2013 Annual Anandtech Tax Time Thread!

[SandEagle]

$6100 in standard deductions for you + another $6100 if you're married filing together. That's $12.2k that you'll have to overcome to be able to itemize an claim the charitable contributions...... mortgage interest, medical over 7% of adjusted gross, charitable contributions, property tax...

If not, then you get the standard deduction.

this gives me a headache. i will plug the amount i missed into Turbotax tonight and see if i am supposed to get anything back. i will update soon.

 

[KlokWyze]

Yes. You need to show the split on each of your returns and provide name and address of the other borrower (your gf). Just show the split and information on a letter and attach it to your returen.

How do I this when filing electronically? Using OLT... not really giving me an option to give the address of the other person claiming.

I just halved everything. If the IRS sees the values don't match what they received from Well Fargo, would whoever is looking at it just see that it's half and basically be like "whatever". .... lol

 

[KlokWyze]

this gives me a headache.

Yup. US tax code. An abysmal joke. It's so laughably bad and everyone knows it. Will never be fixed though. Benefits the rich too much.

 

[gregulator]

I have a question about mileage deductions: I work from home, and typically travel once a week to the main office (180 miles each way). I usually go down there for meetings, and to test software. I almost always stay the night, and come back the next day. I do not (and can't) expense it through the company. Can I write off the hotel and mileage? I am a full time employee, not a contractor. Thanks for any help!

 

[highland145]

I have a question about mileage deductions: I work from home, and typically travel once a week to the main office (180 miles each way). I usually go down there for meetings, and to test software. I almost always stay the night, and come back the next day. I do not (and can't) expense it through the company. Can I write off the hotel and mileage? I am a full time employee, not a contractor. Thanks for any help!

Doubtful. You're going to work. Where the heck do you live?

 

[Xcobra]

I have a question about mileage deductions: I work from home, and typically travel once a week to the main office (180 miles each way). I usually go down there for meetings, and to test software. I almost always stay the night, and come back the next day. I do not (and can't) expense it through the company. Can I write off the hotel and mileage? I am a full time employee, not a contractor. Thanks for any help!

Would that office be your regular place of work if it weren't for the distance? The IRS does not allow you to deduct miles if they are commute miles (from home to the regular place of employment). I think in your case, it wouldn't be allowed. Also, note that as an employee, you have the 2% floor on Schedule A. The mileage deduction may not exceed that floor and will give no benefit.

 

[Herr Kutz]

How accurate is turbotax?

I just entered box 1 on a 1099-int with a value of $12.14 and my federal return dropped by $12?!?!?!

 

[Xcobra]

this gives me a headache. i will plug the amount i missed into Turbotax tonight and see if i am supposed to get anything back. i will update soon.

He's referring to line 40 of the 1040. Do you file Schedule A with all your deductions?

 

[Viper GTS]

My taxes are usually pretty simple but I have a question I haven't found an answer to.

In mid 2012 I moved for a job (~2800 miles, so no distance test issues). I deducted my moving expenses in my 2012 filing. In early 2013 I finally shipped my second car across. It's within the one year window so I believe it is deductible, but I don't know how I should treat this since I didn't actually move in 2013. It seems odd to report moving expenses when my filing address didn't change but maybe that is normal.

Viper GTS

 

[Xcobra]

My taxes are usually pretty simple but I have a question I haven't found an answer to.

In mid 2012 I moved for a job (~2800 miles, so no distance test issues). I deducted my moving expenses in my 2012 filing. In early 2013 I finally shipped my second car across. It's within the one year window so I believe it is deductible, but I don't know how I should treat this since I didn't actually move in 2013. It seems odd to report moving expenses when my filing address didn't change but maybe that is normal.

Viper GTS

http://www.irs.gov/publications/p521/ar02.html

See below. Depends when you first moved. I presume it also applies the other way around. I couldn't find anything else on what you described.

Closely related in time. In most cases, you can consider moving expenses incurred within 1 year from the date you first reported to work at the new location as closely related in time to the start of work. It is not necessary that you arrange to work before moving to a new location, as long as you actually go to work in that location.

