7th Annual Anandtech Tax Time Thread

[EagleKeeper]

what's the deadline for e-file? which time?

Midnight in your time zone

 

[manlymatt83]

So if the "deadline to file" was extended to May 11th for people of Massachusetts, does that mean the deadline to pay taxes owed is also extended until then?

My situation now: I filed my return today, but didn't get a chance to go to the post office (I had to go to an unexpected funeral tonight). I will mail my checks tomorrow, but obviously they will be postmarked a day late. However, Massachusetts seems to have a filing extension until May 11th - does this also include paying taxes owed, even though I filed today?

What are normal IRS penalties for filing on time but mailing the check a few days late?

Thanks

 

[destrekor]

If you are a dependant when filing; you can not claim the tuition related credits & student loan interest - that goes to the parents.

Investing money in a small business implies that you are participating in the business - not just buying stock in a business.

So, next year I'll be a dependent for half a year. I have no idea how that works according to the IRS.
I graduate this June, and effectively after that I will no longer be a dependent.
So when filing the tax return next year, do I get to ignore the first half of this year?

 

[EagleKeeper]

If you are a dependant when filing; you can not claim the tuition related credits & student loan interest - that goes to the parents.

Investing money in a small business implies that you are participating in the business - not just buying stock in a business.

So, next year I'll be a dependent for half a year. I have no idea how that works according to the IRS.
I graduate this June, and effectively after that I will no longer be a dependent.
So when filing the tax return next year, do I get to ignore the first half of this year?

The IRS seems to set it up so that you can be a student if you are in school during the year.

The year following your graduation (completion of academic courses) then you are no longer a undergrad student.

If it is to your benefit to not use the student/educational credits, then nothing is forcing you. However, they can not assigned to another.

 

[EagleKeeper]

So if the "deadline to file" was extended to May 11th for people of Massachusetts, does that mean the deadline to pay taxes owed is also extended until then?

My situation now: I filed my return today, but didn't get a chance to go to the post office (I had to go to an unexpected funeral tonight). I will mail my checks tomorrow, but obviously they will be postmarked a day late. However, Massachusetts seems to have a filing extension until May 11th - does this also include paying taxes owed, even though I filed today?

What are normal IRS penalties for filing on time but mailing the check a few days late?

Thanks

The IRS expects that the 1040 form to be postmarked by midnight your time zone. If you get a check to them before the paperwork is processed, you are OK.

Otherwise, you will get hit with fees for not paying your tax on time. Those penalties are discusseed on the IRS website.

 

[Chapbass]

We are not answering state questions due to variability in the tax law. Although you would have to talk to your Payroll department. Also, if they have reciprocity then doesn't it mean only one state taxes you on the income (typically your home state)?

Whoops, didn't see that section in the OP. Gotcha, thanks for letting me know.

 

[destrekor]

doh

had a typo in my SSN.

5 day grace period to fix errors, ... gasp... thank you, IRS. ^_^

 

[alkemyst]

doh

had a typo in my SSN.

5 day grace period to fix errors, ... gasp... thank you, IRS. ^_^

thx for sharing such stupidity with this thread that could have done fine with this and my own post.

 

[yotsisit]

By the bye, my salary per month $500.

 

[enis083]

I recently received a corrected W2 and the only correction was for the local city tax. Do I need to resubmit my Federal and State returns or can I just resubmit my local tax return?

 

[EagleKeeper]

I recently received a corrected W2 and the only correction was for the local city tax. Do I need to resubmit my Federal and State returns or can I just resubmit my local tax return?

If you itemized on your Federal and included the city tax; then you need to file a 1040X.

If not - follow the guidelines for your state.