Taxes are done!

Everything else!

Moderators: Bakhtosh, EvilHomer3k

Post Reply
User avatar
Hrothgar
Posts: 1087
Joined: Wed Oct 13, 2004 11:38 pm
Location: Houston, TX
Contact:

Re: Taxes are done!

Post by Hrothgar »

We owed money for the first time in a long while. It was entirely due to overpayment on the child tax credit advance payments. It was just enough to trigger a small penalty which was especially galling.

I tried to check the status of my account since I made the payment, but the IRS website is getting pounded. I finally logged in and account and payment status was unavailable. Great. They already took my money. I hope I don't get any more penalties due to their backlog.
User avatar
Octavious
Posts: 20035
Joined: Fri Oct 15, 2004 2:50 pm

Re: Taxes are done!

Post by Octavious »

Yup I had to pay a small penalty because of it as well. I think it was like 6 dollars so I'm not going to lose much sleep over it. I really wish you had to opt into it. I would have never taken the advanced payment as I try and withhold as close to even as possible. With my overpaying NJ taxes I'm only out 400 dollars total so it all worked out.
Capitalism tries for a delicate balance: It attempts to work things out so that everyone gets just enough stuff to keep them from getting violent and trying to take other people’s stuff.

Shameless plug for my website: www.nettphoto.com
User avatar
Max Peck
Posts: 13682
Joined: Fri Aug 05, 2005 8:09 pm
Location: Down the Rabbit-Hole

Re: Taxes are done!

Post by Max Peck »

TurboTax forced to stop misleading “free, free, free” ads and pay back $141M
TurboTax owner Intuit "will pay $141 million in restitution to millions of consumers across the nation who were unfairly charged" and stop its "free, free, free" ad campaign "that lured customers with promises of free tax preparation services, only to deceive them into paying," New York Attorney General Letitia James announced Wednesday. Intuit is accused of steering customers away from the IRS Free File program that is free to 70 percent of taxpayers while using misleading ads to promote a separate "freemium" TurboTax product that isn't actually free to most people.

Intuit agreed to the settlement with all 50 US states and the District of Columbia. "Intuit cheated millions of low-income Americans out of free tax filing services they were entitled to," James said in the settlement announcement. "For years, Intuit misled the most vulnerable among us to make a profit. Today, every state in the nation is holding Intuit accountable for scamming millions of taxpayers, and we're putting millions of dollars back into the pockets of impacted Americans."

Specifically, "Intuit will provide restitution to nearly 4.4 million consumers who started using TurboTax's Free Edition for tax years 2016 through 2018 and were told that they had to pay to file even though they were eligible to file for free using the IRS Free File program offered through TurboTax." Payments will be about $30 for each tax year and "impacted consumers will automatically receive notices and a check by mail," the announcement said.
"What? What? What?" -- The 14th Doctor

It's not enough to be a good player... you also have to play well. -- Siegbert Tarrasch
User avatar
Jaymann
Posts: 19324
Joined: Mon Oct 25, 2004 7:13 pm
Location: California

Re: Taxes are done!

Post by Jaymann »

Saw a strange entry on my bank account: MCT Refund +$350. I had to do an internet search to find out it's a Middle Class Tax refund from the state of California. :dance: Let's go Newsome!
Jaymann
]==(:::::::::::::>
Black Lives Matter
User avatar
stessier
Posts: 29819
Joined: Tue Dec 21, 2004 12:30 pm
Location: SC

Re: Taxes are done!

Post by stessier »

Jaymann wrote: Thu Nov 10, 2022 4:03 pm Saw a strange entry on my bank account: MCT Refund +$350. I had to do an internet search to find out it's a Middle Class Tax refund from the state of California. :dance: Let's go Newsome!
When the federal government does that, it's usually an advance on the return you'd get in the Spring. Might want to double check it's not similar for CA.
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
Global Steam Wishmaslist Tracking
Running____2014: 1300.55 miles____2015: 2036.13 miles____2016: 1012.75 miles____2017: 1105.82 miles____2018: 1318.91 miles__2019: 2000.00 miles
User avatar
Jaymann
Posts: 19324
Joined: Mon Oct 25, 2004 7:13 pm
Location: California

Re: Taxes are done!

