Author Topic: any accountants out there that i can ask a question?  (Read 257229 times)

Offline AsherO

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Re: any accountants out there that i can ask a question?
« Reply #1940 on: February 17, 2021, 08:15:24 AM »
What is the best free way to convert PDF one full  year bank statement to CSV format?

Thanks-

Canít you export from the bankís website?

Depends on the PDF, but if itís text and not just an image/scan PDF, and the transaction records are in a table, then extracting/converting it to Excel should give you something messy that you can clean up.

Offline ual902

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Re: any accountants out there that i can ask a question?
« Reply #1941 on: February 17, 2021, 09:18:57 AM »
Canít you export from the bankís website?

Depends on the PDF, but if itís text and not just an image/scan PDF, and the transaction records are in a table, then extracting/converting it to Excel should give you something messy that you can clean up.

Citi Buisness only gives 6 months on CSV, full year on PDF

Offline cgr

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Re: any accountants out there that i can ask a question?
« Reply #1942 on: February 17, 2021, 09:23:30 AM »
What is the best free way to convert PDF one full  year bank statement to CSV format?

Thanks-

Open With: Excel.
If it's not a pdf image it should work.

Offline pointer

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Re: any accountants out there that i can ask a question?
« Reply #1943 on: February 22, 2021, 06:19:45 PM »
Any reason for a w-2 worker to hire an accountant to do their taxes?


Offline shapsam

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Re: any accountants out there that i can ask a question?
« Reply #1944 on: February 22, 2021, 10:36:13 PM »
Any reason for a w-2 worker to hire an accountant to do their taxes?
I'll never understand why many young kollel couples pay an accountant up to $200 to file one or two W-2s.

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #1945 on: February 22, 2021, 11:06:10 PM »
Any reason for a w-2 worker to hire an accountant to do their taxes?
No. I recommend using freetaxusa.com.

Offline pointer

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Re: any accountants out there that i can ask a question?
« Reply #1946 on: February 22, 2021, 11:22:06 PM »
No. I recommend using freetaxusa.com.
How about TurboTax Free free free free free........?

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #1947 on: February 23, 2021, 10:26:49 AM »
How about TurboTax Free free free free free........?
It's full of upsells.

Offline free123cc

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Re: any accountants out there that i can ask a question?
« Reply #1948 on: March 02, 2021, 11:17:29 PM »
Hi, need some tax advice. I am ready to file taxes for 2020. My income is between 30-35k. I have 2 kids so my EIC will be quite large. Does it make sense to open a IRA, deposit around 6k, which would then lower my taxable income to about 24-29k and get me about a extra 1k on my EIC? and I could potentially get more refund due to having less of a tax liability and also due to the savers credit?
I don't plan on keeping the money there for a long time. I would wanna buy a house in the next 2 yrs (approx), so I would be able to take out up to 10k penalty free from a IRA for first time home buyer.

The main issue I have is if I would want to get a mortgage I would obviously have to be making a lot more than 35K, so in 2 years from now when I gd willing have a larger income and I pull the money out to buy a house, my tax bracket on the money I put in will be potentially be considerably higher than it is now.

any advice would be appreciated. thanks

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1949 on: March 02, 2021, 11:25:32 PM »
Hi, need some tax advice. I am ready to file taxes for 2020. My income is between 30-35k. I have 2 kids so my EIC will be quite large. Does it make sense to open a IRA, deposit around 6k, which would then lower my taxable income to about 24-29k and get me about a extra 1k on my EIC? and I could potentially get more refund due to having less of a tax liability and also due to the savers credit?
I don't plan on keeping the money there for a long time. I would wanna buy a house in the next 2 yrs (approx), so I would be able to take out up to 10k penalty free from a IRA for first time home buyer.

The main issue I have is if I would want to get a mortgage I would obviously have to be making a lot more than 35K, so in 2 years from now when I gd willing have a larger income and I pull the money out to buy a house, my tax bracket on the money I put in will be potentially be considerably higher than it is now.

any advice would be appreciated. thanks
run the numbers its usually a great idea

Offline free123cc

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Re: any accountants out there that i can ask a question?
« Reply #1950 on: March 02, 2021, 11:29:56 PM »
where can I run the numbers? I don't know what my income will be in 2 yrs...

