Taxes are done!

Unagi · Post by **Unagi** » Sat Apr 08, 2023 10:28 pm

Kraken wrote: Sat Apr 08, 2023 9:46 pm Now I'm eagerly watching my checking account for a $3 deposit. This will almost certainly be my only tax refund this year.

Cha-Ching !!

coopasonic · Post by **coopasonic** » Sun Apr 09, 2023 2:16 pm

My tax return would let me take the AWS Solution Architect Associate Exam around 56 times, which I need to pass for work. I hope I do not need 56 attempts and I may have some money left over to play with.

Zenn7 · Post by **Zenn7** » Sun Apr 09, 2023 5:28 pm

HELP PLEASE! - SOLVED

My college kid did some work for an advisory counsel (non-profit), got paid as a non-employee for a few odd tasks/jobs. Got just a little over $2k. That was paid directly to him, no taxes taken out, he did not file any taxes.
- The entire rest of his income is 2 part time jobs is ~$2600 (total about $5,000).
- We are paying for his living outside of college, all food, medical expenses, etc so we claim him on our taxes.

We use TaxAct.com (free fed filing, we don't have anything special going on).

This is the first year he had to file this "independent contractor" income. Using TaxAct, they are saying we need to use some small business version that would cost $90+.

That seems crazy to have to pay that much for tax services for so little income? Is there another free/cheaper software/option or am I just screwing this up some how when I enter his 1099-NEC?

We know we're going to have to pay in taxes for this, just trying to not pay a such a large fee to get the taxes done relative to the income. Any suggestions/advice?

disarm · Post by **disarm** » Sun Apr 09, 2023 6:00 pm

Quick search makes it look like he doesn't hit the income cutoff for needing to file a tax return this year. As long as his total is low enough, he isn't required to do anything.

The IRS has an online tool to help determine whether one should file a return or not...

https://www.irs.gov/help/ita/do-i-need- ... tax-return

Zenn7 · Post by **Zenn7** » Sun Apr 09, 2023 6:32 pm

Thanks Disarm.

Looked into that, looks like 2 issues:
The non-employee income where they did not with hold taxes:
- Think he might have to play Social Security/Medicare
- He made over $400

Owes a special tax and has special circumstance tax.

EDIT: Still has to pay taxes, but that link did have a think for free filing through taxact (as well as many other options) for having less thank $73k adjust gross income.
Still have to pay $40 for the "privilege" of paying the State of Michigan additional income tax.
He actually had $0 in Federal taxes due, but had to pay for Social Security and Medicare income from that "self employed" income.

Thank you again Disarm, that's what I was looking for!

Scuzz · Post by **Scuzz** » Mon Apr 10, 2023 9:05 pm

disarm wrote: Sun Apr 09, 2023 6:00 pm Quick search makes it look like he doesn't hit the income cutoff for needing to file a tax return this year. As long as his total is low enough, he isn't required to do anything.

The IRS has an online tool to help determine whether one should file a return or not...

https://www.irs.gov/help/ita/do-i-need- ... tax-return

Depends. Did you claim him as a dependent? If so the taxable income cutoff is lower because he doesn’t get the exemption. Should be easy to check though on the IRS website. The amount changes every year.

Pyperkub · Post by **Pyperkub** » Tue Apr 11, 2023 12:27 pm

Very annoying that Wells Fargo data import to turbo tax has been down since Saturday( at least).

At least now it gives a message that it should be ready tomorrow.

Sent from my SM-S908U1 using Tapatalk

LawBeefaroni · Post by **LawBeefaroni** » Fri Apr 14, 2023 6:52 pm

Our account's daughter took over the business this year so same shop but new team. Well deserved retirement.

coopasonic · Post by **coopasonic** » Fri Apr 14, 2023 9:22 pm

LawBeefaroni wrote: Fri Apr 14, 2023 6:52 pm Our account's daughter took over the business this year so same shop but new team. Well deserved retirement.

We've had the same thing happening over the last few years. He has been letting his kids do more and more of the work. He's done my wife's taxes for 30 years and mine for 23.

em2nought · Post by **em2nought** » Fri Apr 14, 2023 9:45 pm

disarm wrote: Sun Apr 09, 2023 6:00 pm Quick search makes it look like he doesn't hit the income cutoff for needing to file a tax return this year. As long as his total is low enough, he isn't required to do anything.

