6th Annual Anandtech Tax Time Thread

[Bonesdad]

I just completed my daughters Federal and state tax returns. She lives about 1000 from me in another state. When she was home at spring break, she brought all of her tax form home so I could complete them for her (using TaxAct). Should have done her taxes while she was here...our problem:

I have all of her W2 copies here, since she isn't here, she can't sign the tax forms. I could submit it all for her, but it would be without her signature (on Fed or State). Is there a way to submit paper tax forms for her without her signature? I could send the W2 forms to her, but I'd have to overnight them to get there on time. Hoping to find a less desperate measure. I suppose I could efile them???

 

[JEDI]

while gathering paperwork for 2008 taxes, i found a 1099-int for 2007 which i didnt report. :Q

it was for $300 in bank interest for 2007.

odds of IRS catching this?
file 1040x?

penalty and interest on $300 if i file 1040x?
penalty and interest if i dont file, and IRS catches my mistake?

(it's not about the $, it's just that i just dont feel like doing a 1040x)

 

[skyking]

got it thanks

 

[dquan97]

A friend just got 1st job as a dentist. Which ones are deductible and under what line on Sch. A?
- exam fees to be licensed
- prep class for exam
- license fee
- hotel/food/travel for ppl who were part of his exam (exam consisted of enlisting your own test subjects)

I was debating whether they're covered as "job search" or "unreimbursed work expense," but he wasn't working when those were incurred.

 

[Paratus]

Originally posted by: CPA

Originally posted by: Paratus
Need some quick help.

I'm entering into Turbo Tax the amount I expect to put into my Roth IRA later this week for 2008. It's raising my tax owed as I enter the value for my wife's Roth and my Roth. That doesn't make any sense to me as the money is post tax. Now I am in the gray area where I can't contribute the full amount.

Anyone have a clue?

Thanks

You might be over the income limits and are getting penalized for the over contribution.

Nailed it. If we had just continued Turbo Taxed would have told us.

 

[statik213]

My wife is a grad student and received a couple of grants (around 2k) from her school for travel expenses to a couple of conferences where she presented some of her papers. We received a 1098-MISC from her uni w/ box no. 7 (non-employee compensation) filled out.
a. do we need to report this to the irs?
b. if we have to report it, can I credit her educational (really professional in this case) expenses?
c. do i have to itemize my deductions? The standard deduction (10k -- married w/ 1 child) seems to be adequate for me.

 

[Dr. Detroit]

:brokenheart:

I got AMT'd this year!

State gets $1,135
Feds get $2,086

 

[maddogchen]

damnit...still have to pay 1k in taxes. Damn this! single, no children, no dependents, pay rent, don't own property. I get like no real deductions at all except my standard one.

 

[BlueWeasel]

Confused about the 2008 stimulus and how it affects my taxes. The last thing I did was put in the stimulus amount ($1500) and the amount I owe to the Feds goes up by exactly $1500. Why is that?

 

[imported_Lothar]

Originally posted by: dquan97
A friend just got 1st job as a dentist. Which ones are deductible and under what line on Sch. A?
- exam fees to be licensed
- prep class for exam
- license fee
- hotel/food/travel for ppl who were part of his exam (exam consisted of enlisting your own test subjects)

I was debating whether they're covered as "job search" or "unreimbursed work expense," but he wasn't working when those were incurred.

I deducted all those as business expense using Form 2106 on Schedule A.

This covers licensing exams, mileage for reviews, hotel stay, books/study materials, supplies, parking fees, tolls, etc...

For reference...I'm in the same boat as your friend, except I'm in another profession.
Make sure your friend puts as much as possible so he passes the "2% AGI floor".

 

[Deeko]

I took a new job in March 08. My new company paid for my moving expenses. This money was reported as income on my W2 - and is listed specifically in box 14. Is this deductible? The internet is giving me conflicting answers.

 

[Deeko]

Originally posted by: Deeko
I took a new job in March 08. My new company paid for my moving expenses. This money was reported as income on my W2 - and is listed specifically in box 14. Is this deductible? The internet is giving me conflicting answers.

According to table 2: http://www.irs.gov/publication...en_US_publink100043419

I think the answer is yes, as it is entirely reported in box 1 and not at all in box 12. Fantastic, this results in a $1300 refund, instead of $900 owed!

 

[Caveman]

I know the gov't owes me return money...

Do I still have to file an extension by the 15th...? Or can I just wait till next week and then file quietly for my return with no penalty, etc..?

 

[EagleKeeper]

Originally posted by: Bonesdad
I just completed my daughters Federal and state tax returns. She lives about 1000 from me in another state. When she was home at spring break, she brought all of her tax form home so I could complete them for her (using TaxAct). Should have done her taxes while she was here...our problem:

I have all of her W2 copies here, since she isn't here, she can't sign the tax forms. I could submit it all for her, but it would be without her signature (on Fed or State). Is there a way to submit paper tax forms for her without her signature? I could send the W2 forms to her, but I'd have to overnight them to get there on time. Hoping to find a less desperate measure. I suppose I could efile them???

You could send in the forms without signature.
The IRS would then contact her for the signature.

Efile and pay for the State fee.

Overnight the forms to her and let her take the responsibility for signing and mailing them along.

 

[EagleKeeper]

Originally posted by: JEDI
while gathering paperwork for 2008 taxes, i found a 1099-int for 2007 which i didnt report. :Q

it was for $300 in bank interest for 2007.

odds of IRS catching this?
file 1040x?

penalty and interest on $300 if i file 1040x?
penalty and interest if i dont file, and IRS catches my mistake?

