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Oh hi it's that time of year again [2011 Taxes Thread]

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Posts

  • SeptusSeptus Registered User regular
    Thankfully, no one died. It's an irrevocable(though honestly, I could easily have misheard that and it could be revocable), and it earns income mostly from hunting leases on land.

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  • Gabriel_PittGabriel_Pitt (effective against the Irish) Registered User regular
    So checking the 'Where's My Refund' site about a week ago, my refund status finally changed from ' You should receive your refund by February 7th' to 'your return has been received and is being processed.' Anyone have an idea of how long it will be before I actually see the direct deposit go through?

    Origin ID: Null_Cypher
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  • SeptusSeptus Registered User regular
    Anecdotally I've had friends get them in less than 4 to 6 weeks(from file date I think), but I always just get a check.

    Followup question to my trust issue: Assuming that I should have been filing a K-1 for years now, indicating 0 income from a trust, will any calamity come down upon me if I don't file one this year(also 0 income)? I never even knew to think about it before, and the only thing that is now different is that I'm a trustee and am personally holding the funds in a separate trust account, but Septus the consumer hasn't touched it.

    I'll generally know more about all of this next year, and it would save me $40 this year in not upgrading my HR Block just to input a little 0 in a text box.

    rodq.jpg
  • tyrannustyrannus Registered User regular
    no income - nothing to report

  • SeptusSeptus Registered User regular
    That's what I like to hear, thanks.

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  • ToddJewellToddJewell Registered User regular
    So for the past few years it seems like we have constantly owed a fair amount in taxes [almost 4.2k this year, 2k last year?] -- I am curious if we are using Turbo Tax wrong? We really don't get medical/dental, mortgage insurance, tax prep, child tax credit, and child dependent care credit?

    Apparently you can't have a dual income family anymore? =)

  • wonderpugwonderpug Registered User regular
    Are you talking about your total owed or how much you have to pay despite having money withheld on your paychecks?

  • ToddJewellToddJewell Registered User regular
    despite having it withheld

  • nugmanagogonugmanagogo Registered User regular
    So checking the 'Where's My Refund' site about a week ago, my refund status finally changed from ' You should receive your refund by February 7th' to 'your return has been received and is being processed.' Anyone have an idea of how long it will be before I actually see the direct deposit go through?


    It means you need to call 800-829-1040, more than likely it is an identity theft issue, and your return has been flagged by the IRS as having a problem. They can look to see what the hold-up is, and if it's that they will give you the number to call the Taxpayer Protection Unit.
    (Note: I am a paid tax preparer and have had to deal with that issue several times this year.)

    god is Love, Love is blind, Ray Charles is blind, Ray Charles is god
  • zerzhulzerzhul Old General Registered User, Super Moderator, Moderator, SolidSaints Zerzhul mod
    edited March 2012
    ToddJewell wrote: »
    So for the past few years it seems like we have constantly owed a fair amount in taxes [almost 4.2k this year, 2k last year?] -- I am curious if we are using Turbo Tax wrong? We really don't get medical/dental, mortgage insurance, tax prep, child tax credit, and child dependent care credit?

    Apparently you can't have a dual income family anymore? =)

    It's possible that you simply aren't calculating your withholdings correctly. This may be a reason to visit a tax professional.

    zerzhul on
  • localh77localh77 Registered User regular
    zerzhul wrote: »
    ToddJewell wrote: »
    So for the past few years it seems like we have constantly owed a fair amount in taxes [almost 4.2k this year, 2k last year?] -- I am curious if we are using Turbo Tax wrong? We really don't get medical/dental, mortgage insurance, tax prep, child tax credit, and child dependent care credit?

    Apparently you can't have a dual income family anymore? =)

    It's possible that you simply aren't calculating your withholdings correctly. This may be a reason to visit a tax professional.

    Yeah, it's not that you can't have a dual family income, it sounds like you're just not having enough withheld, which is easy to happen when you and your spouse are both working. Basically, each of your individual jobs doesn't know how much your spouse makes, and it sounds like overall they're just not withholding enough.

