I just realized that the tax preparer put the wrong address on my return. We are doing direct deposit for the refund. Am I going to need to do anything to correct the address?
I just realized that the tax preparer put the wrong address on my return. We are doing direct deposit for the refund. Am I going to need to do anything to correct the address?
Better to mail them the update. either your local IRS office or the one you were to send the paper copies to.
You could spend 30 minutes - 2 hrs easily on the phone just to get to a CSR.
A dependent that pays no taxes should not plan, expect or get a refund.
Thanks. But I wasn't a dependent in tax term.
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.
A future years question, is there any difference with tax deduction between a home equity loan and a home line of credit?
How hard is it to amend a federal return? I forgot to put the 1099-DIV info into turbotax when I filed. IRS has already accepted the return but hasn't taken the deduction yet (scheduled it for next week)
Also, filing for late sister: she had a traditional IRA that was dispersed to me. I'm paying taxes as it counts as income. Would she have to pay taxes on it as well? (father said IRS would treat it as money dispersed to her and then given to me - I'm not quite believing him)
Inherited from someone other than spouse. If you inherit a traditional IRA from anyone other than your deceased spouse, you cannot treat the inherited IRA as your own. This means that you cannot make any contributions to the IRA. It also means you cannot roll over any amounts into or out of the inherited IRA. However, you can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of you as beneficiary.
Beneficiary an individual. If the beneficiary is an individual, to figure the required minimum distribution for 2012, divide the account balance at the end of 2011 by the appropriate life expectancy from Table I (Single Life Expectancy) in Appendix C. Determine the appropriate life expectancy as follows.
Spouse as sole designated beneficiary. Use the life expectancy listed in the table next to the spouse's age (as of the spouse's birthday in 2012). If the owner died before the year in which he or she reached age 70½, distributions to the spouse do not need to begin until the year in which the owner would have reached age 70½.
Other designated beneficiary. Use the life expectancy listed in the table next to the beneficiary's age as of his or her birthday in the year following the year of the owner's death, reduced by one for each year since the year following the owner's death.
If the designated beneficiary dies after September 30 of the year following the year of the owner's death, continue to use the designated beneficiary's remaining life expectancy to determine the distribution period; do not use the life expectancy of any subsequent beneficiary.
Example.
Your father died in 2011. You are the designated beneficiary of your father's traditional IRA. You are 53 years old in 2012. You use Table I and see that your life expectancy in 2012 is 31.4. If the IRA was worth $100,000 at the end of 2011, your required minimum distribution for 2012 would be $3,185 ($100,000 ÷ 31.4). If the value of the IRA at the end of 2012 was again $100,000, your required minimum distribution for 2013 would be $3,289 ($100,000 ÷ 30.4). Instead of taking yearly distributions, you could choose to take the entire distribution in 2016 or earlier.
I am just starting my 2011 taxes using Turbo Tax. I have a corporate bond that has twice a year interest. The 1099-INT shows the total interest in box 1. On the other side it indicates the custodial fee of $25, which gets docked from my interest. Is there a place I can enter the custodial fee in my taxes?
quick question, we pay about $500 every year for an accountant/tax prep person to file our s-corp taxes for us, is that about right? Or should I shop around?
That is a decision that you have to make. Every location would have a different market and the actual return can have an influence
It does not hurt to shop around and present a lower offer to the people you use.
My daughter spent one term in college, lived on campus, then dropped out before the end of the year, and moved back home.
What can I claim on my taxes as college expenses?
In general, are fees for dorms deductible?
Fees for food (cafeteria meal plan, etc)?
Tuition fees paid from from a 529 plan (I "own" the 529 plan, ie, put all the money in)?
Tuition fees paid by a Parent Plus loan that I took out?
Tuiton fees paid for by a loan my daughter took out in her name?
I got a tax statement from the college with various fees I paid (sorry, don't have it in front of me), are they all deductible (why would they report them if they weren't)?
TIA for your advice.
Expenses That Do Not Qualify
Qualified education expenses do not include amounts paid for:
Insurance,
Medical expenses (including student health fees),
Room and board,
Transportation, or
Similar personal, living, or family expenses.
This is true even if the amount must be paid to the institution as a condition of enrollment or attendance.
Comprehensive or bundled fees. Some eligible educational institutions combine all of their fees for an academic period into one amount. If you do not receive, or do not have access to, an allocation showing how much you paid for qualified education expenses and how much you paid for personal expenses, such as those listed above, contact the institution. The institution is required to make this allocation and provide you with the amount you paid (or were billed) for qualified education expenses on Form 1098-T, Tuition Statement. See Figuring the Deduction , later, for more information about Form 1098-T.
My daughter spent one term in college, lived on campus, then dropped out before the end of the year, and moved back home.
What can I claim on my taxes as college expenses?
In general, are fees for dorms deductible? For tax credits, no.
Fees for food (cafeteria meal plan, etc)? No.
Tuition fees paid from from a 529 plan (I "own" the 529 plan, ie, put all the money in)? Distributions from the 529 plan must be excluded from college expenses for AOC purposes. 529 distributions are not taxable if used on education expenses. For this purpose, room and board does qualify.
Tuition fees paid by a Parent Plus loan that I took out? Sure, with the above caveats.
Tuiton fees paid for by a loan my daughter took out in her name? Sure, with the above caveats.
I got a tax statement from the college with various fees I paid (sorry, don't have it in front of me), are they all deductible (why would they report them if they weren't)? The 1098 would list amounts billed or cash paid (depends on the school) and any scholarship amounts (which would net with amounts billed/paid). You can either follow that number for tuition or gather amounts for what you actually paid -- through cash or loan.
TIA for your advice.
Although you are not required to make a payment of the tax
you estimate as due, Form 4868 does not extend the time to
pay taxes. If you do not pay the amount due by the
regular due date, you will owe interest. You may also be charged
penalties. For more details, see Interest and Late Payment Penalty
on page 2. Any remittance you make with your application for
extension will be treated as a payment of tax.
My mother and I usually file at the same time since we have joint accounts. However, she is out of the country and filed an extension (Form 4868). I would like to file the same extension, but I don't want to pay any late penalties. However, this part of the form gives me pause:
If I send in this extension, will I need to pay some sort of fee or penalty or added charge later on?