Post by Jaymann »

stessier wrote: Thu Nov 10, 2022 4:14 pm
Jaymann wrote: Thu Nov 10, 2022 4:03 pm Saw a strange entry on my bank account: MCT Refund +$350. I had to do an internet search to find out it's a Middle Class Tax refund from the state of California. :dance: Let's go Newsome!
When the federal government does that, it's usually an advance on the return you'd get in the Spring. Might want to double check it's not similar for CA.
The Middle Class Tax Refund (MCTR) is a one-time payment to provide relief to Californians.

If you are eligible, you will automatically receive a payment. Payments are expected to be issued between October 2022 and January 2023.
I read the whole page and there is no mention of advance on return.
Jaymann
]==(:::::::::::::>
Black Lives Matter
User avatar
naednek
Posts: 10866
Joined: Tue Oct 19, 2004 9:23 pm

Re: Taxes are done!

Post by naednek »

it's yours to keep. I got $1050. hurray for kids
hepcat - "I agree with Naednek"
User avatar
Kraken
Posts: 43690
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:

Re: Taxes are done!

Post by Kraken »

The state of MA is refunding 14% of last year's tax liability to everyone who paid taxes. Haven't got mine yet.
malchior
Posts: 24794
Joined: Wed Oct 13, 2004 12:58 pm

Re: Taxes are done!

Post by malchior »

It's funny I got a note from NJ telling me I might be eligible for a refund. I wasn't according to their portal. Still a day later my stomach dropped as I saw the blue envelope from NJ. It was my annual hand up my bowels. Every year the state of NJ reviews my professionally prepared returns and then bangs me for some adjustment that they won't detail for a tax return from 3 years ago. And then slams me with penalties. This is the (edit: 3rd time in four years) my accountant prepared a response for me to have NJ just reject it. So I just spent several hundred dollars having another CPA take a look at the last 5 years.

The bottom line is they couldn't figure out why NJ is doing this and didn't really have any insights other than this is way outside the norm. What's strange to them is 98% of my income is straight W-2 income. NJ is claiming an adjustment but NJ is opaque. It could be a series of errors on their part. Unfortunately, I'd probably have to sue to figure it out. It'd be a roll of the dice *and* worse in NJ I don't get to recover the costs to fix their error even if there is one. Delightful. In any case, I'm leaving the current CPA (who has done no wrong IMO) and moving to someone else recommended to me just to get fresh eyes on everything.

I'm at a loss here and extremely angry at NJ. I've tried to get a word in with my state senator/rep to talk about it but get a polite reply to provide them the details. I've done so. Maybe it'll go somewhere but I won't hold my breath. But it sure feels like I'm rich enough to turn me upside down and shake the money out of my pockets but not rich enough to rate a phone call. Cool.

Edit: Oh I forgot my favorite part that illustrates how wacky this is. In going through this rigmarole, we discovered I had a balance from 2016. Which was odd because I paid off a penalty balance for 2016. That was the first time this happened (in 2019). Anyway, I paid that balance at the time. The balance surprised the accountant and they inquired for me. The state said that was an error, and explained they weren't looking to have it repaid. Yet it is accruing penalties. In the 3 years a $4 balance had ballooned to over a hundred. I asked them for a letter explaining the error and assuring me they weren't seeking re-payment. They declined to do so and I decided to pay that one - again. The penalties and interest make me feel less like a citizen than someone paying protection money to a loan shark. It's infuriating.
User avatar
Kraken
Posts: 43690
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:

Re: Taxes are done!

Post by Kraken »

Our CPA ghosted us after we asked him to calculate the capital gains tax on the sale of Wife's Lansing house last summer. We exchanged a few emails, answered a list of questions, and didn't hear from him again. He has failed to respond to multiple followup emails from each of us and one voicemail. This guy's been doing our personal taxes forever and my business returns for the past 17 years, so going dark without explanation is odd.

We're meeting with a new CPA tomorrow afternoon.
User avatar
em2nought
Posts: 5311
Joined: Fri Oct 15, 2004 5:48 am

Re: Taxes are done!

Post by em2nought »

Somebody just passed two years of owning their own home, and now will not owe the big guy any capital gains tax on the soon to be sale! :dance:
Enlarge Image
Technically, he shouldn't be here.
User avatar
Scuzz
Posts: 10901
Joined: Tue Jul 08, 2008 5:31 pm
Location: The Arm Pit of California

Re: Taxes are done!

