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Oh gosh, it's that time again! [2014 Tax Thread]
ceres
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
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
Welcome to the annual H/A tax thread!
I will be keeping the OP updated with links to federal and local resources that get posted in this thread, so feel free to add anything you feel has been helpful to you, or that might help someone else navigate these often trying times.
This also a good place to post your questions about filing. We have a few people floating around who do this professionally and are happy to answer questions, as well as people who have a lot of experience filling out their own difficult forms.
Federal
Filing
http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
http://www.hrblock.com/taxes/partner/index.jsp?otpPartnerId=180&campaignId=pw_mcm_180_0001
Nonresident-Spouse-Treated-as-a-Resident
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Independent-Contractor-Self-Employed-or-Employee
General Information
http://taxpolicycenter.org/taxfacts/marriagepenaltycalculator.cfm
I will be keeping the OP updated with links to federal and local resources that get posted in this thread, so feel free to add anything you feel has been helpful to you, or that might help someone else navigate these often trying times.
This also a good place to post your questions about filing. We have a few people floating around who do this professionally and are happy to answer questions, as well as people who have a lot of experience filling out their own difficult forms.
Federal
Filing
http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
http://www.hrblock.com/taxes/partner/index.jsp?otpPartnerId=180&campaignId=pw_mcm_180_0001
Nonresident-Spouse-Treated-as-a-Resident
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Independent-Contractor-Self-Employed-or-Employee
General Information
http://taxpolicycenter.org/taxfacts/marriagepenaltycalculator.cfm
And it seems like all is dying, and would leave the world to mourn
ceres on
0
Posts
1: I got separated on the 1st of the year (2014 that is) (signed separation agreement, etc.). Do I put my marital status as single or married? By the letter of the law, I was married all year (though the limited divorce came through in May).
2: I was surprised to find that a board position I was elected to was paid! It's only $100 a month, but I had to fill out various deduction forms and the like. I had no idea how to do this and ended up with something like 5 deductions?! (Myself, my son, two somehow for head of household, and I think another one)
Will this conflict with the one I filled out 13 years ago at my real job (where I only deducted myself so I could get a large return)?
Did I do something horribly wrong and bring the wrath of the IRS down upon me?!
You and your ex wife need to figure out how you're going to file. If you're filing head of household with your son then file that way, or married filing separately. Either way, the IRS doesn't necessarily care, just as long as you pay the taxes you owe based on how you're filing and how you've been withholding. You'll also need to discuss who is deducting the kid.
The $100/mo should just be additional income and filed that way, you may owe more or get some back, again, depending on how the withholding was done.
It won't really conflict at all, they'll just calculate what you should have withheld with what you actually did, and get or give the difference to you. So if you filed 0 or 1 this year at your job, you'll get a larger return. If you filed 8 and you only qualify to deduct yourself, you'll owe money probably.
Just do it right and don't lie.
I'm trying!
my ex wife and I are filing separately.
per the separation agreement, neither of us has access to the money, retirement (like we have any lol), or tax refunds of the other.
I just didn't know what to put down because I'm not 100% divorced (paperwork hasn't returned from the court), but I'm not married either (been legally separated over a year).
The IRS links to some options:
http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
Though, it looks like H&R block still offers it: http://www.hrblock.com/taxes/partner/index.jsp?otpPartnerId=180&campaignId=pw_mcm_180_0001
EDIT: I used Free Fillable Forms last year, for people with 60,000+ income.
You can see the marriage penalty in action here
http://taxpolicycenter.org/taxfacts/marriagepenaltycalculator.cfm
Thanks! I started trying to file the other day and they upgraded me to the paid "Basic" file and I couldn't find an option to go back.
You may have entered something that made you ineligible for free filing - or at least made the computer think you wouldn't be eligible. It's always trying to update me to a higher version than I use even though I don't need the extra features/forms.
Let 'em eat fucking pineapples!
not having three dependents is going to kill me this year.
and I mean kill me.
looking like I'll be getting back about 1/8th of what I'm used to =/
if that.
I wasn't actually able to purchase it, but I lost money from the inspection, the earnest money, and legal fees. Can I deduct these as losses or something?
Edit: Alternatively, if I'm going to sue the seller in the near future, can I file the earnest money as a theft for 2014?
(please say not very)
Going off your withholdings in your paycheck is a pretty terrible and can be off by 50% in your favor sometimes.
god I hope so lol
Got my W2 and it ended up being $1000 to me from fed and $7 owed to state.
Did you do these activities for a corporation? If you are buying and selling real estate, say for rental purposes, it isn't a bad idea to start a corp for tax purposes, because, then yes, you could put those things in as operating expenses.
But just for your personal stuff? I don't think you can do any deductions on an aborted transaction. I'm not 100 percent on that though. I'll take some time a little later to recheck with some research though if no one else jumps in.
yeah I did turbotax and got way more back (thank god)
now I'm conflicted about sending them out to be done.
Does her having four W2s matter here?
I'm thinking she should just go to a tax place because that helped her get more money last year.
I just quick ran a test through the IRS withholding calculator (http://apps.irs.gov/app/withholdingcalculator/index.jsp). Putting single with 1 job making 50,000 has an estimated tax of $5,725, and recommends you claim 1 allowance on your W-4. Putting single with 2 jobs making 25,000 each has the same estimated tax, but tells you to claim 0 allowances on both W-4s and you'll need to pay a bit extra as well because the total withholdings wouldn't cover the tax.
Additionally, it's easy to make a mistake and double-count allowances. You are supposed to calculate your total allowances, and then divide them up however you want among all your simultaneous W-4 forms, but it's easy to forget that and end up filling out each W-4 independently.
So last year I was laid off before the year started (12/29/13) and drew unemployment in California for the whole six months I had it, withholding nothing for taxes. In August I got a job in North Carolina.
I now have my W-2 and my student loan info and all my receipts from my move (gas, motel, food, truck rental). Am I clear to file or do I need something from the state of CA? And how does one file for partial residency between states?
bring on the refund lol
You need a form from California as unemployment benefits are taxable at the federal level, the state may or may not tax it. For partial residency, most states have specific forms and any tax program should be able to figure it out.
Thanks for reminding me. I forget that the refund isn't just free money (in my case). When I try to explain this to my girlfriend though she doesn't get it. She wants lots of money!
Yeah, the idea of big tax refunds can definitely do weird things to you psychologically. Maybe try wording it as some friend of your girlfriend finally paying her back. Instead of "woo, I got a thousand bucks!" it becomes "my moocher friend Alice finally paid back that $1000 I lent her last year."
Not counselling anyone to do that, but that mentality is not uncommon at all.
This is me.
I am a terrible saver and the money I get back basically saves my ass every year.