The IRS has an online tool to help determine whether one should file a return or not...

https://www.irs.gov/help/ita/do-i-need- ... tax-return

I thought you always owed 15.3% on all earned income no matter how small?

Thanks for that link by the way.

Kraken · Post by **Kraken** » Fri Apr 14, 2023 11:40 pm

My company got its $3 refund check from the IRS today, and to my delight they added $.03 in interest!

Still waiting for our CPA to file our personal returns, which is making me nervous because it's a holiday weekend and the deadline is Tuesday. Our former CPA always waited until the last minute, too, so maybe this is just a thing they do.

Isgrimnur · Post by **Isgrimnur** » Sat Apr 15, 2023 10:06 am

Refund received.

Octavious · Post by **Octavious** » Mon Apr 17, 2023 8:22 pm

Between state and fed I ended up owing 187 bucks. Nailed it!

Kraken · Post by **Kraken** » Mon Apr 17, 2023 9:37 pm

I reckon we're going to be late this year. Today was the last day this week that Wife and I are both home together and available to sign our tax forms, but our CPA didn't respond to two emails and a voicemail and nothing was uploaded to our portal. He has until midnight tomorrow to either file our returns or an extension. I am displeased.

Zarathud · Post by **Zarathud** » Mon Apr 17, 2023 10:12 pm

Extended, likely getting a few thousand back once I complete my wife’s business tax return.

pr0ner · Post by **pr0ner** » Tue Apr 18, 2023 9:17 am

Octavious wrote: Mon Apr 17, 2023 8:22 pm Between state and fed I ended up owing 187 bucks. Nailed it!

I think my total refund between the feds and the state was about $120. Closest I've ever come to a zero sum on my taxes.

Octavious · Post by **Octavious** » Tue Apr 18, 2023 9:53 am

I lose the child tax credit for this year as my daughter turned 17. So I really need to go to hr this week and increase my withholding or I'm going to hate life next tax season.

I think it's going to be a mess no matter what though as my wife's office is closing and they are paying out severance pay and they suck and will certainly screw up the taxes on it. The firstb3 months at that job they weren't withholding taxes at all until I noticed.

stessier · Post by **stessier** » Tue Apr 18, 2023 11:08 am

Octavious wrote: Tue Apr 18, 2023 9:53 am I lose the child tax credit for this year as my daughter turned 17. So I really need to go to hr this week and increase my withholding or I'm going to hate life next tax season.

I think it's going to be a mess no matter what though as my wife's office is closing and they are paying out severance pay and they suck and will certainly screw up the taxes on it. The firstb3 months at that job they weren't withholding taxes at all until I noticed.

Wait, that happens in year 17? I thought it was 18.

Jaymann · Post by **Jaymann** » Tue Apr 18, 2023 11:14 am

Well the state of CA and the feds swooped in and took their blood money from my bank account, so I am officially done for this year. Learned my lesson on withholding.

Smoove_B · Post by **Smoove_B** » Tue Apr 18, 2023 11:14 am

stessier wrote: Tue Apr 18, 2023 11:08 am Wait, that happens in year 17? I thought it was 18.

Having heard the cries from RM9 and Trent over the last few years, yes. The last time you can claim the credit is during your child's 16th year. Once they turn 17? Goodnight moon.

Octavious · Post by **Octavious** » Tue Apr 18, 2023 11:19 am

Smoove_B wrote: Tue Apr 18, 2023 11:14 am
stessier wrote: Tue Apr 18, 2023 11:08 am Wait, that happens in year 17? I thought it was 18.
Having heard the cries from RM9 and Trent over the last few years, yes. The last time you can claim the credit is during your child's 16th year. Once they turn 17? Goodnight moon.

I can imagine the pain is much worse if you have multiple kids. I'm kicking my daughter out. She's of no use to me now!

malchior · Post by **malchior** » Tue Apr 18, 2023 11:49 am

Late yesterday we got word from my wife's extra special employer that their payroll vendor messed up state tax withholding for a period of time last year. Unfortunately my wife or any other of her dozens of colleagues didn't notice the fluctuation in their paychecks that indicated that the payroll company accidentally zeroed out the deduction of state taxes. Perhaps a coincidence that this came out the day before the deadline or perhaps they strung out a decision to notify but super duper on their part. We just got a note that W2Cs are on the way and we can bill them for any costs for amending that are coming.