Post by Scuzz »

stessier wrote: Thu Nov 10, 2022 4:14 pm
Jaymann wrote: Thu Nov 10, 2022 4:03 pm Saw a strange entry on my bank account: MCT Refund +$350. I had to do an internet search to find out it's a Middle Class Tax refund from the state of California. :dance: Let's go Newsome!
When the federal government does that, it's usually an advance on the return you'd get in the Spring. Might want to double check it's not similar for CA.
This has been out there for awhile. We got ours about a month ago. The state is so flush with cash that they are required by state law to refund some of it.

We got $750.

If I am wrong you will still have more money coming. I am not sure this money is for what I thought. But either way it is yours to keep and has nothing to do with next years tax return.
Black Lives Matter
User avatar
Scuzz
Posts: 10901
Joined: Tue Jul 08, 2008 5:31 pm
Location: The Arm Pit of California

Re: Taxes are done!

Post by Scuzz »

Kraken wrote: Tue Nov 15, 2022 11:58 am Our CPA ghosted us after we asked him to calculate the capital gains tax on the sale of Wife's Lansing house last summer. We exchanged a few emails, answered a list of questions, and didn't hear from him again. He has failed to respond to multiple followup emails from each of us and one voicemail. This guy's been doing our personal taxes forever and my business returns for the past 17 years, so going dark without explanation is odd.

We're meeting with a new CPA tomorrow afternoon.
Maybe he died or closed his business. Although I would assume a CPA might send you a referral to another CPA.
Black Lives Matter
User avatar
Isgrimnur
Posts: 82097
Joined: Sun Oct 15, 2006 12:29 am
Location: Chookity pok
Contact:

Re: Taxes are done!

Post by Isgrimnur »

A CPB, if you will.
It's almost as if people are the problem.
User avatar
coopasonic
Posts: 20970
Joined: Fri Mar 04, 2005 11:43 pm
Location: Dallas-ish

Re: Taxes are done!

Post by coopasonic »

Isgrimnur wrote: Mon Dec 12, 2022 2:17 pm A CPB, if you will.
:doh:
-Coop
Black Lives Matter
User avatar
Carpet_pissr
Posts: 19980
Joined: Thu Nov 04, 2004 5:32 pm
Location: Columbia, SC

Re: Taxes are done!

Post by Carpet_pissr »

Scuzz wrote: Mon Dec 12, 2022 2:05 pm
stessier wrote: Thu Nov 10, 2022 4:14 pm
Jaymann wrote: Thu Nov 10, 2022 4:03 pm Saw a strange entry on my bank account: MCT Refund +$350. I had to do an internet search to find out it's a Middle Class Tax refund from the state of California. :dance: Let's go Newsome!
When the federal government does that, it's usually an advance on the return you'd get in the Spring. Might want to double check it's not similar for CA.
This has been out there for awhile. We got ours about a month ago. The state is so flush with cash that they are required by state law to refund some of it.

We got $750.

If I am wrong you will still have more money coming. I am not sure this money is for what I thought. But either way it is yours to keep and has nothing to do with next years tax return.
Not sure if that’s what happened here in SC but I think we got around that much. It actually pisses me off, considering the state of the state if you will.

How about use that excess to pave our abysmal roads? Or increase teacher pay, or bc about a million other things where we really need more funding.

But alas the (R) worldview is very much opposed to that kind of thinking (here at least). Sometimes I can’t believe I’m still living here.
User avatar
gilraen
Posts: 4313
Joined: Wed Sep 04, 2013 7:45 pm
Location: Broomfield, CO

Re: Taxes are done!

Post by gilraen »

IRS tells millions of taxpayers to hold off on tax filing
The IRS is asking millions of taxpayers in California, Colorado and other states that issued tax rebates last year to hold off on filing their taxes.

The reason: The agency said it is seeking to clarify whether those tax rebates and special refunds are considered taxable income. "We expect to provide additional clarity for as many states and taxpayers as possible next week," the IRS said on Friday.
And here I was chomping at the bit to do my taxes...ha! Every year I plan on doing them right away after getting all the forms, and every year I end up doing it the last weekend before it's due.
User avatar
LordMortis
Posts: 70101
Joined: Tue Oct 12, 2004 11:26 pm

Re: Taxes are done!

