6th Annual Anandtech Tax Time Thread

[ivan2]

I searched ameritrade in the topic but not found the answer of this.

I have yet to receive paper copy of my tax documents from TDAmeritrade, has anyone received theirs? or know if they are going to send them out?

 

[CPA]

Originally posted by: ivan2
I searched ameritrade in the topic but not found the answer of this.

I have yet to receive paper copy of my tax documents from TDAmeritrade, has anyone received theirs? or know if they are going to send them out?

Are you looking for your 1099? If so, Ameritrade has until the end of February to send them out.

 

[ultimatebob]

OK, here's an interesting question...

My new employer has a lousy 401k match... only 20% on my first 4% of income. Would I be better off skipping the 401k entirely and investing that money in a tax deductible IRA up to the limit?

I'm curious, because I had a situation last year where I contributed to both my company 401k and separate IRA, and ended up being unable to deduct my IRA contributions because I was over the income limit.

 

[EagleKeeper]

Originally posted by: ultimatebob
OK, here's an interesting question...

My new employer has a lousy 401k match... only 20% on my first 4% of income. Would I be better off skipping the 401k entirely and investing that money in a tax deductible IRA up to the limit?

I'm curious, because I had a situation last year where I contributed to both my company 401k and separate IRA, and ended up being unable to deduct my IRA contributions because I was over the income limit.

Run the numbers and determine if the extra 20% on the first 4% is providing a higher return than what your IRA is delivering.

 

[cliftonite]

When reporting my Scottrade activity is it enough to export the Gainskeeper information for the year and import that into turbotax and then add the 1099-div manually?

 

[Pheran]

I'm sure that this has already been mentioned somewhere in this thread, but that new rule that allows you to deduct property tax in conjunction with a standard deduction (not itemizing) is awesome, I got back an extra $150 because of it.

 

[nn2000]

I made $5000+ for fixing computers last year and gonna pay $700+ self employment tax. Can I contribute my IRA? I know IRA contribution must be made from income. But I don't have receipt copies as proof for self-employment income, does that matter?

 

[EagleKeeper]

Originally posted by: cliftonite
When reporting my Scottrade activity is it enough to export the Gainskeeper information for the year and import that into turbotax and then add the 1099-div manually?

I do not know what the information that the Gainskeeper package provides.

If it gives that required info that TT askes for (required by IRS), then there should be no problem.

 

[EagleKeeper]

Originally posted by: nn2000
I made $5000+ for fixing computers last year and gonna pay $700+ self employment tax. Can I contribute my IRA? I know IRA contribution must be made from income. But I don't have receipt copies as proof for self-employment income, does that matter?

You can contribute to a SepIRA.

Also, dig for deductions/expenses related to the income and use the Schedule C.
Previous threads have details in self employment areas that people can overlook in generating expenses to offset income.

 

[chibichanman]

I'm already including a copy of my Federal return with my state return, I used TaxCut and it did not instruct me to include a copy of my 1099 (for stocks). However, TurboTax mentions to include a copy of it.

What to do?! I tried the almighty power of Google, but that failed me as most of it was how to report the 1099 information on your return. And despite the #1 link being the ftb.ca.gov, their website automatically goes to the landing page.

Thanks in advance!

 

[EagleKeeper]

Originally posted by: chibichanman
I'm already including a copy of my Federal return with my state return, I used TaxCut and it did not instruct me to include a copy of my 1099 (for stocks). However, TurboTax mentions to include a copy of it.

What to do?! I tried the almighty power of Google, but that failed me as most of it was how to report the 1099 information on your return. And despite the #1 link being the ftb.ca.gov, their website automatically goes to the landing page.

Thanks in advance!

that is now between you and CA.

We try to not handle state tax questions.

You can never send in to much paperwork.

 

[Oyeve]

Ok, last year I filed single with one child as a dependent. Due to a ss# error on my son I never received a stum check for him but got mine, called IRS and they said this years form/SW will have provisions for that. Problem is that this year my exwife is claiming him (we alternate years) and being I didnt claim him, what do I do to get the 300 bucks due from last year? She did her taxes but said there was no provision for it.

 

[nn2000]

Originally posted by: EagleKeeper

Originally posted by: nn2000
I made $5000+ for fixing computers last year and gonna pay $700+ self employment tax. Can I contribute my IRA? I know IRA contribution must be made from income. But I don't have receipt copies as proof for self-employment income, does that matter?

You can contribute to a SepIRA.

Also, dig for deductions/expenses related to the income and use the Schedule C.
Previous threads have details in self employment areas that people can overlook in generating expenses to offset income.

how about ROTH?

