · Feb 4, 2020

Question- I filled out a W-9 for a speaking engagement (I was paid $100 as a vendor). Should I expect a document from the college that paid me for the engagement, and how should I report this income through TurboTax?

Zoe · Feb 4, 2020

Power Shot said:
Question- I filled out a W-9 for a speaking engagement (I was paid $100 as a vendor). Should I expect a document from the college that paid me for the engagement, and how should I report this income through TurboTax?

It's hard to say. Many places don't bother printing out 1099's for amounts less than the required reporting threshold.

1099's didn't have to be mailed out to recipients until January 31st, and they don't have to be sent to the IRS until later than that.

Pet · Feb 4, 2020

nicoga3000 said:
Just reading the major tax website Q&A, improvements can be classified as capital improvements. But repairs are not deductible in any way. There's also renewable energy credits, but they don't seem to be huge.

Capital Improvements
Energy Credits

Not speaking on Ashhong's specific situation...

But in general, if you're capitalizing improvements, you're also able to deduct repairs. Of course, major repairs are not deductible and need to be capitalized. There's also the safe harbor election to consider when trying to expense repairs.

You don't capitalize improvements (or repairs) on non-business real property. You also do not deduct repair expenses related to your non-business real property. Or rather, it won't go anywhere on your tax return until the real property is placed into service for a trade or business (this includes a home office deduction).

My recommendation is to save all documentation relating to major improvements to your house if you think it might even be used in a trade or business, including you someday having a home office or someday renting out your house/a room.

(Also, if you sell your house, all capital improvements can be added to the basis. Honestly though, most people don't need to worry about it due to the 250k/500k exclusion on sale of residence.)

You can check online for more information from the IRS (irs.gov) related to what documentation and substantiation you need.

whatsinaname · Feb 4, 2020

Pet said:
Not speaking on Ashhong's specific situation...

But in general, if you're capitalizing improvements, you're also able to deduct repairs. Of course, major repairs are not deductible and need to be capitalized. There's also the safe harbor election to consider when trying to expense repairs.

You don't capitalize improvements (or repairs) on non-business real property. You also do not deduct repair expenses related to your non-business real property. Or rather, it won't go anywhere on your tax return until the real property is placed into service for a trade or business (this includes a home office deduction).

My recommendation is to save all documentation relating to major improvements to your house if you think it might even be used in a trade or business, including you someday having a home office or someday renting out your house/a room.

You can check online for more information from the IRS (irs.gov) related to what documentation and substantiation you need.

Other than a future business/rental use, you might want to keep track of home improvement costs if you are fortunate enough to see a $500k+ ($250k+ if single) increase in your house value.

Pet · Feb 4, 2020

whatsinaname said:
Other than a future business/rental use, you might want to keep track of home improvement costs if you are fortunate enough to see a $500k+ ($250k+ if single) increase in your house value.

Yeah, I forgot to add that in (did now), but in my experience people rarely, rarely see 250k/500k profit on a home.

Very, very rarely.

toadsworth · Feb 4, 2020

Did my taxes drunk this year after the super bowl. Hope I don't get arrested

JaseMath · Feb 4, 2020

Submitted my federal and state returns on Sunday. Neither have yet to be accepted... *cringe*

zero_suit · Feb 4, 2020

JasonMCG said:
Submitted my federal and state returns on Sunday. Neither have yet to be accepted... *cringe*

Did mine on Saturday and my federal was accepted a couple of minutes ago.

Linkura · Feb 4, 2020

JasonMCG said:
Submitted my federal and state returns on Sunday. Neither have yet to be accepted... *cringe*

same yo

Moist_Owlet · Feb 4, 2020

Getting $6 back going to buy some taco bell

Community Forum · Feb 4, 2020

Federal Tax Refund: $1

Haha! My deductions/exemptions are perfect apparently!

Linkura · Feb 5, 2020

Federal return accepted! State of MA still sitting on their thumbs.

