Bonny
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Posts: 7,434
Location: No Place Like Home!
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Post by Bonny on Feb 12, 2019 10:57:55 GMT -5
Finished the tax prep worksheet yesterday but still waiting for the 1099Bs from our Fidelity Taxable Account and the USAA's Taxable Account which are supposed to be ready by Feb 16. We'll owe but I will pay ASAP. With all the drama associated with my dad's situation I don't need to F up my tax filing and owe penalties.
I love the feeling of relief when I get the tax stuff off my desk and onto my CPA's. Now it's her problem.
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Mrs. Dinero
Well-Known Member
100% about truth & justice. Always trying to give mercy a chance.
Joined: Dec 28, 2010 17:09:17 GMT -5
Posts: 1,508
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Post by Mrs. Dinero on Feb 12, 2019 11:16:27 GMT -5
So glad we didn’t file earlier. Received form 1098 T for college tuition. Now we’re receiving a refund over $2k. Wow! I’ll need to go to IRS withholding calculator and adjust because we’ll be paying even more next year.
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countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
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Post by countrygirl2 on Feb 24, 2019 0:59:00 GMT -5
Only been in a week so don't expect anything for awhile, but I had all the prep work done. Gave her my passport with all my Quickbooks stuff on it, forgot I was to pick up my Quickbooks Friday. I will drop by pick it up Monday. I hope its not a repeat of last year. I imagine they do a lot of farm returns here and there are only 2 CPA outfits in town. Now sure how many are at this small business. Left 2016 and 17 returns in case she needed it.
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dancinmama
Senior Associate
LIVIN' THE DREAM!!
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Post by dancinmama on Feb 24, 2019 12:18:22 GMT -5
I printed out all of the forms I will need (I think) yesterday. Does that count?
I'll probably start filling them out today. It ought to be pretty easy. 1040, Schedule B, Schedule D, and Schedule 1. No schedule A this year.
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countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
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Post by countrygirl2 on Feb 24, 2019 20:10:43 GMT -5
If I can do the LLC ever, I could do my returns. Looks like a lot to know in there though.
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Deleted
Joined: Mar 28, 2024 7:37:38 GMT -5
Posts: 0
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Post by Deleted on Feb 26, 2019 9:14:39 GMT -5
FINALLY got the last brokerage statements. I'd thrown in dummy numbers from year-end statements and the final results weren't as bad as expected, but still ugly. Increase in Standard deduction did nothing for me, I'm not affected by SALT limitation, but I lost the Personal Exemption and the Miscellaneous Deduction. Final damages: AGI down by $6K, Taxable Income up by $5K, Federal taxes up by $2K. Not much change in composition if income sources, dividends, deductions, etc. Between Federal and State amounts owed and Estimated Tax Payments, I have to come up with over $7K by April 15. Much of that was planned for (I have nothing withheld from SS, my pensions or investment income) but it still sucks.
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Post by The Walk of the Penguin Mich on Feb 26, 2019 12:24:36 GMT -5
We have finally gotten just about everything gathered together. The accountant gets a huge stack of paper from us. Clueless as to whether or not we will owe.
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Malarky
Junior Associate
Truth and snark are equal opportunity here.
Joined: Dec 18, 2010 21:00:51 GMT -5
Posts: 5,313
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Post by Malarky on Feb 26, 2019 13:24:53 GMT -5
I got really excited a little while ago when the accountant called thinking taxes were done. Both DH and DS failed to provide pertinent information and they're holding up the works. Just once I'd like taxes to be one and done.
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hoops902
Senior Associate
Joined: Dec 22, 2010 13:21:29 GMT -5
Posts: 11,978
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Post by hoops902 on Feb 26, 2019 14:22:15 GMT -5
Just got ours done. We never pay too much attention to withholding (other than not going crazy in one direction or the other). With both of us changing jobs, me getting a huge severance payment, having another kid, selling our house, and countless other things which impact the finances...we ended up getting back $123 from federal and owed the state $89. It cost us $27 to file, which meant we netted $7 back in total. That is significantly closer to zero than we've ever remotely been. I was a little worried since we never pay much attention to withholding or trying to plan it out...and I figured the big severance payment would push us high enough that we might owe (especially after hearing about everyone else who was owing or getting very little back in general). I was pleasantly surprised.
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TheOtherMe
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Joined: Dec 24, 2010 14:40:52 GMT -5
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Post by TheOtherMe on Feb 26, 2019 15:42:04 GMT -5
I changed my state withholding so I will likely owe less than $100 next year. The state refund is so slow in coming and the newspapers say it's because they don't have the money to pay the refund.
