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It's that time of the year again! [2013 Tax Thread]

ceresceres When the last moon is cast over the last star of morningAnd the future has past without even a last desperate warningRegistered User, Moderator Mod Emeritus
It's mid-January! That means it's time to start watching for W2s, adding up your charitable donations and medical expenses for the previous year, and trying to find all those receipts you misplaced because you moved twice in one year and you're only pretty sure you even know what happened to all the boxes from the second move, let alone the first.

That last one's just me? Okay then.

Anyway, here goes your questions, comments, and helpful links for US and state taxes. I will try to note any links passed along in the next post, so check there first to see if the link you need has already been posted!

I know 2013 was my most monstrously complicated tax year yet and I will definitely be seeking help with that... May you all have it a bit easier.

And it seems like all is dying, and would leave the world to mourn
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Posts

  • ceresceres When the last moon is cast over the last star of morning And the future has past without even a last desperate warningRegistered User, Moderator Mod Emeritus
    edited January 2014
    ceres on
    And it seems like all is dying, and would leave the world to mourn
  • SkeithSkeith Registered User regular
    I didn't at all work this year, so I've been wondering how I'm supposed to file without a W2. I've got a 1098T coming (education stuff) but that's the only piece of paper I'll have to work with.

    aTBDrQE.jpg
  • bowenbowen Sup? Registered User regular
    Skeith wrote: »
    I didn't at all work this year, so I've been wondering how I'm supposed to file without a W2. I've got a 1098T coming (education stuff) but that's the only piece of paper I'll have to work with.

    You don't have to file if you made less than $9,000 I think.

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
  • ThegreatcowThegreatcow Lord of All Bacons Washington State - It's Wet up here innit? Registered User regular
    Got kind of an odd one here. Am I supposed to receive some documentation from my old job if I cashed out my pension fund that they set up for me? I left on shall we say, less than admirable terms, and I didn't want them managing the pension funds anymore. It was a fairly...well...relatively small amount, (about 7k$ I believe) and I ended up cashing out to put towards major work that needed to be done on my condo. On the paperwork I indicated that I wanted them to take out the federal and state taxes already before they dispersed the funds to me. Will I need to do anything else since I already got taxed on that income or do I have to report it again when I file? This is the first time I've ever done something like this, is it similar to when you take an early withdrawal from say a 401k, just pay a penalty and it's treated as reportable income?

  • localh77localh77 Registered User regular
    Yep, you'll get a form (1099-R I think). And you'll need to report it on your taxes.

  • LostNinjaLostNinja Registered User regular
    bowen wrote: »
    Skeith wrote: »
    I didn't at all work this year, so I've been wondering how I'm supposed to file without a W2. I've got a 1098T coming (education stuff) but that's the only piece of paper I'll have to work with.

    You don't have to file if you made less than $9,000 I think.

    If you worked and made less than $9,000, you still file, you just end up getting everything you paid in throughout the year back.

  • AthenorAthenor Battle Hardened Optimist The Skies of HiigaraRegistered User regular
    Wait. What's this about medical expenses? Because lord knows I got hit hard with those this last year.

    He/Him | "We who believe in freedom cannot rest." - Dr. Johnetta Cole, 7/22/2024
  • localh77localh77 Registered User regular
    Sadly, they rarely help. You lose the first 10% of your income worth of medical expenses right off the bat. And of what's left, you still need to itemize (instead of taking the standard deduction) before it would help you at all.

    For example, for a married couple that makes a modest $60k and doesn't have a mortgage, you'd have to spend $18k in medical expenses for the year before it even started to help. If you own a home, pay a bunch of property taxes, have a lot of charitable contributions, or other big itemized deductions, it might be as low as $6k before it started to help. But still, it's quite a bit.

  • MayabirdMayabird Pecking at the keyboardRegistered User regular
    localh77 wrote: »
    Yep, you'll get a form (1099-R I think). And you'll need to report it on your taxes.

    Yes, the 1099-R. Those will go out by the end of this month.

  • ceresceres When the last moon is cast over the last star of morning And the future has past without even a last desperate warningRegistered User, Moderator Mod Emeritus
    We are going to have a Situation (capitalized) on our hands this year. I'm not sure what documentation I need for the various crap to take into account, or how much of it needs to be taken into account.