Nude_Tayne · Feb 5, 2020

Question for any renters in Wisconsin here:

Are there any free services that let you file if you're submitting a rent certificate? I've only ever figured out how to file using the manual form, the rent certificate never seems to come up when I'm using services like TurboTax etc, maybe I'm just missing it. It's an additional several hundred dollars..

Akainu · Feb 5, 2020

The hell is a "Thor the dark world"?

zero_suit · Feb 5, 2020

Akainu said:
The hell is a "Thor the dark world"?

Terrible and forgettable Marvel film.

GoldenEye 007 · Feb 5, 2020

Federal was accepted, but has been awaiting processing. Looks like my state refund is already being processed.

Pet · Feb 7, 2020

By the way, I'd like to make y'all aware of a program offered in partnership with the IRS. It's free tax preparation for people who make under $56,000 a year.

Known as the Volunteer Income Tax Assistance (VITA) program, IRS-certified volunteers will file your federal (and state) tax returns electronically for free. They can even help with "complicated" issues (well, relatively so), like foreign income issues, simple investment income, and even Sch Cs.

Please note that you generally need to call and make an appointment, but it's a really good way of getting free tax preparation, especially if you have questions.

You can look it up locations near you here:

https://irs.treasury.gov/freetaxprep/

Quantum Leap · Feb 7, 2020

Whoa my federal is already pending in my bank account. Months quicker than last year.

Thequietone · Feb 7, 2020

So this is my first year doing taxes by myself. I have very little personal time, so I was looking at the HR block and Turbo Tax phone apps. All my previous taxes were at HR Block so I think it'd be easier to do it there. Are the apps good/trustworthy?

EssBeeVee · Feb 8, 2020

Checked IRS2Go and got the update. Says it'll be in the bank soon. Woot.

Jzeero said:
Whoa my federal is already pending in my bank account. Months quicker than last year.

Same usually I would have to wait two more weeks but I'm getting mine soon as well

BubbaKrumpz · Feb 8, 2020

First time filing my taxes myself and it was super simple using TurboTax. Legit took me like 15 minutes. Getting a fair bit back from federal but ended up paying a little bit to state but not bad overall.

Shadybiz · Feb 8, 2020

Started on mine today. Sold our rental property this year, for a loss. This ought to be fun.

Moist_Owlet said:
Getting $6 back going to buy some taco bell

Congratulations; your elections are about as close to perfect as you can get!

Linkura · Feb 8, 2020

MA was accepted yesterday so yay. Now the money wait begins.

whatsinaname · Feb 8, 2020

Oof, that first full year of mortgage interest payment number! At least it pushed me over into itemised deductions I guess.

I need to change up my whitholdings for next year. Have a crazy high return.

Shadybiz · Feb 9, 2020

Done. Holding off on sending it in, in case something comes up that I forgot about. Doubt it, but one never knows.

I am happy because in 2019, we sold our former home which became a failing rental property, for a loss. Loss be damned; I will not have to take the time to enter that crap into Turbotax ever again, so a great weight has been lifted. We've owned that stupid place for 13 stupid years, and it's finally, finally behind us.

Going to have to adjust the amount that I have withheld. Refund is pretty substantial, which is nice, but I'd rather have that money at the time that I actually earn it.

Pickman · Feb 9, 2020

We got bent over by taxes this year because of a state and income change as a married couple. Went from a $2200 return last year to 108 and owing 14 in state taxes this year.

Seirith · Feb 9, 2020

As a small business owner, my husband and I always end up paying. I hate tax time.

Pikachu · Feb 9, 2020

$100 or so refund. I never win the big bucks but I'm happy to get close enough to maximizing each paycheck without having to pay.

Surakian · Feb 9, 2020

Last year I was able to file both of my student loan interest forms without having to fill out a Schedule 1 on Turbo Tax but now this year is is requiring me to do this and upgrade to Deluxe. Did something change between last year and this year?

