i just mailed in all my tax stuff to my accountant, at least i think it was all of it


2 W2
a 1099
2 1099-INT's
a 1098-T
and a 1098-G

good luck to her

2/11/2011 10:24:32 AM

Anyone know what to do about a "non qualified scholarship"? I received a T35 grant from NIH last summer and it was not reported on my W2 and I didn't received a 1099.....just want to make sure I don't need to do anything about it....

2/11/2011 2:08:31 PM

Quote :

"Payments of scholarships, fellowships, and grants paid to U.S. citizens and resident aliens are not generally reportable to the IRS and are not generally subject to withholding of tax. "

2/11/2011 2:13:21 PM

I am a W-2 home based sales rep. I travel daily from 40 miles to 200 miles to visit my clients and do not get reimbursed for mileage. Is their a minimum round trip mileage to reach or would all business related mileage be deductable since I do not receive any reimbursement or travel expenses?

2/12/2011 8:47:32 AM

all business related mileage is fair game

my dad has been a sales rep for 30 years and gets bank back on tax return from being able to count it all

[Edited on February 12, 2011 at 9:41 AM. Reason : just hope you have been logging your miles/receipts for gas just incase you ever get audited]

2/12/2011 9:40:54 AM

I e-filed my taxes on Feb 5th and my status is still "pending" Is anyone else experiencing this issue? Normally, when I use taxcut, i get confirmation within 24 - 48hrs and my return within the same week. I'm a little annoyed that this delay has taken place.

2/13/2011 3:20:27 PM

Standard or itemized deduction? This year itemizers can't file until this week due to tax code issues.

2/13/2011 3:47:07 PM

ah...mine was itemized. so they can't process any itemized deductions until this week? what issues?

2/13/2011 4:12:51 PM

what issues? congress

http://www.smartonmoney.com/if-you-itemize-your-taxes-youll-have-to-wait-a-month-or-two-to-file-your-returns/

it looks like Monday 2/14 is the first day you can actually file if you itemize. taxcut should automatically process it.

2/13/2011 5:02:06 PM

Does anybody know if these tax places will fix your taxes if you find a mistake that they made on them a year later?

I went to Liberty last year and trusted the person knew what she was doing but after reviewing it a year later I see where she made some big mistakes. The mistakes were made on my 8889 form (the form you have to fill out if you have an HSA). It ends up having me pay 10% on what I took out of my HSA...but I should not have been taxed for any of it because they were all qualified medical expenses. Also she put what I contributed pretax in the wrong line, the wording on this is confusing but when you are paying >$200 for them to do your taxes they should know what they are doing. I am just doing my taxes with the assistance of google from now on. Those places are a racket.

2/13/2011 6:49:16 PM

probably been asked ITT, but I didn't see it.

any recommendations on where to get taxes done? I don't think mine will be simple...

In-state income; out-of-state, non-resident income, charitable donations, tax credit for payback of overpayment of income and taxes from ncsu, education expenses... I don't know what else would qualify for tax purposes...?

*in raleigh

[Edited on February 14, 2011 at 6:33 PM. Reason : .]

2/14/2011 6:07:43 PM

who entered something here?

Quote :

"If you made out-of-state purchases and no sales tax was collected on those purchases, you may be subject to a consumer use tax. If applicable, enter the amount of any consumer use tax you may owe."

2/16/2011 3:22:56 PM

so it says I paid around $2500 in health insurance premiums (my employer covered the rest). is that money taxable? because the only thing being deducted from my gross income at this point is my 401k contributions. shouldn't the health premiums be deducted too ( and i mean right of fthe top, not thought the itemizing process)

2/16/2011 3:32:07 PM

tax exempt health premiums are usually already taken out of the figures on your w-2

2/16/2011 3:45:21 PM

So box 1 of my W2 doesn't include the money I paid towards my medical insurance premiums?

2/16/2011 3:52:09 PM

not if it was taken pre tax...should only be your taxable income

2/16/2011 3:59:22 PM

Any ideas on how to see what the withholdings are set as? I put in my W2 and it was showing a $700 refund and this was before I had gotten to the mortgage and charity deductions part so i was feeling a little giddy. Then I picked up my wifes W2 and her Fed tax rate worked out to around 3% which I knew was dead wrong. I was pretty sure I had her enter 0 or 1 for deductions...maybe she screwed it up.

2/20/2011 6:27:40 PM

^ http://www.irs.gov/pub/irs-pdf/p15.pdf

[Edited on February 21, 2011 at 7:48 AM. Reason : well that's for 2011 anyways...]

2/21/2011 7:46:00 AM

Just keep changing the allowances at the link below
http://www.yourmoneypage.com/withhold/nc.php

2/21/2011 7:59:25 AM

Quote :

"any recommendations on where to get taxes done? I don't think mine will be simple..."

