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Thread: Tax time
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02-19-2020, 10:51 AM #51
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02-19-2020, 11:23 PM #52
Property or sales tax. Property was and is to an extent deductible. I’m an itemizer due to mortgage and solar purchase. refund will be going to purchase either battery backup for the house or a generator.
I was explaining to my parents how Cush their generation has it. They benefited from defined benefit pensions, mostly bought property before the massive booms, paid little for college, will collect in full on SS and Medicare, and leave us with a massive national debt and climate debt. Now that all their tax deductions are gone they get this massive standard deduction. My Dads response, “well I did have to put your ass through college.” . Thanks pops.
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02-20-2020, 06:40 AM #53AF
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The standard deduction increase for married filing jointly was $11,700. Even at the marginal tax rate of 22% (tax bracket $77,401 - $165,000) the reduction in taxes would be $2,574. That's a nice sum but don't think it qualifies as massive. My wife and I are 70, we both lost our defined benefit pensions in the 90's. Unless you are a public employee most pensions are long gone. The two I have pay me a total of $600 per month, that's not how we survive. My wife was cashed out from her employer plan. After working there 15 years $30K went into a 403B. Also don't forget that the personal exemptions were eliminated which was $4,050 per person. This offset some of the standard deduction.
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02-20-2020, 07:30 AM #54
My accountant is now slinging mutual funds with the ex car salesmen and trust funders.
I still pay him $400 a yr though because his wife left him for a dentist.
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02-20-2020, 08:36 AM #55
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02-20-2020, 09:56 AM #56
Saved $120 with freetaxusa. Thanks for the tip
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04-01-2020, 09:10 AM #57Registered User
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just spent an hour going through my taxes yesterday w the money people
I had to be all alert and act like I knew what they were saying and explaining
the whole time i was thinking about pussy and skiing
and now today I have to review the pages and pages of bs it's like I'm going to get a quiz on friday because they want me to understand how it all works
form 1120s form k form 8990 2210 jesus christ
I better pull a tube it might all make sense better
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04-01-2020, 09:51 AM #58
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04-01-2020, 10:25 AM #59Registered User
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04-01-2020, 10:28 AM #60
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04-01-2020, 01:21 PM #61
Nah; after a really good run and good $$ with large co tax the last 30 years I'm workin for a small local cpa firm now. We're your advocate. Usually when they are putting you sleep it's because they need you to decide on smothin they don't feel confortable deciding on their damn selves.
Now that you mention it in corp tax we were large case 100% audit coverage. Had really good IRS relationships, but they seemed to throw, with one glaring exception, good people at us.
/ carryon."Can't you see..."
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03-04-2021, 10:13 AM #62
New tax year bump:
So these asshats sold the business in March 2020. February 2021 came and went without receiving a 1099-NEC for the 3 months they paid her, which I absolutely expected, so I filed my taxes last week using my own bank records. Lo and behold a 1099 shows up yesterday, except it's for $2k less than they actually paid her (99.99% certain my numbers are correct). Should I just stick with what I filed, or should I amend my return?
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03-04-2021, 12:25 PM #63
if it's worth the $$ on the 2k to you (prob 800@40% fed and state, more like $1k+ if subject to the full SE tax load). I'd amend, as You won't get into any trouble doing so. Or let it ride if it ain't.
"Can't you see..."
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03-04-2021, 12:30 PM #64yelgatgab
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I'm I correct in assuming that, as a typical MFJ single home owner, I'll still be taking the standard deduction this year? I'm the sucker that paid for TT Deluxe last year for no reason.
Remind me. We'll send him a red cap and a Speedo.
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03-04-2021, 12:40 PM #65
Woo hoo! We hit amt this year as a result of some equity comp. $15k unexpected tax liability for 2020!
Brandine: Now Cletus, if I catch you with pig lipstick on your collar one more time you ain't gonna be allowed to sleep in the barn no more!
Cletus: Duly noted.
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03-04-2021, 01:09 PM #66
I took the standard deduction again this year and it got me the biggest return thus I didn't have to pay for filing my tax returns.
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03-04-2021, 01:35 PM #67
401k/IRA contribution question:
I see what the limits are for 401Ks and for IRAs and Roth IRAs, but how do those combine? And are they per person or per household? And when does income come in to limit what you can put in? We have one dependent, does that matter?
My wife and I are both over 50 which I know kicks in a higher limit, we're currently one income but I hope that changes in the next few months. We're hopelessly behind on retirement (see currently 1 income comment) but when we go to 2 incomes I want to try and play catch-up. We have a small Roth IRA that is basically the kiddo's college fund, and I want to keep contributing to that but also want to up the 401K when we have the extra income. And don't want to get bitten when tax time rolls around next year.
I googled and the answer wasn't clear."fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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03-04-2021, 01:46 PM #68User
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03-04-2021, 02:26 PM #69
Contribution limits for Trad IRA/Roth IRA are combined. I'm quite certain there's no relationship between contribution limits for either IRA type and 401Ks. I'm of no help on contribution limits and income.
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03-04-2021, 02:47 PM #70
Roth 2020 income limits: https://www.irs.gov/retirement-plans...-make-for-2020
Trad 2020 income limits: https://www.irs.gov/retirement-plans...ibution-limits
Depends on how you file and also your AGI as mentioned above. If you're limited out of a Roth IRA and have a retirement plan at work there is a good chance you're limited out of the pre-tax advantages of a Trad IRA. That is not to say Trad IRA contributions cannot be made; they will just be post-tax money instead of pre-tax.
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11-03-2021, 03:44 PM #71
IRS still has not processed the amended return I filed in June.
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11-03-2021, 03:54 PM #72
^ ugh.
I got a "we'll put a lien on your property" threat letter for $.90 balance I owed on my 2020 taxes.
fucking IRS.
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11-03-2021, 04:01 PM #73
At least I was able to look it up and confirm they've received it. On that page there's a big orange box that says "Amended returns are taking over 20 weeks to process, please don't call us." The real bitch is that I haven't been receiving advance child tax credits because of this.
While it is so easy to hate them, the agency has been intentionally gutted so the problem goes way beyond basic incompetence. The real fault also lies with my wife's asshat former employer. If I don't get her 1099 months late none of this happens.
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11-03-2021, 04:13 PM #74
I think a lot of this work gets done in Ogden, so that may explain some of it.
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11-03-2021, 04:41 PM #75Registered User
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I'm an EA. The IRS is taking forever for amendments, but it's picking up. They were working from home, maybe still are. Yes, sketchy.
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