Octavious · Post by **Octavious** » Tue Apr 18, 2023 11:56 am

She's certainly in competition for the worst job of all of us.

She will 100% be "winning" when June hits. I don't think in 20 years I've ever had a single payroll issue. At least we do one thing right...

Kraken · Post by **Kraken** » Tue Apr 18, 2023 12:25 pm

CPA wants to file an extension so he can go over our returns in detail once more. We either owe $2,200 or $350, depending on whether he applied the $1,850 estimated payment that I made in January. I should know within an hour or so. Anything under $1,000 is break-even as far as I'm concerned so a $350 bill would be most excellent. (We did break even on state.)

Octavious · Post by **Octavious** » Tue Apr 18, 2023 12:31 pm

1,850 while annoying isn't too horrible. My SIL owes like 7K because she cashed out part of her 401K to buy a house and didn't figure out the penalties and such correctly. Whoops...

Kraken · Post by **Kraken** » Tue Apr 18, 2023 1:35 pm

Worse than expected: We owe the feds $2,400 and the state $700. This is mostly due to Wife's capital gain from selling the Lansing house, plus the underwithholding from her teaching jobs and the profit from my company.

Pretty big hit. Dammit.

stessier · Post by **stessier** » Tue Apr 18, 2023 1:36 pm

Smoove_B wrote: Tue Apr 18, 2023 11:14 am
stessier wrote: Tue Apr 18, 2023 11:08 am Wait, that happens in year 17? I thought it was 18.
Having heard the cries from RM9 and Trent over the last few years, yes. The last time you can claim the credit is during your child's 16th year. Once they turn 17? Goodnight moon.

Great googly moogly!!!! Thanks to both of you for bringing this up!

Which legislative morons figured kids don't need support while still required to go to high school???

Isgrimnur · Post by **Isgrimnur** » Tue Apr 18, 2023 1:42 pm

stessier wrote: Tue Apr 18, 2023 1:36 pm
Smoove_B wrote: Tue Apr 18, 2023 11:14 am
stessier wrote: Tue Apr 18, 2023 11:08 am Wait, that happens in year 17? I thought it was 18.
Having heard the cries from RM9 and Trent over the last few years, yes. The last time you can claim the credit is during your child's 16th year. Once they turn 17? Goodnight moon.
Great googly moogly!!!! Thanks to both of you for bringing this up!

Which legislative morons figured kids don't need support while still required to go to high school???

John Kasich

Octavious · Post by **Octavious** » Tue Apr 18, 2023 2:13 pm

stessier wrote: Tue Apr 18, 2023 1:36 pm
Smoove_B wrote: Tue Apr 18, 2023 11:14 am
stessier wrote: Tue Apr 18, 2023 11:08 am Wait, that happens in year 17? I thought it was 18.
Having heard the cries from RM9 and Trent over the last few years, yes. The last time you can claim the credit is during your child's 16th year. Once they turn 17? Goodnight moon.
Great googly moogly!!!! Thanks to both of you for bringing this up!

Which legislative morons figured kids don't need support while still required to go to high school???

Ya I'm kind of anal about making sure I get my taxes as close to zero as possible so this was a big one to keep track of. The way they word it could also be super confusing, but I know I'm right sadly. What's 2,000 dollars buy you anyway? A banana?

stessier · Post by **stessier** » Tue Apr 18, 2023 2:21 pm

Octavious wrote: Tue Apr 18, 2023 2:13 pm
stessier wrote: Tue Apr 18, 2023 1:36 pm
Smoove_B wrote: Tue Apr 18, 2023 11:14 am
stessier wrote: Tue Apr 18, 2023 11:08 am Wait, that happens in year 17? I thought it was 18.
Having heard the cries from RM9 and Trent over the last few years, yes. The last time you can claim the credit is during your child's 16th year. Once they turn 17? Goodnight moon.
Great googly moogly!!!! Thanks to both of you for bringing this up!

Which legislative morons figured kids don't need support while still required to go to high school???
Ya I'm kind of anal about making sure I get my taxes as close to zero as possible so this was a big one to keep track of. The way they word it could also be super confusing, but I know I'm right sadly. What's 2,000 dollars buy you anyway? A banana?

Yeah, I checked and you're right. Figuring out how to fill out a new withholding form correctly is mind boggling. I think I did it, but it sure didn't make a lot of sense how they explain it. Guess I really didn't really want to spend that cost of living increase this year anyway.

