6th Annual Anandtech Tax Time Thread

[alkemyst]

If you owe the IRS, they take whatever you'd get back first.

You both can't claim the same refund, you have to split it/winner takes all or they will audit you.

If you are constantly getting screwed by your ex financially even after the split, you need to look into why. If she is a failure then you'll have to cover her ends until they are fully covered.

I am still paying off the last 10k left over from 1995 from my ex.

 

[xSauronx]

Originally posted by: alkemyst
If you owe the IRS, they take whatever you'd get back first.

You both can't claim the same refund, you have to split it/winner takes all or they will audit you.

no i mean, im single, i have to file a return for myself. ill be due some sort of refund i expect.

shes married, and will file a joint return, but will probably be due some minor refund at least.

did you file a joint return and get the shaft? do they not even go after her or something for any of it?

maybe i shoudl call the IRS and see if theres a not-entirely-shitty way to handle this.

 

[alkemyst]

I don't know what you mean. Joint, single, business the IRS doesn't care...everyone is accountable, it's up to them to work it out or all pay.

It's like a credit card or mortgage. I am sure those dudes cry all day long that she has the money...but in the end those dudes are the ones on the other end of the phone or letter.

 

[SarcasticDwarf]

Two questions:

1) For the LL Credit there is a different set of rules for those in affected areas. I lived and went to school in one of the counties listed until 3 days before the disaster date (June 5th). The three weeks after that I lived (but did not go to a school) in another of the listed counties before moving out of state (but taking online classes starting the fall semester). So does that mean I am or am not qualified to take it?

2) I have a sole proprietorship that I am turning into a LLC this year (it could technically have closed the last day of 2008). Is there any way that I am supposed to report it closing?

 

[FP]

n/m

 

[alkemyst]

Outside copays, loss of income and direct payments, what medical / dental expenses qualify. I am at $5300 for 2008 and will probably need a bit more to make the threshhold. As soon as my wife's W2 hits I will know more.

 

[ICRS]

Last year I participated in a fund raising raffle for our companies holiday party. I ended up winning the rafle and around $200. Do I need to report this or anything?

 

[49erinnc]

I sold a home in 2008 and paid $7500 towards the buyer's closing costs and $6800 in commissions. What am I allowed to deduct out of these amounts? Currently, I've only deducted the property taxes and interest I paid on the home I sold.

TaxAct Online is a little vague in terms of detailing everything in regards to selling/buying homes and I want to make sure I do everything on the up and up.

TIA!

 

[SmoochyTX]

I read this following blurb on my local paper's website - "If you were the victim of a federally declared natural disaster in 2008, you also can increase your standard deduction by your net loss."


I had a bunch of glass and paint damage to my car as a result of Hurricane Ike. I paid the insurance company my $500 comprehensive deductible to have it taken care of. Can I get that $500 back?

 

[milehigh]

So..I work from home as a programmer. My income is a combination of W2 and 1099. I recently did an approximate 1000 sq. foot addition where approximately 360 square feet was specifically built as a home office (though it is attached to the rest of the residence). Can I deduct any of that construction expense?

 

[alkemyst]

Originally posted by: ICRS
Last year I participated in a fund raising raffle for our companies holiday party. I ended up winning the rafle and around $200. Do I need to report this or anything?

yes...however being a company function make sure they didn't already take the taxes out of one of your paychecks.

 

[alkemyst]

Originally posted by: milehigh
So..I work from home as a programmer. My income is a combination of W2 and 1099. I recently did an approximate 1000 sq. foot addition where approximately 360 square feet was specifically built as a home office (though it is attached to the rest of the residence). Can I deduct any of that construction expense?

you'd want to get the publications on it esp now that you have a dedicated home office. Keeping a ledger of expenses is going to be very important...if you are going to claim it at 100% you are going to need to be very careful with reporting. IRS knows it's rare for any home office to be truly 100% business.

 

[alkemyst]

Originally posted by: SmoochyTX
I read this following blurb on my local paper's website - "If you were the victim of a federally declared natural disaster in 2008, you also can increase your standard deduction by your net loss."


I had a bunch of glass and paint damage to my car as a result of Hurricane Ike. I paid the insurance company my $500 comprehensive deductible to have it taken care of. Can I get that $500 back?

you need to read the IRS's info on it. They are very specific to where you were and what is covered.

 

[SmoochyTX]

Originally posted by: alkemyst

Originally posted by: SmoochyTX
I read this following blurb on my local paper's website - "If you were the victim of a federally declared natural disaster in 2008, you also can increase your standard deduction by your net loss."


I had a bunch of glass and paint damage to my car as a result of Hurricane Ike. I paid the insurance company my $500 comprehensive deductible to have it taken care of. Can I get that $500 back?

you need to read the IRS's info on it. They are very specific to where you were and what is covered.

If you're referring to Publication 547, I've read it but don't really understand it.

So is it saying then that I can only get back $400 because of the $100 rule?

ETA - If you're referring to something else, could you (or somebody else) help me out a little? Thanks.

 

[alkemyst]

Originally posted by: SmoochyTX

you need to read the IRS's info on it. They are very specific to where you were and what is covered.

If you're referring to Publication 547, I've read it but don't really understand it.