2/28/2011 7:41:49 AM

Just did them this past weekend; we used TurboTax again this year. Owed a little to the feds and got a little refund from SC. Came out slightly positive but pretty close to the neutral I was shooting for

[Edited on February 28, 2011 at 8:49 AM. Reason : .]

2/28/2011 8:49:40 AM

ugh, fml. I just went to print the 1040-V federal payment voucher and it has our old address from last year on it. I then looked at our tax return and at the top of the 1040 it has our old address as well...

No idea how that happened; the very first thing we did when we opened TurboTax was change/update the address. Of course we bought a house last year and got the $8000 tax credit so this will definitely get flagged since our address on this 1040 isn't listed as the address supplied for that credit.

Any idea what the best course of action is since this was already submitted? I would fill out a 8822 tonight and just state that the address was incorrect on the 1040 we submitted this weekend but I'm not sure if that is the best course of action since we already submitted a change of address back in June or whatever with the home-buyer's credit so our address should already be on file as our current one.

The only reason I really care is because of that home-buyer's credit. Since it is one we don't have to repay ever I don't want there to be any glitch or confusion as to whether the house we bought is our primary residence. I'm afraid submitting an 8822 now will look like we moved / changed primary residence now as opposed to a year ago when we bought this house an moved.

[Edited on February 28, 2011 at 1:59 PM. Reason : .]

2/28/2011 1:53:48 PM

The tax credit for higher education rules . I'm getting back a really nice refund this year- pretty much the same as a semester's worth of tuition and books. If I get scholarships for next year, I might not have to pay for tuition for next year at all out of pocket.

2/28/2011 11:16:05 PM

hi confusing letter..."no tax credit is allowed since your out of state income has not been taxed by NC net tax paid has been adjusted"


WTF does that mean other that that I went from getting a pretty sweet refund to now owing NC money.

2/28/2011 11:25:51 PM

Do you live in one state and work in another?

3/1/2011 9:06:04 AM

paying two mortgages for four months while your house is on the market does wonders for your agi

3/1/2011 9:11:37 AM

I thought your work was going to take care of that?

3/1/2011 10:58:56 AM

that's what makes it sweet

tax adjusted reimbursement, but with house technically in my name during that time the interest for both properties is deductible

so basically the time i had it marketed all the utils, taxes, insurance and mortgage interest (not principle) paid back to me, but taxed the same as income, instead of relocation expenses. then the amount of the reimbursement was scaled up to account for taxes/ss/mc.. so i put my withholdings to zero for that time period, so the company would pay a higher amount of my yearly tax burden, then got to deduct mortgage interest on both properties for the four months. since i got the pay back sum in 2011, the extra income wasn't taxed until this year.

this unexpected event ended up having me way over paying, as i had hit my amount to be paid in like october.

not confusing at all, but ill welcome an extra like $3500 in deductions

[Edited on March 1, 2011 at 11:10 AM. Reason : unless i totally f'd it up. which is possible.]

3/1/2011 11:07:33 AM

Quote :

"Do you live in one state and work in another?"

no i lived in NY from Jan-May and in NC from May-Dec

i filed in both states. got my refund from NY already

[Edited on March 1, 2011 at 10:13 PM. Reason : ,]

3/1/2011 10:12:36 PM

Have to do my taxes again.
I was about to mail my taxes (a couple days ago) when my NCSU W-2 showed up.
Now I have to redo them for a measly $400 that I earned in one month at NCSU in 2010.

3/2/2011 10:26:24 AM

1099....where arrrrrrrrrrrrrre you?!

3/2/2011 10:32:23 AM

Doing my return...contemplating how living in one residence for 4 years and 2 months as opposed to 5 years is enough of a reason to not recieve $6500 on the long time home buyer credit. It's extremely fucked up that this existed in the first place. We voluntarily moved to be closer to work...then had to take an involuntary 13k loss on that home to move for a new job because of the economy.

Meanwhile, you could also purchase a new home without having to sell your old one and claim the credit as well. So, rich fuckers unaffected by the economy got free money from the government and those of us doing the right thing and moving for work get the big dig in the ass.

3/3/2011 8:10:24 PM

e-filed last Sunday and Federal is being deposited tomorrow

I ain't holdin my breath for the State Refund though... They said 6-8 weeks... 1 down, I guess at least 7 more to go?

3/3/2011 8:41:03 PM

We acually had to pay the state this month. Our CPA said not to pay it until the absolute last minute. He's been super pissed about how the state is holding refunds, and figures it is only right to give them the money at the last possible minute

3/3/2011 10:18:17 PM

^

3/3/2011 11:08:52 PM

I have a client whom owns a business as an LLC. He pays himself via a W-2. Does that sound right? My understanding was that the income/losses pass through on an LLC just as if one was a sole proprietor.

Am I way off on this one?

