Author Topic: Taxes  (Read 2870 times)

Offline qwerty123

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Taxes
« on: March 15, 2021, 08:46:58 AM »
Has anyone filed taxes before march 5th and still processing?

Offline simple26

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Re: Taxes
« Reply #1 on: March 15, 2021, 06:34:22 PM »
Has anyone filed taxes before march 5th and still processing?
This is being widely reported

Offline zh cohen

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Re: Taxes
« Reply #2 on: March 17, 2021, 01:40:33 AM »
Filed on March 1st. Just got a notification that my NY state was accepted and sent out, but nothing from federal yet.

Offline simple26

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Offline Fish Tank

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Re: Taxes
« Reply #4 on: March 17, 2021, 03:50:44 PM »

Offline Lou Bob

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Always use an Amex, you'll thank me one day.

Offline qwerty123

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Re: Taxes
« Reply #6 on: March 18, 2021, 12:24:26 PM »
This is being widely reported
yes is saw that. Just interesting the some people that filed after me have already processed

Offline Fish Tank

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Re: Taxes
« Reply #7 on: March 30, 2021, 11:50:33 PM »
Does this extension also apply to the deadline for 2020 IRA contribution?
Answer: Yes it does.

HT: cgr

Offline Mordyk

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Re: Taxes
« Reply #8 on: March 31, 2021, 12:03:09 AM »
Answer: Yes it does.

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Source?
#TYH

Offline Kobe Bryant

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Re: Taxes
« Reply #9 on: March 31, 2021, 12:07:38 AM »
Does this extension also apply to the deadline for 2020 IRA contribution?
Yes.  One can fund up to 12K for both spouses (Under 50 YO) for 2020 until the tax deadline (which will also lower AGI if eligible for TIRA)

Offline Kobe Bryant

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Re: Taxes
« Reply #10 on: March 31, 2021, 12:11:09 AM »

Offline Fish Tank

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Re: Taxes
« Reply #11 on: March 31, 2021, 12:22:11 AM »
Yes.  One can fund up to 12K for both spouses (Under 50 YO) for 2020 until the tax deadline (which will also lower AGI if eligible for TIRA)
What's TIRA? Traditional IRA?

Offline elazarmn

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Re: Taxes
« Reply #12 on: March 31, 2021, 12:32:40 AM »
You can fund a TIRA after processing your return?

Offline Kobe Bryant

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Re: Taxes
« Reply #13 on: March 31, 2021, 12:40:12 AM »
What's TIRA? Traditional IRA?
Correct

Offline Kobe Bryant

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Re: Taxes
« Reply #14 on: March 31, 2021, 12:48:41 AM »
You can fund a TIRA after processing your return?
One would need to amend the return using IRS Form 1040-X. For a RIRA there would be no need to amend.

Offline Fish Tank

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Re: Taxes
« Reply #15 on: March 31, 2021, 01:16:35 AM »
Correct
Got it.

RIRA won't lower AGI? Only TIRA will?

Offline Kobe Bryant

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Re: Taxes
« Reply #16 on: March 31, 2021, 08:56:54 AM »
Got it.

RIRA won't lower AGI? Only TIRA will?
Correct.

Offline Fish Tank

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Re: Taxes
« Reply #17 on: March 31, 2021, 09:22:29 PM »
Correct.
Can you post a link/source please?

I cant find this distinction anywhere online.

Offline JunkYardUnz

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Re: Taxes
« Reply #18 on: March 31, 2021, 10:13:50 PM »
Can you post a link/source please?

I cant find this distinction anywhere online.
Roth IRA uses post tax dollars so it will not impact you AGI. Traditional IRA uses pre tax dollars so it will lower your AGI.

Offline Fish Tank

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Re: Taxes
« Reply #19 on: March 31, 2021, 10:36:00 PM »
Roth IRA uses post tax dollars so it will not impact you AGI. Traditional IRA uses pre tax dollars so it will lower your AGI.

Okay. Makes sense. Ty. I guess I'll just do a backdoor Roth IRA to lower my MAGI.

Is there an IRA thread somewhere on ddf?