There is nothing difficult about my tax return, either federal or state. There is no reason my refund has not been processed--except just last week they changed agency heads for the second time since the election.
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Deleted
Joined: Mar 28, 2024 7:37:39 GMT -5
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Post by Deleted on Feb 26, 2019 16:47:38 GMT -5
I should get the K-1 from my investment club this week which is the last piece of the puzzle so I made an appt. with the CPA for March 8. If the online calculators are even close to correct AND I put the numbers in right, we are screwed for somewhere between $3,000 and $6,000. I don't like lying to DH ever but I'm going to bump up our monthly savings to compensate for this next year. He will probably never know, and if he says something I'll just say, "Oh honey, I told you but you were watching TV and probably didn't hear me" which is true 99% of the time.
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Deleted
Joined: Mar 28, 2024 7:37:39 GMT -5
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Post by Deleted on Feb 27, 2019 16:18:24 GMT -5
Gah. Taxes are done and refunds are deposited and now my stepmom texts me that she is mailing me some tax forms for the kids accounts, saying they had some capital gains and would need to file. I don't understand why this has never come up before? I'm sure there were capital gains in the past. So now I have to figure out if it's better for me to amend or file separate returns for them.
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regina24601
Well-Known Member
Joined: Dec 20, 2010 18:23:29 GMT -5
Posts: 1,251
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Post by regina24601 on Feb 27, 2019 19:38:10 GMT -5
Gah. Taxes are done and refunds are deposited and now my stepmom texts me that she is mailing me some tax forms for the kids accounts, saying they had some capital gains and would need to file. I don't understand why this has never come up before? I'm sure there were capital gains in the past. So now I have to figure out if it's better for me to amend or file separate returns for them.
They'll have to file their own returns.* The new tax law removed the option to add a child's kiddie tax to the parent's return. *Assuming they had over $1050 in unearned income.
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ken a.k.a OMK
Senior Associate
They killed Kenny, the bastards.
Joined: Dec 21, 2010 14:39:20 GMT -5
Posts: 14,080
Location: Maryland
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Post by ken a.k.a OMK on Mar 1, 2019 16:00:30 GMT -5
Just went back to taxact and finished mine. Due to the new personal exemptions I just missed itemizing by a few dollars. Got back $1500. I see where it would be good for many people and simplify filing. But for Maryland filers, like myself, it cost me. Owe $800. Because we have to file state the same way as federal and the state didn't increase personal exemptions. I needed to itemize the state for max deductions.
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Deleted
Joined: Mar 28, 2024 7:37:39 GMT -5
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Post by Deleted on Mar 1, 2019 16:08:05 GMT -5
Gah. Taxes are done and refunds are deposited and now my stepmom texts me that she is mailing me some tax forms for the kids accounts, saying they had some capital gains and would need to file. I don't understand why this has never come up before? I'm sure there were capital gains in the past. So now I have to figure out if it's better for me to amend or file separate returns for them.
They'll have to file their own returns.* The new tax law removed the option to add a child's kiddie tax to the parent's return. *Assuming they had over $1050 in unearned income. Oh, ok. I wonder if they were able to add it to their return all the previous years even though they are not the parents but are the custodians to the UTMA? So, it looks like they're required to file a return if it's over $1050 as you said, but no taxes are due unless it's over $2100. I guess I just wait for the paperwork to see what I'm dealing with. No real idea what these accounts are worth.
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NomoreDramaQ1015
Community Leader
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Posts: 47,119
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Post by NomoreDramaQ1015 on Mar 2, 2019 12:30:25 GMT -5
We are getting $4k back from the feds. $331 from Nebraska.
We owe Iowa $201. The states haven't cancelled each other out in awhile so that was a nice change up.
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ken a.k.a OMK
Senior Associate
They killed Kenny, the bastards.
Joined: Dec 21, 2010 14:39:20 GMT -5
Posts: 14,080
Location: Maryland
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Post by ken a.k.a OMK on Mar 3, 2019 10:32:05 GMT -5
Anyone using taxact notice the changes this year? They used to email you that it was filed. Next an email that it was accepted. No emails anymore. You can check on their website. Also the price has risen every year I think.
Many advertise free, but only for a simple fed and no state.
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Malarky
Junior Associate
Truth and snark are equal opportunity here.
Joined: Dec 18, 2010 21:00:51 GMT -5
Posts: 5,313
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Post by Malarky on Mar 3, 2019 21:51:22 GMT -5
Taxes done and small refund from state and federal. It's a nice surprise since we always owe.
I've already started the 2019 tax folder. Now if I can just stay directed and file all the paperwork there rather than having to gather it when it's time to file again.