(it's not about the $, it's just that i just dont feel like doing a 1040x)

Penalty and interest is up to the IRS.
Do you need to take a chance of having the IRS come looking for you.

Spend the 10 mintues and file a 1040X.

You waste more time in OT than that per day.

 

[EagleKeeper]

Originally posted by: dquan97
A friend just got 1st job as a dentist. Which ones are deductible and under what line on Sch. A?
- exam fees to be licensed
- prep class for exam
- license fee
- hotel/food/travel for ppl who were part of his exam (exam consisted of enlisting your own test subjects)

I was debating whether they're covered as "job search" or "unreimbursed work expense," but he wasn't working when those were incurred.

If he is earning income as a dentist and is considered to be self employed, then all the items can fall under the Schedule C

If not earning income, then the Schedule A, unreimbursed work expenses is where they would go. Form 2106

 

[EagleKeeper]

Originally posted by: statik213
My wife is a grad student and received a couple of grants (around 2k) from her school for travel expenses to a couple of conferences where she presented some of her papers. We received a 1098-MISC from her uni w/ box no. 7 (non-employee compensation) filled out.
a. do we need to report this to the irs?
b. if we have to report it, can I credit her educational (really professional in this case) expenses?
c. do i have to itemize my deductions? The standard deduction (10k -- married w/ 1 child) seems to be adequate for me.

If you want to expense her costs, then you will have to use the Schedule A.
The 1098-MISC will have to be added to the 1040 income.
Here educational expenses will come under tuition or the LLC.
If you are using the Schedule A, it might be better for her expenses to use the Form 2106.

You will have to experiment on which is most beneficial.

 

[EagleKeeper]

Originally posted by: BlueWeasel
Confused about the 2008 stimulus and how it affects my taxes. The last thing I did was put in the stimulus amount ($1500) and the amount I owe to the Feds goes up by exactly $1500. Why is that?

It may be possible that you are not elgible for the stimulus

 

[EagleKeeper]

Originally posted by: Deeko
I took a new job in March 08. My new company paid for my moving expenses. This money was reported as income on my W2 - and is listed specifically in box 14. Is this deductible? The internet is giving me conflicting answers.

Make sure that you use theForm 3903 to account for the move.

The comapny reembursed you and declared it as income.

You can now expense off that income.

 

[EagleKeeper]

Originally posted by: Caveman
I know the gov't owes me return money...

Do I still have to file an extension by the 15th...? Or can I just wait till next week and then file quietly for my return with no penalty, etc..?

Penalties are if you owe $$.


/rant
I have never figured out how they expect you to figure out if you owe money and send in the amount owed; yet allow you to send in the supporting paperwork 4-6 months later.

You would have to have the oaperwork in order to figure out what is owed.

 

[BlueWeasel]

Originally posted by: EagleKeeper

Originally posted by: BlueWeasel
Confused about the 2008 stimulus and how it affects my taxes. The last thing I did was put in the stimulus amount ($1500) and the amount I owe to the Feds goes up by exactly $1500. Why is that?

It may be possible that you are not elgible for the stimulus

That's what it appears to be, but I don't see how. My wife and I file jointly and our combined income is much less than the $150,000 ceiling for the stimulus.

 

[EagleKeeper]

Originally posted by: BlueWeasel

Originally posted by: EagleKeeper

Originally posted by: BlueWeasel
Confused about the 2008 stimulus and how it affects my taxes. The last thing I did was put in the stimulus amount ($1500) and the amount I owe to the Feds goes up by exactly $1500. Why is that?

It may be possible that you are not elgible for the stimulus

That's what it appears to be, but I don't see how. My wife and I file jointly and our combined income is much less than the $150,000 ceiling for the stimulus.

Go to the IRS Website and check for the Stimulus to see if you should have received it last year based on the '07 status

Otherwise, file without it and then later place a call to the IRS asking why you are not being allowed to take it for '08 taxes.

 

[JEDI]

Originally posted by: EagleKeeper

Originally posted by: JEDI
while gathering paperwork for 2008 taxes, i found a 1099-int for 2007 which i didnt report. :Q

it was for $300 in bank interest for 2007.

odds of IRS catching this?
file 1040x?

penalty and interest on $300 if i file 1040x?
penalty and interest if i dont file, and IRS catches my mistake?

(it's not about the $, it's just that i just dont feel like doing a 1040x)

Penalty and interest is up to the IRS.
Do you need to take a chance of having the IRS come looking for you.

Spend the 10 mintues and file a 1040X.

You waste more time in OT than that per day.

will the 1040x raise my chances of being audited?

 

[EagleKeeper]

Originally posted by: JEDI

Originally posted by: EagleKeeper

Originally posted by: JEDI
while gathering paperwork for 2008 taxes, i found a 1099-int for 2007 which i didnt report. :Q

it was for $300 in bank interest for 2007.

odds of IRS catching this?
file 1040x?

penalty and interest on $300 if i file 1040x?
penalty and interest if i dont file, and IRS catches my mistake?

(it's not about the $, it's just that i just dont feel like doing a 1040x)

Penalty and interest is up to the IRS.
Do you need to take a chance of having the IRS come looking for you.

Spend the 10 mintues and file a 1040X.

You waste more time in OT than that per day.

will the 1040x raise my chances of being audited?

Uncle will say no.

However, you have a better chance of a visit if you do not claim the income. That will generate a larger flag than filing a 1040X - which indicates that you realize that a mistake was made and you are attempting to be an honest taxpayer and reporting it.

 

[LS21]

ive been paying my sister's student loans
will i be able to claim her student loan interest as deduction for MY personal tax file? or is it tied to the loan persons SSN? (obviously, i have all bank records of the payments)