ctbaars
Golden Member
- Nov 4, 2009
- 1,568
- 163
- 106
1%'ers like you should pay more ...The new tax laws are complete garbage for me. My refund is over $3k less than last year. I lost out on $5k+ on property tax deductions.
1%'ers like you should pay more ...The new tax laws are complete garbage for me. My refund is over $3k less than last year. I lost out on $5k+ on property tax deductions.
$42K ?? HS! Sounds like you 10%'er ATOT'ers need to vote democrat so you put in your full 90%.Yup. It's complete and utter shit and fuck you again Trump.
I went from like $42k deductions last year to $24.5k this year. We went from getting back like $3k to owing $150.
My mom and stepdad went from getting back $8k last year to owing $3k this year. We make probably around double or more than double what they make.
$42K ?? HS! Sounds like you 10%'er ATOT'ers need to vote democrat so you put in your full 90%.
Just finished my first pass on my federal taxes. Betterment's Tax Loss Harvesting means I had a net negative capital gains. (Though I got way more dividends than negative capital gains.)
I just wish my tax software didn't force me to check every entry in my 1099. I had over 400 this year! Fortunately, my tax software suggested I combine most of those into short-term and long-term capital gains categories, which left only about 30 wash sales I had to treat separately. I wonder whether wash sales under $0.50 can be combined too; but I didn't this year.
It looks like my refund will be about the same as last year. Combine that with extra money in each paycheck, which adds up to about the same as the refund, and that's a net win for me.
Yes I do. I was being hyperbolic. (It's why I said 10%'er and not 1%'er)pretty sure Purebeast isn't pulling in something like ~$300m per year, which is where that full "90%" would actually kick in. Do you understand how the marginal rate works?
You might be interested to learn that when the marginal rate was in effect in this country, that top end rate pretty much only applied to 1 or 2 individuals in the entire country, in any given year.
Still, if you sit under whatever the defined income threshold would be (current plan is $10 million), you still pay, essentially, the current rate on that income.
400 sale transactions in one 1099. My tax software wants me to look at every one. They're practically all automated by Betterment.God damn how many accounts do you have to receive 400 1099s?
400 sale transactions in one 1099. My tax software wants me to look at every one. They're practically all automated by Betterment.
Edit: https://www.betterment.com/tax-loss-harvesting/
.25%. Not as good as I'd like.Hows their overall fees on your investments with it providing services like auto tax loss harvesting?
They also re-balance your accounts, excluding their "Smart Saver" bond account, which isn't 3% interest, but is insured by SIPC.They do any other trades for you automatically?
Doubled up at the end of 2017. Gave next to nothing 2018. Will double up 2019. Rinse and repeat.I'm awfully curious to see how the new tax laws have affected charitable giving. Has anyone increased / decreased giving based on the new laws? Since I don't hit the 24k deduction none of my charitable giving "counts". I could understand how this would prevent folks from wanting to donate.
I'm awfully curious to see how the new tax laws have affected charitable giving. Has anyone increased / decreased giving based on the new laws? Since I don't hit the 24k deduction none of my charitable giving "counts". I could understand how this would prevent folks from wanting to donate.
Personally doesn't affect me since I took the standard deduction (12.7k) even prior to the tax reform.
Also in general I think the concept of itemized / standard deductions to be fucking dumb to begin with. If you want to give something a tax advantage, it should just be stacked ontop of the standard.
Yes that would be nice!
I'd give regardless but you can bet your ass I'll avoid the taxes if I can.If you are giving money to a charity because of the tax code, there is something wrong. I donate but it has absolutely nothing to do with the code. Besides, I don't think the government should be "incentivizing" religion and para-church activities.
Absolutely.I'd give regardless but you can bet your ass I'll avoid the taxes if I can.
Thanks for starting this thread. Here is my question:
I live with my partner, and we've lived together since 2016. We have a child together and she's a stay at home mom and I provide 100% of the income. I am filing as head of the household, and I would like to claim her as a dependent on my tax return, which it appears that I am eligible for a $500 tax credit if I do that.
However, her 7 year old son lives with us half-time. He is not my son, and since my partner and I are not married, he does not qualify as my step-son. Every other year she gets to claim him as a dependent, and this is the year that she does get to claim him.
So, my question is, can she (as a dependent of me if I am listing her as a dependent on my return) claim her son for the child tax credit on her return? Or does being a dependent make you somehow ineligible to claim a child as a dependent?
Thank you so much for your clarification if you're able to give any.
The IRS rules provide that there are really two types of dependents:
- a qualifying child
- a qualifying relative
We have a child together
I'm not sure why I would not be eligible for Head of Household? My son lives with me full time.Sadly I think you're in for some bad news overall
First as far as claiming your Partner as a dependent: Qualifications
What does this tell me? From the very get-go, you cannot claim your "partner" as a dependent unless they are one of two above. Let me know if you disagree with that, but that is my general understanding.
So with that said, your partner can then claim their child on their own tax return. I understand that your partner doesn't have any income - However, since the Child tax credit is a partially refundable tax credit, that shouldn't be an issue. You would basically file a $0 income tax return with the child as a dependent under your partner
Next up is Head of Household. See: https://turbotax.intuit.com/tax-tips/family/guide-to-filing-taxes-as-head-of-household/L4Nx6DYu9
You don't seem to meet the qualifications for "Qualifying Child" or "Qualifying Dependent" to file under Head of Household IMO.
Sounds like you will be stuck filing single for yourself and your partner for the year of 2018.
Let me know if you disagree or have any questions.
I'm not sure why I would not be eligible for Head of Household? My son lives with me full time.
And here is what I found for the rules for domestic partners:
https://turbotax.intuit.com/tax-tips/family/claiming-a-domestic-partner-as-a-dependent/L2EGb24N1
I also went through the IRS's "test" to see if I can claim my partner as a dependent, and she checked out:
https://www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent
That seems to be new for 2018.
presuming your partner literally lived with you the entire year of 2018.member of your household for the entire year.
I'm not trying to claim my partner's other son as a dependent. The IRS tool that determines qualifying children already determined that I cannot claim him as a dependent even though I am supporting him financially. I want my partner to claim him as a dependent, but if I am claiming her as a dependent, does that disqualify her from adding him as a dependent?See my edit - I confused your son with your partner's child. Absolutely correct if you and your partner had a child together that you were taking care of.
You look to be correct here based on the IRS tool - Also misread my source, your partner likely qualifies as presuming your partner literally lived with you the entire year of 2018.
I would still have to stand by my statement though as far as claiming your partner (or your partner's child) as dependents. I don't believe that they would meet the qualifications since they are not "a qualifying child" or "a qualifying relative"
I'm not trying to claim my partner's other son as a dependent. The IRS tool that determines qualifying children already determined that I cannot claim him as a dependent even though I am supporting him financially. I want my partner to claim him as a dependent, but if I am claiming her as a dependent, does that disqualify her from adding him as a dependent?
Actually, Based on the IRS tool you linked, I don't see any issues with you claiming your stepson on behalf of your partner? Based on the presumption that she isn't making any income (based on your previous statements). This is your step child. You supported him for more than 50% of the time (Since everything your partner supports is 100% from you).
But ultimately, I do not see anything under your partner that disqualifies her from claiming her son. Typically the main culprit as far as dependents is that they are not claimed twice. Since it is her turn to take her son as a dependent I do not see an issue there. From a tax benefits perspective, it would be more benefitial under you since you are actually paying taxes the credit will likely be more beneficial under you.