Post by LordMortis »

I used to fill them out the moment my forms were all in. TD doesn't even prepare documents until the end of February and then my SPY always amends in Mid to late March for December dividend payments. So I never even think about my taxes until March since 2015, when I first started investing personal money.
User avatar
naednek
Posts: 10866
Joined: Tue Oct 19, 2004 9:23 pm

Re: Taxes are done!

Post by naednek »

gilraen wrote: Wed Feb 08, 2023 11:39 am IRS tells millions of taxpayers to hold off on tax filing
The IRS is asking millions of taxpayers in California, Colorado and other states that issued tax rebates last year to hold off on filing their taxes.

The reason: The agency said it is seeking to clarify whether those tax rebates and special refunds are considered taxable income. "We expect to provide additional clarity for as many states and taxpayers as possible next week," the IRS said on Friday.
And here I was chomping at the bit to do my taxes...ha! Every year I plan on doing them right away after getting all the forms, and every year I end up doing it the last weekend before it's due.
Ya I live in CA, and when I put my inflation relief info in, the feds took $215 out of the 1050 I received. I've been waiting for things to play out.

Biden mentioned in his speech about rising costs and how they need to help. Well, that's one way to do it. Not tax what CA gave us.
hepcat - "I agree with Naednek"
User avatar
Scuzz
Posts: 10901
Joined: Tue Jul 08, 2008 5:31 pm
Location: The Arm Pit of California

Re: Taxes are done!

Post by Scuzz »

I know I was surprised when the state sent a form that made it look like the money was taxable.
Black Lives Matter
paulbaxter
Posts: 3178
Joined: Mon Jan 23, 2006 1:46 pm

Re: Taxes are done!

Post by paulbaxter »

I know this is a personal record for me. I filed the day my company published my W-2 online. Somehow my tax refund was deposited to my bank on Jan 31st.

I don't always even have my W-2 by that date. I'm glad my tax situation has simplified over most of the previous years. Still jealous of the other countries that just have a simple form to file directly with the government, rather than having to deal with shady tax filing companies.
No sig, must scream, etc.
User avatar
Kraken
Posts: 43690
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:

Re: Taxes are done!

Post by Kraken »

I'm jealous of people who have a single W-2. Ours are always a struggle.

We're using a new CPA this year, and I've pulled together all the information except for three retirement account forms I need to dig for. The same CPA is doing my business return and our capital gains estate return. Once I find those missing forms I can hand it over to Wife to complete her expense list, and then off it goes to the CPA. His deadline is 3/24 so we're in pretty good shape, document-wise.

My rough calculation says we're within +/- $1,000 of breaking even. Wife's teaching jobs underwithheld federal taxes but our inherited IRA distribution overwithheld and I think those just about cancel out.
User avatar
RMC
Posts: 6739
Joined: Wed Oct 13, 2004 1:49 pm
Location: Elyria, Ohio
Contact:

Re: Taxes are done!

Post by RMC »

Kraken wrote: Wed Feb 08, 2023 5:41 pm I'm jealous of people who have a single W-2. Ours are always a struggle.

We're using a new CPA this year, and I've pulled together all the information except for three retirement account forms I need to dig for. The same CPA is doing my business return and our capital gains estate return. Once I find those missing forms I can hand it over to Wife to complete her expense list, and then off it goes to the CPA. His deadline is 3/24 so we're in pretty good shape, document-wise.

My rough calculation says we're within +/- $1,000 of breaking even. Wife's teaching jobs underwithheld federal taxes but our inherited IRA distribution overwithheld and I think those just about cancel out.
I had to file a schedule C, because I volunteer to work the polls, and this year I was promoted to manager of my precinct, and made more, and there were three different voting turnouts this year thanks to crappy politics and a redistricting plan, so I made a littel over the minimum, so the state sent me some document that prompted me to claim the very small amount, but had to do an entire schedule C for my business income. Sigh...

But just finished everything and filed on Saturday.
Difficulties mastered are opportunities won. - Winston Churchill
Sheesh, this is one small box. Thankfully, everything's packed in nicely this time. Not too tight nor too loose (someone's sig in 3, 2, ...). - Hepcat
User avatar
Brian
Posts: 12553
Joined: Sat Oct 16, 2004 8:51 am
Location: South of Heaven
Contact:

Re: Taxes are done!

Post by Brian »

We filed last week and received our deposit today.

