Time to start the shit show. Who is ready? If you have any problems just blame it on Obama and the ACA. My old tax guy retired so I might wing it this year.

H&R Block software is on sale half off.

12/18/2016 9:08:00 PM

Can't wait to grab my ankles and pay uncle sam $Texas next week.

12/18/2016 10:28:03 PM

^ #humblebrag alert

12/18/2016 11:53:45 PM

good timing - purchased my conservation easement for 2016 today

12/19/2016 6:09:39 PM

Not quite income tax related but - for the fed w-4 two-earner/multi jobs worksheet...are those wage tables gross income or taxable income (post 401k, etc). Need to figure out if we should be making additional payments next year

12/21/2016 8:42:11 PM

Sounds like a ClassicMixup

12/21/2016 11:59:44 PM

I usually use TurboTax, which has worked even when we needed to claim the adoption we went through two years ago.

However, we bought a house this year, so how much more complicated is it?

12/22/2016 8:21:08 AM

I use TaxHawk. $15 for everything.

Quote :

"Not quite income tax related but - for the fed w-4 two-earner/multi jobs worksheet...are those wage tables gross income or taxable income (post 401k, etc). Need to figure out if we should be making additional payments next year"

Taxable, I guess. You could probably just set your withholding to 1 person and get a nice refund. You could also do the math to see the combined taxable income per year, the combined withholding per year, and compare that to what you expect to pay in taxes.

12/22/2016 10:16:16 PM

Any plasma donators know if they send you a tax form?

12/23/2016 8:36:25 PM

Quote :

"how much more complicated is it?"

Not complicated at all.

12/24/2016 2:47:02 PM

^^ that shithole still open?

12/25/2016 8:15:14 AM

I'm in Greensboro, it's actually pretty nice

12/25/2016 9:15:46 PM

IRS Notice 2017-10 is a load of crap that I expect to be squashed within Trump's first 100 days. Interesting to see that it's even happening when Obama voted through IRC 170(h).

12/26/2016 8:16:31 PM

What is that?

12/26/2016 8:26:09 PM

It's the IRS playing games - there is a tax law that has been around for a while that basically says you can deduct up to 30% of your AGI by donating land to the government. For example if your AGI is 100k and donate land appraised at 30k to the government then you would reduce your AGI to 70k. Obama signed a 1-yr change for a few years that increased it from 30% up to 50% and then last year made it permanently 50%. The IRS has basically said they aren't happy that people are deducting 50% of their AGI via donating land despite the law changing the deduction from 30% to 50% and while they haven't outright said it - it appears to be because Trump has taken advantage of this deduction.

The are going to enact a change starting the day after Trump is sworn in to make it so anyone that is taking advantage of this tax law has to send in a separate form telling the IRS that they are via a Listed Transaction (retroactive to 2010) - despite the fact that it's clearly denoted on anyone's taxes filed.

12/26/2016 8:38:55 PM

I've got a question.

Someone's mother dies. Her son sells the mother's house, resulting in $45k of proceeds. The son wants to give the proceeds to his 3 children, $15k each.

What are the tax implications to the son and also his children? Gift/estate/etc?

12/27/2016 7:57:27 PM

you can give each child $14k tax free per year. I'm not sure that you can "roll" the $45k into gifts without paying taxes on it first. I'm pretty sure in most cases the $14k or whatever gift is post-tax dollars.

12/27/2016 8:21:48 PM

if the son is the executor i wouldn't think there would be any tax implications for him since he is acting for the deceased party

12/27/2016 10:24:12 PM

If he inherits it there should be a step up tax basis iirc.

12/27/2016 11:38:18 PM

Quote :

"you can give each child $14k (and/or spouse) tax free per year. I'm not sure that you can "roll" the $45k into gifts without paying taxes on it first. I'm pretty sure in most cases the $14k or whatever gift is post-tax dollars."

In your scenario, the father could receive the proceeds of the sale (assuming it passed to him upon his mother's death) and cut a check for $14k today (and/or spouse) to as many people as he wishes, and then another $14k Jan 1 (and/or spouse).

[Edited on December 28, 2016 at 11:03 AM. Reason : .]

12/28/2016 11:03:04 AM

...up to the lifetime gift limit. The father may owe taxes depending on how he received the money.

12/28/2016 12:22:14 PM

The lifetime limit I believe is what's known as the estate tax, i.e. anything above 5 mil. You can give 14k to any individual as many years as you desire tax free while you are living, and if you pass, any estate under 5 mil isn't subject to the estate tax, i.e. 99.8% of people. The 14k per year while you're living doesn't count toward the 5 mil exemption. This is why planners tell wealthy people to unload as much as they can in 14k increments to family members to get down to 5 mil before they pass.

I don't know how taxes would be owed on anything unless securities/RE were immediately liquidated upon transfer from death. Only time you would owe money (without sale proceeds) is if RE was willed to multiple parties and one or more want to keep it and one or more want a buyout. Gets a little hairy there.

[Edited on December 28, 2016 at 3:45 PM. Reason : .]

