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That's what I figured, but I was thrown off when H&R Block listed Roth IRA Contributions under "Common deductions." I guess maybe it was lumped in with Traditional IRA deductions or something.
Ok so this is the first year Ill be filing taxes by myself as its the first year I officially live on my own. I read the first post and I will probably try to use the H&R block free thing, but my computer sucks so Ill have to wait till my roommate gets home and use his. Im pretty sure I didnt make enough to owe anything (only got my job in September) but Id rather get into the habit of filing the forms.
So one thing I didn't see in the first post is I got this form from my school, its a 1098-T. Because of how my parents handled the tuition (they deposited the money in my account and I wrote the school a check) I got the form. The H&R thing will probably help me out here, but what do I do with this? Is that gonna effect my taxes at all since I only made like 3k last year? Ive just never had any forms sent to me other than the W-2 so Im not sure what Im doing with it, heh.
Ok so this is the first year Ill be filing taxes by myself as its the first year I officially live on my own. I read the first post and I will probably try to use the H&R block free thing, but my computer sucks so Ill have to wait till my roommate gets home and use his. Im pretty sure I didnt make enough to owe anything (only got my job in September) but Id rather get into the habit of filing the forms.
So one thing I didn't see in the first post is I got this form from my school, its a 1098-T. Because of how my parents handled the tuition (they deposited the money in my account and I wrote the school a check) I got the form. The H&R thing will probably help me out here, but what do I do with this? Is that gonna effect my taxes at all since I only made like 3k last year? Ive just never had any forms sent to me other than the W-2 so Im not sure what Im doing with it, heh.
H&R will ask you to enter the figures from the 1098-T and take care of the calculations for you.
I did my taxes and I'm receiving a 600 dollar return. I only had two deductions, student loan interest (~500) and the new cars sales tax deduxtion (~1400). This also included 400 from the make work pay thing. Since the new car deduction is a one time thing and I won't be claiming it next year, should I assume that all things being equal I will likely owe next year somewhere between 800 and 1200 dollars because I won't have that 1400 deduction and maybe not the 400 as well? All things will not be equal of course, I am making more money this year (fingers crossed it stays that way) but I am wondering if I should change my witholdings per paycheck (currently 2).
As far as I know, the new vehicle sales tax thing adds to your standard deduction based on the car price/current income, you don't get the full 1400 dollars back, it just makes your standard deduction higher, so you get money back. I double checked my forms(through taxact) and it added about 200 dollars to my refund AFAIK.
Saying:For people who receive a paycheck and are subject to withholding, the credit will typically be handled by their employers through automated withholding changes. These changes may result in an increase in take-home pay. The amount of the credit will be computed on the employee's 2009 income tax return filed in 2010 and the employee's 2010 tax return filed in 2011. Taxpayers who do not have taxes withheld by an employer during the year can also claim the credit on their 2009 and 2010 tax returns.
It seems fairly obvious that if you had a paycheck all year then you received the credit as a bonus on each of your paychecks. Therefore, claiming it on your tax returns would be double dipping.
However it seems that i am hearing otherwise. For instance, a co-worker of mine filed his taxes through Turbo-Tax and Turbo-Tax told him to claim the credit.
I would love to get an extra 800 bucks for my wife and I, but it seems like we already got it.
Am i missing something? Thanks in advance for the help!
That isn't quite accurate--you still generally "get" some of the MWP credit when you file, even though it originates in the decreased withholding. TurboTax or whatever will be able to handle it, or run through the Schedule M yourself and see how it works.
This seems kind of odd. I filled out the H&R Block wonderform and discovered that I owe the federal government $444 dollars in taxes. I earned a whopping $5,000 this year.
The catch seems to be that I worked for someone over the summer who told me he was paying me under the table and later decided to send me 1099-MISC for my work. I earned $3,000 doing manual labor for him during the summer.
Am I filling something out wrong, or am I just screwed over?
This seems kind of odd. I filled out the H&R Block wonderform and discovered that I owe the federal government $444 dollars in taxes. I earned a whopping $5,000 this year.
The catch seems to be that I worked for someone over the summer who told me he was paying me under the table and later decided to send me 1099-MISC for my work. I earned $3,000 doing manual labor for him during the summer.
Am I filling something out wrong, or am I just screwed over?