Got an email from the bank letting me know a deposit had been made and I was like, WTF?

Sure enough, both state and federal.
"Don't believe everything you read on the internet." - Abraham Lincoln
User avatar
Hrothgar
Posts: 1087
Joined: Wed Oct 13, 2004 11:38 pm
Location: Houston, TX
Contact:

Re: Taxes are done!

Post by Hrothgar »

Congratulations given your previous headaches.

Time to order some more Chicago pizza?
User avatar
Brian
Posts: 12553
Joined: Sat Oct 16, 2004 8:51 am
Location: South of Heaven
Contact:

Re: Taxes are done!

Post by Brian »

First step is to pay off our upcoming Greek Islands Cruise.

Then maybe some Chicago deep dish. 8-)
"Don't believe everything you read on the internet." - Abraham Lincoln
User avatar
Zarathud
Posts: 16445
Joined: Fri Oct 15, 2004 10:29 pm
Location: Chicago, Illinois

Re: Taxes are done!

Post by Zarathud »

This is my last year of simple taxes. I’m told I’ll get a funky Ohio partnership tax form from the firm next year. And get to declare and pay both sides of Social Security! Fractional ownership FTW!
"If the facts don't fit the theory, change the facts." - Albert Einstein
"I don't stand by anything." - Trump
“Bad men need nothing more to compass their ends, than that good men should look on and do nothing.” - John Stuart Mill, Inaugural Address Delivered to the University of St Andrews, 2/1/1867
“It is the impractical things in this tumultuous hell-scape of a world that matter most. A book, a name, chicken soup. They help us remember that, even in our darkest hour, life is still to be savored.” - Poe, Altered Carbon
User avatar
stessier
Posts: 29819
Joined: Tue Dec 21, 2004 12:30 pm
Location: SC

Re: Taxes are done!

Post by stessier »

RMC wrote: Wed Feb 08, 2023 6:11 pm
Kraken wrote: Wed Feb 08, 2023 5:41 pm I'm jealous of people who have a single W-2. Ours are always a struggle.

We're using a new CPA this year, and I've pulled together all the information except for three retirement account forms I need to dig for. The same CPA is doing my business return and our capital gains estate return. Once I find those missing forms I can hand it over to Wife to complete her expense list, and then off it goes to the CPA. His deadline is 3/24 so we're in pretty good shape, document-wise.

My rough calculation says we're within +/- $1,000 of breaking even. Wife's teaching jobs underwithheld federal taxes but our inherited IRA distribution overwithheld and I think those just about cancel out.
I had to file a schedule C, because I volunteer to work the polls, and this year I was promoted to manager of my precinct, and made more, and there were three different voting turnouts this year thanks to crappy politics and a redistricting plan, so I made a littel over the minimum, so the state sent me some document that prompted me to claim the very small amount, but had to do an entire schedule C for my business income. Sigh...

But just finished everything and filed on Saturday.
I'm confused - how does working the polls turn into business income? I worked too and am concerned I'm not reporting it correctly.
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
Global Steam Wishmaslist Tracking
Running____2014: 1300.55 miles____2015: 2036.13 miles____2016: 1012.75 miles____2017: 1105.82 miles____2018: 1318.91 miles__2019: 2000.00 miles
User avatar
RMC
Posts: 6739
Joined: Wed Oct 13, 2004 1:49 pm
Location: Elyria, Ohio
Contact:

Re: Taxes are done!

Post by RMC »

stessier wrote: Wed Feb 08, 2023 7:50 pm
RMC wrote: Wed Feb 08, 2023 6:11 pm
Kraken wrote: Wed Feb 08, 2023 5:41 pm I'm jealous of people who have a single W-2. Ours are always a struggle.

We're using a new CPA this year, and I've pulled together all the information except for three retirement account forms I need to dig for. The same CPA is doing my business return and our capital gains estate return. Once I find those missing forms I can hand it over to Wife to complete her expense list, and then off it goes to the CPA. His deadline is 3/24 so we're in pretty good shape, document-wise.

My rough calculation says we're within +/- $1,000 of breaking even. Wife's teaching jobs underwithheld federal taxes but our inherited IRA distribution overwithheld and I think those just about cancel out.
I had to file a schedule C, because I volunteer to work the polls, and this year I was promoted to manager of my precinct, and made more, and there were three different voting turnouts this year thanks to crappy politics and a redistricting plan, so I made a littel over the minimum, so the state sent me some document that prompted me to claim the very small amount, but had to do an entire schedule C for my business income. Sigh...