12/28/2016 3:44:51 PM

TurboTax Deluxe is $40 on Amazon right now. I don't know if this is the best price, but I bite on it.


https://www.amazon.com/gp/product/B01L7SJ9BE/ref=od_aui_d_detailpage?ie=UTF8&psc=1

12/28/2016 8:29:13 PM

Has anyone used "H&R BLOCK MORE ZERO"...supposedly free federal and state filing, even if you itemize? They say it's easy to switch too with drag/drop or taking a picture of last years return...

https://www.hrblock.com/lp/fy17/more-zero.html

1/11/2017 9:36:34 PM

The full blown H&R Block software is a bit tricky to learn but once you figure it out it's pretty powerful. You go through it like a step by step wizard, but you can easily go back and update anything once you learn what it's under. It imports previous years data too which is nice.

I am pretty much done, just need to wait for all my 1099s & 1098s to make sure everything matches what I entered. Still poking around for missed deductions. Also need my year end statements from Chase.

1/11/2017 11:36:39 PM

^ So you buy their software yearly?

1/12/2017 1:53:15 PM

Eh, I'll still pay my CPA his bread just to have some peace of mind and someone to consult with. Only like 100 bucks more than paying for software every year.

This year in particular wouldn't want to be doing it solo.

Finalized my FIL's estate inheritance.
Sold 2 houses.
Bought a house.
Had a kid. 529 Contributions
Consolidated some of the me and the wife's pre marriage assets.

1/12/2017 2:00:42 PM

Yeah with that many life events it makes sense to hire someone...I had none though, so I'm gonna try that free thing above

1/12/2017 3:30:32 PM

no life events here either. I'm still using TaxACT with no complaints.

1/12/2017 4:19:43 PM

Quote :

"^ So you buy their software yearly?"

Yeah its usually around $20. They run specials on slickdeals.net at random intervals through tax season.

1/12/2017 10:08:09 PM

I filled everything into turbotax yesterday and somehow it says I owe the state like 2900 and last year I only owed 210 ... so I gotta figure out if that's accurate or some box has the wrong info

1/14/2017 4:15:28 PM

So. I am supposed to get a refund. It has said "processing" for weeks.

2/21/2017 1:06:12 PM

^ same. And it is going WAY slower than years before.

2/22/2017 12:58:32 AM

at least before it said accepted... now this

Your tax return is still being processed.

A refund date will be provided when available.
Please Note:
For refund information, please continue to check here, or use our free mobile app, IRS2Go. Updates to refund status are made no more than once a da

2/22/2017 1:00:14 AM

Mine finally updated yesterday for deposit on 2/24.

2/22/2017 8:11:09 AM

^^ you could pull your refund transcript and see if you have code 846, which would give you a idea of when your refund will be issued.

2/22/2017 8:12:07 AM

Mine were filed Feb 8th. I got Federal back on Feb 16th. State hasn't been processed yet.

2/22/2017 10:45:37 AM

I'm still waiting on a corrected W2

2/22/2017 1:55:23 PM

filed mine on Monday.

2/22/2017 4:11:59 PM

Quote :

"Your tax return is still being processed. A refund date will be provided when available. Please Note: For refund information, please continue to check here, or use our free mobile app, IRS2Go. Updates to refund status are made no more than once a da"

This is what I have.

2/22/2017 8:19:53 PM

So I went and checked on whatever since you guys gave more info!

It has 2015 and so on but no 2016 as they say n/a in all except wage and income transcript!

2/22/2017 11:52:49 PM

^yea if you don't have a account transcript they haven't even processed it. Sorry bud.

[Edited on February 23, 2017 at 11:02 AM. Reason : d]

2/23/2017 10:57:27 AM

Got my federal today. Waiting on state but it did move to stage 2 today.

2/23/2017 10:57:59 AM

I've got a 1099 question.

I'm a solo attorney that makes a majority of my income off of settlements/payments from insurance companies. Come tax season the insurance companies send me 1099s for the fees they paid out and of course I enter them into my taxes.

I received all my 1099s over a month ago...save one...which is my biggest one by far.

I was just going to enter the amount as general income from my business...but what if they send the 1099 in after I finish my taxes? Do I have to amend them to include it...or just say "fuck it, I already listed it in my income section". I know its taxed the same, so it shouldn't make a difference. At the same time, I don't want it to raise a red flag with the IRS and have them come rifling through my shit.

Or do I just call the insurance company up and ask them for my 1099? Seems that would be the simplest explanation.

2/23/2017 6:00:38 PM

I would call them and ask for the info off of it. They can e-mail it. If they have not prepared it you need the amount and all their other info as it will appear on it so you can make sure it matches up when it hits the IRS.

I would not want to do anything that would trigger a human to stop and review my taxes.

2/23/2017 8:53:18 PM

Well 1099s were supposed to be postmarked by 2/1 so someone at the company fucked up. I would just add the income onto your return and move on.

2/23/2017 10:00:53 PM

My question lies with the rest of you. Turbo tax accepted mine on 2.3 and should arrive by 2.24. As I sit today it went from accepted next to processing screen to the basic processing? WHAT GIVES!

2/23/2017 11:23:06 PM

^ you may be under review. I would anticipate a letter in the mail soon.

2/24/2017 8:54:52 AM

So I refinanced my house twice in 2016 to get lower interest rates. I did no closing costs both times (the costs are not rolled into the loan). Do I still get to deduct the points from taxes? Everything I find online suggest so.

2/24/2017 9:23:25 AM

After further review you are right ^^
They want more information from line 40.
Every year it's been good then this year this? And on top of that they don't send it out until the day in supposed to get it? The hell

2/26/2017 10:44:15 PM