ATOT's Second Annual Tax Time Thread!

[CPA]

Originally posted by: Wduaqnug
Anyone know steps to do car donation deduction in Taxact

It would work the same as any other charitable deduction, just make sure you follow the IRS rules as it relates to calculating the value.

When you get to charitable contributions line in TaxAct, either look at the rules on the bottom window or pop up the JK Lasser help and you should be able to read up on it there.

 

[TwoMix]

Quick question guys, where do I report my sign on bonus? Or is it already included in my W2 wages? I started work last year and I'm using free turbo tax on the web, i'm not sure where to input it. thanks

 

[EagleKeeper]

Originally posted by: fbrdphreak

The $700 should be listed on the Schedule B as Interest.

The $2K loss should be listed on the Schedule D as capital gains/losses.

She will have to enter the date the investment was started and the initial amount.
Then she will need to enter the date the investment was sold and the amount received. The difference becomes the loss and will automatically be filled in by the tax s/w.

So does that mean we can't use the 1040EZ? Will regular 1040 work? Keep in mind we're using the TurboTax for the Web, the "free" one. Thx

TurboTax on the Web should detect that Schedules B & D are being required and shift to the 1040.

 

[EagleKeeper]

Originally posted by: TwoMix
Quick question guys, where do I report my sign on bonus? Or is it already included in my W2 wages? I started work last year and I'm using free turbo tax on the web, i'm not sure where to input it. thanks

Should be included in the W2

 

[CPA]

Originally posted by: IGBT
..I overfunded my roth IRA..had to take money out and roll it into a cd. If I left the roth overfunded..what would happen?? What would the IRS do?? Fines/intrest/whipping post..what would they do??

you'd have to pay 6% excise tax for every year it's overfunded. You did right to correct the problem.

 

[CPA]

Originally posted by: TwoMix
Quick question guys, where do I report my sign on bonus? Or is it already included in my W2 wages? I started work last year and I'm using free turbo tax on the web, i'm not sure where to input it. thanks

it should already be in your W2 box 1 wages. So it's considered ordinary wages and you should not have to worry about it. If you are worried, check with your employer to make sure it's included.

 

[RossMAN]

If I file my taxes 1 week late what kind of fees/penalties should I expect?

 

[CPA]

Originally posted by: RossMAN
If I file my taxes 1 week late what kind of fees/penalties should I expect?

You will get a major ass raping....

Actually, penalty is .5 percent per month and interest is 5 percent per month compounded daily.

You can avoid most of this by filing an extension and paying an estimated amount. Then when you do file you will only pay penalty and interest on the difference.

 

[RossMAN]

Originally posted by: CPA

Originally posted by: RossMAN
If I file my taxes 1 week late what kind of fees/penalties should I expect?

You will get a major ass raping....

Actually, penalty is .5 percent per month and interest is 5 percent per month compounded daily.

You can avoid most of this by filing an extension and paying an estimated amount. Then when you do file you will only pay penalty and interest on the difference.

Can I pay the amount I owe (actually I think I'm getting a refund for fed but owe on state) 1 week late then they send me a bill for the penalties/interest?

 

[Soybomb]

Question for my dads taxes:
Series HH/H savings bond, says he got like a $10.xx interest check quarterly and cashed it in last year since it had matured. The 1099-int for it has 2 columns for box 3, annual interest paid, and accrued interest reported. There is no interest pad and $1065 accrued interest reported. Is that taxable and listed with the rest of his income I assume?


Thanks!

 

[Zee]

Wow this is cutting it close.

Questions please.

Mother in USA with me. Father in foreign country.
They are filing Married but filing separately.
Mother - savings account interest.
Father - savings and retirement fund (1099-int and R)

Easy stuff. However I have filed Mother as a dependent under me since she has no real income and i pay more then 50% of everything in the home. My father's filing through Turbotax was rejected today. Me and my mother's was Accepted.

