Tax Season

tifosi77
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Tax Season

Postby tifosi77 » Wed Apr 05, 2017 11:58 pm

We get the home office deduction because Mrs Tif is in field sales and does not have a physical office to go to.

Sam's Drunk Dog
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Tax Season

Postby Sam's Drunk Dog » Thu Apr 06, 2017 12:35 pm

Well, if the interest, property taxes, etc + state/local withholdings don't surpass 12,600 it won't change anything. That's the standard deduction for married filing jointly. Was there charity you forgot to add in. Did you add in what's withheld for unemployment? It's a small amount but it all helps if you are close to itemizing. TurboTax will miss this unless you listed in on the W2 part as SUI.

Did she get a raise and only had a set amount withheld, not a percentage and forget to change it? Was there any type of capital gains or dividends or interest that added to adjusted gross income? What's the % of Income tax withheld to gross wages for both of you? This could tell a story.

Most people's effective tax rate is below their tax bracket just because of deductions, credits, etc, but if you guys are 15% bracket but only had ~10% withheld that can be an issue.

Trying not to pry too much, but those are some quick things to look at.


Did you forget student loan interest, or IRA contributions not from work pay?
Yup, good points. Chances are though most homeowners can get well over half-way to that threshold before factoring in all the other deductions. It doesn't hurt to look at any medical expenses spent outside of what your insurance covered. I forget how much you had to spend for it to count.
It's 10% of AGI, which means most won't be able to take advantage. You can also expense mileage for the travel taken to receive medical care.

dodint
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Tax Season

Postby dodint » Thu Apr 06, 2017 12:38 pm

Source of the post It's 10% of AGI, which means most won't be able to take advantage.
We couldn't even hit this when my wife had major surgery and cancer treatment.

mac5155
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Tax Season

Postby mac5155 » Thu Apr 06, 2017 1:31 pm

We get the home office deduction because Mrs Tif is in field sales and does not have a physical office to go to.
I was talking with my buddy the other day and he said his wife, who is a Lularow consultant, claims a YUGE portion of their house as her 'home office'. How much does this actually save you? Do I need to start selling Avon once a year? :pop:

tifosi77
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Tax Season

Postby tifosi77 » Thu Apr 06, 2017 1:40 pm

I think you can claim up to like 33% of the square footage of your house as office space, or something like that.

Btw, I think I figured out the reason for our yuge tax bill: Mrs Tifs relocation package. It was grossed up to be $X after taxes, but I don't think the correct amount was withheld.

mac5155
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Tax Season

Postby mac5155 » Thu Apr 06, 2017 1:43 pm

My parents are getting screwed this year. Lost their last dependent, and my pops worked 2 odd-jobs (W2) but didn't set his W4 correctly, so he had like almost nothing withheld. They're gonna owe about a G.

TobiasFunke
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Tax Season

Postby TobiasFunke » Thu Apr 06, 2017 5:23 pm

Ouch...

I always tell people to take out more rather than the standard amount. My rule of thumb is this:

If you make $30K, then take an additional $10, then $10 for every add'l $10K. You'd be shocked how much more you get back.

obhave
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Tax Season

Postby obhave » Tue Sep 05, 2017 12:23 pm

My local IRS office is requiring an appointment when I have a very simple questions...

For estimated taxes:
I paid them for the first half of the year because no taxes were withheld for my fellowship. I'm on a new fellowship now, where taxes are withheld (thus no need for estimated payments). Do I have to fill out a form or anything to notify the IRS that I won't be making estimated tax payments for the last two quarters? Or do I not have to do anything?

dodint
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Tax Season

Postby dodint » Fri Jan 19, 2018 10:02 am

Wooo, got my W-2!

Now to wait a month for my wife's old law firm in WI to get around to sending hers. They could barely get the pay checks out of the door let alone tax docs.

mamaemeritus
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Tax Season

Postby mamaemeritus » Fri Jan 19, 2018 10:07 am

My local IRS office is requiring an appointment when I have a very simple questions...