3/4/2011 3:14:41 PM

TurboTax has this for vehicles

Quote :

"Vehicle Registration Fees Enter the deductible portion of your vehicle registration fee. Explain This Car registration fees in your resident state are not tax deductible. "

Under Explain this it has

Quote :

"Deduct Registration Fees You can deduct a portion of your vehicle license or registration fee if the: - Fee is based on the vehicle's value. - Tax is imposed annually. You cannot deduct as vehicle registration fees: - Fees based on vehicle weight, model, year or horsepower - Customized plate fees States in which you can take this deduction: See List"

I'm thinking the Fee is one deduction and actual property taxes would be another, no?

[Edited on March 6, 2011 at 1:51 PM. Reason : durr, i just figured it out]

3/6/2011 1:50:11 PM

for us simpleton students with a W-2 here or there, which site do you suggest for e-filing? I've already done mine, and the fed part is free, but the state part was $40. I was too lazy to go through it again, so I just ate the fee. My sister is about to do hers and we'd like to find a site with more $rhode island$ fees.

3/7/2011 11:22:00 AM

tax act or tax slayer are both like $15 for simple ones.

3/7/2011 11:39:03 AM

This is the first year I have actually owed any. When submitting the 1040-V and my check, do I need to include a copy of the 1040? I would imagine not, but the instructions are kind of vague. I assume when they are talking about not stapling your 1040-V to your 1040, they are really saying that for people who are filing their taxes and sending the check at the same time?

Mine were filed and accepted electronically a week ago and the 1040V and the check has all the information I could imagine they would need to apply the payment.

3/7/2011 12:09:01 PM

Has anyone else noticed a particularly lengthy wait on their state tax return? I received my federal tax return Feb 28th, but have not received my state one. Last year I had both within four days of submission.

3/8/2011 4:43:16 PM

^You've just been lucky to this point. I've had to wait ~3 weeks more for my state return vs. my federal for the past 4 years.

[Edited on March 8, 2011 at 4:55 PM. Reason : And I've got little student jobs/internships w/o no assets/capital gains]

3/8/2011 4:54:47 PM

i got my delaware one back in 3 business days

3/8/2011 5:06:39 PM

SC came in about 5

3/8/2011 5:19:38 PM

Quote :

"for us simpleton students with a W-2 here or there, which site do you suggest for e-filing? I've already done mine, and the fed part is free, but the state part was $40. I was too lazy to go through it again, so I just ate the fee. My sister is about to do hers and we'd like to find a site with more $rhode island$ fees."

For simple student ones, I just filled them out by hand using the forms off of the IRS and DOR websites that you can type in.

3/8/2011 8:13:12 PM

If you made less than 58k, you can get free efile here:
http://www.irs.gov/efile/article/0,,id=118986,00.html

There is a list of companies that offer free federal e-filing, but some offer free e-filing for certain states as well (NC included). If you made less than 58k you can used the H&R block option, the turbo tax option requires an income of less than 31k. I'm not sure about any of the other options.

3/8/2011 8:46:18 PM

Hopefully a softball question:

State or local tax refunds: does this mean I did my taxes last year and got $64 back from the state, or does it pertain to some sort of tax credit - like a $300 economic stimulus.

I got some chump change back from the state last year, but I didn't get a 1099-G. Is there a cut-off for reporting? Plus, it seems like it's better to owe the state each year if you have to report a refund as income on the next year.

Really not getting this. If you owe say $1200 to the state and you only paid $1100 you have to send a check for $100. If you owe $1200 and paid $1300 you get a check for $100 and that $100 is taxable? Either way you owed and paid the state $1200, so why the reporting as additional income when there really isn't. If anything you acutely got shorted because you gave the state an interest free loan.

3/11/2011 7:47:33 AM

^The only way you would have to pay taxes on your state/local refund is if you itemized deductions last year. The amount withheld from your check (and reported on the w2) is used to calculate the amount of your state tax burden. It does not account for an overpayment, so if you itemized you may have deducted too much the previous year and should have theoretically paid taxes on that in the first place. So that $100 state refund from last year would mean you claimed $100 too much on your itemized deduction back then and you now need to pay the tax on it. You actually got an interest free loan from the IRS for ~1 year in the amount of the taxes you would have owed on the refund amount if you get a state refund and itemized. On the flip side you gave the state an interest free loan on the amount overpaid.

If you didn't itemize last year then you probably won't get a 1099G. I normally get a state refund but I never got a 1099G until I bought a house and started itemizing.

3/11/2011 11:18:16 AM

^^http://www.bankrate.com/brm/itax/tax_adviser/20070215_state_tax_refund_a1.asp

3/11/2011 11:19:16 AM

Ok, thanks for the info. Yeah I end up itemizing every year, so I'll have to report that.

Thanks again.

3/11/2011 1:44:50 PM