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countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
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Post by countrygirl2 on Mar 4, 2019 20:14:58 GMT -5
I just hope she gets ours done by April 15th. I don't want to go through what I did last year, but she has all the paperwork plus a copy of my Quickbooks with everything on it, so I hope that makes it easy for her to do. I know we will owe the state, need to make estimated deposits for next year. On the federal maybe $3k back where I hopefully overpaid my estimates. If I'm close then I know my understanding of the LLC is what I think it is. Time will tell.
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alabamagal
Junior Associate
Joined: Dec 23, 2010 11:30:29 GMT -5
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Post by alabamagal on Mar 4, 2019 20:41:53 GMT -5
Anyone using taxact notice the changes this year? They used to email you that it was filed. Next an email that it was accepted. No emails anymore. You can check on their website. Also the price has risen every year I think. Many advertise free, but only for a simple fed and no state. Tax act goes up, but it is still the best value. I did DS yesterday, he should have qualified for free file, but because he did some side gig work to earn $900, he had to pay for self employed plus state for $99. So half his side gig went to tax filing. And he wanted to do it e- file so he could get his refund faster
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Deleted
Joined: Mar 28, 2024 7:37:39 GMT -5
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Post by Deleted on Mar 4, 2019 22:33:44 GMT -5
TaxAct is annoying. You have to find the right link for it to be totally free. I'm doing the kid's taxes tonight and it's trying to force me to upgrade. I need to find the link I went through to do mine, but I can't remember where it was! When I look at the 2018 returns I have in my account. Mine says "Free File Alliance" and DS's just says "Free", which it's not if they're trying to charge me for entering two damn things. One 1099-DIV and one 1099-INT. Also, my kid owes. He's probably owed for several years, but my parents didn't know they needed to do anything with it, so he's never filed. Their accountant said she wouldn't worry about the previous years. Not much I can do about it without the forms anyhow.
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Deleted
Joined: Mar 28, 2024 7:37:38 GMT -5
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Post by Deleted on Mar 5, 2019 9:18:38 GMT -5
I'm not an accountant but in my experience, it's almost easier to wait for the IRS to catch up with this and send a bill for the unpaid taxes. Penalties typically aren't that bad. If what they're asking for looks reasonable you send them a bill and you're done. I once got a bill because I hadn't included redemptions from a money market fund a few years before. The proceeds were pretty substantial and, lacking the basis, the IRS decided the basis was zero and sent me a bill for taxes on the entire amount! I did refute that one- filed a 1040X showing the proceeds and the basis (which was close to the proceeds). with a small amount due. They accepted it.
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Deleted
Joined: Mar 28, 2024 7:37:39 GMT -5
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Post by Deleted on Mar 5, 2019 9:26:08 GMT -5
I'm not an accountant but in my experience, it's almost easier to wait for the IRS to catch up with this and send a bill for the unpaid taxes. Penalties typically aren't that bad. If what they're asking for looks reasonable you send them a bill and you're done. I once got a bill because I hadn't included redemptions from a money market fund a few years before. The proceeds were pretty substantial and, lacking the basis, the IRS decided the basis was zero and sent me a bill for taxes on the entire amount! I did refute that one- filed a 1040X showing the proceeds and the basis (which was close to the proceeds). with a small amount due. They accepted it. He qualifies for 0% Capital Gains tax Federal, so there was no bill there, but he owes about $200 to State on a 4K LTCG distribution. I have no account information at all, but I looked at the fund history and 2018 looks like it was a big year for LTCG. 2017 was half as much and the years before that even less, so if he did owe before it was very little and just to State, so I'm not going to stress about it.
What's annoying me is figuring out a way to file without paying $50 for each kid. I might just fill out the paper forms.
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finnime
Junior Associate
Be kind. Everyone you meet is fighting a great battle.
Joined: Dec 23, 2010 7:14:35 GMT -5
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Post by finnime on Mar 5, 2019 10:59:16 GMT -5
I always e-file fed (Turbotax) and paper file state, because Maryland charges to e-file. Not worth it. Also, I owe, so there's that.
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cktc
Senior Member
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Posts: 3,202
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Post by cktc on Mar 5, 2019 11:08:17 GMT -5
I'm not an accountant but in my experience, it's almost easier to wait for the IRS to catch up with this and send a bill for the unpaid taxes. Penalties typically aren't that bad. If what they're asking for looks reasonable you send them a bill and you're done. I once got a bill because I hadn't included redemptions from a money market fund a few years before. The proceeds were pretty substantial and, lacking the basis, the IRS decided the basis was zero and sent me a bill for taxes on the entire amount! I did refute that one- filed a 1040X showing the proceeds and the basis (which was close to the proceeds). with a small amount due. They accepted it. He qualifies for 0% Capital Gains tax Federal, so there was no bill there, but he owes about $200 to State on a 4K LTCG distribution. I have no account information at all, but I looked at the fund history and 2018 looks like it was a big year for LTCG. 2017 was half as much and the years before that even less, so if he did owe before it was very little and just to State, so I'm not going to stress about it.
