Search results

  1. M

    2013 Annual Anandtech Tax Time Thread!

    They are deducted on Line 13 of Schedule A, but do phase out for AGI's over $100k. Don't forget to pick up any real estate taxes and interest paid at settlement. These two items usually don't appear on your 1098. Also, if you paid any points (based on a percentage of the loan amount), those are...
  2. M

    2013 Annual Anandtech Tax Time Thread!

    Got my refund deposited today. My return was accepted January 29th.
  3. M

    2013 Annual Anandtech Tax Time Thread!

    Define "repair". Did the work done correct a material defect or result in an increase to the value of the property? Or did the work performed merely keep the property in working order without resulting in a permanent betterment? If you have to capitalize it, it would be over straight-line over...
  4. M

    2013 Annual Anandtech Tax Time Thread!

    The rollover should be a non-taxable event. I'm assuming the 401k administrator didn't mail the check to you in your name and then you send the funds to the IRA administrator, right? If not, I would call and ask them about it.
  5. M

    2013 Annual Anandtech Tax Time Thread!

    Report both so they show up properly on lines 15 & 16. You're right that the rollover isn't taxable, though.
  6. M

    2013 Annual Anandtech Tax Time Thread!

    Since you paid 100% of the premium with post-tax funds, then yes, the STD payments are non-taxable.
  7. M

    2013 Annual Anandtech Tax Time Thread!

    The need for a 1041 (with a K-1 going to his mom) became more clear when Linflas explained it further. Although, unless I'm missing something, a Form 1040 for 2013 for his brother doesn't need to be filed (nor would a 1310).
  8. M

    2013 Annual Anandtech Tax Time Thread!

    If the decedent's estate didn't have gross income in excess of $600, then there is no estate return necessary. I'm kind of confused by the original question though. Did the decedent in question have any taxable income in 2013?
  9. M

    2013 Annual Anandtech Tax Time Thread!

    Ah, didn't even notice your location. Sounds like you'll be taking the standard deduction. Also, MIP is only deductible for this year anyway, unless Congress extends it again.
  10. M

    2013 Annual Anandtech Tax Time Thread!

    I'm no expert when it comes to every state's property taxes, but at least in PA we have city & county taxes (run calendar year) due in April and school taxes (run June 30 fiscal year end) due in August. I would think in almost every case there would be some taxes refunded to the seller for the...
  11. M

    2013 Annual Anandtech Tax Time Thread!

    You didn't pay any taxes at settlement? There weren't any real estate taxes reimbursed to the seller and charged to you? In any case, if you use software it will do the analysis for you. Just keep in mind, there are other things that go on Schedule A, like any state or local income taxes paid...
  12. M

    2013 Annual Anandtech Tax Time Thread!

    Personal losses aren't deductible, so unless you received a 1099-S from the transaction, no you don't have to do anything on your return.
  13. M

    2013 Annual Anandtech Tax Time Thread!

    Generally, a cancelled check or bank statement would be sufficient in this instance, but to be safe the national pharmacies will provide a tax statement if requested. If you use a local pharmacy, I'm not sure but it can't hurt to ask.
  14. M

    2013 Annual Anandtech Tax Time Thread!

    Student loan interest is deductible the lesser of actual interest paid or $2,500. For a taxpayer filing single, it is fully deductible up to $60k and fully phases out at $75k. For MFJ, it is up to $125k and fully phases out at $155k.
  15. M

    2013 Annual Anandtech Tax Time Thread!

    I don't understand why the IRS won't allow 1096/1099/etc to be printed off their website. Or even produce a software which allows for it to be uploaded directly to them for free. It just makes for a complicated system with all of these middlemen. Don't even get me started on the payroll...
  16. M

    2013 Annual Anandtech Tax Time Thread!

    I'm sure your payroll company will do them for you. However, you can purchase blank 1099 stock from an office supply store, or Amazon.
  17. M

    2013 Annual Anandtech Tax Time Thread!

    Technically it depends on the amount, but I'm guessing it's not excess of $1,000 (assuming she's being claimed as a dependent), so no. I'm sure her resident state has its own filing requirement, but I'm also going to guess that she won't have to file there either.
  18. M

    2013 Annual Anandtech Tax Time Thread!

    It would appear that this withdrawal isn't subject to an early distribution penalty, so just make sure that it isn't calculating. It also seems like his AGI isn't going to be high in the future, so converting to a Roth doesn't make much sense.
  19. M