Vincent Alexander · Feb 9, 2020

Question!

I used my Health Savings Account (HSA) for my wife in 2019. I keep getting mixed google results on whether I have to claim her and/or file jointly now. Anyone have any idea ?

liquidmetal14 · Feb 9, 2020

MechDX said:
Did my taxes on Turbo Tax this morning and submitted. IRS already accepted and say I should have my refund within 3 weeks.

Getting 8200 back. (3 kids)

Something very similar. Now we wait hopefully another week-ish to see when we get our deposit.

The last 2 years we've got ours back around the 21st or 3rd week of the month.

Those who don't claim the child tax credit should be getting there's if not already start to trickle down.

Nordic4tKnight · Feb 9, 2020

MechDX said:
Did my taxes on Turbo Tax this morning and submitted. IRS already accepted and say I should have my refund within 3 weeks.

Getting 8200 back. (3 kids)

Holy crap that is a huge refund. I would recommend that you update your W4's so you take more money home per paycheck and not give the government a large 0 interest loan.

Pet · Feb 9, 2020

Seirith said:
As a small business owner, my husband and I always end up paying. I hate tax time.

Do y'all not make quarterly ES payments?

Seirith · Feb 9, 2020

Pet said:
Do y'all not make quarterly ES payments?

I do but we still always end up paying something and since we have no children we don't get many deductions.

Fubar · Feb 9, 2020

While going through TurboTax, I have a question. My wife and I are filing jointly.

Both my wife and I are involved with a local youth sports organization. Me as a coach, her as a coordinator/office manager type of deal. We don't get W2s, but we got 1099s for our part. $700 for me, a bit over $2000 for her.

Are they supposed to come in as self-employed jobs? Because when I do that, it looks like I'm getting some sort of self-employed credit dinged against me and it lowered my refund by a ton. Is that right?

Pet · Feb 9, 2020

Fubar said:
While going through TurboTax, I have a question. My wife and I are filing jointly.

Both my wife and I are involved with a local youth sports organization. Me as a coach, her as a coordinator/office manager type of deal. We don't get W2s, but we got 1099s for our part. $700 for me, a bit over $2000 for her.

Are they supposed to come in as self-employed jobs? Because when I do that, it looks like I'm getting some sort of self-employed credit dinged against me and it lowered my refund by a ton. Is that right?

If you report the income as other income not subject to self employment, you will not be subject to SE tax, but if you get audited you will have to have substantiation as to why it's not actually a side job.

I can't give you any advice on the determination.

Linkura · Feb 9, 2020

Fubar said:
While going through TurboTax, I have a question. My wife and I are filing jointly.

Both my wife and I are involved with a local youth sports organization. Me as a coach, her as a coordinator/office manager type of deal. We don't get W2s, but we got 1099s for our part. $700 for me, a bit over $2000 for her.

Are they supposed to come in as self-employed jobs? Because when I do that, it looks like I'm getting some sort of self-employed credit dinged against me and it lowered my refund by a ton. Is that right?

Yes you have to. Sorry.

D23 · Feb 9, 2020

Wife and i filled jointly and got about a grand in return which is what we expected. Although H&R block wanted me to fork up $25 because of HSA.. is that a new thing? I thought it would be free

abellwillring · Feb 9, 2020

We haven't gotten a refund in many years so no, I hate it.

AlphaCookie · Feb 9, 2020

First time ever filing my own taxes, did it through Credit Karma. Been checking the IRS tracker almost daily for the last 2 weeks waiting for it to move from accepted to approved and today was the day!

My $402 is supposed to be deposited by Wednesday, which is also Payday. Wednesday is gonna be a nice couple hours before the bills get paid.

Linkura · Feb 9, 2020

AlphaCookie said:
First time ever filing my own taxes, did it through Credit Karma. Been checking the IRS tracker almost daily for the last 2 weeks waiting for it to move from accepted to approved and today was the day!