For estimated taxes:
I paid them for the first half of the year because no taxes were withheld for my fellowship. I'm on a new fellowship now, where taxes are withheld (thus no need for estimated payments). Do I have to fill out a form or anything to notify the IRS that I won't be making estimated tax payments for the last two quarters? Or do I not have to do anything?
You do not. (source: been doing taxes for 20 years, am a CPA, Enrolled Agent)

mamaemeritus
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Tax Season

Postby mamaemeritus » Fri Jan 19, 2018 10:08 am

We get the home office deduction because Mrs Tif is in field sales and does not have a physical office to go to.
I was talking with my buddy the other day and he said his wife, who is a Lularow consultant, claims a YUGE portion of their house as her 'home office'. How much does this actually save you? Do I need to start selling Avon once a year? :pop:
Usually amount isn't that substantial. It IS, however, a giant red flag to IRS.

robbiestoupe
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Tax Season

Postby robbiestoupe » Fri Jan 19, 2018 10:31 am

Should have put my escrow question in here...forgot about this thread.

Keeping in line with the OP, I got a scam robocall yesterday from some company out in CA stating I had 24 hours to contact them, or they are going to pursue legal action. Some BS about a tax audit. yeahokjlaw.gif

willeyeam
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Tax Season

Postby willeyeam » Fri Jan 19, 2018 12:11 pm

screw this thread

MrKennethTKangaroo
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Tax Season

Postby MrKennethTKangaroo » Fri Jan 19, 2018 12:18 pm

LOL

dodint
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Tax Season

Postby dodint » Sat Feb 03, 2018 11:53 am

Anyone happen to know what WCCCs federal tax ID number is? If they sent my wife a 1098-T they sent it to an old address that is no longer being forwarded. We know what she paid in tuition, just need the ID number.

Beveridge
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Tax Season

Postby Beveridge » Sat Feb 03, 2018 11:58 am

I would think Westmoreland CCC is a nonprofit so 990 return should be public domain. I believe you can create an account on guidestar and pull up that info at no charge.

dodint
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Tax Season

Postby dodint » Sat Feb 03, 2018 12:10 pm

Good call, the 990 is on Propublica with a simple Google search, no registration required. Thanks!

mac5155
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Tax Season

Postby mac5155 » Sat Feb 03, 2018 2:03 pm

Why are HSAs not covered under the free version of turbo tax

dodint
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Tax Season

Postby dodint » Sat Feb 03, 2018 3:16 pm

Why are HSAs not covered under the free version of turbo tax
Same reason DirecTV puts one good channel in the next tier.

NTP66
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Tax Season

Postby NTP66 » Sat Feb 03, 2018 3:24 pm

Just download a better version of TurboTax on basically any torrent site.

LITT
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Tax Season

Postby LITT » Tue Feb 13, 2018 3:07 pm

buy turbo tax from XXX. install on computer. burn disc. return.

LITT
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Tax Season

Postby LITT » Tue Feb 13, 2018 3:12 pm

my wife accepted switched companies in the tail end of the year. her prior employer took the max OASDI out. her current employer also took out 2200. when we put everything in turbo tax, it said we would get that 2200 back but it isnt coming up in our refund. would that be a second check?

MrKennethTKangaroo
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Tax Season

Postby MrKennethTKangaroo » Tue Feb 13, 2018 3:43 pm

my wife accepted switched companies in the tail end of the year. her prior employer took the max OASDI out. her current employer also took out 2200. when we put everything in turbo tax, it said we would get that 2200 back but it isnt coming up in our refund. would that be a second check?
The excess withholding would show up on line 71 of the 1040

LITT
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Tax Season

Postby LITT » Tue Feb 13, 2018 3:44 pm

my wife accepted switched companies in the tail end of the year. her prior employer took the max OASDI out. her current employer also took out 2200. when we put everything in turbo tax, it said we would get that 2200 back but it isnt coming up in our refund. would that be a second check?
The excess withholding would show up on line 71 of the 1040
ty. i will take a look at the detailed return when i get home. i dont remember seeing the refund adjust when we put that data point in which is the confusion.

LITT
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Tax Season

Postby LITT » Tue Feb 20, 2018 9:07 am

my wife accepted switched companies in the tail end of the year. her prior employer took the max OASDI out. her current employer also took out 2200. when we put everything in turbo tax, it said we would get that 2200 back but it isnt coming up in our refund. would that be a second check?
The excess withholding would show up on line 71 of the 1040
ty. i will take a look at the detailed return when i get home. i dont remember seeing the refund adjust when we put that data point in which is the confusion.
Thanks again for this intel. It was shown on line 71

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