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Tax Questions


Middle Buffalo
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4 minutes ago, Rowand44 said:

Ya, same.  I basically ran all my stuff and am ready to file but am not actually going to until the 10.2 k exempt is on there and it isn't yet.  You'd think that would have been something they'd add in right away.

The IRS appears to have released the instructions yesterday if you're filling it out by hand. If you're using a software package, they will need time to get updates to you, but this guidance is out so it should only be days.

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

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4 minutes ago, Balta1701 said:

The IRS appears to have released the instructions yesterday if you're filling it out by hand. If you're using a software package, they will need time to get updates to you, but this guidance is out so it should only be days.

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

Ya, I do it through TurboTax and it's just not updated it.  But cool beans, thanks for the info!

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1 hour ago, Rowand44 said:

Ya, I do it through TurboTax and it's just not updated it.  But cool beans, thanks for the info!

Yep I was doing it through turbo tax as well.  I  saw I owed money because of the unemployment I received last year and hit the brakes, fast haha.

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Everybody hates taxes and loathes the process, so they make it worse haha. I haven't researched this, but I'd guess most people would rather just take a flat tax and be done with it. No filling. No deductions, no mess. Just a flat tax and be done. Some would get screwed a bit, some would win a bit, but in the end it would eliminate something we hate more than anything. 

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I finally took the time to figure my taxes without claiming my 19 and 21 year olds.

Having my 19 year old file independently gave her around a $3600 refund because I put all the tuition expense on her. She made around $10,000 working part time.

My 21 year old had a pretty crappy year because his study abroad program was canceled in March for obvious reasons, but he still paid most of the cost by taking out loans. The school gave a small refund for housing, but not much. Then, he couldn’t get hired anywhere when he came back, and now he has his hardest labs, etc, so I don’t even think he’s really looking very hard for a job. He’s getting around $1800.

My bill went up $1000 when I didn’t claim them, but the net gain is $4400. I told them just to give me the $500 I lost for not claiming each of them.

I hope they get the stimulus checks too. Not getting anything for them last year is what a made me think it was a mistake to claim them at all once they are over 18.

 

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On 3/21/2021 at 6:33 PM, Middle Buffalo said:

I finally took the time to figure my taxes without claiming my 19 and 21 year olds.

Having my 19 year old file independently gave her around a $3600 refund because I put all the tuition expense on her. She made around $10,000 working part time.

My 21 year old had a pretty crappy year because his study abroad program was canceled in March for obvious reasons, but he still paid most of the cost by taking out loans. The school gave a small refund for housing, but not much. Then, he couldn’t get hired anywhere when he came back, and now he has his hardest labs, etc, so I don’t even think he’s really looking very hard for a job. He’s getting around $1800.

My bill went up $1000 when I didn’t claim them, but the net gain is $4400. I told them just to give me the $500 I lost for not claiming each of them.

I hope they get the stimulus checks too. Not getting anything for them last year is what a made me think it was a mistake to claim them at all once they are over 18.

 

Good on you for doing the work and reaching an equitable situation for you and your kids. 

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  • 1 month later...
On 5/23/2021 at 8:28 PM, bigruss said:

Sooo randomly I got a notice from Illinois for what it appears not paying taxes in 2018, even though I didn't work or live in the state that year.  This is going to be fun...

It wasn't bad for the 1997 tax year. I sent a copy of my Federal return with W2s and the case was closed. The only complication they said was I had moved to a state without a state income tax. 

I assume I was audited because I literally moved in late December but stayed with the same employer. There wasn't a split year with earnings in two locations from two different companies

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3 hours ago, Texsox said:

It wasn't bad for the 1997 tax year. I sent a copy of my Federal return with W2s and the case was closed. The only complication they said was I had moved to a state without a state income tax. 

I assume I was audited because I literally moved in late December but stayed with the same employer. There wasn't a split year with earnings in two locations from two different companies

Yea doesnt seem too bad after I talked to them, have to send my Wisconsin tax return and then prove residency which is kind of a pain in the butt since it was a few years ago but doable.

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IIRC the first solution was showing I paid state income tax in another state. Texas does not have a state income tax so that was impossible. Still no matter how easy it's annoying. 

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Finally got my return but it’s less than what I filed for.

”We changed the amount claimed as Recovery Rebate Credit on your tax return. The error was in one or more of the following:  The Social Security number of one or more individuals claimed as a qualifying dependent was missing or incomplete.  The last name of one or more individuals claimed as a qualifying dependent does not match our records.  One or more individuals claimed as a qualifying dependent exceeds the age limit.  Your adjusted gross income exceeds $75,000 ($150,000 if married filing jointly, $112,500 if head of household).  The amount was computed incorrectly. “

I promise I made no where near 75k last year.

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15 hours ago, Brian said:

Finally got my return but it’s less than what I filed for.

”We changed the amount claimed as Recovery Rebate Credit on your tax return. The error was in one or more of the following:  The Social Security number of one or more individuals claimed as a qualifying dependent was missing or incomplete.  The last name of one or more individuals claimed as a qualifying dependent does not match our records.  One or more individuals claimed as a qualifying dependent exceeds the age limit.  Your adjusted gross income exceeds $75,000 ($150,000 if married filing jointly, $112,500 if head of household).  The amount was computed incorrectly. “

I promise I made no where near 75k last year.

Typically this is via an informational error.  Bad SSI, wrong spelling, etc.  Call the IRS and see what is going on, and have your records ready close by to fix it.

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