5th Annual Tax Thread - 2007

[BlueWeasel]

I have submitted my eFile to the IRS but it's probably going to be tomorrow (4/16) before I get notice it was accepted. I owe taxes, but I can't mail them in (with payment voucher) until my return is accepted.

Given that postmark date will probably be 4/16, should I submit a 4868 form with my payment amount, or just not worry about it?

 

[EagleKeeper]

Originally posted by: BlueWeasel
I have submitted my eFile to the IRS but it's probably going to be tomorrow (4/16) before I get notice it was accepted. I owe taxes, but I can't mail them in (with payment voucher) until my return is accepted.

Given that postmark date will probably be 4/16, should I submit a 4868 form with my payment amount, or just not worry about it?

The timestamp that the send/transmitt button generates to the efile handler is what will count, not the acceptance date.

 

[BlueWeasel]

Originally posted by: EagleKeeper

Originally posted by: BlueWeasel
I have submitted my eFile to the IRS but it's probably going to be tomorrow (4/16) before I get notice it was accepted. I owe taxes, but I can't mail them in (with payment voucher) until my return is accepted.

Given that postmark date will probably be 4/16, should I submit a 4868 form with my payment amount, or just not worry about it?

The timestamp that the send/transmitt button generates to the efile handler is what will count, not the acceptance date.

Ah, thanks. So even if the payment and voucher/signature form don't mail until tomorrow, it's fine?

I found some info that indicated that the IRS is processing so much the first few weeks, it's not a big deal if you mailed the payment out a day or two late. However, I don't want to get stuck paying 5%.

 

[EagleKeeper]

Originally posted by: BlueWeasel

Originally posted by: EagleKeeper

Originally posted by: BlueWeasel
I have submitted my eFile to the IRS but it's probably going to be tomorrow (4/16) before I get notice it was accepted. I owe taxes, but I can't mail them in (with payment voucher) until my return is accepted.

Given that postmark date will probably be 4/16, should I submit a 4868 form with my payment amount, or just not worry about it?

The timestamp that the send/transmitt button generates to the efile handler is what will count, not the acceptance date.

Ah, thanks. So even if the payment and voucher/signature form don't mail until tomorrow, it's fine?

I found some info that indicated that the IRS is processing so much the first few weeks, it's not a big deal if you mailed the payment out a day or two late. However, I don't want to get stuck paying 5%.

Correct - it is possible that the electronic system will detect an error on the return and it will have to be refiled.

w/ respect to filing attempts, the IRS accepts the word intent - but not understand that word related to mistakes.

 

[IHAVEAQUESTION]

Just finished mine. Boy...that was hard work.

So...we don't know how much we will get back from the stimulus tax package right? Or does the refund amount includes that already?

 

[Ns1]

Originally posted by: IHAVEAQUESTION
Just finished mine. Boy...that was hard work.

So...we don't know how much we will get back from the stimulus tax package right? Or does the refund amount includes that already?

Refund does not include that amount. See rebate calculator, I believe it's in the OP

 

[Ns1]

I lied

http://www.irs.gov/app/espc/

 

[Agentbolt]

Hey folks: stop calling me at Turbotax Support and asking if you should send in your money even if your return hasn't been accepted yet. The answer is YES, god dammit. The same answer it's been for the past million years.

 

[Kadarin]

Just finished mine, with props to Turbotax's online e-file. Unfortunately, I ended up owing about $15K (ISO stock option sale, no taxes withheld).

 

[erwin1978]

My nightmare came true. My returns were rejected because I claimed independent but according to the IRS someone has claimed my SSN as a dependent. Is the IRS now gonna penalized me for refiling? Will it be considered late? I sent it in with TurboTax on the 14th. I don't owe taxes and I was gonna get a state refund.

Isn't it parents can't claim you as a dependent if you are over 24 years old even if they support you?

 

[EagleKeeper]

Originally posted by: erwin1978
My nightmare came true. My returns were rejected because I claimed independent but according to the IRS someone has claimed my SSN as a dependent. Is the IRS now gonna penalized me for refiling? Will it be considered late? I sent it in with TurboTax on the 14th. I don't owe taxes and I was gonna get a state refund.

Isn't it parents can't claim you as a dependent if you are over 24 years old even if they support you?

There is information of who qualifies as a dependant in the OP.

This may be something you have to take up with your parents.
If they did not claim you, then your SS may have been "borrowed".

 

[ShotgunSteven]

Originally posted by: Ns1
I lied

http://www.irs.gov/app/espc/

It gives me error messages, saying I need to input whole dollar amounts.

Oh, and my return was received and accepted by the IRS. It says my refund should be deposited by 04/25/2008, though I usually get it a few days before the date they give.

 

[tk149]

I know this is the 2007 tax thread, but this question is for 2008.

In March 2008, I sold some stock and used the proceeds for a down payment on a house. No taxes were witheld.

The amount of money I gained from the stock sales is greater than my yearly salary, so I'm really worried about the tax consequences. I haven't figured out the basis yet. Taxes are witheld from my salary, but of course, that doesn't take into account the stock sale.

How can I avoid any tax underpayment penalties? Do I have to file early? Quarterly? Should I realize massive losses on the rest of my portfolio to offset the gains?

 

[Ns1]

Originally posted by: tk149
I know this is the 2007 tax thread, but this question is for 2008.

In March 2008, I sold some stock and used the proceeds for a down payment on a house. No taxes were witheld.

The amount of money I gained from the stock sales is greater than my yearly salary, so I'm really worried about the tax consequences. I haven't figured out the basis yet. Taxes are witheld from my salary, but of course, that doesn't take into account the stock sale.