    This year:

    - My husband was getting unemployment for the first half or so of the year. Do we need a W2?
    - I had a baby, which came with a $3500 price tag for care (midwife). Having a baby counts as a medical expense, right?
    - My husband got a job and we moved almost 2500 miles so he could take it, costing us about $5k all told. What of that can be declared, if anything? We don't have our gas receipts but if it mattered I could scour our bank records.
    - He has about 4 months of employment for the year, so I think our tax bracket should be pretty low. We'll only need to worry about what he made and not "annual salary", right?
    - We donated literally all of our furniture, a house full of it, plus some clothes and books and a bunch of other odds and ends to HfH and GoodWill, between both moves, all starting in January. I only pray I can figure out where all those receipts went. How do I itemize that? Do I itemize that?
    - I worked but not even $5k worth and it was cash. Do I need to bother declaring it?
    - We had to do a short sale on our house and ended up with a pretty big deficiency, which was forgiven by the bank. I am pretty sure the act that says we won't owe huge money to the government for that was extended to 2013 because Congress was busy filibustering emergency relief funds for Hurricane Sandy or some bullshit. What in the sam hell do we need to fill out for that? Can all the info be gleaned from the forms we got at settlement?
    - Our son was born this year. He counts as a dependent for the whole year and not some fraction of a dependent or something, right?

    I am seriously considering hiring someone at this point. How much does that run, usually?

    And it seems like all is dying, and would leave the world to mourn
  • localh77localh77 Registered User regular
    edited January 2014
    ceres wrote: »
    We are going to have a Situation (capitalized) on our hands this year. I'm not sure what documentation I need for the various crap to take into account, or how much of it needs to be taken into account.

    This year:

    1. My husband was getting unemployment for the first half or so of the year. Do we need a W2?
    2. I had a baby, which came with a $3500 price tag for care (midwife). Having a baby counts as a medical expense, right?
    3. My husband got a job and we moved almost 2500 miles so he could take it, costing us about $5k all told. What of that can be declared, if anything? We don't have our gas receipts but if it mattered I could scour our bank records.
    4. He has about 4 months of employment for the year, so I think our tax bracket should be pretty low. We'll only need to worry about what he made and not "annual salary", right?
    5. We donated literally all of our furniture, a house full of it, plus some clothes and books and a bunch of other odds and ends to HfH and GoodWill, between both moves, all starting in January. I only pray I can figure out where all those receipts went. How do I itemize that? Do I itemize that?
    6. I worked but not even $5k worth and it was cash. Do I need to bother declaring it?
    7. We had to do a short sale on our house and ended up with a pretty big deficiency, which was forgiven by the bank. I am pretty sure the act that says we won't owe huge money to the government for that was extended to 2013 because Congress was busy filibustering emergency relief funds for Hurricane Sandy or some bullshit. What in the sam hell do we need to fill out for that? Can all the info be gleaned from the forms we got at settlement?
    8. Our son was born this year. He counts as a dependent for the whole year and not some fraction of a dependent or something, right?

    I am seriously considering hiring someone at this point. How much does that run, usually?

    1. You'll get a 1099 from the state, similar to a W-2, that'll show his unemployment income and taxes withheld (if any)
    2. It does, but like I said above, it won't necessarily help unless you have a lot of medical expenses
    3. I would take all of it, personally. Ideally you should have all the documentation to back it up, but if nothing else just count up the big expenses. And estimate where necessary.
    4. Right
    5. Donations are tough. As with the moving expenses, it's good to have documentation. But again, I'd take it regardless. Just create a list from memory, if you have to. For each thing/batch of things: date donated (roughly), what it is (clothing, household items, furniture, etc.), and your best guess at the fair market value. Ideally you'd have the receipts, but those don't really show anything, just confirmation that they got something from you on that day. As long as it's less than (I think) $5k total for the year, you don't need to worry about appraisals. As with medical, it goes on Schedule A, so if you don't/didn't own a home, you may well not get to use any of this.
    6. As an accountant, of course I have to tell you yes. You have to declare all income, regardless of the source. It's up to you whether or not to, of course. Would the IRS ever find out if you didn't? Probably not. Keep in mind that if it's self-employment income, you'd have to tack on 15% in addition to regular income tax, which adds up fast.
    7. You'll get a couple of forms on this. One that shows the sale. And the other that shows the amount of debt forgiven. Those, plus details on what you originally paid, and details about your mortgage, should be all you need. You're right that it shouldn't hurt you, but it can get complicated. Of all your bullets, this is the biggest one that people are likely to mess up on their own, and I'd recommend getting professional help for. If you're buget conscious, you could always prepare it yourself and have someone review it.
    8. Yep. Our first daughter was born Dec 30, and we got the whole amount for her that year. Oh, and congrats!

