3rd Annual AT Tax Time Thread

[EagleKeeper]

File a 1040X for the Fed.

NY probably should have a similar type of adjustment form

 

[Mermaidman]

WTF??

Last week, I receive a demand from the IRS asking for underpaid taxes of $9000.

Today, I get a refund check for $1000.

So what do I owe, if anything?

 

[EagleKeeper]

Look at the year(s) being referenced.

Until you have replied for a previous years "complaint", the IRS usually keeps the years distinct unless you reference data from the previous year on your return.

 

[Mermaidman]

Originally posted by: EagleKeeper
Look at the year(s) being referenced.

Until you have replied for a previous years "complaint", the IRS usually keeps the years distinct unless you reference data from the previous year on your return.

Thanks. The refund check has a notation "12/05" to the left of the amount. Nothing else that indicates a year. The bill clearly references 2005.

 

[EagleKeeper]

Place a phone call to IRS asking for clarification of the issue.

 

[Mermaidman]

Well . . .

Looking at the bill, I compared the amounts that the IRS said I've paid, and one payment was missing. So I think what happened was the IRS sent the bill before the final payment was processed. After the bill was sent, the IRS processed the payment. Apparently, my final payment was too high, hence the subsequent refund. I will, of course, confirm this with the IRS!

Phew! I'm glad I had not mailed the $9000 to the IRS.

 

[kldang]

I know the tax season is over, but there is a tax question comes up in my mind. I just tried to post it here and see if you can still help answering. Thanks

My parents are neither US resident or US citizen, but they have SSN. Can I still claim them as my dependants?

This is the situation of my parents: They were used to be US resident (green card holder). They have SSN. They were away of US for last several years. They recently entered US. However, their green card got withdrawn by the custom because they have left US for too long.

 

[CPA]

Originally posted by: kldang
I know the tax season is over, but there is a tax question comes up in my mind. I just tried to post it here and see if you can still help answering. Thanks

My parents are neither US resident or US citizen, but they have SSN. Can I still claim them as my dependants?

This is the situation of my parents: They were used to be US resident (green card holder). They have SSN. They were away of US for last several years. They recently entered US. However, their green card got withdrawn by the custom because they have left US for too long.

Just to clarify, are you thinking of claiming them for tax year 2006, or did you file an extension of tax year 2005 and are thinking of claiming on that year?

 

[kldang]

Oh.. I already filed tax for 2005 without claiming them. I just brougth this up for tax year 2006. They were US resident in 2005(greed card holder), but they lost their green card in 2006.

 

[CPA]

Originally posted by: azilaga
CPA, I just noticed I made a mistake on my 1040. Took the depreciation deduction for selling my car twice...one each for for separate businesses run by me and my wife. It affects my state returns as well. What's the best plan of action?

File a 1040X, but only after you have received your refund or your check has cleared. The IRS may find the mistake themselves and correct it for you, so just wait for their move.

 

[CPA]

Originally posted by: latino666

Originally posted by: salt9876
It's funny how people freak out thinking their taxes are due before Midnite on April 17th
when they are due a refund and actually have 3 years to file their taxes to receive their refund.

I seen some people not get their full return amount.

Then that's a matter of them not preparing their taxes properly. You do not lose a portion of your refund for filing late.

 

[CPA]

Originally posted by: kldang
Oh.. I already filed tax for 2005 without claiming them. I just brougth this up for tax year 2006. They were US resident in 2005(greed card holder), but they lost their green card in 2006.

First, let me preface that this is a unique situation and you may want a second opinion.

Your parents are now considered non-resident aliens (because they lost their green cards), but the Dependency Tests are silent on residency rules. In fact, your parents don't necessarily need to live with you, either. You still would need to meet the support test and they would need to meet the gross income test (about $3200).

 

[b0mbrman]

Well hello. Glad this hasn't gone into archive yet...

My main income for this year is tax-exempt because I'm in a combat zone. However, I will also have some

I'm offered a 401k-like retirement plan at work (the TSP). If I contribute to the TSP, can I deduct that amount from my non-Army income?