What's annoying me is figuring out a way to file without paying $50 for each kid. I might just fill out the paper forms.
Just being nosy, but has stepmom offered to pay the taxes? I'm sure she is being very generous with the accounts in the first place, but $200 plus filing fees is quite much.
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Deleted
Joined: Mar 28, 2024 7:37:39 GMT -5
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Post by Deleted on Mar 5, 2019 11:29:11 GMT -5
He qualifies for 0% Capital Gains tax Federal, so there was no bill there, but he owes about $200 to State on a 4K LTCG distribution. I have no account information at all, but I looked at the fund history and 2018 looks like it was a big year for LTCG. 2017 was half as much and the years before that even less, so if he did owe before it was very little and just to State, so I'm not going to stress about it.
What's annoying me is figuring out a way to file without paying $50 for each kid. I might just fill out the paper forms.
Just being nosy, but has stepmom offered to pay the taxes? I'm sure she is being very generous with the accounts in the first place, but $200 plus filing fees is quite much. I haven't asked...and feel kind of icky about doing so. Just did Carrot's. He was just $50 over the threshold for having to file and owes $8. What a PIA to pay to file for that!
What really bothers me is I left a lot (like over $300) in nonrefundable credits on my State return because I reached $0 liability. If I could have included their unearned income on my return it probably would have cost nothing!
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taz157
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Post by taz157 on Mar 5, 2019 12:03:18 GMT -5
I'm not an accountant but in my experience, it's almost easier to wait for the IRS to catch up with this and send a bill for the unpaid taxes. Penalties typically aren't that bad. If what they're asking for looks reasonable you send them a bill and you're done. I once got a bill because I hadn't included redemptions from a money market fund a few years before. The proceeds were pretty substantial and, lacking the basis, the IRS decided the basis was zero and sent me a bill for taxes on the entire amount! I did refute that one- filed a 1040X showing the proceeds and the basis (which was close to the proceeds). with a small amount due. They accepted it. The first part of your post makes sense I agree with it. For the 2nd part, the IRS doesn’t know the basis of anything sold (unless the brokerage company told them) so that’s why they use zero. It totally makes sense to file an amended return so you can include the basis of the stock sales.
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Deleted
Joined: Mar 28, 2024 7:37:39 GMT -5
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Post by Deleted on Mar 5, 2019 12:14:38 GMT -5
What really bothers me is I left a lot (like over $300) in nonrefundable credits on my State return because I reached $0 liability. If I could have included their unearned income on my return it probably would have cost nothing!
Never mind. I just tried to amend my return by adding their $5500 in investment income with form 8814 and ugly things happened. That is not the course of action to take. Increased FED liability by over $400 and State by $88.
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
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Post by TheOtherMe on Mar 5, 2019 12:47:21 GMT -5
I'm not an accountant but in my experience, it's almost easier to wait for the IRS to catch up with this and send a bill for the unpaid taxes. Penalties typically aren't that bad. If what they're asking for looks reasonable you send them a bill and you're done. I once got a bill because I hadn't included redemptions from a money market fund a few years before. The proceeds were pretty substantial and, lacking the basis, the IRS decided the basis was zero and sent me a bill for taxes on the entire amount! I did refute that one- filed a 1040X showing the proceeds and the basis (which was close to the proceeds). with a small amount due. They accepted it. The first part of your post makes sense I agree with it. For the 2nd part, the IRS doesn’t know the basis of anything sold (unless the brokerage company told them) so that’s why they use zero. It totally makes sense to file an amended return so you can include the basis of the stock sales. Yes, IRS notices will be sent out with zero for the basis. The bill will be for gross proceeds and freaks people out. Same thing happens if IRS prepares your tax return because you haven't filed. They only know about the income and will send out a bill for single, no dependents and call everything income.
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Mrs. Dinero
Well-Known Member
100% about truth & justice. Always trying to give mercy a chance.
Joined: Dec 28, 2010 17:09:17 GMT -5
Posts: 1,508
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Post by Mrs. Dinero on Mar 5, 2019 13:42:13 GMT -5
Filed last Tuesday and refund was deposited this morning. Exactly 1 week. I’m impressed.
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