Error Code 0509: The secondary taxpayer's social security number was used as a dependent's social security number or used as qualifying child's social security number on Schedule EIC on the current return or a previous return. <OR> The dependent's social security number was used as a secondary taxpayer's social security number on the current return or a previous return. <OR> The qualifying child's social security number on Schedule EIC was used as a secondary taxpayer's social security number on the current return or a previous return.

Did I do something wrong? Because I filed my mother as a dependent under me, were they allowed to file married but separate ?

edit: apparently i have to do it by mail. nevermind, thanks

 

[SuperTool]

Thanks for the help, guys.
Does IRS automatically withdraw on the date I specified? I filed this weekend, it was accepted, and I put today as withdrawal date, but I noticed there is no withdrawal today. Maybe it's too soon for it to go through in 1 business day. Will they just withdraw as soon as they can if the date I put down has passed?

 

[SuperTool]

Also, I filed the CA return using the CA tax board website, for free, and it was accepted. Then I filed federal and state together using taxslayer.com. The federal went through, and the state was rejected with error 900.
Is it because I tried to double file the state return?

 

[EagleKeeper]

Originally posted by: RossMAN

Originally posted by: CPA

Originally posted by: RossMAN
If I file my taxes 1 week late what kind of fees/penalties should I expect?

You will get a major ass raping....

Actually, penalty is .5 percent per month and interest is 5 percent per month compounded daily.

You can avoid most of this by filing an extension and paying an estimated amount. Then when you do file you will only pay penalty and interest on the difference.

Can I pay the amount I owe (actually I think I'm getting a refund for fed but owe on state) 1 week late then they send me a bill for the penalties/interest?

Yes for the Fed. How Oregon handles the bend-over situation, we can not advise.

 

[EagleKeeper]

Originally posted by: Soybomb
Question for my dads taxes:
Series HH/H savings bond, says he got like a $10.xx interest check quarterly and cashed it in last year since it had matured. The 1099-int for it has 2 columns for box 3, annual interest paid, and accrued interest reported. There is no interest pad and $1065 accrued interest reported. Is that taxable and listed with the rest of his income I assume?


Thanks!

Accrued interest is classified as interest paid into the account. It will need to be reported on Schedule B.

 

[EagleKeeper]

Originally posted by: Lazee
Wow this is cutting it close.

Questions please.

Mother in USA with me. Father in foreign country.
They are filing Married but filing separately.
Mother - savings account interest.
Father - savings and retirement fund (1099-int and R)

Easy stuff. However I have filed Mother as a dependent under me since she has no real income and i pay more then 50% of everything in the home. My father's filing through Turbotax was rejected today. Me and my mother's was Accepted.

Error Code 0509: The secondary taxpayer's social security number was used as a dependent's social security number or used as qualifying child's social security number on Schedule EIC on the current return or a previous return. <OR> The dependent's social security number was used as a secondary taxpayer's social security number on the current return or a previous return. <OR> The qualifying child's social security number on Schedule EIC was used as a secondary taxpayer's social security number on the current return or a previous return.

Did I do something wrong? Because I filed my mother as a dependent under me, were they allowed to file married but separate ?

edit: apparently i have to do it by mail. nevermind, thanks

Nope - Married Seperately voids using a parent as a dependent.

You Dad will have to file as Single to get around that roadblock.

 

[EagleKeeper]

Originally posted by: SuperTool
Also, I filed the CA return using the CA tax board website, for free, and it was accepted. Then I filed federal and state together using taxslayer.com. The federal went through, and the state was rejected with error 900.
Is it because I tried to double file the state return?

Double filing for a state of Fed is frowned upon and usually rejected.

It could actually generate an internal flag on your return for further review; The system may think that you are trying to "double dip" for a refund and/or not iled an ammended return.

Most automatic authorizations will take 1-2 days for processing. The tax entity will not process until close of business on the date specified.

 

[SuperTool]

Originally posted by: EagleKeeper

Originally posted by: SuperTool
Also, I filed the CA return using the CA tax board website, for free, and it was accepted. Then I filed federal and state together using taxslayer.com. The federal went through, and the state was rejected with error 900.
Is it because I tried to double file the state return?