 

[EagleKeeper]

Originally posted by: Oyeve
Ok, last year I filed single with one child as a dependent. Due to a ss# error on my son I never received a stum check for him but got mine, called IRS and they said this years form/SW will have provisions for that. Problem is that this year my exwife is claiming him (we alternate years) and being I didnt claim him, what do I do to get the 300 bucks due from last year? She did her taxes but said there was no provision for it.

It is something that has to be worked out between you and the ex.
It is not the IRS problem.

 

[ViperVin2]

I want to use a home equity loan towards a mortgage on a second home. If I take out the home equity loan right now, is there a time window of when I must secure the second home mortgage in order to qualify for tax deductions?

 

[sheemone00]

I am wondering if either my mother or I can file as Head of Household:

1. I live with my mother, she paid all of the rent throughout the year.
2. I made about double what my mother made last year (~60K vs ~30K)

 

[Oyeve]

Originally posted by: EagleKeeper

Originally posted by: Oyeve
Ok, last year I filed single with one child as a dependent. Due to a ss# error on my son I never received a stum check for him but got mine, called IRS and they said this years form/SW will have provisions for that. Problem is that this year my exwife is claiming him (we alternate years) and being I didnt claim him, what do I do to get the 300 bucks due from last year? She did her taxes but said there was no provision for it.

It is something that has to be worked out between you and the ex.
It is not the IRS problem.

No, $300 was never sent to anyone last year for my son. She got 600, I got 600 but being their was a SS# messup with my son (fixed, but was told it was too late at that time to get a 300 check for kid) they said there would be an option to report it not being sent on this years form, yet I dont see it. I use Tax-cut SW btw.

 

[FAS284]

Originally posted by: Pheran
I'm sure that this has already been mentioned somewhere in this thread, but that new rule that allows you to deduct property tax in conjunction with a standard deduction (not itemizing) is awesome, I got back an extra $150 because of it.

how do you go about getting this credit? (i.e. which form or what line of 1040?) i'm using taxact and it did not add in this. Thanks!

 

[EagleKeeper]

Originally posted by: ViperVin2
I want to use a home equity loan towards a mortgage on a second home. If I take out the home equity loan right now, is there a time window of when I must secure the second home mortgage in order to qualify for tax deductions?

You may need to verify that a second home will qualify.

To get the credit, you must close on the home by 30 Nov

 

[EagleKeeper]

Originally posted by: sheemone00
I am wondering if either my mother or I can file as Head of Household:

1. I live with my mother, she paid all of the rent throughout the year.
2. I made about double what my mother made last year (~60K vs ~30K)

If you can show that you provided more than 50% of the support, then you can claim her when filing HOH.

The amount of income does not count, it is the amount of support.

I would suspect that the answer will be now.

 

[EagleKeeper]

Originally posted by: Oyeve

Originally posted by: EagleKeeper

Originally posted by: Oyeve
Ok, last year I filed single with one child as a dependent. Due to a ss# error on my son I never received a stum check for him but got mine, called IRS and they said this years form/SW will have provisions for that. Problem is that this year my exwife is claiming him (we alternate years) and being I didnt claim him, what do I do to get the 300 bucks due from last year? She did her taxes but said there was no provision for it.

It is something that has to be worked out between you and the ex.
It is not the IRS problem.

No, $300 was never sent to anyone last year for my son. She got 600, I got 600 but being their was a SS# messup with my son (fixed, but was told it was too late at that time to get a 300 check for kid) they said there would be an option to report it not being sent on this years form, yet I dont see it. I use Tax-cut SW btw.

The option is the fact that you need to report what was received and the IRS will then calculate on what you should have received based on this years filing status.

Last year you received $600. This year, your filing status shows that your should only receive $600. Everything from the IRS viewpoint balances out.

Last year your ex received $600. This year, her filing status shows that sh should have received $900. Therefore the IRS is adding the missing $300 to her tax credit. Everything from the IRS viewpoint balances out.

You have to work it out with her.

 

[Electric Amish]

I purchased two brand-new cars in 2008. Is there anything in those purchases that is deductible (sales tax, license fees, registration fees, etc...)?

 

[EagleKeeper]

Originally posted by: Electric Amish
I purchased two brand-new cars in 2008. Is there anything in those purchases that is deductible (sales tax, license fees, registration fees, etc...)?

If the cars are personal use and you itemize


The sales tax can be added to the state sales tax table (if you use the sales tax vs state income tax)

Registration fees & license fees are not deductible

 

[evident]

My school sent me a 1098-T. Can i claim the tuition paid if my employer reimbursed me?

 

[CPA]

Originally posted by: evident
My school sent me a 1098-T. Can i claim the tuition paid if my employer reimbursed me?

It's only deductible if the reimbursement is included as wages (W2 Box 1). Check with your payroll department to see if that occurred. There are reimbursement minimum requirements before it is considered reportable.