After spending an hour or so on the phone with Scottrade.
The dividend paying company (SBRA) changed the status of the dividends to partial dividend/partial non-dividend distributions at the end of January.
As to the dividend payout.
Thanks for clearing that up.
Thank You
.
Question about Stock Options. Last year I had to exercise and sale (same day) my companies options. The income and taxes withheld are shown on my W2.
My question is about how to file. If I tell turbo tax I exercised and sold options wouldn't it then be adding additional income and taxes that are already accounted for on my W2. On the other hand, how would I document this for the govt without paying multiple times.
Thanks.
No need to worry about it. If you look at the payslip when you exercised the stock options, you will notice that it already been included in your W-2 and like you said, taxes were withheld. You shouldn't have to do anything. The only other thing might be that you may have a small capital loss (yes you sold it the same day but usually there is a small loss due to commissions). Your basis would be what was included in your W-2 and the proceeds would be what you sold it for less commissions. Just a thought.
Thank you. I found some information on the Intuit website after a few different searches. People mentioned something called SARS (Stock appreciation rights) and said to be sure the exercise is listed as NQSO which would not add it as additional income.
I live in Illinois (just across the miss river) and work in St. Louis.
I have to pay income tax to both states.
If my job started letting me work from home and that became my primary work location, would I still have to pay income tax in Missouri? My employer would be in Missouri, but I wouldn't be working in the state.
I took the first time homebuyer tax credit in 2008, which was the year that recipients had to pay it back starting in 2010. Last year I received a card from the IRS with the amount to pay for 2010. This year I haven't received anything. Has repayment been voided or did they just forget?
Starting with tax year 2011, the New York Department of Taxation and Finance may impose a $25 penalty for individual (personal) New York State returns that are:
Prepared using tax software; AND
Are mailed instead of e-filed.
This new e-filing mandate applies to all 2011 New York individual returns that are prepared using any tax software program.
The penalty would not apply to mailed federal returns, nor to any other state returns (other than New York) that you choose to print and mail.
N.Y. threatens to penalize people who file returns on paper
Has anyone living in New York filled there taxes by mail.
According to the The New York State Department of Taxation and Finance .
I find this insane, why am i being forced to give the IRS access to my bank account and mail my taxes electronically. Any anyone mailed there statements in NY and was not charged with the fee?
I owed for my 2011 taxes because I forgot to set my federal exemption back to normal (received bonuses from work). I noticed in my TurboTax PDF file that there are coupons for 1040ES for 2012. If I have my deductions set back to normal through my employer, can I just ignore these since the IRS is receiving the money through my employer?
Situation:
Brothers and I inherited a house in 1994 when my father died but the way the will was written we owned it but our mother could use it until her death if so desired. She rented it out but decided to turn it over to us in June 2011. I collected 3 months rent before the tenant moved out. It remained empty and unused for the remainder of the year.
Would it be better to just claim the entire rental income on my mothers return for 2011 and start fresh this year with it on our returns or is it possible to split it between the 2 returns? Is the basis I use the same basis my mother has been using or does it reset? Nothing has been done deed/government wise with the house, it is still listed "Mothers name" & ETAL CO-TRUSTEES.
IRS has no way of knowing that you are paying extra as payment for the 2011 bills.
Setting deductions back to normal is also now just breaking even for 2012 - not really paying for 2011.
You are better off making the extra payments directly to the IRS once a month or quarter on your own.
However, if you received bonus from work; then the bonus should have been taxed at a higher rate and have no impact on your overall tax structure (if anything, you overpaid).
Or had you tweaked your deductions for the year and did not put aside the $$ to cover it?
For 2011 I had forgotten to set back my W4 to 0. So I severely underpaid what my taxes were supposed to be. So I have to cut a check for $1,700 to the IRS, which I'm mailing out this week, to pay for 2011. I'm just going to leave my W4 at 0 from now on so I'm not screwing myself come tax time from now on.
Last question for the year, I swear
If we paid estimated taxes through the year out of partnership funds (mostly for convenience reasons), can we deduct these payments from the partnership income?
Thanks.
Don't quote me on this but I think you can (for book purposes). Reason being is that for tax purposes, I have seen partnerships adding back any expenses relating to Fed taxes when you do the book vs tax recon. But on your 1040, they will not be deductible. Any clues Eagle?
On the books, taxes paid reduce the overall income for profit distribution.
How is that for waffling :biggrin:
Hi all,
I just found out that I haven't filed for my 2008 tax return. Back then, I was a student with no income (allowance from parents). However, my parents couldn't claim me as a dependent due to my age. I used the allowance to pay for tuition and living expenses. Will I be eligible for any tax refund? Or perhaps I need to pay taxes?
I was a resident alien at that time.