Seems a little odd, since the standard deduction is $5,700 and you made less than that you should have no tax liability. Can you be claimed as a dependent on someone else's return?
Yep. The thing is, that 1099-MISC form makes it look like I'm self-employed. According to most of the stuff I've read, if I made over $400 under the self-employment banner, I have to file a return.
That would do it. As a dependent, your standard deduction is limited to $950, and you don't get to claim an exemption for yourself. So $444 of tax liability sounds about right.
My wife is still having trouble getting her W-2 because of bureaucratic nonsense. She worked for the University of California System until August of last year. We didn't move, and she still has her work email address available.
They claim they sent us the W-2, which we never got. She has emailed them once a week since January 21st and has never received a reply from the payroll department.
When she called them today, the response was, "We sent the W-2, it's in our records we sent it. If you need a copy, you can request it by email."
When she said they never responded to her email, the response was, "You must have done it wrong, we always reply to every email we receive."
I doubt storming in there will solve the problem since they will probably claim that they only give access by email. This has got to be wrong. Does anyone know the magic phrase to use to get them to either 1, actually process her emails or 2, convince them to help us in a non-email fashion, as I'm almost certain they are obligated to do?
Thank you!
Dropping Loads on
Sceptre: Penny Arcade, where you get starcraft AND marriage advice.
3clipse: The key to any successful marriage is a good mid-game transition.
If you are a gambling man, you could call IRS at 1-800-829-1040. Information to have, should someone actually pick up:
your name, address (including zip code), phone number, Social Security Number, dates of employment, your employer/payer's name, address (including zip code), and phone number.
Then the Service will 1. hassle the employer about it and 2. send you a substitute W-2 to file with.
Huh, so I filled out everything on my own not being claimed as a dependent this year. Thanks to the American Opportunity Credit I get an extra 1k back apparently.
However, I did come across something that might throw a wrench in the system for people filing through H&R Block... I live in a duplex, so my address has a half at the end of it. HRB's input doesn't accept the backslash or period in the form when typing your address. So instead of my address appearing as XXXX 1/2 it appears as XXXX 12. This could lead to trouble delivering my check... Their system doesn't recognize it as a problem, and I didn't realize this until I had already gone ahead with the efile. (For the record I went to try XXXX.5 but that came up as XXXX5.)
my state return keeps bouncing back because of this error (repeated about eight times)
Verify your entries for each student claimed for the College Tuition Tax Credit. If you do not wish to claim the credit, delete the student's name from the screen. Then, click Continue To File to proceed to the filing process or Next Error to complete your return.
I KNOW i entered the information correctly and now I don't know what I should do now
also H&R block won't tell me what PART of the information is incorrect
| Zinnar on most things | Avatar by Blameless Cleric
0
ASimPersonCold...... and hard.Registered Userregular
edited February 2010
So I got a letter from the IRS today.
"Based on information provided on your return we have determined you are eligible to claim the Making Work Pay and Government Retiree Credit on line 63, Form 1040 of your return and have computed the credit for you. If you elect to claim the credit in future years a completed Schedule M needs to be completed and attached to your return when filed in order to allow the claim."
It then says I owe $187. I already filed and paid my return, so do this mean I need to get a refund or that I need to pay another $187? It's not very clear.
It's possible that there was a second mistake on your return, unrelated to the MWP credit, that resulted in you having additional money due. Or it could be their mistake. Call and ask.
scrivenerjones on
0
ASimPersonCold...... and hard.Registered Userregular
edited February 2010
Well, I guess I filled out Schedule M incorrectly, so I guess I got it wrong the first time?
And for some reason the IRS hasn't deducted my account yet.
Should I still call them or just go ahead and fill out 1040X?
So this address thing has me somewhat worried because my refund was a pretty good amount. Anyone know if there is a good way to check/change the address if needed?
Well, I guess I filled out Schedule M incorrectly, so I guess I got it wrong the first time?
And for some reason the IRS hasn't deducted my account yet.
Should I still call them or just go ahead and fill out 1040X?
They changed your return for you, so no need to file a 1040X. I don't know what's up with the $187, not having seen the letter, but they can't deduct anything from your account--if you owe they will send you a bill.
So this address thing has me somewhat worried because my refund was a pretty good amount. Anyone know if there is a good way to check/change the address if needed?
It will probably be fine. It's not like there is an actual apartment #12 that your mail could go to by mistake, is there?
scrivenerjones on
0
ASimPersonCold...... and hard.Registered Userregular
Well, I guess I filled out Schedule M incorrectly, so I guess I got it wrong the first time?
And for some reason the IRS hasn't deducted my account yet.
Should I still call them or just go ahead and fill out 1040X?
They changed your return for you, so no need to file a 1040X. I don't know what's up with the $187, not having seen the letter, but they can't deduct anything from your account--if you owe they will send you a bill.
Ah. Well, in that case will they send me an update 1040 for my records?
In September, I moved from New Mexico to Colorado, with the intention to stay in CO. It's looking like I have to pay both NM taxes and CO taxes on the money that I made while living in CO.
It doesn't seem right, but the NM rules state the following:
A New Mexico part-year resident is a person who was a New Mexico resident for part of the year and was not physically present in New Mexico for 185 days or more, but, on December 31, was no longer domiciled in New Mexico and had moved to another state, intending to maintain domicile status in that state.
That underlined part is what's causing me issues, as I lived in NM from January until September. This is extremely odd to me. Based on this, it sounds like I'm considered a full-year resident of NM and have to pay taxes on income that was earned while living outside NM. Is that right -- am I truly meant to be taxed by both states on the money I earned in CO? Or, am I misreading this and only have to pay NM taxes on what I earned in that NM?
My employer W2s clearly show the taxable income in each state.
you were physically present in NM for more than 185 days (early july) which means that you are considered a full time resident of new mexico for this tax year (you can look up full time residence for colorado and new mexico if you want to make sure). you will probably have to fill out taxes for both states which will net you a refund for colorado and a payment for new mexico. you may end up getting money back or having to pay some.
you will probably have to fill out taxes for both states which will net you a refund for colorado and a payment for new mexico.
How do you figure that I'll receive a refund for CO?
So, if I'm reading all of the documentation right, I'm a full-year resident of NM and a part-year resident of CO. To that end, I'm meant to pay both NM and CO taxes (so, being doubly taxed) on the money earned in Colorado since September. Is that right?
EDIT: Aha! Looks like Colorado has a tax credit for income taxes paid to another state. I knew that getting taxed by both states didn't seem right.
Question: What happens if you have
income that was earned and is taxable in
another state, but was received while you
were a resident of Colorado? Answer: This
income is taxed in both states, which
results in the income being taxed twice.
To alleviate this double taxation, Colorado
allows Colorado residents to claim a credit
for taxes paid to another state.
I have a question regarding filing requirements: according to IRS instructions, if married and filed separately, I am not required to file if our income is under $3650 each.
I have a question regarding filing requirements: according to IRS instructions, if married and filed separately, I am not required to file if our income is under $3650 each.
Is there any advantage in filing nevertheless?
Thanks.
If you're entitled to a refund because you had any money withheld, or are eligible any kind of refundable credit (the EIC in particular), filing is the only way to get that money.
The instructions for this form refer to wages and tips only. Assuming I don't declare any expenses and deductions can I file an 1040EZ even if I am self-employed?
No. Form 1040EZ is only for people filing single or MFJ. Since you have self-employment income, you are required to file a Form 1040 with a Schedule C.
So as a self-employed, married, with income less than $365 I can either file a 1040 or not file -- right?
Now, I have business expenses well beyond the income. I know that I carry them over to later years and charge them if I will have better income, but must I declare them this year -- even though I cannot charge them -- to carry them over, or can I just declare them in subsequent years when income permits?
oao on
0
ASimPersonCold...... and hard.Registered Userregular
Well, I guess I filled out Schedule M incorrectly, so I guess I got it wrong the first time?
And for some reason the IRS hasn't deducted my account yet.
Should I still call them or just go ahead and fill out 1040X?
They changed your return for you, so no need to file a 1040X. I don't know what's up with the $187, not having seen the letter, but they can't deduct anything from your account--if you owe they will send you a bill.
Ah. Well, in that case will they send me an update 1040 for my records?
Well, I guess I filled out Schedule M incorrectly, so I guess I got it wrong the first time?
And for some reason the IRS hasn't deducted my account yet.
Should I still call them or just go ahead and fill out 1040X?
They changed your return for you, so no need to file a 1040X. I don't know what's up with the $187, not having seen the letter, but they can't deduct anything from your account--if you owe they will send you a bill.
Ah. Well, in that case will they send me an update 1040 for my records?
I hate to self-quote, but I kind of got BOTP'd.
Not sure. If you feel like you need a copy, you could always request they send you one. Or go back and make the changes on your own copy, if all it was was the Sch M error it shouldn't be too tough.
Ugh, I ended up owing close to $500 this year. Uggghhhhhh. I must not be getting enough taken out of my paycheck. Which is ominous since I'm living pretty sparsely already on what I do take home.
firewaterwordSatchitanandaPais Vasco to San FranciscoRegistered Userregular
edited March 2010
Some (hopefully) quick questions regarding 1099-MISC income:
I use H&R Block's free file thing, and it looks like they want to charge me $15 to document some consulting income from last year (under $2K, if that matters). I received a 1099-MISC from the company I did the work for, but a little googlin' told me something about a Schedule C form... So I'm kind of confused.
Because I'm a cheap bastard, I'd love to know if there's a way to do it separately on my own, and still file my Federal via H&R Block's thing for free. Is this way more trouble than it's worth?
Posts
Alright, thanks for the advice.
So one thing I didn't see in the first post is I got this form from my school, its a 1098-T. Because of how my parents handled the tuition (they deposited the money in my account and I wrote the school a check) I got the form. The H&R thing will probably help me out here, but what do I do with this? Is that gonna effect my taxes at all since I only made like 3k last year? Ive just never had any forms sent to me other than the W-2 so Im not sure what Im doing with it, heh.
Jordan of Elienor, Human Shaman
that's a 4 business day turn around....
I'm fairly impressed.
H&R will ask you to enter the figures from the 1098-T and take care of the calculations for you.
As far as I know, the new vehicle sales tax thing adds to your standard deduction based on the car price/current income, you don't get the full 1400 dollars back, it just makes your standard deduction higher, so you get money back. I double checked my forms(through taxact) and it added about 200 dollars to my refund AFAIK.
If I have this wrong, someone let me know.
I wish mine was that fast. I had to file by paper though, because of the homebuyer's credit. :x
Here is the clip from the IRS website. Link
Saying: For people who receive a paycheck and are subject to withholding, the credit will typically be handled by their employers through automated withholding changes. These changes may result in an increase in take-home pay. The amount of the credit will be computed on the employee's 2009 income tax return filed in 2010 and the employee's 2010 tax return filed in 2011. Taxpayers who do not have taxes withheld by an employer during the year can also claim the credit on their 2009 and 2010 tax returns.
It seems fairly obvious that if you had a paycheck all year then you received the credit as a bonus on each of your paychecks. Therefore, claiming it on your tax returns would be double dipping.
However it seems that i am hearing otherwise. For instance, a co-worker of mine filed his taxes through Turbo-Tax and Turbo-Tax told him to claim the credit.
I would love to get an extra 800 bucks for my wife and I, but it seems like we already got it.
Am i missing something? Thanks in advance for the help!
The catch seems to be that I worked for someone over the summer who told me he was paying me under the table and later decided to send me 1099-MISC for my work. I earned $3,000 doing manual labor for him during the summer.
Am I filling something out wrong, or am I just screwed over?
Seems a little odd, since the standard deduction is $5,700 and you made less than that you should have no tax liability. Can you be claimed as a dependent on someone else's return?
My wife is still having trouble getting her W-2 because of bureaucratic nonsense. She worked for the University of California System until August of last year. We didn't move, and she still has her work email address available.
They claim they sent us the W-2, which we never got. She has emailed them once a week since January 21st and has never received a reply from the payroll department.
When she called them today, the response was, "We sent the W-2, it's in our records we sent it. If you need a copy, you can request it by email."
When she said they never responded to her email, the response was, "You must have done it wrong, we always reply to every email we receive."
I doubt storming in there will solve the problem since they will probably claim that they only give access by email. This has got to be wrong. Does anyone know the magic phrase to use to get them to either 1, actually process her emails or 2, convince them to help us in a non-email fashion, as I'm almost certain they are obligated to do?
Thank you!
3clipse: The key to any successful marriage is a good mid-game transition.
3clipse: The key to any successful marriage is a good mid-game transition.