But just finished everything and filed on Saturday.
I'm confused - how does working the polls turn into business income? I worked too and am concerned I'm not reporting it correctly.
Because I made over the 600 threshold for reporting it. So they sent me a 1099-NEC. Which is apparently a Non-Employee Compensation document. And my tax program said I had to apply that against a business, so a schedule C needed to be filed. Of course, there was no deductions against it, just income into a business named me.... <shrug> And I only made like 620 bucks, and I think the cut off is 600. Sigh..
Difficulties mastered are opportunities won. - Winston Churchill
Sheesh, this is one small box. Thankfully, everything's packed in nicely this time. Not too tight nor too loose (someone's sig in 3, 2, ...). - Hepcat
User avatar
Isgrimnur
Posts: 82097
Joined: Sun Oct 15, 2006 12:29 am
Location: Chookity pok
Contact:

Re: Taxes are done!

Post by Isgrimnur »

Brian wrote: Wed Feb 08, 2023 7:23 pm First step is to pay off our upcoming Greek Islands Cruise.
Image
It's almost as if people are the problem.
User avatar
Carpet_pissr
Posts: 19980
Joined: Thu Nov 04, 2004 5:32 pm
Location: Columbia, SC

Re: Taxes are done!

Post by Carpet_pissr »

RMC wrote: Wed Feb 08, 2023 8:04 pm And my tax program said I had to apply that against a business, so a schedule C needed to be filed.
?!
I would triple check that, dude. You are potentially losing thousands if you’re declaring self-employment.
User avatar
RMC
Posts: 6739
Joined: Wed Oct 13, 2004 1:49 pm
Location: Elyria, Ohio
Contact:

Re: Taxes are done!

Post by RMC »

Carpet_pissr wrote: Wed Feb 08, 2023 10:00 pm
RMC wrote: Wed Feb 08, 2023 8:04 pm And my tax program said I had to apply that against a business, so a schedule C needed to be filed.
?!
I would triple check that, dude. You are potentially losing thousands if you’re declaring self-employment.
Nope, it's only for that little bit of money. Changed my tax refund by like 30 bucks or so. Everything else I made was on a W-2, and that was the same place I have worked for like 15 years. :)

It's turbo tax, and I saved all the documents, so not too worried about audits or anything.
Difficulties mastered are opportunities won. - Winston Churchill
Sheesh, this is one small box. Thankfully, everything's packed in nicely this time. Not too tight nor too loose (someone's sig in 3, 2, ...). - Hepcat
User avatar
Kraken
Posts: 43690
Joined: Tue Oct 12, 2004 11:59 pm
Location: The Hub of the Universe
Contact:

Re: Taxes are done!

Post by Kraken »

Zarathud wrote: Wed Feb 08, 2023 7:27 pm And get to declare and pay both sides of Social Security!
Been doing that since 2004. Bonus: I also have to issue my own W-2 every year.
User avatar
coopasonic
Posts: 20970
Joined: Fri Mar 04, 2005 11:43 pm
Location: Dallas-ish

Re: Taxes are done!

Post by coopasonic »

Our federal filing is typically around 40-50 pages. We don't typically get all our docs in until end of Feb. They will go to the CPA when we have everything and eventually a large sum of money ends up being deposited. There is around $15k in variance on our typical return and I never have any idea which way it will be in any given year.
-Coop
Black Lives Matter
User avatar
Scuzz
Posts: 10901
Joined: Tue Jul 08, 2008 5:31 pm
Location: The Arm Pit of California

Re: Taxes are done!

Post by Scuzz »

stessier wrote: Wed Feb 08, 2023 7:50 pm
RMC wrote: Wed Feb 08, 2023 6:11 pm
Kraken wrote: Wed Feb 08, 2023 5:41 pm I'm jealous of people who have a single W-2. Ours are always a struggle.

We're using a new CPA this year, and I've pulled together all the information except for three retirement account forms I need to dig for. The same CPA is doing my business return and our capital gains estate return. Once I find those missing forms I can hand it over to Wife to complete her expense list, and then off it goes to the CPA. His deadline is 3/24 so we're in pretty good shape, document-wise.