    If you don't want to pay next year, it's an easy fix. Just tweak the W-4 at one or both of your jobs so that you have more withheld this year. Either by dropping the number of exemptions down, by choosing the "married but withhold at the higher single rate" option, or by adding in an extra federal withholding amount.

  • HadjiQuestHadjiQuest Registered User regular
    So, I'm doing my stuff in Turbo Tax.

    Should I file my entire 2011 return separately from my first Estimated Tax filing for my new 2012 job, or do I file them together?

    This shit is confusing.

  • stormbringerstormbringer Registered User regular
    ToddJewell wrote: »
    So for the past few years it seems like we have constantly owed a fair amount in taxes [almost 4.2k this year, 2k last year?] -- I am curious if we are using Turbo Tax wrong? We really don't get medical/dental, mortgage insurance, tax prep, child tax credit, and child dependent care credit?

    Apparently you can't have a dual income family anymore? =)

    Same boat here, though a even big bigger tax bill then you. Dual income, no kids, and buying a house within your means = getting reamed. Almost 51% of everything I make goes to a tax of some time between California's stupid high rates and the federal stuff.

  • Gabriel_PittGabriel_Pitt (effective against the Irish) Registered User regular
    It means you need to call 800-829-1040,
    I just might be really bad with phone menu systems, but I've been trying to do that since late February, and have never found an option that lets me talk to a warm body. I always end up directed to the same information I get from 'Where's My Refund,' and then there are no other options provided.

    Origin ID: Null_Cypher
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  • Dr. FrenchensteinDr. Frenchenstein Registered User regular
    HadjiQuest wrote: »
    So, I'm doing my stuff in Turbo Tax.

    Should I file my entire 2011 return separately from my first Estimated Tax filing for my new 2012 job, or do I file them together?

    This shit is confusing.

    Why are you filing estimated taxes? i think Turbo Tax does them all at the same time though.

  • a5ehrena5ehren AtlantaRegistered User regular
    ToddJewell wrote: »
    So for the past few years it seems like we have constantly owed a fair amount in taxes [almost 4.2k this year, 2k last year?] -- I am curious if we are using Turbo Tax wrong? We really don't get medical/dental, mortgage insurance, tax prep, child tax credit, and child dependent care credit?

    Apparently you can't have a dual income family anymore? =)

    Same boat here, though a even big bigger tax bill then you. Dual income, no kids, and buying a house within your means = getting reamed. Almost 51% of everything I make goes to a tax of some time between California's stupid high rates and the federal stuff.

    Adjust your withholding on your W-4. Go to http://www.irs.gov/individuals/article/0,,id=96196,00.html and follow the steps to get what you should be setting it to. My wife and I are in the same boat - we got hit with a $2000 bill for TY2010, but we adjusted our withholding and would have gotten a small refund this year if I hadn't won a contest with a pretty high ARV.

    If you earn enough to have a 51% effective rate (I'm guessing you're including property taxes and whatnot in this?), you may want to consider using a tax professional to help avoid getting hit with a big bill.

  • AthenorAthenor Registered User regular
    edited April 2012
    Alright. I've been dragging my feet something fierce regarding this issue, and I want to see what I should do.

    I was employed by my current employer for all of 2011, and made just over 27k. I'm not expecting a ton back on my taxes, but hey.

    The problem is with my previous employer. I stopped working for them in May of 2010. I got a W-2 from them in 2011, with an income amount of 0 dollars. In fact, the only thing on it was a "Retirement plan," the same one I told them on multiple occasions that I did NOT want. (This is also why I've been getting a ton of correspondence about their Chapter 11 filing in a completely different state than the one they are based out of.)

    The problem is that according to my free online filing site, H&R Block (who I have been using since I started filing taxes), I can't e-file a return with a 0 dollar W2. This.. well.. sucks, mostly because I'm lazy and also for all the other reasons that e-filing sucks.

