2013 Annual Anandtech Tax Time Thread!

[TwiceOver]

This year I took out pretax dependent care spending in a flex account. At the end of the year I received a statement from our daycare provider outlining our dependent care spending for the year. I normally deduct this. I received nothing from my Flex provider stating I took pretax dependent care dollars and my W2 has nothing in the dependent care box.

Do I have to manually do this so $2500 (expenses) - $1200 (pretax dollars) = Claim $1300 in child care expenses?

 

[KlokWyze]

My GF and I are both on the mortgage loan and split the biweekly payments. Already got the tax doc stating total interest paid for the year. Is it OK if we each just claim half that total in the tax software we use?

We are not married so we can't file jointly....

 

[CPA]

My GF and I are both on the mortgage loan and split the biweekly payments. Already got the tax doc stating total interest paid for the year. Is it OK if we each just claim half that total in the tax software we use?

We are not married so we can't file jointly....

Yes. You need to show the split on each of your returns and provide name and address of the other borrower (your gf). Just show the split and information on a letter and attach it to your returen.

 

[CPA]

This year I took out pretax dependent care spending in a flex account. At the end of the year I received a statement from our daycare provider outlining our dependent care spending for the year. I normally deduct this. I received nothing from my Flex provider stating I took pretax dependent care dollars and my W2 has nothing in the dependent care box.

Do I have to manually do this so $2500 (expenses) - $1200 (pretax dollars) = Claim $1300 in child care expenses?

In short, yes, however there will be other factors in how much you can actually deduct on your tax form.

I am very surprised that your employer didn't post the total deductions in Box 14. it's not required, but generally they do it.

 

[TwiceOver]

In short, yes, however there will be other factors in how much you can actually deduct on your tax form.

I am very surprised that your employer didn't post the total deductions in Box 14. it's not required, but generally they do it.

Thanks. She says that isn't what box 14 is for... sometimes I wonder about her

 

[pontifex]

IRS doesn't charge anything for that service. It's whoever that's doing your taxes that's adding the fee.

I know, turbotax and taxact do it, just wondering why, and why so much? it really sucks, lol.

 

[CPA]

Thanks. She says that isn't what box 14 is for... sometimes I wonder about her

14 can be used for many different things including information only FSA contributions.

 

[TwiceOver]

I know, turbotax and taxact do it, just wondering why, and why so much? it really sucks, lol.

Tax act has never charged me a dime for direct deposit.

 

[Blackjack200]

In November I paid $2,800 for an HVAC guy to repair the chimney at my rental.

Can I just deduct this as a repair? Pretty please?

No? I have to depreciate it? What kind and how long? grumble grumble.

 

[mwtgg]

Another question that came up. My wife went on short term disability that was paid through Metlife(birth of our baby). She had set up the plan with her employer and she paid 100% of the premium with post-tax income. According to turbotax, I am not required to report any of her income from that plan as income (unless I am reading it wrong.) Is this correct or do I need to report it as income?

Since you paid 100% of the premium with post-tax funds, then yes, the STD payments are non-taxable.

 

[mwtgg]

Me again. The person I'm doing taxes for converted his 401K to an IRA, and got two 1099-R's (he also withdrew some). He just got the 1099-R for that whole amount of the conversion. That's not taxable though and its box one (total distribution) doesn't go on the 1040, right? Just the amount he withdrew (shown on the other 1099-R), right?

In other words, you don't report the conversion, just the withdrawal right?

Report both so they show up properly on lines 15 & 16. You're right that the rollover isn't taxable, though.

 

[mwtgg]

Hey guys, I have a question regarding IRA rollovers please.

In 2013, I rolled over a 401-K from a previous employer to a Rollover IRA. I simply assumed this would be a non-tax event. Well, I received a 1099-R from that previous employer's 401-K manager, I believe. On it, the taxable amount being shown is the same amount I rolled over to a Rollover IRA. So this means that I have to pay taxes on this?

I am thinking about calling them to find out.

I would appreciate any responses. Thank you.

The rollover should be a non-taxable event. I'm assuming the 401k administrator didn't mail the check to you in your name and then you send the funds to the IRA administrator, right? If not, I would call and ask them about it.

 

[mwtgg]

In November I paid $2,800 for an HVAC guy to repair the chimney at my rental.

Can I just deduct this as a repair? Pretty please?

No? I have to depreciate it? What kind and how long? grumble grumble.

Define "repair". Did the work done correct a material defect or result in an increase to the value of the property? Or did the work performed merely keep the property in working order without resulting in a permanent betterment?