    To give you an idea on price, I know I'm not the cheapest preparer in the area (I don't want to be), and based on what you said, I'd probably quote someone like you $300 - $400. H&R block would probably be a little cheaper, but in my opinion they're hit and miss.

    localh77 on
  • tyrannustyrannus i am not fat Registered User regular
    edited January 2014
    @ceres

    If you used the car to take you, others in your household, or your stuff to a new home, you can actually take that as a deduction on top of the other moving expenses. You can either use your actual expenses, like gas and oil for your car, or you can take a standard mileage rate. This year it's 24c per mile. Also, you can also deduct the parking fees and tolls you paid while you moved. You can use google maps to retrace your route and see how many tolls you went through. Or you can go through your EZ Pass records, if you have that. The only deductions you can't take are for depreciation and insurance, whether you use the standard mileage rate or the actual expenses.

    Below's just a quick summary of stuff for this year:

    Personal exemptions this year:
    $3,900

    Standard Deduction this year:
    $6,100

    Standard deduction for dependents:
    Cannot exceed the lesser of (1) $6,100 or (2) the greater of $1,000 or $350 plus the dependents earned income.

    Standard mileage rates for 2013:
    Business: 56.5c per mile
    Medical and moving: 24c per mile
    Charitable services: 14c per mile.

    Credits:
    Child tax credit is $1,000 per qualifying child under 17. Phases out above certain income levels.

    Adoption expenses: $12,970 max

    Child and dependent care: 35% of employment-related expenses, up to $3,000 for one kid and $6,000 for two or more. It phases out by 1% for each $2,000 over AGI of $15,000, so you're most likely going to see 20%, which is the lowest of the low.

    American Opportunity credit: $2,500 per year (100% of the first $2,000 of qualifying expenses and 25% of the next $2,000) with 40% of the credit being refundable.

    Lifetime learning credit: 20% of up to $10,000 of qualified tuition and related expenses, up to a max of $2,000. Not refundable.

    Random stuff:
    Maximum 401(k) deferral was $17,500
    IRA contribution limit was $5,500
    Roth IRA contribution was also $5,500
    Per-donee gift tax exclusion: $14,000

    New shit this year
    You might remember some of these crappy tax laws from awhile ago, but 2013 is the year that you see the return of the Itemized deductions limitation and personal exemption phaseouts over an applicable AGI threshold. These thresholds begin at: $250,000 for single people, $275,000 for head of household, and $300,000 for married people

    The Personal Exemption Phaseout (PEP) reduces personal exemptions for both taxpayers and their dependents by 2% for each $2,500 (or part of $2,500) that adjusted gross income (AGI) exceeds the threshold for the relevant filing status.

    The itemized deduction limitation, also know as the Pease limitation, phases out itemized deductions by the lesser of 3% of the excess AGI over the applicable threshold or 80% of the amount of the itemized deductions for the tax year.

    Quick example: Single filer with no dependents and AGI = $300,000: AGI exceeds the phaseout threshold by $50,000 (= $300,000 - $250,000); 3 percent of $50,000 is $1,500. Itemized deductions may be reduced by $1,500, up to a maximum of 80% of itemized deductions.


    tyrannus on
  • DevoutlyApatheticDevoutlyApathetic Registered User regular
    tyrannus wrote: »
    American Opportunity credit: $2,500 per year (100% of the first $2,000 of qualifying expenses and 25% of the next $2,000) with 40% of the credit being refundable.

    Lifetime learning credit: 20% of up to $10,000 of qualified tuition and related expenses, up to a max of $2,000. Not refundable.

    @tyrannus

    The first one is capped at being claimed only for four years total, right? The second is for whenever you qualify?

    I've been taking classes towards a degree part time and claimed the Opportunity credit because I would just about max it out but with only one course this year I think I want to save my eligibility for another year. Is that sensible?