    So my questions are these:

    1) I still have to report that W2, right? I mean, it just has to be reported... Or I get in deep trouble, right?
    2) Are there any online sites that will let you e-file with a 0 dollar W2? Dad says his turbotax let him when he left the W2 blank.
    3) Is this retirement fund really going to be an albatross around my neck until I fight my previous employer to get control of it?

    Athenor on
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  • localh77localh77 Registered User regular
    Athenor wrote: »
    Alright. I've been dragging my feet something fierce regarding this issue, and I want to see what I should do.

    I was employed by my current employer for all of 2011, and made just over 27k. I'm not expecting a ton back on my taxes, but hey.

    The problem is with my previous employer. I stopped working for them in May of 2010. I got a W-2 from them in 2011, with an income amount of 0 dollars. In fact, the only thing on it was a "Retirement plan," the same one I told them on multiple occasions that I did NOT want. (This is also why I've been getting a ton of correspondence about their Chapter 11 filing in a completely different state than the one they are based out of.)

    The problem is that according to my free online filing site, H&R Block (who I have been using since I started filing taxes), I can't e-file a return with a 0 dollar W2. This.. well.. sucks, mostly because I'm lazy and also for all the other reasons that e-filing sucks.

    So my questions are these:

    1) I still have to report that W2, right? I mean, it just has to be reported... Or I get in deep trouble, right?
    2) Are there any online sites that will let you e-file with a 0 dollar W2? Dad says his turbotax let him when he left the W2 blank.
    3) Is this retirement fund really going to be an albatross around my neck until I fight my previous employer to get control of it?

    1. No, you can essentially ignore this. It's a little weird to get a W-2 with no income, but since there's no income, there's nothing to report.
    2. Just leave it out, don't even add it. The reason sites won't let you add it is because you don't need to.
    3. The retirement things is a little bit subtle. I assume you're talking about that little X in box 13? That X isn't saying that you participated in a retirement (whether or not you wanted to participate is irrelevant), they're just saying that you were eligible to participate. Which, as far as I know, only really matters if you want to deduct traditional IRA contributions for 2011. If you didn't, don't even worry about this.

  • AthenorAthenor Registered User regular
    That all sounds really good. I just felt that if you got any W2, and you didn't report it, then you were kinda screwed.

    fCew0YJ.jpg
    Steam & NNID - Athenor // 3DS: 3883-5283-0471
  • MHYoshimitzuMHYoshimitzu Registered User regular
    edited April 2012
    Hi all,

    This may seem like a stupid question, but if I do not own property in Delaware, am I required to file a local return (I rent from a friend, and it is his house)? I live in New Castle County District 17 but cannot find the appropriate forms online to fill out.

    MHYoshimitzu on
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  • JihadJesusJihadJesus Registered User regular
    edited April 2012
    So, my wife watches some of our friend's kids occasionally. In the past it's always been under the $1700 limit and we've just reported it as other miscellaneous income. This year she ended up doing it pretty regularly for a couple reasons, and we have ~$3000 of income to report there; TurboTax won't let that go through without a W-2.

    What the fuck do I do with that? Or friend John Doe sure as shit can't issue us a W-2. Part of me says fuck it, they paid cash, I guess it was about $1500. The other part of me gets a sore asshole just thinking about anything that could even approach hiding income from the IRS.

    What do I do here?

    [Edit]
    I did find one section buried where I can just toss in my $3100 and put in a short explanation like 'combined childcare/babysitting'. I've got it in there right now as a placeholder so I could run some other stuff, but the whole Slush Fund Income From Christ Knows Where = $3k way of filing it just seems like a giant flashing 'please audit me' sign. Am I okay to report it this way?

    JihadJesus on
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  • tyrannustyrannus Registered User regular
    You'll have to put it under self employment income, and pick up your share of the self employment taxes (FICA).

  • JihadJesusJihadJesus Registered User regular
    tyrannus wrote: »
    You'll have to put it under self employment income, and pick up your share of the self employment taxes (FICA).