So is it saying then that I can only get back $400 because of the $100 rule?

ETA - If you're referring to something else, could you (or somebody else) help me out a little? Thanks.
[/quote]

This is a good example why springing for Turbotax or the like is a smart choice It will walk you right through it.

http://www.irs.gov/newsroom/ar...e/0,,id=186874,00.html you should find your details under that link.

Publication 547 is a general purpose document, but you are understanding the rules correctly. Usually the first $100 is on the taxpayer in these kinds of things. It's still not a bad deal getting the government to pick up some of the tab over something they could not control.

Some people are trying to use publication 4492. That was for wilma, rita and katrina so make sure you don't get that one. Also the rules are very specific to certain areas, being you are in Texas (I am assuming) you should be fine. Some are trying to claim for Ike here in Florida. Florida is not a valid disaster area.

 

[EagleKeeper]

Originally posted by: 49erinnc
I sold a home in 2008 and paid $7500 towards the buyer's closing costs and $6800 in commissions. What am I allowed to deduct out of these amounts? Currently, I've only deducted the property taxes and interest I paid on the home I sold.

TaxAct Online is a little vague in terms of detailing everything in regards to selling/buying homes and I want to make sure I do everything on the up and up.

TIA!

Anything that you paid for the buyer that has the word tax or government fees attached to the description it should qualify.

 

[EagleKeeper]

Originally posted by: alkemyst
Outside copays, loss of income and direct payments, what medical / dental expenses qualify. I am at $5300 for 2008 and will probably need a bit more to make the threshhold. As soon as my wife's W2 hits I will know more.

Travel expenses

 

[EagleKeeper]

Originally posted by: xSauronx

Originally posted by: alkemyst
You will have to come to an agreement and claim or pay it. Any other way the IRS will be knocking probably.

well i have a payment agreement with them now. but if i file, my refund will be less than what the total is worth, so wont they take it and still say "hey bitch, you owe us moar money" ?

my concern is that theyll take my refund, say i still owe (and i would), and shed get all her refund. we have a written agreement between the two of us to pay half of it each, since the IRS wont split it or something, but she is likely to spend her refund before she blinks twice and i dont want to get reamed harder than i have to

edit: since it was a joint return filed, we are both on the bill owed, im just worried that ill get screwed since my name was first on the return or something

You do have the option of filing an injured spouse appeal.

Essentially, you claim that your spouse did something w/ respect to taxes that you are not aware of and you are being penalized for their doing.

 

[blurredvision]

In 2008, my wife received almost 2 months of short-term disability in addition to money from our PIP coverage on our automobile insurance.

Are these sources of income during her time out of work taxable? If not, will I even be asked to input the numbers on any forms for my return?

Thanks guys!!!

 

[SmoochyTX]

Originally posted by: alkemyst

Originally posted by: SmoochyTX

Originally posted by: alkemyst
you need to read the IRS's info on it. They are very specific to where you were and what is covered.

If you're referring to Publication 547, I've read it but don't really understand it.

So is it saying then that I can only get back $400 because of the $100 rule?

ETA - If you're referring to something else, could you (or somebody else) help me out a little? Thanks.

This is a good example why springing for Turbotax or the like is a smart choice It will walk you right through it.

http://www.irs.gov/newsroom/ar...e/0,,id=186874,00.html you should find your details under that link.

Publication 547 is a general purpose document, but you are understanding the rules correctly. Usually the first $100 is on the taxpayer in these kinds of things. It's still not a bad deal getting the government to pick up some of the tab over something they could not control.

Some people are trying to use publication 4492. That was for wilma, rita and katrina so make sure you don't get that one. Also the rules are very specific to certain areas, being you are in Texas (I am assuming) you should be fine. Some are trying to claim for Ike here in Florida. Florida is not a valid disaster area.

I use TaxAct but hadn't thought about being able to get part of my deductible back until today when I read that news link. I know the program guides me through things, but I like to be able to sorta understand things myself as well. Thanks!

 

[ChaoZ]

Do I need to file my taxes? The only income I have is $180 in interest income. Also got $5.3k in FAFSA while tuition is $3.9k.

 

[vi edit]

The turbo tax website is HORRIBLE tonight. I'm ready to put my fist through the monitor. It's logging me out ever 40 seconds.

A 30 minute return file is taking me over an hour and a half.

 

[ICRS]

Originally posted by: alkemyst

Originally posted by: ICRS
Last year I participated in a fund raising raffle for our companies holiday party. I ended up winning the rafle and around $200. Do I need to report this or anything?

yes...however being a company function make sure they didn't already take the taxes out of one of your paychecks.

No they didn't. Also the raffle was in cash, and not reported to the IRS in any document by my company.

 

[EagleKeeper]

Originally posted by: ChaoZ
Do I need to file my taxes? The only income I have is $180 in interest income. Also got $5.3k in FAFSA while tuition is $3.9k.

The amount of interest income will require you to file.

 

[EagleKeeper]

Originally posted by: vi edit
The turbo tax website is HORRIBLE tonight. I'm ready to put my fist through the monitor. It's logging me out ever 40 seconds.

A 30 minute return file is taking me over an hour and a half.

Did you ever see any recommendation from us on doing a complex return online.:brokenheart: