8th Annual Anandtech Tax Time Thread (OP Updated 14th Jan)

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mwtgg

Lifer
Dec 6, 2001
10,491
0
0
To clarify, she never received a W2 or any type of official paperwork for that matter. The only thing she has is a typed up piece of paper stating x amount of taxes were withheld, but as far as she knows, they were never officially sent off to the IRS. It appears that the owner of the company just kept the money. She has asked the company for W2's or any kind of tax form at all but was completely ignored.

The whole thing was a very shady deal; she was paid only with western union type checks, never officially paid from x company. She's already contacted the IRS, NYS dept of labor, etc. and reported the guy, but the only answer she's ever received when attempting to follow up was that they were "looking into it". Not only did the owner of x shady business not have any official forms, but he also still owed her close to $2000 in back pay when she quit out of frustration of not getting paid for over 5 weeks in a row.

http://www.irs.gov/newsroom/article/0,,id=106470,00.html
 

FAS284

Senior member
Jan 25, 2002
843
0
0
I just want to make sure I'm reading the IRS documentation correctly ...

for the first time, our AGI is around $154K and I have a 403b.. my wife joined her 403b for one month (december). Because of this, it seems like the documentation and tax software are saying that we cannot deduct any amount of trad IRA contribution we make in either of our names (was planning to put it in her name).

Is that correct? Thanks in advance!
 

steppinthrax

Diamond Member
Jul 17, 2006
3,990
6
81
I have a 15 yr fixed mortgage that I paid points on last year. When I got my mortgage interest statement in the mail for interest paid on the mortgage it didn't include the points paid in Box 4. I contacted my bank, they indicated since it was under 600 dollars they are not required to list this, they indicated the total points paid was $267.00. I placed this amount in turbo tax and found it did make a difference, but not by much. So I guess my question is why didn't they report this amount?
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0
I have a 15 yr fixed mortgage that I paid points on last year. When I got my mortgage interest statement in the mail for interest paid on the mortgage it didn't include the points paid in Box 4. I contacted my bank, they indicated since it was under 600 dollars they are not required to list this, they indicated the total points paid was $267.00. I placed this amount in turbo tax and found it did make a difference, but not by much. So I guess my question is why didn't they report this amount?
Federal requirements/paperwork.:thumbsdown:

Depending on your income; that can be anywhere from $20 to about $80 in your pocket.:thumbsup:

As long as you are aware of the points issue; then you can hound the bank every year for the numbers
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0
I just want to make sure I'm reading the IRS documentation correctly ...

for the first time, our AGI is around $154K and I have a 403b.. my wife joined her 403b for one month (december). Because of this, it seems like the documentation and tax software are saying that we cannot deduct any amount of trad IRA contribution we make in either of our names (was planning to put it in her name).

Is that correct? Thanks in advance!
Looking at the IRS info on 403B, apparently there are different flavors of money w/ respect to the 403B.
You have not provided enough info for myself to propose any theories.
 

mwtgg

Lifer
Dec 6, 2001
10,491
0
0
I just want to make sure I'm reading the IRS documentation correctly ...

for the first time, our AGI is around $154K and I have a 403b.. my wife joined her 403b for one month (december). Because of this, it seems like the documentation and tax software are saying that we cannot deduct any amount of trad IRA contribution we make in either of our names (was planning to put it in her name).

Is that correct? Thanks in advance!

Well, assuming you're not covered under a retirement plan at work and your wife is, your AGI has to be over $167k for the IRA contribution to not be deductible.
 

Aharami

Lifer
Aug 31, 2001
21,293
146
106
First time doing my own taxes (uncle is a CPA and he usually does it). Our taxes are pretty simple, but we live in one state and my wife works in the neighboring state. Will Turbo tax deluxe have all the state codes we'd need? Or does it only come with 1 state and federal, and I'd have to buy the 2nd state at extra cost?

Also, do I HAVE to purchase my own copy of Turbo Tax, or can I use a copy my friend has bought and used already?
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0
First time doing my own taxes (uncle is a CPA and he usually does it). Our taxes are pretty simple, but we live in one state and my wife works in the neighboring state. Will Turbo tax deluxe have all the state codes we'd need? Or does it only come with 1 state and federal, and I'd have to buy the 2nd state at extra cost?

Also, do I HAVE to purchase my own copy of Turbo Tax, or can I use a copy my friend has bought and used already?

You will get raped for two states; loading and filing for both.
depending on the version that he has, you may be able to get one state download at no charge.

If you do not have to file in the work state, but allow the home state to handle the taxes; you may be able to use only one state.

Much depends on how TT allows electronic filing.
If they provide you filing codes that can be reused, then you are fine unless those codes are used up.

I think that installing the S/W is not the problem - it used to be that the installation required a code; They have changed it to making state support, filing & un-needed upgrades be where the money maker is.
 

mwtgg

Lifer
Dec 6, 2001
10,491
0
0
First time doing my own taxes (uncle is a CPA and he usually does it). Our taxes are pretty simple, but we live in one state and my wife works in the neighboring state. Will Turbo tax deluxe have all the state codes we'd need? Or does it only come with 1 state and federal, and I'd have to buy the 2nd state at extra cost?

Also, do I HAVE to purchase my own copy of Turbo Tax, or can I use a copy my friend has bought and used already?

Just out of curiosity, is the neighboring state PA?
 

Homerboy

Lifer
Mar 1, 2000
30,855
4,969
126
"
Refund Status Results

Your expected refund date has been changed due to processing delays. You should receive your refund by March 15, 2011."

DOH!
 

Davegod75

Diamond Member
Jun 27, 2000
5,320
0
0
Last year I could not itemize but had a significant amount of charitable givings. This year I can itemize. Can I carry that amount this year? Turbotax is indicating I can. I'm not where near the 50&#37; AGI limit.

The only thing that has me thinking twice is that I did not itemize last year.

Thanks
 

SandEagle

Lifer
Aug 4, 2007
16,813
13
0
if someone had zero income last year and only a 1099R from a retirement/pension, do they need to file taxes at all?
 

mwtgg

Lifer
Dec 6, 2001
10,491
0
0
Last year I could not itemize but had a significant amount of charitable givings. This year I can itemize. Can I carry that amount this year? Turbotax is indicating I can. I'm not where near the 50% AGI limit.

The only thing that has me thinking twice is that I did not itemize last year.

Thanks

Your gut is right. You didn't itemize last year, those deductions are "lost", in essence. They can't be carried over.
 

SandEagle

Lifer
Aug 4, 2007
16,813
13
0
For the most part, yes. What's box 2 of the 1099-R say?

there's no box 2, but there is a 2a and a 2b. 2a is the taxable amount box and its blank. 2b is a box that is checked and says 'taxable amount not determined'
 

mwtgg

Lifer
Dec 6, 2001
10,491
0
0
there's no box 2, but there is a 2a and a 2b. 2a is the taxable amount box and its blank. 2b is a box that is checked and says 'taxable amount not determined'

What kind of pension is this? Civil service/teachers?
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0
Last year I could not itemize but had a significant amount of charitable givings. This year I can itemize. Can I carry that amount this year? Turbotax is indicating I can. I'm not where near the 50% AGI limit.

The only thing that has me thinking twice is that I did not itemize last year.

Thanks

Your gut is right. You didn't itemize last year, those deductions are "lost", in essence. They can't be carried over.

Carry forwards will only work when you exceed the allowed limit the previous year for certain items.

As stated above, given that you did not itemized, you did not exceed the allowed limit.
 

Aharami

Lifer
Aug 31, 2001
21,293
146
106
You will get raped for two states; loading and filing for both.
depending on the version that he has, you may be able to get one state download at no charge.

If you do not have to file in the work state, but allow the home state to handle the taxes; you may be able to use only one state.

Much depends on how TT allows electronic filing.
If they provide you filing codes that can be reused, then you are fine unless those codes are used up.

I think that installing the S/W is not the problem - it used to be that the installation required a code; They have changed it to making state support, filing & un-needed upgrades be where the money maker is.

Thanks EagleKeeper

Just out of curiosity, is the neighboring state PA?

no, it's NY
 

mwtgg

Lifer
Dec 6, 2001
10,491
0
0
she receives benefits from her deceased husband's pension (retired auto worker)

I'm guessing it is all taxable. Usually it's nontaxable to the extent of contributions (basis). By this point, it's likely been exceeded.
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,591
5
0