2013 Annual Anandtech Tax Time Thread!

[FallenHero]

Sooo are you basically saying mark it as an exemption as per property tax? What does everyone else think?

CPA / Eaglekeeper mind tossing your opinion in?

I'm not a tax expert, but I think your best bet would be to look up your tax bill via your county website and see the entire thing. If it is anything like mine, there are various taxes on there including police/fire pension and teacher pensions. See what the final tax bill is and if it totals up to what BOA used to put on there and also matches your new totals, use the total tax bill. Obviously you will have to look up last years tax bill as well to be sure.

 

[IceBergSLiM]

If my normal office commute I take mass transit/car pool and doesn't cost me anything to operate a vehicle. Then assuming periodically I have to goto other locations and have to rent a car to get there, what costs am I able to claim? I know the rule of thumb is you can claim excess beyond your normal commute mileage but that assumes you are driving on your normal commute and incurring some regular expense.

Seems to me if my current normal commute doesn't require me to drive any miles that I should be eligible get reimbursed for travel to any locations that require me to drive since the cost would be above and beyond my normal commute costs.

Any guidance here?

 

[Xcobra]

If my normal office commute I take mass transit/car pool and doesn't cost me anything to operate a vehicle. Then assuming periodically I have to goto other locations and have to rent a car to get there, what costs am I able to claim? I know the rule of thumb is you can claim excess beyond your normal commute mileage but that assumes you are driving on your normal commute and incurring some regular expense.

Seems to me if my current normal commute doesn't require me to drive any miles that I should be eligible get reimbursed for travel to any locations that require me to drive since the cost would be above and beyond my normal commute costs.

Any guidance here?

If you plan on claiming mileage for the time traveled to a site other than your regular place of work, you can only claim the mileage that is in excess of your commute mileage. You can claim mileage or you can do actual expenses (i.e. gas, etc.) and if you are required to rent a car, you can also deduct the portion of the expense that is related to your business trip (i.e. no personal portion can be deducted).

Also, keep in mind that the above goes to Schedule A, Line 21. It is subject to the 2% AGI floor. If the expenses do not exceed the floor, there is no benefit to you. And this is IF you itemized deductions (vs standard deduction). Employee business expense deductions are ludicrous in my opinion. Rarely does the average person benefit from them.

 

[rcpratt]

Has anyone seen arefund yet? My taxes were in on Jan 31 and so far it's still stuck in "Received" status.

My refund was issued this morning...filed 2/3.

 

[fjmeat]

Tuition Credits (1098-T)

Who claims them, student or parents?

 

[IceBergSLiM]

If you plan on claiming mileage for the time traveled to a site other than your regular place of work, you can only claim the mileage that is in excess of your commute mileage. You can claim mileage or you can do actual expenses (i.e. gas, etc.) and if you are required to rent a car, you can also deduct the portion of the expense that is related to your business trip (i.e. no personal portion can be deducted).

Also, keep in mind that the above goes to Schedule A, Line 21. It is subject to the 2% AGI floor. If the expenses do not exceed the floor, there is no benefit to you. And this is IF you itemized deductions (vs standard deduction). Employee business expense deductions are ludicrous in my opinion. Rarely does the average person benefit from them.

So I guess what your saying is mileage is a factor of distance to your primary work location regardless of whether you normally drive/walk/run/train/bus

 

[Xcobra]

So I guess what your saying is mileage is a factor of distance to your primary work location regardless of whether you normally drive/walk/run/train/bus

That's correct. Like I said, even if you can deduct, it may not even be worth it.

 

[hclarkjr]

got my money this morning

 

[Meractik]

Tuition Credits (1098-T)

Who claims them, student or parents?

Could be either, if parents claim student as a dependent then the parents should also claim the 1098-T. ONLY 1 CAN CLAIM 1098-T = Parents OR Student, not both.

 

[Meractik]

Also FYI all Roth(IRA) 2013 limit for contributions went up by 500.00 - total 2013 contributions can be a maximum of $5,500.00 for FY 2013 tax.

 

[Xcobra]

Also FYI all Roth(IRA) 2013 limit for contributions went up by 500.00 - total 2013 contributions can be a maximum of $5,500.00 for FY 2013 tax.

Yep, already maxed out mine for last year

 

[FallenHero]

Just FYI for those that are waiting, I got mine on 2/12. I filed Feb 1.

 

[fjmeat]

off to a good start

2014 FILING SEASON STATISTICS
Cumulative statistics comparing 2/8/13 and 2/7/14
Individual Income Tax Returns: 2013 2014 % Change
Total Receipts 26,589,000 27,249,000 2.5
Total Processed 18,811,000 26,945,000 43.2

E-filing Receipts:
TOTAL 25,121,000 26,081,000 3.8
Tax Professionals 13,456,000 12,699,000 -5.6
Self-prepared 11,665,000 13,382,000 14.7

Web Usage:
Visits to IRS.gov 90,706,865 89,683,640 -1.1

Total Refunds:
Number 16,424,000 19,459,000 18.5
Amount $52.059 billion $64.546 billion 24
Average refund $3,170 $3,317 4.6

Direct Deposit Refunds:
Number 15,457,000 16,976,000 9.8
Amount $50.214 billion $55.815 billion 11.2
Average refund $3,249 $3,288 1.2

 

[RockinZ28]

Fucking hate this shit. 3 income states for me, with part-time resident in two, and wife full-time in one is making this a bitch with DIY software.

Think my former employer made a mistake too. Looks like it's a difference of ~$2.5 I would owe, so I'm for sure finding out Monday.