How can I avoid any tax underpayment penalties? Do I have to file early? Quarterly? Should I realize massive losses on the rest of my portfolio to offset the gains?

lol. Claim S-0 on your w-4. Depending on the amount of your gains, you might want to make estimated tax payments.

You shouldn't be penalized as long as you pay at least the same amount of taxes that you did last year. That said, we're talking a HUGE liability you might want to make ES payments so you don't own yourself next year.

 

[Agentbolt]

Originally posted by: erwin1978
My nightmare came true. My returns were rejected because I claimed independent but according to the IRS someone has claimed my SSN as a dependent. Is the IRS now gonna penalized me for refiling? Will it be considered late? I sent it in with TurboTax on the 14th. I don't owe taxes and I was gonna get a state refund.

Isn't it parents can't claim you as a dependent if you are over 24 years old even if they support you?

If you don't owe taxes, it doesn't matter if you file on time. Even if you did, if you get rejected you get 5 days to fix the problem anyways. So you wouldn't be late.

 

[CPA]

Originally posted by: Ns1

Originally posted by: tk149
I know this is the 2007 tax thread, but this question is for 2008.

In March 2008, I sold some stock and used the proceeds for a down payment on a house. No taxes were witheld.

The amount of money I gained from the stock sales is greater than my yearly salary, so I'm really worried about the tax consequences. I haven't figured out the basis yet. Taxes are witheld from my salary, but of course, that doesn't take into account the stock sale.

How can I avoid any tax underpayment penalties? Do I have to file early? Quarterly? Should I realize massive losses on the rest of my portfolio to offset the gains?

lol. Claim S-0 on your w-4. Depending on the amount of your gains, you might want to make estimated tax payments.

You shouldn't be penalized as long as you pay at least the same amount of taxes that you did last year. That said, we're talking a HUGE liability you might want to make ES payments so you don't own yourself next year.

What Ns1 said. Best thing to do it to run it through a mock tax filing and see if you will get penalized or not. Chances are, you will since the gain was larger than your annual salary. You will NEED to make a quarterly payment then to approximate your taxes for the sale.

 

[TitanDiddly]

I'm a college student who made less than $3000 last year and is not liable for any tax(I received a refund). Will I receive any payment from the Stimulus Act?

 

[Ns1]

Originally posted by: TitanDiddly
I'm a college student who made less than $3000 last year and is not liable for any tax(I received a refund). Will I receive any payment from the Stimulus Act?

did you file? are you a dependent? if yes then no then yes

else no

 

[JS80]

I had to pay $9 to federal. I am awesome.

 

[TitanDiddly]

Originally posted by: Ns1

Originally posted by: TitanDiddly
I'm a college student who made less than $3000 last year and is not liable for any tax(I received a refund). Will I receive any payment from the Stimulus Act?

did you file? are you a dependent? if yes then no then yes

else no

I filed and received a refund, I am not a dependent. Could you clarify? I'm not sure I follow.
-Ned

 

[Ns1]

Originally posted by: TitanDiddly

Originally posted by: Ns1

Originally posted by: TitanDiddly
I'm a college student who made less than $3000 last year and is not liable for any tax(I received a refund). Will I receive any payment from the Stimulus Act?

did you file? are you a dependent? if yes then no then yes

else no

I filed and received a refund, I am not a dependent. Could you clarify? I'm not sure I follow.
-Ned

You will receive an economic stimulus check as long as you filed and you cannot be claimed as a dependent on somebody elses return.

Emphasis on cannot be claimed vs not claimed

 

[slsmnaz]

Originally posted by: Ns1

Originally posted by: TitanDiddly

Originally posted by: Ns1

Originally posted by: TitanDiddly
I'm a college student who made less than $3000 last year and is not liable for any tax(I received a refund). Will I receive any payment from the Stimulus Act?

did you file? are you a dependent? if yes then no then yes

else no

I filed and received a refund, I am not a dependent. Could you clarify? I'm not sure I follow.
-Ned

You will receive an economic stimulus check as long as you filed and you cannot be claimed as a dependent on somebody elses return.

Emphasis on cannot be claimed vs not claimed

I thought you had to make more than $3k which he say didn't happen.

 

[Ns1]

Originally posted by: slsmnaz

Originally posted by: Ns1

Originally posted by: TitanDiddly

Originally posted by: Ns1

Originally posted by: TitanDiddly
I'm a college student who made less than $3000 last year and is not liable for any tax(I received a refund). Will I receive any payment from the Stimulus Act?

did you file? are you a dependent? if yes then no then yes

else no

I filed and received a refund, I am not a dependent. Could you clarify? I'm not sure I follow.
-Ned

You will receive an economic stimulus check as long as you filed and you cannot be claimed as a dependent on somebody elses return.

Emphasis on cannot be claimed vs not claimed

I thought you had to make more than $3k which he say didn't happen.

Whoops, looks like I forgot about that requirement

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.

 

[Cal166]

If you contributed $4k to your ROTH IRA, can this be a deductible? I have a full time job and side jobs (1099s). My accountant did not put it anywhere in my taxes and I gave her my Fidelity statement when I did my taxes. I was wondering because last week, my co-worker said his accountant put his towards a deduction and saved him a bunch of money. He's a contractor btw.

Any input would be great.

Thanks

 

[EagleKeeper]

Originally posted by: Cal166
If you contributed $4k to your ROTH IRA, can this be a deductible? I have a full time job and side jobs (1099s). My accountant did not put it anywhere in my taxes and I gave her my Fidelity statement when I did my taxes. I was wondering because last week, my co-worker said his accountant put his towards a deduction and saved him a bunch of money. He's a contractor btw.

Any input would be great.

Thanks

See reponse to muse on 13th.