Double filing for a state of Fed is frowned upon and usually rejected.

It could actually generate an internal flag on your return for further review; The system may think that you are trying to "double dip" for a refund and/or not iled an ammended return.

Most automatic authorizations will take 1-2 days for processing. The tax entity will not process until close of business on the date specified.

Hehe, I actually owe money to the state. So I definitely don't want to double dip in that

 

[razor2025]

umm... any help regarding my question on scholarships? Thanks.

 

[Crucial]

Thank god for the kids! I'm getting $2600 back this year.

 

[Zee]

Originally posted by: EagleKeeper

Originally posted by: Lazee
Wow this is cutting it close.

Questions please.

Mother in USA with me. Father in foreign country.
They are filing Married but filing separately.
Mother - savings account interest.
Father - savings and retirement fund (1099-int and R)

Easy stuff. However I have filed Mother as a dependent under me since she has no real income and i pay more then 50% of everything in the home. My father's filing through Turbotax was rejected today. Me and my mother's was Accepted.

Error Code 0509: The secondary taxpayer's social security number was used as a dependent's social security number or used as qualifying child's social security number on Schedule EIC on the current return or a previous return. <OR> The dependent's social security number was used as a secondary taxpayer's social security number on the current return or a previous return. <OR> The qualifying child's social security number on Schedule EIC was used as a secondary taxpayer's social security number on the current return or a previous return.

Did I do something wrong? Because I filed my mother as a dependent under me, were they allowed to file married but separate ?

edit: apparently i have to do it by mail. nevermind, thanks

Nope - Married Seperately voids using a parent as a dependent.

You Dad will have to file as Single to get around that roadblock.

He's legally considered married though. won't that create problems filing as single?

 

[Soybomb]

Originally posted by: EagleKeeper

Originally posted by: Soybomb
Question for my dads taxes:
Series HH/H savings bond, says he got like a $10.xx interest check quarterly and cashed it in last year since it had matured. The 1099-int for it has 2 columns for box 3, annual interest paid, and accrued interest reported. There is no interest pad and $1065 accrued interest reported. Is that taxable and listed with the rest of his income I assume?


Thanks!

Accrued interest is classified as interest paid into the account. It will need to be reported on Schedule B.

So for a 1040a that'd be in schedule 1 with like CD interest?

Thanks!

 

[Crucial]

OK First time home owner here. I closed on the home on June 15th 2004. How do I calculate how much property taxes I should claim? We were paid the full amount owed to the city for the whole year by the mortgage company which we then paid to the city. Also I paid majority of the tax owed in 2004 and am making 2 payments in 2005 to pay off the rest of tax bill.

 

[EagleKeeper]

Originally posted by: Soybomb

Originally posted by: EagleKeeper

Originally posted by: Soybomb
Question for my dads taxes:
Series HH/H savings bond, says he got like a $10.xx interest check quarterly and cashed it in last year since it had matured. The 1099-int for it has 2 columns for box 3, annual interest paid, and accrued interest reported. There is no interest pad and $1065 accrued interest reported. Is that taxable and listed with the rest of his income I assume?


Thanks!

Accrued interest is classified as interest paid into the account. It will need to be reported on Schedule B.

So for a 1040a that'd be in schedule 1 with like CD interest?

Thanks!

Yes

 

[EagleKeeper]

Originally posted by: Crucial
OK First time home owner here. I closed on the home on June 15th 2004. How do I calculate how much property taxes I should claim? We were paid the full amount owed to the city for the whole year by the mortgage company which we then paid to the city. Also I paid majority of the tax owed in 2004 and am making 2 payments in 2005 to pay off the rest of tax bill.

Just take the total of all checks that you paid to the City in 2004 if you were paying the taxes yourself.

The mortgage company should have sent you a 1099-I statement showing what interest you paid.

IF they handle the property taxes via escrow, they should also have that indicated on some paperwork for 2004.

Make sure that you dig out all the points and government taxes with respect to closing for the year 2004 taxes also.