    Nod. Get treat. PSN: Quippish
  • ThegreatcowThegreatcow Lord of All Bacons Washington State - It's Wet up here innit? Registered User regular
    localh77 wrote: »
    Yep, you'll get a form (1099-R I think). And you'll need to report it on your taxes.
    Mayabird wrote: »
    localh77 wrote: »
    Yep, you'll get a form (1099-R I think). And you'll need to report it on your taxes.

    Yes, the 1099-R. Those will go out by the end of this month.

    Thankee kindly folks, I'll keep my eyes out.

  • localh77localh77 Registered User regular
    tyrannus wrote: »
    American Opportunity credit: $2,500 per year (100% of the first $2,000 of qualifying expenses and 25% of the next $2,000) with 40% of the credit being refundable.

    Lifetime learning credit: 20% of up to $10,000 of qualified tuition and related expenses, up to a max of $2,000. Not refundable.

    @tyrannus

    The first one is capped at being claimed only for four years total, right? The second is for whenever you qualify?

    I've been taking classes towards a degree part time and claimed the Opportunity credit because I would just about max it out but with only one course this year I think I want to save my eligibility for another year. Is that sensible?

    Off the top of my head I'm not positive, but I think it's actually limited to your first four years of undergrad, regardless of whether you take it. So even if you didn't take it all four years, you couldn't take it in your 5th year. Again, I'm not 100% sure on that.

    I think you also have to be at least half time to qualify, so if you're only taking one class it might be moot.

  • DevoutlyApatheticDevoutlyApathetic Registered User regular
    Man that's annoying, one document talks about it like it's always the first four years and another talks about it as "four years of eligibility" and any year you claim the Lifetime credit doesn't count.

    I definitely do not qualify for the Hope this year, I only took one course. Previous years I had at least one semester each year where I took two courses which does qualify, which is nice that I didn't inadvertently break the law and all. Also it would seem that Turbotax left some detail out of the requirement thing. Jerks.

    Nod. Get treat. PSN: Quippish
  • localh77localh77 Registered User regular
    Yeah, nothing is ever straightforward unfortunately.

    There's a box on the 1098T for "at least half time" or something like that. Presumably TurboTax would key off that, and if you didn't have it checked it wouldn't give you the credit.

  • DevoutlyApatheticDevoutlyApathetic Registered User regular
    localh77 wrote: »
    Yeah, nothing is ever straightforward unfortunately.

    There's a box on the 1098T for "at least half time" or something like that. Presumably TurboTax would key off that, and if you didn't have it checked it wouldn't give you the credit.

    Yea, it's actually the "First four years" bit that had me worried. I had taken some previous courses as a non-matriculated student a few years back, that was worrying me. I think I'm okay though since I wasn't matriculated at the time. If a year doesn't count as on of the "First four years" because of non-matriculated/course load but does count to render me ineligible in the future....well that's just silly.

    This is ignoring the whole "half time" requirement is based on typical people in my degree program which because of my school means it consists of me, myself and I since all degree programs are individually designed. I suppose they'd default to the big classifications like BS or BA. Though given that my school is geared towards adult learners I am now kinda curious what the average course load is.

    Anyways, thanks for the help.

    Nod. Get treat. PSN: Quippish
  • zepherinzepherin Russian warship, go fuck yourself Registered User regular
    Turbo Tax home and business away.

  • bowenbowen Sup? Registered User regular
    I didn't receive a 1099-INT on one of my bank accounts, do I still need to report the income since it's less than $10?

    TurboTax is asking for all the 1099 box data I can't just put "$8" or something. So that's why I'm confused.

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
  • wonderpugwonderpug Registered User regular
    I bought a house for the first time in 2013. Any major gotchas I should be aware of for this filing?

  • bowenbowen Sup? Registered User regular
    You're probably going to be able to itemize for the first time. I think property tax and interest on the mortgage are both writeoffable.

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
  • localh77localh77 Registered User regular
    bowen wrote: »
    I didn't receive a 1099-INT on one of my bank accounts, do I still need to report the income since it's less than $10?

    TurboTax is asking for all the 1099 box data I can't just put "$8" or something. So that's why I'm confused.

    Yeah, you're supposed to report it, no matter how small. You can put in whatever, even $1. If you didn't report it, would the IRS ever know? Probably not.

  • localh77localh77 Registered User regular
    wonderpug wrote: »
    I bought a house for the first time in 2013. Any major gotchas I should be aware of for this filing?

    One thing I'd suggest is to cross reference the 1098 you get from the bank with your settlement statement (HUD). They don't always put the points (if any) on the 1098, and if they sold your mortgage to another bank (which is common), the 1098 won't necessarily include all of the interest.

  • bowenbowen Sup? Registered User regular
    localh77 wrote: »
    bowen wrote: »
    I didn't receive a 1099-INT on one of my bank accounts, do I still need to report the income since it's less than $10?

    TurboTax is asking for all the 1099 box data I can't just put "$8" or something. So that's why I'm confused.

    Yeah, you're supposed to report it, no matter how small. You can put in whatever, even $1. If you didn't report it, would the IRS ever know? Probably not.

    Yeah I have no problem reporting it, just didn't know if I was supposed to.

    For things under 0.50 cents, just leave it at $0 right? I do have a bank account that I apparently earned 5 cents from, according to mint.

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
  • MegaMan001MegaMan001 CRNA Rochester, MNRegistered User regular
    Federal Tax Question: What is the cut off for annual income where you cannot deduct your paid student loan interest?

    I am in the business of saving lives.
  • CauldCauld Registered User regular
    What's the maximum amount of tuition I can deduct? Also I thought I read somewhere that I can deduct supplies/textbooks and transportation too, is that right? Though now that I think about it I buy my subway cards with pretax income.

  • bowenbowen Sup? Registered User regular
    MegaMan001 wrote: »
    Federal Tax Question: What is the cut off for annual income where you cannot deduct your paid student loan interest?

    http://www.irs.gov/publications/p970/ch04.html

    $75,000 modified adjusted gross income

    not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
  • localh77localh77 Registered User regular
    bowen wrote: »
    localh77 wrote: »
    bowen wrote: »
    I didn't receive a 1099-INT on one of my bank accounts, do I still need to report the income since it's less than $10?

    TurboTax is asking for all the 1099 box data I can't just put "$8" or something. So that's why I'm confused.

    Yeah, you're supposed to report it, no matter how small. You can put in whatever, even $1. If you didn't report it, would the IRS ever know? Probably not.

    Yeah I have no problem reporting it, just didn't know if I was supposed to.

    For things under 0.50 cents, just leave it at $0 right? I do have a bank account that I apparently earned 5 cents from, according to mint.

    That's right. On tax returns these days, everything gets rounded to the nearest dollar.

  • localh77localh77 Registered User regular
    bowen wrote: »
    MegaMan001 wrote: »
    Federal Tax Question: What is the cut off for annual income where you cannot deduct your paid student loan interest?

    http://www.irs.gov/publications/p970/ch04.html

    $75,000 modified adjusted gross income

    Yeah, above that a non-married filer would get no benefit. Although after $60k of AGI, it starts to phase out (linearly up to $75k, I believe).

  • localh77localh77 Registered User regular
    Cauld wrote: »
    What's the maximum amount of tuition I can deduct? Also I thought I read somewhere that I can deduct supplies/textbooks and transportation too, is that right? Though now that I think about it I buy my subway cards with pretax income.

    You'll probably want to quickly look over Appendix B in Pub 970 (http://www.irs.gov/publications/p970/ar02.html). The formatting is awful, maybe there's a better table somewhere. But it should have everything.

    Basically there are a couple of different options, any of which might be possible for you. Generally the American Opportunity Credit is the best, then Lifetime Learning Credit, then Tuitition and Fees Deduction.

  • CauldCauld Registered User regular
    localh77 wrote: »
    Cauld wrote: »
    What's the maximum amount of tuition I can deduct? Also I thought I read somewhere that I can deduct supplies/textbooks and transportation too, is that right? Though now that I think about it I buy my subway cards with pretax income.

    You'll probably want to quickly look over Appendix B in Pub 970 (http://www.irs.gov/publications/p970/ar02.html). The formatting is awful, maybe there's a better table somewhere. But it should have everything.

    Basically there are a couple of different options, any of which might be possible for you. Generally the American Opportunity Credit is the best, then Lifetime Learning Credit, then Tuitition and Fees Deduction.

    Thanks! There's a table in there that is almost completely impossible to follow, but I think I successfully reformatted it. Looks like the Lifetime Learning Credit is the best choice this year, but I'll run through the math to make sure.

