cool, I didn't know that. is that just through the turbotax website or something?
You are not required to file the Federal if you have a refund.
Colorado has free online state filing.
Colorado Dept of RevenueYou are not required to file the Federal if you have a refund.
Colorado has free online state filing.
cool, I didn't know that. is that just through the turbotax website or something?
You are not required to file the Federal if you have a refund.
Colorado has free online state filing.
in prior years i did work for a company for total amounts over $1000 and got a 1099-misc. This year all my work only came to $541 so i didn't receive a 1099-misc. How do i claim this without a 1099-misc? do i claim it?
This year my employer reported a fringe benefit (company vehicle) under Box 14 on my W2. The vehicle is used solely for business, but since I drive it to and from the office and home each day I understand that is considered a taxable benefit. The question is, where do I report this? TaxAct doesn't know what to do with it, and my google-fu failed me.
Well This year will be a bit odd. An of course this is the first year I won't just say "screw it" and pay someone else to do it.
-Laid off in Feb, so I have a W2 for salary + severance
-a few months of NC unemployment
-COBRA equivalent for small businesses for ~half the year, then switch to school insurance
-Back to school in the summer (tuition / expenses paid from savings/investments)
-Misc odd gigs (no 1099s yet, though)
-Usual misc losses and returns on stock portfolio (sold some to cover school/ expenses)
-Usual extensive medical expenses
Any advice on overall strategy? Thinking of buying some software to tackle this. I know the first post says no endorsements - but are there any that are better at oddball situations like this or being up to date on the recent legislation (which it looks like I'll be taking advantage of)?
Definitely get some software. That being said, I can't even begin to suggest any of them since I've never used consumer level tax software. They all have to meet IRS standards, so you shouldn't have a problem with one not being "up to date". The only real difference would be interface.
As far as not having any 1099's, that's fine, but just remember, you're supposed to report the income, regardless of receiving a 1099.
Whenever I prepare a tax return, I like to tackle it in the order of the 1040. Just go right down form line by line and fill out the applicable schedules.
Thanks for all the work you put into this thread.
I have a question about a new S-Corp that my wife started this year. I've read Pub 587 thoroughly and I am certain that we qualify for the deduction (regular and exclusive use, etc), but I'm unclear on the details. From what I understand, the best method to allow a home office deduction with an S-Corp is to establish an accountable plan by which the S-Corp reimburses my wife for actual expenses related to the home office such as utilities, insurance, etc. These figures are scaled based on the size of the office relative to the size of the house.
However, the business just started this year and has no income yet. If I were a sole proprietorship, it's clear that the home office deduction is limited by business income, except for mortgage interest and property tax which I could take on my Sch A anyway. However, it's not as clear to me how the business income limit applies to an s-corp. Since the amount reimbursed to my wife would just be listed as a regular business expense on the business' 1120S, is it still limited by business income?
Thanks for all the work you put into this thread.
I have a question about a new S-Corp that my wife started this year. I've read Pub 587 thoroughly and I am certain that we qualify for the deduction (regular and exclusive use, etc), but I'm unclear on the details. From what I understand, the best method to allow a home office deduction with an S-Corp is to establish an accountable plan by which the S-Corp reimburses my wife for actual expenses related to the home office such as utilities, insurance, etc. These figures are scaled based on the size of the office relative to the size of the house.
However, the business just started this year and has no income yet. If I were a sole proprietorship, it's clear that the home office deduction is limited by business income, except for mortgage interest and property tax which I could take on my Sch A anyway. However, it's not as clear to me how the business income limit applies to an s-corp. Since the amount reimbursed to my wife would just be listed as a regular business expense on the business' 1120S, is it still limited by business income?
the difference between the deluxe/premier to TT and also for HR Block is that as you pay more, you be more services from them.Thanks. I wondered if that was the case, but figured some might have useful features others don't - like the ability to OCR my W2 or investment statements.
Looking at turbotax. Not sure I understand or can find the real difference between deluxe and premier - Premier says it's for people with investments, deluxe says it's for people needing max. deductions or have significant medical expenses (I have all three). hmm
This is beyond my skill set to provide you with an accurate answer.
They need to take it up with CA.
Suspect that there is more to this story than meets the eye.
If you are able to itemize, it will make no difference.Quick question, I moved and began renting out my home in Oct. of 2010. Should I be claiming the Mortgage interest in the deductions section or should I include that as a loss with regards to rental income?
quick questions: my girlfriend is an international graduate student (going for Ph.D). She has been here since Jan 2009.
- Filing through CINTAX, it doesn't ask her to claim her tuition. Is that correct?
- Last year, I did her state taxes and took it to a tax guy who looked at it for free. he mentioned that this year, she will be able to file as a resident. Is that correct? internet says someone has to be here for 5 years in order to file as a resident.