Offline Shmulie

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Re: any accountants out there that i can ask a question?
« Reply #1951 on: March 02, 2021, 11:34:36 PM »
Hi, need some tax advice. I am ready to file taxes for 2020. My income is between 30-35k. I have 2 kids so my EIC will be quite large. Does it make sense to open a IRA, deposit around 6k, which would then lower my taxable income to about 24-29k and get me about a extra 1k on my EIC? and I could potentially get more refund due to having less of a tax liability and also due to the savers credit?
I don't plan on keeping the money there for a long time. I would wanna buy a house in the next 2 yrs (approx), so I would be able to take out up to 10k penalty free from a IRA for first time home buyer.

The main issue I have is if I would want to get a mortgage I would obviously have to be making a lot more than 35K, so in 2 years from now when I gd willing have a larger income and I pull the money out to buy a house, my tax bracket on the money I put in will be potentially be considerably higher than it is now.

any advice would be appreciated. thanks

At your income level / tax bracket it might make more sense for you to put it into a Roth IRA, IIRC a Roth contribution still qualifies for the savers credit

Offline free123cc

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Re: any accountants out there that i can ask a question?
« Reply #1952 on: March 02, 2021, 11:35:58 PM »
a Roth might qualify for the savers credit, but how would that help me in raising my EIC ?

Offline Shmulie

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Re: any accountants out there that i can ask a question?
« Reply #1953 on: March 02, 2021, 11:50:20 PM »
a Roth might qualify for the savers credit, but how would that help me in raising my EIC ?

30-35k is after the 24k standard deductions?

how much more would the EIC come out to if you contributed to your IRA?

Try doing it both ways on one of the free estimators

Offline free123cc

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Re: any accountants out there that i can ask a question?
« Reply #1954 on: March 03, 2021, 12:00:05 AM »
30-35k is before the 24k deductions. difference between ira and no ira is about 1000 gain. only issue is how much I would have to pay in taxes when I pull it out to buy a home

Offline Shmulie

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Re: any accountants out there that i can ask a question?
« Reply #1955 on: March 03, 2021, 12:20:11 AM »
30-35k is before the 24k deductions. difference between ira and no ira is about 1000 gain. only issue is how much I would have to pay in taxes when I pull it out to buy a home
I'm not an accountant so I can't be sure but I think that after the standard deductions you would already be at the max for the EITC

also I tried putting in your info as best as I could on this website https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ and it looks like the refund would be the same with or without a regular IRA contribution, I don't think this website accounts for a savers credit though

Offline Shmulie

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Re: any accountants out there that i can ask a question?
« Reply #1956 on: March 03, 2021, 12:27:44 AM »
I'm not an accountant so I can't be sure but I think that after the standard deductions you would already be at the max for the EITC

also I tried putting in your info as best as I could on this website https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ and it looks like the refund would be the same with or without a regular IRA contribution, I don't think this website accounts for a savers credit though

also tried it on this one and got same result https://www.efile.com/tax-service/tax-calculator/

Offline mord1

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Re: any accountants out there that i can ask a question?
« Reply #1957 on: March 03, 2021, 12:51:39 AM »
30-35k is before the 24k deductions. difference between ira and no ira is about 1000 gain. only issue is how much I would have to pay in taxes when I pull it out to buy a home
there is no penalty for taking money out of an ira as a first time home buyer

Offline Shmulie

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Re: any accountants out there that i can ask a question?
« Reply #1958 on: March 03, 2021, 12:57:51 AM »
there is no penalty for taking money out of an ira as a first time home buyer
Pretty sure he knows that...
I would wanna buy a house in the next 2 yrs (approx), so I would be able to take out up to 10k penalty free from a IRA for first time home buyer.
I think he's asking if it's worth it to take the tax deduction now if his tax bracket will likely be higher when he takes it out and needs to pay taxes on it

Offline free123cc

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Re: any accountants out there that i can ask a question?
« Reply #1959 on: March 03, 2021, 02:07:19 PM »
I'm not an accountant so I can't be sure but I think that after the standard deductions you would already be at the max for the EITC

also I tried putting in your info as best as I could on this website https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ and it looks like the refund would be the same with or without a regular IRA contribution, I don't think this website accounts for a savers credit though


will check out both those links and put in exact numbers. thank you very much!