  • localh77localh77 Registered User regular
    Cauld wrote: »
    localh77 wrote: »
    Cauld wrote: »
    What's the maximum amount of tuition I can deduct? Also I thought I read somewhere that I can deduct supplies/textbooks and transportation too, is that right? Though now that I think about it I buy my subway cards with pretax income.

    You'll probably want to quickly look over Appendix B in Pub 970 (http://www.irs.gov/publications/p970/ar02.html). The formatting is awful, maybe there's a better table somewhere. But it should have everything.

    Basically there are a couple of different options, any of which might be possible for you. Generally the American Opportunity Credit is the best, then Lifetime Learning Credit, then Tuitition and Fees Deduction.

    Thanks! There's a table in there that is almost completely impossible to follow, but I think I successfully reformatted it. Looks like the Lifetime Learning Credit is the best choice this year, but I'll run through the math to make sure.

    Sounds good. And bear in mind that if you use TurboTax or whatever, I'm sure it'll have an optimization function that calculates the best option for you.

  • DevoutlyApatheticDevoutlyApathetic Registered User regular
    Cauld wrote: »
    localh77 wrote: »
    Cauld wrote: »
    What's the maximum amount of tuition I can deduct? Also I thought I read somewhere that I can deduct supplies/textbooks and transportation too, is that right? Though now that I think about it I buy my subway cards with pretax income.

    You'll probably want to quickly look over Appendix B in Pub 970 (http://www.irs.gov/publications/p970/ar02.html). The formatting is awful, maybe there's a better table somewhere. But it should have everything.

    Basically there are a couple of different options, any of which might be possible for you. Generally the American Opportunity Credit is the best, then Lifetime Learning Credit, then Tuitition and Fees Deduction.

    Thanks! There's a table in there that is almost completely impossible to follow, but I think I successfully reformatted it. Looks like the Lifetime Learning Credit is the best choice this year, but I'll run through the math to make sure.

    See earlier in this thread, apparently the Opportunity credit is only your first four years, not any four years.

    Remember also that Lifetime one isn't refundable while Opportunity is. If you go to school on the side with a real income this is probably not an issue.

    Nod. Get treat. PSN: Quippish
  • CauldCauld Registered User regular
    Cauld wrote: »
    localh77 wrote: »
    Cauld wrote: »
    What's the maximum amount of tuition I can deduct? Also I thought I read somewhere that I can deduct supplies/textbooks and transportation too, is that right? Though now that I think about it I buy my subway cards with pretax income.

    You'll probably want to quickly look over Appendix B in Pub 970 (http://www.irs.gov/publications/p970/ar02.html). The formatting is awful, maybe there's a better table somewhere. But it should have everything.

    Basically there are a couple of different options, any of which might be possible for you. Generally the American Opportunity Credit is the best, then Lifetime Learning Credit, then Tuitition and Fees Deduction.

    Thanks! There's a table in there that is almost completely impossible to follow, but I think I successfully reformatted it. Looks like the Lifetime Learning Credit is the best choice this year, but I'll run through the math to make sure.

    See earlier in this thread, apparently the Opportunity credit is only your first four years, not any four years.

    Remember also that Lifetime one isn't refundable while Opportunity is. If you go to school on the side with a real income this is probably not an issue.

    both my wife and I are getting masters degrees and both of us work full time, so it looks like Lifetime will work best for us.

  • PhyphorPhyphor Building Planet Busters Tasting FruitRegistered User regular
    What are the forms to file for foreign accounts? I think I remember there were two, one irs and one treasury or something?

  • localh77localh77 Registered User regular
    Phyphor wrote: »
    What are the forms to file for foreign accounts? I think I remember there were two, one irs and one treasury or something?

    I'm guessing that you're thinking of the FBAR (for >$10k, filed separately from the tax return) and 8938 (>$50k, filed with tax return). http://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

  • VeritasVRVeritasVR Registered User regular
    edited January 2014
    I don't think Vanguard wants to give me a tax form for contributions to my Roth IRA last year. I mean, it's cool that this Roth IRA is basically exempt from taxes forever, but don't I need a form saying that I even did this? Or can I just do something like "YEAH IT WAS... $5,500! TRUST ME."?

    VeritasVR on
    CoH_infantry.jpg
    Let 'em eat fucking pineapples!
  • DjeetDjeet Registered User regular
    No forms for funding roth anything. You paid your taxes on it already so IRS doesn't give a fuck.

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