If you have to capitalize it, it would be over straight-line over 27.5yrs.

 

[blurredvision]

I know, turbotax and taxact do it, just wondering why, and why so much? it really sucks, lol.

I've used TurboTax for the past 5 years, including already this year, and I've never been charged a fee for direct deposit.

 

[Blackjack200]

Define "repair". Did the work done correct a material defect or result in an increase to the value of the property? Or did the work performed merely keep the property in working order without resulting in a permanent betterment?

If you have to capitalize it, it would be over straight-line over 27.5yrs.

Okay, I'm pretty sure I don't need to depreciate it then. What happened was that I was out of town for Thanksgiving and we had a cold snap. My tenant called me and told me the heat was not working. I spent most of my Thanksgiving morning calling around trying to get a HVAC guy out to the property, and when I finally did, they told me that the furnace was in disrepair and the masonry tying the vent into the chimney needed to be fixed. $2800. I'm pretty sure he just screwed me, but I was over a barrel, I needed the to get the heat back on. I have all the receipts, the ticket just says "chimney repair".

Thanks!!!

 

[FallenHero]

I've used TurboTax for the past 5 years, including already this year, and I've never been charged a fee for direct deposit.

Me too. Are you selecting the option to have them take the cost of Turbotax out of your return? There is an additional fee for that.


Huge thanks to everyone answering questions quickly! This place makes tax season much less stressful!

 

[sze5003]

I also use turbo tax and I don't think I've been charged for direct deposit. I have paid like 15-20 bucks at the end though, for the state taxes. It's kind of annoying that I have to log in to my work pc and do the taxes through there so I can get their discount rate since we work on certain turbo tax modules.

 

[CPA]

Okay, I'm pretty sure I don't need to depreciate it then. What happened was that I was out of town for Thanksgiving and we had a cold snap. My tenant called me and told me the heat was not working. I spent most of my Thanksgiving morning calling around trying to get a HVAC guy out to the property, and when I finally did, they told me that the furnace was in disrepair and the masonry tying the vent into the chimney needed to be fixed. $2800. I'm pretty sure he just screwed me, but I was over a barrel, I needed the to get the heat back on. I have all the receipts, the ticket just says "chimney repair".

Thanks!!!

Yeah, that's a repair and you can deduct it immediately.

 

[phreaqe]

I apologize if this has been asked already. I have always used software like turbotax or taxact but my wife thinks we should go to a person because she thinks we may be missing things. Have any of you guys gone from using the software to a person and had a huge change in your returns? Ours are not super complicated. No crazy investments or anything, just standard income.

 

[Exterous]

I have a question about a 529 plan. We paid for my wife's post secondary education winter 2014 semester out of pocket in 2013 as required by the school. I stupidly forgot about 529 plans but it appears the MESP allows for qualified distributions to be paid to designated individuals instead of just institutions. Can I open and fund a 529 plan prior to April 2014 and count the contributions to the plan towards my 2013 payments? (Much like you can with an IRA.) Michigan allows for these contributions to be deducted from your taxable income

Thanks as always for this thread!

 

[SandEagle]

i just filed, but then realized I forgot to add $900 in charitable cash donations. i never filed an extension before. is it worth doing?

 

[highland145]

i just filed, but then realized I forgot to add $900 in charitable cash donations. i never filed an extension before. is it worth doing?

Did you break the standard deduction?

 

[SandEagle]

I apologize if this has been asked already. I have always used software like turbotax or taxact but my wife thinks we should go to a person because she thinks we may be missing things. Have any of you guys gone from using the software to a person and had a huge change in your returns? Ours are not super complicated. No crazy investments or anything, just standard income.

about 10 years ago i went to Jacson Hewitt to get my taxes done. my return from them was unexpectedly low. they ran the numbers but didn't charge me until i decided to file with them. i said no thanks. went to the store, picked up TurboTax and came out way ahead. i've been using Turbotax since. its so easy, walks you through everything....almost impossible to screw up.

 

[SandEagle]

Did you break the standard deduction?

i don't even know what that means man. i let Turbotax take care of everything. me and taxes don't get along.

 

[highland145]

i don't even know what that means man. i let Turbotax take care of everything. me and taxes don't get along.

$6100 in standard deductions for you + another $6100 if you're married filing together. That's $12.2k that you'll have to overcome to be able to itemize an claim the charitable contributions...... mortgage interest, medical over 7% of adjusted gross, charitable contributions, property tax...

If not, then you get the standard deduction.