2013 Annual Anandtech Tax Time Thread!

[raildogg]

A question please, if you guys won't mind:

I have given two contractors 1099s to file. I was wondering do I send my portion of their copies to the IRS now or wait till I file my taxes?

Appreciate any response. Thank you.

 

[highland145]

A question please, if you guys won't mind:

I have given two contractors 1099s to file. I was wondering do I send my portion of their copies to the IRS now or wait till I file my taxes?

Appreciate any response. Thank you.

Form 1096 must be submitted to the IRS no later than the last business day of February each year

..

 

[raildogg]

..

So I need to work on getting it sent by next Friday. Thank you.

 

[raildogg]

Hey guys, one more question please if you don't mind:

One of my contractors does not have an EIN number. Is it OK if I can put his social security where it asks for "Recipient's Identification Number"?

Appreciate any response. Thank you.

 

[highland145]

Hey guys, one more question please if you don't mind:

One of my contractors does not have an EIN number. Is it OK if I can put his social security where it asks for "Recipient's Identification Number"?

Appreciate any response. Thank you.

yes.

 

[lupi]

Pretty fast electronic turnaround, submitted last sunday night checked refund status last night and says should be deposited tomorrow.

 

[DAGTA]

Nevermind. Found my answers.

 

[glenn1]

I sold a house in 2013. The HUD-1 settlement statement line 514 shows we paid $4,870 in seller paid closing costs. Should these be added to the "sales expenses" line of my return?

 

[Xcobra]

I sold a house in 2013. The HUD-1 settlement statement line 514 shows we paid $4,870 in seller paid closing costs. Should these be added to the "sales expenses" line of my return?

Nope. Closing costs on sale can be taken against the sales price to calculate the gain on the sale. Chances are, any gain is excluded as it's your principal home.

I presume you meant sales taxes. You can deduct either sales taxes or state income taxes you paid during the year.

 

[raildogg]

Hey guys, I appreciate your help very much. It is almost time to file my 1099 forms now. First time doing it so I am a bit cautious.

Some questions if you don't mind:

1. On Copy C, it says "For Payer or State Copy." Does this mean I keep this form or send it to the state?
2. On Copy A, there are two sections. Are they both required to be filled out? I am assuming I need a separate Form A for each contractor.
3. I gave Copy 2 along with Copy B to the contractors. Does this mean I don't have to file anything with the state?

I would appreciate any responses. I understand I am asking a lot. I am also doing some research as well but I figured I would ask ATers. Thank you once again and thank you for the patience in dealing with these questions.

 

[HybridSquirrel]

Question:

I moved last year and got reimbursed by my company for most of my moving expenses. However, the company who handled the reimbursement said there was "tax assistance" with the reimbursement so I wasn't taxed on the full amount.

I got a statement from that company and it has ~5500 in "excludable" reimbursement, and ~1800 in "taxable" reimbursement.

On turbo tax, it asks me to fill out my expenses and reimbursement. Do I put the full amount, or only the taxable amount of reimbursement?

Here's another twist, the full amount I was reimbursed was added on my W2's as income but no tax was withheld.

 

[highland145]

Hey guys, I appreciate your help very much. It is almost time to file my 1099 forms now. First time doing it so I am a bit cautious.

Some questions if you don't mind:

1. On Copy C, it says "For Payer or State Copy." Does this mean I keep this form or send it to the state?
2. On Copy A, there are two sections. Are they both required to be filled out? I am assuming I need a separate Form A for each contractor.
3. I gave Copy 2 along with Copy B to the contractors. Does this mean I don't have to file anything with the state?

I would appreciate any responses. I understand I am asking a lot. I am also doing some research as well but I figured I would ask ATers. Thank you once again and thank you for the patience in dealing with these questions.

Contact your state DOR. S.C., we don't send 1099 to the state if no state tax withheld.

 

[pete6032]

Thanks for the help this is great, here is my question!

1. I was living in WI Jan-Aug 2013 going to grad school (still voted and listed home address in Minnesota). I moved back to MN from September to November 2013 and didn't work, lived with family. In December 2013 I started a full-time job in Illinois.

Where should I claim full-time residency on my tax form? Wisconsin? I didn't make any taxable income in MN.

 

[HybridSquirrel]

Thanks for the help this is great, here is my question!

1. I was living in WI Jan-Aug 2013 going to grad school (still voted and listed home address in Minnesota). I moved back to MN from September to November 2013 and didn't work, lived with family. In December 2013 I started a full-time job in Illinois.

Where should I claim full-time residency on my tax form? Wisconsin? I didn't make any taxable income in MN.

I think legally you have to reside in the place you are claiming residency for 39 weeks of the year. I may be wrong though...