Pyperkub · Post by **Pyperkub** » Tue Apr 18, 2023 2:28 pm

Checks mailed out, but forgot I'd need Mrs. Kub's Driver's License info to file electronically, so I'll need to do that when we get home from work tonight.

Also need to find some money to cover the checks mailed out (not sure if the payday direct deposit later this week will be in time) - I had a good chunk saved up to cover what I thought we'd owe, but I was off by a fair amount -oops!

Octavious · Post by **Octavious** » Tue Apr 18, 2023 2:29 pm

I just use Turbo Tax and I takes me about an hour to do my taxes. Mine are super simple though... W2's... Property Taxes and that's about it. I don't have enough things to enter to get out of the standard deduction. Eh... Turbo Tax was over 100 dollars this year. Just a few years ago it was like 70 bucks. Dicks...

stessier · Post by **stessier** » Tue Apr 18, 2023 2:54 pm

Octavious wrote: Tue Apr 18, 2023 2:29 pm I just use Turbo Tax and I takes me about an hour to do my taxes. Mine are super simple though... W2's... Property Taxes and that's about it. I don't have enough things to enter to get out of the standard deduction. Eh... Turbo Tax was over 100 dollars this year. Just a few years ago it was like 70 bucks. Dicks...

If it really is what you said, you could have filed for Free. They don't make it obvious, but if you are taking the standard deduction and have no stock sales, it's free.

Octavious · Post by **Octavious** » Tue Apr 18, 2023 3:25 pm

stessier wrote: Tue Apr 18, 2023 2:54 pm
Octavious wrote: Tue Apr 18, 2023 2:29 pm I just use Turbo Tax and I takes me about an hour to do my taxes. Mine are super simple though... W2's... Property Taxes and that's about it. I don't have enough things to enter to get out of the standard deduction. Eh... Turbo Tax was over 100 dollars this year. Just a few years ago it was like 70 bucks. Dicks...
If it really is what you said, you could have filed for Free. They don't make it obvious, but if you are taking the standard deduction and have no stock sales, it's free.

To e-file? That would suck, but maybe I need to look into it better for next year.

Octavious · Post by **Octavious** » Tue Apr 18, 2023 3:43 pm

Son of a... That's some shady shit to change over 100 dollars for something I can get for free.

https://turbotax.intuit.com/lp/ppc/2958 ... lsrc=aw.ds

Kraken · Post by **Kraken** » Tue Apr 18, 2023 3:45 pm

On top of the $2,400 I sent the IRS and $700 that went to the state, I also gave the town $1,200 in property taxes today. I have just enough left in the tax account to pay the CPA. At least I budgeted enough savings each month to cover everything.

stessier · Post by **stessier** » Tue Apr 18, 2023 4:54 pm

Octavious wrote: Tue Apr 18, 2023 3:43 pm Son of a... That's some shady shit to change over 100 dollars for something I can get for free.

https://turbotax.intuit.com/lp/ppc/2958 ... lsrc=aw.ds

Yep. It used to be worse with them completely burying the links. Now, at least, a search will find them...but you have to know to search.

coopasonic · Post by **coopasonic** » Tue Apr 18, 2023 5:09 pm

Kraken wrote: Tue Apr 18, 2023 3:45 pm I also gave the town $1,200 in property taxes today.

You pay property tax monthly or something?

Kraken · Post by **Kraken** » Tue Apr 18, 2023 6:01 pm

coopasonic wrote: Tue Apr 18, 2023 5:09 pm
Kraken wrote: Tue Apr 18, 2023 3:45 pm I also gave the town $1,200 in property taxes today.
You pay property tax monthly or something?

Quarterly. This ain't New Joisey!

Pyperkub · Post by **Pyperkub** » Mon Apr 24, 2023 8:35 pm

Pyperkub wrote: Tue Apr 18, 2023 2:28 pm Checks mailed out, but forgot I'd need Mrs. Kub's Driver's License info to file electronically, so I'll need to do that when we get home from work tonight.

Also need to find some money to cover the checks mailed out (not sure if the payday direct deposit later this week will be in time) - I had a good chunk saved up to cover what I thought we'd owe, but I was off by a fair amount -oops!

Looks like I got away with it. Checks covered now before they were cashed! HooBoy.