However, I did come across something that might throw a wrench in the system for people filing through H&R Block... I live in a duplex, so my address has a half at the end of it. HRB's input doesn't accept the backslash or period in the form when typing your address. So instead of my address appearing as XXXX 1/2 it appears as XXXX 12. This could lead to trouble delivering my check...
about done with this and I don't know what to do.
my state return keeps bouncing back because of this error (repeated about eight times)
I KNOW i entered the information correctly and now I don't know what I should do now
also H&R block won't tell me what PART of the information is incorrect
just that something is wrong
unless I am not looking at it correctly
"Based on information provided on your return we have determined you are eligible to claim the Making Work Pay and Government Retiree Credit on line 63, Form 1040 of your return and have computed the credit for you. If you elect to claim the credit in future years a completed Schedule M needs to be completed and attached to your return when filed in order to allow the claim."
It then says I owe $187. I already filed and paid my return, so do this mean I need to get a refund or that I need to pay another $187? It's not very clear.
And for some reason the IRS hasn't deducted my account yet.
Should I still call them or just go ahead and fill out 1040X?
They changed your return for you, so no need to file a 1040X. I don't know what's up with the $187, not having seen the letter, but they can't deduct anything from your account--if you owe they will send you a bill.
It will probably be fine. It's not like there is an actual apartment #12 that your mail could go to by mistake, is there?
Ah. Well, in that case will they send me an update 1040 for my records?
It doesn't seem right, but the NM rules state the following:
That underlined part is what's causing me issues, as I lived in NM from January until September. This is extremely odd to me. Based on this, it sounds like I'm considered a full-year resident of NM and have to pay taxes on income that was earned while living outside NM. Is that right -- am I truly meant to be taxed by both states on the money I earned in CO? Or, am I misreading this and only have to pay NM taxes on what I earned in that NM?
My employer W2s clearly show the taxable income in each state.
you were physically present in NM for more than 185 days (early july) which means that you are considered a full time resident of new mexico for this tax year (you can look up full time residence for colorado and new mexico if you want to make sure). you will probably have to fill out taxes for both states which will net you a refund for colorado and a payment for new mexico. you may end up getting money back or having to pay some.
How do you figure that I'll receive a refund for CO?
So, if I'm reading all of the documentation right, I'm a full-year resident of NM and a part-year resident of CO. To that end, I'm meant to pay both NM and CO taxes (so, being doubly taxed) on the money earned in Colorado since September. Is that right?
EDIT: Aha! Looks like Colorado has a tax credit for income taxes paid to another state. I knew that getting taxed by both states didn't seem right.
I have a question regarding filing requirements: according to IRS instructions, if married and filed separately, I am not required to file if our income is under $3650 each.
Is there any advantage in filing nevertheless?
Thanks.
If you're entitled to a refund because you had any money withheld, or are eligible any kind of refundable credit (the EIC in particular), filing is the only way to get that money.
If I choose to file anyway can I file a 1040EZ?
The instructions for this form refer to wages and tips only. Assuming I don't declare any expenses and deductions can I file an 1040EZ even if I am self-employed?
So as a self-employed, married, with income less than $365 I can either file a 1040 or not file -- right?
Now, I have business expenses well beyond the income. I know that I carry them over to later years and charge them if I will have better income, but must I declare them this year -- even though I cannot charge them -- to carry them over, or can I just declare them in subsequent years when income permits?
I hate to self-quote, but I kind of got BOTP'd.
Not sure. If you feel like you need a copy, you could always request they send you one. Or go back and make the changes on your own copy, if all it was was the Sch M error it shouldn't be too tough.
http://en.wikipedia.org/wiki/Internal_Revenue_Code
http://en.wikipedia.org/wiki/Sixteenth_Amendment_to_the_United_States_Constitution
Ryan M Long Photography
Buy my Prints!
I use H&R Block's free file thing, and it looks like they want to charge me $15 to document some consulting income from last year (under $2K, if that matters). I received a 1099-MISC from the company I did the work for, but a little googlin' told me something about a Schedule C form... So I'm kind of confused.
Because I'm a cheap bastard, I'd love to know if there's a way to do it separately on my own, and still file my Federal via H&R Block's thing for free. Is this way more trouble than it's worth?
Thanks a ton for any help.