4th Annual Tax Thread - 2006

[jinduy]

Okay I just got my etrade 1099-b form.

I lost about $1300 after messing with options. However, the form only lists SOME of my buys for some strange reason and none of my sells. 2 questions.

1. Can I claim a loss?
2. If i can, how did etrade expect to help me do it by giving me such lack of information. I went ahead and logged on to query for all my 2006 transactions but I'm quite disappointed if they expected me to claim it doing it this way.

i am not self employed

 

[EagleKeeper]

Originally posted by: Shimmishim
Silly question I'm sure but can you get a deduction for tithes? The reason I ask is because last year was the first year I had a "real" job where I paid a significant amount of money to the church.

Thanks.

You need to itemize using the Schedule A to take advantage of charity to others.

 

[EagleKeeper]

Originally posted by: jinduy
Okay I just got my etrade 1099-b form.

I lost about $1300 after messing with options. However, the form only lists SOME of my buys for some strange reason and none of my sells. 2 questions.

1. Can I claim a loss?
2. If i can, how did etrade expect to help me do it by giving me such lack of information. I went ahead and logged on to query for all my 2006 transactions but I'm quite disappointed if they expected me to claim it doing it this way.

i am not self employed

You can claim a loss on stocks.

It is your responsibility to keep track of the purchases and sales.
Use your records for determine the gain/loss on each transaction and enter them on the Schedule B.

 

[cubby1223]

I have two easy questions:

(1) is money from jury duty taxed? I never received anything about it (only $36, wouldn't even bump me up to higher federal taxes)

(2) when state instructions say to staple W2 & 1099 forms - I've got 5 full page 1099 papers, do I really have to staple them all? For federal I think I just send schedule B with the list of items, instead of all 1099 papers. In the past I've never had more than two, so I just sent them in anyways on both federal & state.

 

[EagleKeeper]

Originally posted by: cubby1223
I have two easy questions:

(1) is money from jury duty taxed? I never received anything about it (only $36, wouldn't even bump me up to higher federal taxes)

(2) when state instructions say to staple W2 & 1099 forms - I've got 5 full page 1099 papers, do I really have to staple them all? For federal I think I just send schedule B with the list of items, instead of all 1099 papers. In the past I've never had more than two, so I just sent them in anyways on both federal & state.

1) Jury duty is taxed as misc income

2) See OP regarding State questions

 

[Queasy]

What's the best/quickest/easiest way to pull up my tax filings from a previous year? We moved right after I did taxes last year and I can't find my 2005 filing now. I printed everything out but don't know where it ended up now. I have everything back to 1998 but not 2005. grrrrrrrr

Can't even find my TaxCut backup file.

edit: WHEW found my TaxCut backup file. It ended up on my wife's laptop. I must have done it there last year and forgot to move it over.

 

[vital]

I just sent in my tax info last week but I received a w2 from a company I worked for 2 days with before I started working with my current company. The total income is just under $300.. What should I do?

 

[iamwiz82]

Is "Where's My Refund?" down for anyone else?

 

[EagleKeeper]

Originally posted by: vital
I just sent in my tax info last week but I received a w2 from a company I worked for 2 days with before I started working with my current company. The total income is just under $300.. What should I do?

See answer to question by Raduque

 

[jlmadyson]

Originally posted by: iamwiz82
Is "Where's My Refund?" down for anyone else?

Aye, it is down for me this morning. My refund was to hit yesterday, but it's not showing on my account, which is really weird they have always had it in on time every year. Are they having problems with the entire system?

 

[vital]

Originally posted by: EagleKeeper

Originally posted by: vital
I just sent in my tax info last week but I received a w2 from a company I worked for 2 days with before I started working with my current company. The total income is just under $300.. What should I do?

See answer to question by Raduque

Thanks just read it. Can I also not do anything with this $300 w2? I'm getting some money back so it's not like i'll owe anymore if I don't file this one.. but just wanted to make sure it's ok.

 

[EagleKeeper]

Originally posted by: vital

Originally posted by: EagleKeeper

Originally posted by: vital
I just sent in my tax info last week but I received a w2 from a company I worked for 2 days with before I started working with my current company. The total income is just under $300.. What should I do?

See answer to question by Raduque

Thanks just read it. Can I also not do anything with this $300 w2? I'm getting some money back so it's not like i'll owe anymore if I don't file this one.. but just wanted to make sure it's ok.

That $300 in wages will affect the amount of tax and therefore the sie of a refund.

Do you want Uncle to start asking questions on why you did not follow proper rules and file a 1040X?

 

[paulney]

My wife and I have a partnership. We run our business from home. Partnerships are not eligible for home office deduction, and the recommended way, according to TurboTax is to reimburse a partner for the home office expense.

As far as I understand this means:
- I calculate the total deduction using form 8829.
- File it as expense for our business under 'operations expenses' therefore decreasing the net income
- Use new K-1 figures in personal return
- Do I still file 8829 with the personal return?

Thanks.

 

[EagleKeeper]

Originally posted by: paulney
My wife and I have a partnership. We run our business from home. Partnerships are not eligible for home office deduction, and the recommended way, according to TurboTax is to reimburse a partner for the home office expense.

As far as I understand this means:
- I calculate the total deduction using form 8829.
- File it as expense for our business under 'operations expenses' therefore decreasing the net income
- Use new K-1 figures in personal return
- Do I still file 8829 with the personal return?

Thanks.

Per Instructions at the top of the Form 8829

File only with Schedule C (Fomr 1030). Use a separate Form 8829 for each home you used for business during the year

 

[GTaudiophile]

Is http://www.turbotax.com offline for anyone else?