My rough calculation says we're within +/- $1,000 of breaking even. Wife's teaching jobs underwithheld federal taxes but our inherited IRA distribution overwithheld and I think those just about cancel out.
I had to file a schedule C, because I volunteer to work the polls, and this year I was promoted to manager of my precinct, and made more, and there were three different voting turnouts this year thanks to crappy politics and a redistricting plan, so I made a littel over the minimum, so the state sent me some document that prompted me to claim the very small amount, but had to do an entire schedule C for my business income. Sigh...

But just finished everything and filed on Saturday.
I'm confused - how does working the polls turn into business income? I worked too and am concerned I'm not reporting it correctly.
I don’t get why the C was needed either. It may trigger the IRS to request you pay SS taxes on it. If SS taxes were withheld the money could simply go on the wages line. I am not positive but at one time the $ amount triggering the was $1,600.

Did you have write offs you could use?
Black Lives Matter
User avatar
Skinypupy
Posts: 20339
Joined: Tue Dec 07, 2004 10:12 am
Location: Utah

Re: Taxes are done!

Post by Skinypupy »

With all of the estate stuff from mom's passing in October, I actually hired a professional this year. Didn't want to take any chances of screwing things up for either my filing or mom's.

Pretty sure I'm going to end up owing a chunk, given the extra income(ish) that has come from cashing out mom's annuities. My understanding is that her life insurance is non-taxable, but there's probably a loophole there that will get me as well.
When darkness veils the world, four Warriors of Light shall come.
User avatar
Scuzz
Posts: 10901
Joined: Tue Jul 08, 2008 5:31 pm
Location: The Arm Pit of California

Re: Taxes are done!

Post by Scuzz »

Skinypupy wrote: Fri Feb 10, 2023 3:23 pm With all of the estate stuff from mom's passing in October, I actually hired a professional this year. Didn't want to take any chances of screwing things up for either my filing or mom's.

Pretty sure I'm going to end up owing a chunk, given the extra income(ish) that has come from cashing out mom's annuities. My understanding is that her life insurance is non-taxable, but there's probably a loophole there that will get me as well.
Yea, we discovered when my dad died that while most things are non-taxable some are. Any income that is still within an IRA for example I believe is taxable. A normal IRA, not a Roth.
Black Lives Matter
User avatar
naednek
Posts: 10866
Joined: Tue Oct 19, 2004 9:23 pm

Re: Taxes are done!

Post by naednek »

naednek wrote: Wed Feb 08, 2023 12:52 pm
gilraen wrote: Wed Feb 08, 2023 11:39 am IRS tells millions of taxpayers to hold off on tax filing
The IRS is asking millions of taxpayers in California, Colorado and other states that issued tax rebates last year to hold off on filing their taxes.

The reason: The agency said it is seeking to clarify whether those tax rebates and special refunds are considered taxable income. "We expect to provide additional clarity for as many states and taxpayers as possible next week," the IRS said on Friday.
And here I was chomping at the bit to do my taxes...ha! Every year I plan on doing them right away after getting all the forms, and every year I end up doing it the last weekend before it's due.
Ya I live in CA, and when I put my inflation relief info in, the feds took $215 out of the 1050 I received. I've been waiting for things to play out.

Biden mentioned in his speech about rising costs and how they need to help. Well, that's one way to do it. Not tax what CA gave us.
YAY!

https://www.sacbee.com/news/california/ ... 2114388909.

Now just gotta wait until H&R block updates their forms
hepcat - "I agree with Naednek"
User avatar
Carpet_pissr
Posts: 19980
Joined: Thu Nov 04, 2004 5:32 pm
Location: Columbia, SC

Re: Taxes are done!

Post by Carpet_pissr »

Nooooooo! We’re not on the list! Sonofa…

Below is a list of states where the IRS will not tax pandemic relief:

California
Alaska
Colorado
Connecticut
Delaware
Florida
Hawaii
Idaho
Illinois
Indiana
Maine
New Jersey
New Mexico
New York
Oregon
Pennsylvania
Rhode Island
User avatar
LordMortis
Posts: 70101
Joined: Tue Oct 12, 2004 11:26 pm

Re: Taxes are done!

Post by LordMortis »

Wow. For the first time, TD (and Scottrade before them) got my distributions right on the first release of my tax forms. I can start my taxes and don't have to wait until the revision in mid March.
Post Reply