My $402 is supposed to be deposited by Wednesday, which is also Payday. Wednesday is gonna be a nice couple hours before the bills get paid.

IRS has people working Sundays? lol

I also checked since you said you're Credit Karma as well and mine is also to be deposited on Wednesday!!! Hooray!

This was posted last year in this thread and it seems like the same thing is going on this year:

AlphaCookie · Feb 9, 2020

Linkura said:
IRS has people working Sundays? lol

I also checked since you said you're Credit Karma as well and mine is also to be deposited on Wednesday!!! Hooray!

This was posted last year in this thread and it seems like the same thing is going on this year:

I was surprised too! It could've been yesterday. I didn't check since it was a Saturday and figured nothing would be moving on a weekend. I only checked today because I saw this thread. I checked on Friday and it was still just accepted not approved. I'm certainly not going to complain.

MechDX · Feb 9, 2020

liquidmetal14 said:
Something very similar. Now we wait hopefully another week-ish to see when we get our deposit.

The last 2 years we've got ours back around the 21st or 3rd week of the month.

Those who don't claim the child tax credit should be getting there's if not already start to trickle down.

IRS2GO is updated as I just checked. Says they wont release refunds claiming extra child tax credit until mid to late Feb. And check back daily

So yeah from the 15th till the end of the month would be my guess

Prax · Feb 9, 2020

I love getting my taxes done.. by someone else. lol
I think I have too many forms and slips and I don't want to think about any of it.
Gladly pay $35 bucks for someone to punch it all in 5-10 minutes.

Linkura · Feb 9, 2020

Prax said:
I love getting my taxes done.. by someone else. lol
I think I have too many forms and slips and I don't want to think about any of it.
Gladly pay $35 bucks for someone to punch it all in 5-10 minutes.

My aunt wasted like $150 paying H+R Block to do hers last week even though I've offered to do it for free annually. Don't know where you'd get it done for $35 in the US unless you mean software.

I like doing taxes. :( I don't do it as part of my everyday accounting job so I like to do it once a year.

Prax · Feb 9, 2020

Linkura said:
My aunt wasted like $150 paying H+R Block to do hers last week even though I've offered to do it for free annually. Don't know where you'd get it done for $35 in the US unless you mean software.

I like doing taxes. :( I don't do it as part of my everyday accounting job so I like to do it once a year.

I don't know why the US is so expensive! I've heard similar from my friend!

As a Canadian, I have regular income with pension deductions/benefits deductions/professional dues, but also a bunch of dividend/capital gains slips, maybe interest income, charity, student loans interest and let me tell you, I don't feel like I have the energy to find the right boxes to put these things in haha!

My husband has less going on, so his cost was only around $30 compared to my $35. We definitely do go to a small office that often has a long lineup during tax season. The wait is maybe 30 minutes, but the person typing in numbers does it in 5, then we pay and leave with a nice booklet stapled together lol.

whatsinaname · Feb 9, 2020

Prax said:
I don't know why the US is so expensive! I've heard similar from my friend!

As a Canadian, I have regular income with pension deductions/benefits deductions/professional dues, but also a bunch of dividend/capital gains slips, maybe interest income, charity, student loans interest and let me tell you, I don't feel like I have the energy to find the right boxes to put these things in haha!

My husband has less going on, so his cost was only around $30 compared to my $35. We definitely do go to a small office that often has a long lineup during tax season. The wait is maybe 30 minutes, but the person typing in numbers does it in 5, then we pay and leave with a nice booklet stapled together lol.

Are they reliable? Sounds rather easy and affordable tbh. The H+R Block people in offices here I don't trust and any good CPA is $200+.

Tax Return Season 2020 |OT| All your tax are belong to us

Do you enjoy doing your taxes?

Yes

Of course

It's my solumn duty

I don't recognize the federal government and the free state of my back yard does not collect taxes

Thor the Dark World

One does what one must

Ask me again on April 15, ain't no one got time for this before the deadline

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