    2013 Annual Anandtech Tax Time Thread!

    Zero effect on the 2013 return (filed in 2014). The penalties will be administered on the 2014 return (filed in 2015).
  20. M

    2013 Annual Anandtech Tax Time Thread!

    I'd like to add one thing to this post, which is new for tax year 2013. Claiming the home office deduction had always been a record-keeping mess and one which was likely to get disallowed upon examination due to the taxpayer not meeting the strict requirements. Frequently it wasn't even worth...
  21. M

    People still get killed over sneakers?

    http://s23.postimg.org/y80wkwnxn/Villa.jpg This was at 8 o'clock on a Sunday, the morning after a snow and ice storm. This wasn't even for the sneakers, it was for a ticket to buy the sneakers.
  22. M

    I hate the HMRC!!

    You obviously consulted with someone who's more versed in British tax law, but based on some limited research, it looks like there's certain circumstances where you wouldn't be liable for the underpayment. Unfortunately, it looks like once you got that notice then it doesn't apply. If you...
  23. M

    I hate the HMRC!!

    Don't be such an ass about it. It's quite clear what he's talking about. With regard to your situation, do you agree with the assessment? Is it accurate or not? Aside from that, I don't have much advice for you as I don't know how the British tax system works.
  24. M

    People of Philly - where should I eat?!

    And why is everyone saying Pats and Genos? Don't get me wrong, I love a good cheesesteak, but those two places are overpriced garbage. And besides, Philadelphia has much better food than just cheesesteaks.
  25. M

    People of Philly - where should I eat?!

    Between City Hall and Independence Mall area is like 9 blocks, so it's a wide area. That being said, if you're looking for seafood, you could check out: Devon (Rittenhouse) - On 18th, between Walnut and Locust Little Fish (Queen Village - It's not "downtown", but it's just south of...
  26. M

    People of Philly - where should I eat?!

    Where in Philadelphia are you going to be? What type of cuisine are you looking for? Define "nice".
  27. M

    Why did reality TV get so popular.

    This is why Facebook, Twitter, et al are so popular.
  28. M

    Astana - a capitol of Kazachstan...who's a 3rd World?

    It looks like an architectural hodgepodge.
  29. M

    So... why shouldn't houses of worship pay taxes?

    I agree with all of this, but still believe churches should be required to file a Form 990 (of some variation). Say you want to exempt Schedule B (major contributors), fine, but I still think some return should be required. No tax would be levied (as the 990 is merely an informational return)...
  30. M

    Let's say I wanted to dress like Putin. What kinda jeans do I buy?

    Blue jeans, blue shirt, and a blue blazer with a black belt and black shoes? Impeccably dressed?
  31. M

    Runners: Why are you too good for the sidewalk?

    http://forums.anandtech.com/showpost.php?p=35104266&postcount=16
  32. M

    Runners: Why are you too good for the sidewalk?

    Studies just don't show this to be true. Sure, it's been repeated a lot, but when tested, it doesn't quite hold up. You're better off running on grass, sand, dirt or some other softer surface.
  33. M

    would you work for a company that just emerged from Chp 11?

    From my experience (as a fellow accountant), I've yet to see a small business that's successfully emerged from Chapter 11. That's not to say it never happens, but I'm not so sure I'd take a risk on it.
  34. M

    10th Annual Tax Thread - 2012

    I deduct mine on line 8 as the LST isn't really a tax on income. That being said, I don't think the IRS cares.
  35. M

    10th Annual Tax Thread - 2012

    This should help you out.
  36. M

    10th Annual Tax Thread - 2012

    Yes.
  37. M

    10th Annual Tax Thread - 2012

    Sure. Keep in mind though, the PMI is only deductible on the portion up to the original loan amount. So if you refinanced and cashed some out, the PMI on the portion that you cashed out isn't deductible.
  38. M

    10th Annual Tax Thread - 2012

    If your state and local sales taxes (plus the sales tax on the car) are greater than state and local income taxes AND you itemize, sure. The special deduction for sales tax on the purchase of a new car was a 2009 only thing.
  39. M

    10th Annual Tax Thread - 2012

    Points are only deductible if they're in lieu of interest, i.e. you paid $x to get a lower interest rate. In your case, nothing is deductible.
  40. M

    10th Annual Tax Thread - 2012

    Yeah, deduction is allowed or allowable. Meaning, if you deducted it or not the service will treat it as though you did. Home office rules are extremely restrictive. Did you use the space in your house for anything not work related? If so, no deduction. The use must be regular and exclusive.
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