 

[edro]

I took my taxes to Jackson Hewitt this year.
They are saying I owe a bunch and am going to try to do them myself.
Does anyone know if I will owe them their prep fees if I don't file with them?
I can't find anything online... I just want to be prepared before I pull away from them.

They want ~$450 in prep fees.

 

[highland145]

I took my taxes to Jackson Hewitt this year.
They are saying I owe a bunch and am going to try to do them myself.
Does anyone know if I will owe them their prep fees if I don't file with them?
I can't find anything online... I just want to be prepared before I pull away from them.

They want ~$450 in prep fees.

Take your stuff and walk unless you signed.

 

[jaedaliu]

Thanks for the help this is great, here is my question!

1. I was living in WI Jan-Aug 2013 going to grad school (still voted and listed home address in Minnesota). I moved back to MN from September to November 2013 and didn't work, lived with family. In December 2013 I started a full-time job in Illinois.

Where should I claim full-time residency on my tax form? Wisconsin? I didn't make any taxable income in MN.

I think legally you have to reside in the place you are claiming residency for 39 weeks of the year. I may be wrong though...

Every state may be different. You'll need to look up the requirements for each state you lived in and worked in. (I lived & worked in 3 different states in 2012. good luck)

 

[CPA]

Thanks for the help this is great, here is my question!

1. I was living in WI Jan-Aug 2013 going to grad school (still voted and listed home address in Minnesota). I moved back to MN from September to November 2013 and didn't work, lived with family. In December 2013 I started a full-time job in Illinois.

Where should I claim full-time residency on my tax form? Wisconsin? I didn't make any taxable income in MN.

Are you speaking to your 1040 or your state filing?

 

[Dari]

Do foreigners have to pay social security tax and medicare tax? Some people on H1B are bragging that they do not have to but they are being taxed already for it. So, if they don't, how do they get the money back for it?

 

[Xcobra]

Do foreigners have to pay social security tax and medicare tax? Some people on H1B are bragging that they do not have to but they are being taxed already for it. So, if they don't, how do they get the money back for it?

Depends. If they have been sent temporarily to the US from overseas (i.e. the UK), they may be able to be exempt from FICA under Social Security Agreements between the US and certain countries. They will just have to pay into their home country's social security scheme though.

http://www.ssa.gov/international/agreements_overview.html

If they were just hired from overseas though, they have no choice but to pay. Can't claim it back.

 

[Red Squirrel]

Finally got my T4 the other day. Dropped off my papers at my tax person today, awaiting results. Can't wait. When I went to the bank to buy RRSPs I brought a pay stub and based on that info they figure I'll get around 2-3k back, but it's just a rough estimate.

 

[Staples]

Just did my Taxes using Turbo Tax. I had lots of deductions but they were not more than the standard deduction of 12200. All the deductions we had didn't affect our return any as a result except interest on a school loan. Is school loan interest calculated differently than other itemized deductions?

 

[rcpratt]

Just did my Taxes using Turbo Tax. I had lots of deductions but they were not more than the standard deduction of 12200. All the deductions we had didn't affect our return any as a result except interest on a school loan. Is school loan interest calculated differently than other itemized deductions?

Yes, it's an income adjustment, but it can also be itemized for amounts beyond the $2,500 limit.

 

[raildogg]

A question please if you guy won't mind:

In 2013, I rolled my 401-K into an Rollover IRA. On the form that the holder of my 401-K sent me, it said that it was a taxable amount that was rolled over and it listed Roth IRA. I think I may have told them that I want it to go to a Roth IRA.

Currently, the money is in a Rollover IRA and not in a Roth IRA. On the Form 1099-R that I received from the institution that held the 401-K, it says that my taxable amount is the amount I rolled over.

Even though the money is in a Rollover IRA and not a Roth IRA, do I have to pay the full amount of taxes? I believed that I would only have to pay taxes if I transferred the money from the Rollover IRA to a Roth IRA. The company where I have the Rollover IRA says that they will issue a Form 5498 later.

I am a bit confused. Sorry if the way I described the situation is also confusing.

 

[Schfifty Five]

Just filed my tax return and realized I will need to refile a 1040X because I accidentally listed my dividends as ordinary instead of qualified.

Just want to double check the steps I should take:

1. Wait for my original return/payment (I owed) to be accepted/submitted to the IRS.
2. Fill out 1040X form with corrected amounts.
3. Attach the Qualified Dividends and Capital Gains Tax Worksheet.

Is that all I will need? Do I even need to attach #3? Since only my dividends are changing (from ordinary -> qualified), do I need to attach any other schedules like B or D?

Thanks.