 

[tk149]

My father has maintained a stock portfolio in my name for years. He sold some stock, but since he switched brokers and lost his records, I have no idea what the cost basis is. My earliest record shows that I owned the stock at least since 1999. What can I do?

 

[EagleKeeper]

Originally posted by: tk149
My father has maintained a stock portfolio in my name for years. He sold some stock, but since he switched brokers and lost his records, I have no idea what the cost basis is. My earliest record shows that I owned the stock at least since 1999. What can I do?

Take a price average of the stock for 1999 as the cost basis.

 

[ViviTheMage]

okay, things seem to have gotten too complicated for me...I think I will be going to H and R block and have them do it...I dont want to screw things up.

Anyone make any other recommendations other then H&R block? I have a 25$ off coupon for H&R...which is why I am suggesting them to myself, haha.

 

[EagleKeeper]

Originally posted by: ViviTheMage
okay, things seem to have gotten too complicated for me...I think I will be going to H and R block and have them do it...I dont want to screw things up.

Anyone make any other recommendations other then H&R block? I have a 25$ off coupon for H&R...which is why I am suggesting them to myself, haha.

Why do you feel that you need to go to someone that will just punch the information you give them into a computer program that spits out the numbers?

 

[ViviTheMage]

Originally posted by: EagleKeeper

Originally posted by: ViviTheMage
okay, things seem to have gotten too complicated for me...I think I will be going to H and R block and have them do it...I dont want to screw things up.

Anyone make any other recommendations other then H&R block? I have a 25$ off coupon for H&R...which is why I am suggesting them to myself, haha.

Why do you feel that you need to go to someone that will just punch the information you give them into a computer program that spits out the numbers?

school + 2 jobs + side contracting work.

I don't want to screw it up really...and I am unsure what is right and wrong I guess...or whats with all these forms, what my forms go with whose forms, etc... :/

 

[EagleKeeper]

Originally posted by: ViviTheMage

Originally posted by: EagleKeeper

Originally posted by: ViviTheMage
okay, things seem to have gotten too complicated for me...I think I will be going to H and R block and have them do it...I don't want to screw things up.

Anyone make any other recommendations other then H&R block? I have a 25$ off coupon for H&R...which is why I am suggesting them to myself, haha.

Why do you feel that you need to go to someone that will just punch the information you give them into a computer program that spits out the numbers?

school + 2 jobs + side contracting work.

I don't want to screw it up really...and I am unsure what is right and wrong I guess...or whats with all these forms, what my forms go with whose forms, etc... :/

Jobs (W2) get summed up on the 1040
Side Contracting work = 1099 - Use the Schedule C to write down expenses.
School - Tuition Costs only - Hope or LLC depending on what school year you are in.

Many of the people that work in the H&R block offices will just ask you the same questions that tax S/W will. They use the same S/W that you can purchase/download.

And they will not ask/help you dig for expenses to write down the Schedule C income.

Anyone in college should have the smarts to use the S/W to handle their taxes.

Only glitch would be if you are a dependent. Then you need to release the tuition deduction to your parents.

 

[Dangerer]

I'm a student and I just had a specialist file my taxes last week. How long before I get my refund check?

 

[EagleKeeper]

Originally posted by: Dangerer
I'm a student and I just had a specialist file my taxes last week. How long before I get my refund check?

I hope you did not pay for some-one to do your taxes

Timing depends on how you filed and how you requested the refund to be handled.

There is a previous post within the thread that provides estimates.

 

[ViviTheMage]

Originally posted by: EagleKeeper

Originally posted by: ViviTheMage

Originally posted by: EagleKeeper

Originally posted by: ViviTheMage
okay, things seem to have gotten too complicated for me...I think I will be going to H and R block and have them do it...I don't want to screw things up.

Anyone make any other recommendations other then H&R block? I have a 25$ off coupon for H&R...which is why I am suggesting them to myself, haha.

Why do you feel that you need to go to someone that will just punch the information you give them into a computer program that spits out the numbers?

school + 2 jobs + side contracting work.

I don't want to screw it up really...and I am unsure what is right and wrong I guess...or whats with all these forms, what my forms go with whose forms, etc... :/

Jobs (W2) get summed up on the 1040
Side Contracting work = 1099 - Use the Schedule C to write down expenses.
School - Tuition Costs only - Hope or LLC depending on what school year you are in.

Many of the people that work in the H&R block offices will just ask you the same questions that tax S/W will. They use the same S/W that you can purchase/download.

And they will not ask/help you dig for expenses to write down the Schedule C income.

Anyone in college should have the smarts to use the S/W to handle their taxes.

Only glitch would be if you are a dependent. Then you need to release the tuition deduction to your parents.

I know...Its so stupid, all they do is punch in numbers....all the work is done by us..or me in this case.

my parents do count me as a deduction, I am there dependent I guess...but they pay for none of my schooling, I only live here...:/.

 

[WhiteKnight]

Thanks for all the work on a great thread! I have a question regarding a late 1099-MISC. I e-filed my taxes through Taxcut last night, and I am due to get a refund. Today, my wife received a 1099-MISC for some work she did as a grad student for approximately $500. Payment was in the form of a personal check, so there was no withholding. What is my best course of action? The additional tax we owe on the $500 is well below the amount I am expecting to be refunded. I assume that I should file a 1040X, which I believe requires a new 1040 as well. Can I use Taxcut to make a new 1040, or does it have to be done by hand? Is there any better way to proceed other than filing a 1040X? I'd imagine that once the payer claims the $500 on their return, it will trigger a flag on our return indicating that we did not report the additional income. Would the IRS then recalculate my tax and send me some sort of "payment due" notice? Assuming there are no other penalties, that seems much easier than doing all the paperwork myself.

I'm not trying to cut any corners or cheat the system in any way, I just don't know the best way to proceed. Thanks!