    Where do I report that? On Schedule C? There seem to be a whole lot of questions in there I don't know the answers to, even the really simple ones like 'business name'.

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  • localh77localh77 Registered User regular
    JihadJesus wrote: »
    tyrannus wrote: »
    You'll have to put it under self employment income, and pick up your share of the self employment taxes (FICA).

    Where do I report that? On Schedule C? There seem to be a whole lot of questions in there I don't know the answers to, even the really simple ones like 'business name'.

    Yeah, that goes on a Schedule C. Try the C-EZ. Business name you can leave blank, and it should be pretty easy to finish that form. And if she had any expenses (food/drinks, cleaning supplies, etc), you can expense it.

  • JihadJesusJihadJesus Registered User regular
    localh77 wrote: »
    JihadJesus wrote: »
    tyrannus wrote: »
    You'll have to put it under self employment income, and pick up your share of the self employment taxes (FICA).

    Where do I report that? On Schedule C? There seem to be a whole lot of questions in there I don't know the answers to, even the really simple ones like 'business name'.

    Yeah, that goes on a Schedule C. Try the C-EZ. Business name you can leave blank, and it should be pretty easy to finish that form. And if she had any expenses (food/drinks, cleaning supplies, etc), you can expense it.
    Thanks. I didn't see an EZ version of the form in TurboTax but I'll take another look. Simplification there would be good.

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  • GnomeTankGnomeTank Registered User regular
    So just as a quick update, my previous company ended up sending me my W2. It showed up April 12th. Joy?

    I have kept the complaint filed with the IRS, because I think that's just silly, but I didn't have to make use of the extension I was given. Taxes were filed that night and the refund hit the bank this morning.

    Thanks for the help everyone.

    Sagroth wrote: »
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  • ceresceres Just your problem OooSuper Moderator, Moderator mod
    Yeah I was under the impression that they were legally required to have W2's cut and sent out by Jan. 31st.

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  • GnomeTankGnomeTank Registered User regular
    ceres wrote: »
    Yeah I was under the impression that they were legally required to have W2's cut and sent out by Jan. 31st.

    They are. Which is why I left the complaint in with the IRS. They had given me a six months extension, and were willing to start the "W2 retrieval process" if I needed (it's quite involved), but thankfully it never went that far. And thankfully I work for a new company, who understands basic employee/employer responsibilities. I had my W2 from them on Jan 15th.

    Sagroth wrote: »
    Oh c'mon FyreWulff, no one's gonna pay to visit Uranus.
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  • Aoi TsukiAoi Tsuki Registered User regular
    Posting here on modly advice: I just found some freelance editing work and am starting soon as a 1099 contractor. I've read up on this thread and other stuff, but I still have a few questions. (For the record, I live in Texas.)

    1. I have absolutely no goddamned clue how much money I'll be making from this. The database of material I'll be working on is prodigious indeed, and being added to all the time; we're paid per unit. I plan to work as much as possible because we're trying to pay down our debts - especially student loans - in addition to supporting ourselves; I read/edit really goddamn fast, and anticipate some decent money. Should I send in a quarterly payment on June 15 in anticipation of having more than $1,000 in taxable income this year? (I tried to use the Excel worksheet on page 3 of this thread, but couldn't make sense of it.) I don't have another employer who could do any withholding tricks for me, and my husband's not working at the moment, either.

    2. I do not have a dedicated home office, new equipment, or any mileage costs resulting from this job; it's just me, my laptop, and pretty much any space in the house, whenever I feel like it. Are there any deductions I could take that would not be flat-out lies? *wants to avoid those*

    3. I understand I am totally on my own for health insurance; any advice on finding the least ludicrously expensive private options? I read about deducting 100% of your medical/health costs, but the point is moot if I can't afford to get any in the first place.

    Some people already have said stupid things, but I'm ignoring them because I just found a potato in my fridge that looks like it's smiling.
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