 

[styrafoam]

Using Turbo Tax here, entering info from a 1099b from Merrill Lynch on stocks that were sold as a cashless exercise of non-statutory stock options. After entering the info it bumps my return up by the amount equal to what the 1099b has in total for the loss column. Proceeds from the sale are reported on box 12 code v of my W2. Is there a step i am missing somewhere here or is this all the info I need to enter?

 

[rcpratt]

How accurate is turbotax?

I just entered box 1 on a 1099-int with a value of $12.14 and my federal return dropped by $12?!?!?!

That's how it works.

 

[Kwatt]

Form 8621
For the "Central Fund of Canada Limited" i.e. CEF, "Sprott Physical Gold Trust" i.e. PHYS and "Sprott Physical Silver Trust " i.e. PSLV.

Part I: #1 Is this the name of the fund or a description ?

I think this is correct. For parts II and III
Part II: Box A >Check
Part III: 6 a,b,c >Zero
7 a,b,c >Zero

And do I file this form every year I own these or only the years I buy or sell?

NOTE: I own this in a IRA and a cash account.


I can usually muddle my way through but this forms instructions are unclear to me.


.

 

[SandEagle]

He's referring to line 40 of the 1040. Do you file Schedule A with all your deductions?

yes i have a Schedule A. I just plugged in the $900 that I missed. Looks like I could have gotten back an extra $165.

 

[Herr Kutz]

That's how it works.

For some reason my other interest bearing accounts are not being taxed at near 100%. Please explain.

 

[Printer Bandit]

anyone not get their W2 yet?

 

[highland145]

yes i have a Schedule A. I just plugged in the $900 that I missed. Looks like I could have gotten back an extra $165.

You'd have to check your program but I'd think it would be worth filing the correction. Did one years back and it was only one form.....$165....

anyone not get their W2 yet?

Self employed...yep.

 

[raildogg]

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

On the 1099 forms, under the box "PAYER's identification number," should one put his SS number or EIN number? I have put my EIN number there. Just wondering if I should correct it or not.

I would appreciate any response.

Thank you.

 

[highland145]

EIN

payers federal identification number

 

[Mixolydian]

I have my dubya-two. I'll probably get started next weekend.

I got some software to do the taxes.

 

[rcpratt]

anyone not get their W2 yet?

GF is still waiting, but they went out Friday apparently. Oh, public schools.

 

[sze5003]

Mine is available online through my company. I just need to send it to my personal email.

 

[DAGTA]

Hi guys, thank you for helping the rest of us with this thread!

A friend of mine was a senior in high school in 2013 and earned $774 during the year. He received a 1099 for the work and has not paid any taxes on it. He turned 18 in December. When he tries to file online, it shows that he owes $109 in taxes. Does this seem right?

Is there anything he can do to reduce / eliminate his tax obligation? He was a dependent living with his mother for all of 2013.

Thanks!

 

[Xcobra]

Form 8621
For the "Central Fund of Canada Limited" i.e. CEF, "Sprott Physical Gold Trust" i.e. PHYS and "Sprott Physical Silver Trust " i.e. PSLV.

Part I: #1 Is this the name of the fund or a description ?

I think this is correct. For parts II and III
Part II: Box A >Check
Part III: 6 a,b,c >Zero
7 a,b,c >Zero

And do I file this form every year I own these or only the years I buy or sell?

NOTE: I own this in a IRA and a cash account.


I can usually muddle my way through but this forms instructions are unclear to me.


.

If the fund is through an IRA, why would you need Form 8621?

 

[Xcobra]

Hi guys, thank you for helping the rest of us with this thread!

A friend of mine was a senior in high school in 2013 and earned $774 during the year. He received a 1099 for the work and has not paid any taxes on it. He turned 18 in December. When he tries to file online, it shows that he owes $109 in taxes. Does this seem right?

Is there anything he can do to reduce / eliminate his tax obligation? He was a dependent living with his mother for all of 2013.

Thanks!

The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of:

$1,000, or

The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,100).

I presume that he should be ok even if his parents claim him on their returns. Might want to double check the input on the tax software. Unless he has other income.