I used their high deductible health plan HSA from 2011 through my quit date in 2013. 2011, they didn't even report it on my W-2. 2012, it was reported as code DD in box 12, which is not taxable. 2013 they listed it as code W, which is employer contributions to HSA.

Which is bullshit, because they only put in $800 something, and it's listed as $5612 on my W-2. Most of that is theirs and my contributions to the actual insurance plan premiums.

Update:

Called my wife and asked if I had any mail. Said something came from my previous employer a couple days ago. Sent me a corrected W-2.


So this is what I Have:


Original W-2
12a | D - $XXXX
12b | W - $5612

Corrected W-2 - Previously reported
12a | DD - $0
12b | W - $5612

Corrected W-2 - Correct information
12a | DD - $4766
12b | W - $846


Should this not be:
12a | D - $XXXX
12b | DD - $4766
12c | W - $846

 

[lupi]

Have a reciept for donating a couch and loveseat. Where is a good place to find the value to list them as?

 

[richardycc]

anyone else getting lower refund this year? I am getting about $500 less this year, like 'dependent credit'(forgot the exact name) was $1000 last year, and only $700 this year. Is that normal or because I setup a child care flexible spending account last year?

 

[fjmeat]

Have a reciept for donating a couch and loveseat. Where is a good place to find the value to list them as?

How much was this furniture when you bought it new? What date was is bought?

If recipient of furniture did not give you a value, you can multiply the amount you paid new times .3.

So $3600 furniture valued at $1080

 

[Centauri]

Howdy people. Question regarding medical expenses...

Over the past year I've been paying out of pocket for ongoing orthodontic work - I am uninsured. And on my last visit, my orthodontist seemed fairly sure that I can write off those expenses. I had no clue this was possible.

Is this possible? What sort of documentation would I need? Is there a minimum expenditure that would have to been spent for me to write anything off?

I'm more concerned with writing off the orthodontic expenses this year (since they're gonna be significantly higher) than I am with the money spent in 2013, but if I can write that off too then great.

Thanks peeps.

 

[CPA]

Sorry guys, been swamped at work (what little posting I've done has been elsewhere). I'm going through some of the previous issues and will comment shortly.

 

[highland145]

Sorry guys, been swamped at work (what little posting I've done has been elsewhere). I'm going through some of the previous issues and will comment shortly.

Like you're a CPA or something....

 

[CPA]

Howdy people. Question regarding medical expenses...

Over the past year I've been paying out of pocket for ongoing orthodontic work - I am uninsured. And on my last visit, my orthodontist seemed fairly sure that I can write off those expenses. I had no clue this was possible.

Is this possible? What sort of documentation would I need? Is there a minimum expenditure that would have to been spent for me to write anything off?

I'm more concerned with writing off the orthodontic expenses this year (since they're gonna be significantly higher) than I am with the money spent in 2013, but if I can write that off too then great.

Thanks peeps.

Only if you itemize (file 1040 and Schedule A; no standard deduction) and then only the amount above 10% of your AGI. Your dentist probably assumes you can because he probably itemizes and thinks everyone else does, which is nowhere near true.

 

[CPA]

anyone else getting lower refund this year? I am getting about $500 less this year, like 'dependent credit'(forgot the exact name) was $1000 last year, and only $700 this year. Is that normal or because I setup a child care flexible spending account last year?

do you mean the child care credit (which will be lower if you made more money and/or you used a dependent care flex spend account) or the child credit (which is reduced once you hit a certain income level)?

 

[CPA]

Fucking hate this shit. 3 income states for me, with part-time resident in two, and wife full-time in one is making this a bitch with DIY software.

Think my former employer made a mistake too. Looks like it's a difference of ~$2.5 I would owe, so I'm for sure finding out Monday.

I used their high deductible health plan HSA from 2011 through my quit date in 2013. 2011, they didn't even report it on my W-2. 2012, it was reported as code DD in box 12, which is not taxable. 2013 they listed it as code W, which is employer contributions to HSA.

Which is bullshit, because they only put in $800 something, and it's listed as $5612 on my W-2. Most of that is theirs and my contributions to the actual insurance plan premiums.

Update:

Called my wife and asked if I had any mail. Said something came from my previous employer a couple days ago. Sent me a corrected W-2.


So this is what I Have:


Original W-2
12a | D - $XXXX
12b | W - $5612

Corrected W-2 - Previously reported
12a | DD - $0
12b | W - $5612

Corrected W-2 - Correct information
12a | DD - $4766
12b | W - $846


Should this not be:
12a | D - $XXXX
12b | DD - $4766
12c | W - $846

D is 401K contributions. Did you make any 401K contributions in 2013? If so, then, yes, they should have included it on the correct W-2.

 

[RockinZ28]

D is 401K contributions. Did you make any 401K contributions in 2013? If so, then, yes, they should have included it on the correct W-2.

Yes I did make 401k contributions. The original W-2 was correct in box 12a for 401k contributions. The error was in 12b listed as code W. Should have been different amounts of codes DD and W in boxes 12b and 12c respectively.

The corrected one they sent me just lists 12a now as code DD, and 12b as code W. Code D is omitted.

So I'm not sure wtf I'm supposed to put on my tax return. I called and they were of no help.

 

[CPA]

Yes I did make 401k contributions. The original W-2 was correct in box 12a for 401k contributions. The error was in 12b listed as code W. Should have been different amounts of codes DD and W in boxes 12b and 12c respectively.

The corrected one they sent me just lists 12a now as code DD, and 12b as code W. Code D is omitted.

So I'm not sure wtf I'm supposed to put on my tax return. I called and they were of no help.

They have to provide you with a correct W2. If you want, you can go as far as having the IRS send them a demand letter. In the meantime, you can use Form 4852.