Author Topic: any accountants out there that i can ask a question?  (Read 490794 times)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #900 on: April 03, 2016, 08:25:56 PM »
ETA Free Tax USA

Total $11 for the state  :)  coupon FREETAXUSA10 10% off


I believe that everyone officially provides free 1040's, but they get you for the extras like 1099's/State returns etc. Free tax USA doesnt charge extra for 1099's and the state was only 12$

The interface is definitely not as user friendly and as "noobish" as turbo. - If you are unsure, I recommend to use turbo first to make sure you dont miss anything, then re input the data into FTUSA.
« Last Edit: April 03, 2016, 08:38:17 PM by churnbabychurn »

Offline David Smith

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Re: any accountants out there that i can ask a question?
« Reply #901 on: April 03, 2016, 09:19:41 PM »
Easiest way to reduce Adjusted Gross Income for a household by $10k? Thanks.
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Re: any accountants out there that i can ask a question?
« Reply #902 on: April 03, 2016, 09:35:09 PM »
Easiest way to reduce Adjusted Gross Income for a household by $10k? Thanks.
IRA contributions?
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Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #903 on: April 03, 2016, 10:06:20 PM »
What is the going price for filing simple business taxes for an S corporation? My accountant is charging me $500 I feel like its a bit pricy for something that seems to be pretty straightforward. This is in addition to the quarterly filing fee.

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #904 on: April 03, 2016, 10:13:16 PM »
What is the going price for filing simple business taxes for an S corporation? My accountant is charging me $500 I feel like its a bit pricy for something that seems to be pretty straightforward. This is in addition to the quarterly filing fee.
How much do you nudge?   cuz that's what he's charging you for.

Offline googwallet

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Re: any accountants out there that i can ask a question?
« Reply #905 on: April 03, 2016, 10:15:49 PM »
How much do you nudge?   cuz that's what he's charging you for.
Lol. Very little. I just give him the gross and expense reports and that's about it.

Offline Dave A

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Re: any accountants out there that i can ask a question?
« Reply #906 on: April 03, 2016, 11:22:01 PM »
A friend received a 1099-MISC from Rabbinical school for annual stipend.  Box 3 income.  Does he need to file Sch C, too?

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Re: any accountants out there that i can ask a question?
« Reply #907 on: April 04, 2016, 12:32:55 PM »
I am contemplating taking a withdrawal from my ROTH IRA for something that I might deem as worthwhile under the circumstances.

Since basis can come out of a ROTH IRA first, without tax or penalty, that shouldn't be my concern.

My question is, how do I document (and is this something that goes on next year's return) that my withdrawal was only basis and not subject to tax or penalty? My ROTH IRA has been rolled over several times, and also includes a rollover from a ROTH 401k.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline skyguy918

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Re: any accountants out there that i can ask a question?
« Reply #908 on: April 04, 2016, 01:05:37 PM »
I am contemplating taking a withdrawal from my ROTH IRA for something that I might deem as worthwhile under the circumstances.

Since basis can come out of a ROTH IRA first, without tax or penalty, that shouldn't be my concern.

My question is, how do I document (and is this something that goes on next year's return) that my withdrawal was only basis and not subject to tax or penalty? My ROTH IRA has been rolled over several times, and also includes a rollover from a ROTH 401k.
You enter the basis when you do that year's return. If you get audited, you'd have to prove the basis with the tax docs you'd have received when you made contributions and or rolled over other IRA/401k's.

Offline Dave A

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Re: any accountants out there that i can ask a question?
« Reply #909 on: April 04, 2016, 01:12:51 PM »
A friend received a 1099-MISC from Rabbinical school for annual stipend.  Box 3 income.  Does he need to file Sch C, too?

BUMP

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #910 on: April 04, 2016, 02:00:52 PM »
BUMP
you dont need to file a sch c, can just go on line 21

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Re: any accountants out there that i can ask a question?
« Reply #911 on: April 04, 2016, 04:30:23 PM »
You enter the basis when you do that year's return. If you get audited, you'd have to prove the basis with the tax docs you'd have received when you made contributions and or rolled over other IRA/401k's.
Well, I hope I don't need to actually take the money out of the ROTH IRA and come up with other funds for the intended purpose, and if I do need to take the money out, I sincerely hope I don't get audited, as I would have to dig very deep to find the rollovers, and if I am not mistaken, back in the day, there was no form generated by a provider upon a CONTRIBUTION to a ROTH IRA.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline hachover

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Re: any accountants out there that i can ask a question?
« Reply #912 on: April 05, 2016, 05:50:30 PM »
Well, I hope I don't need to actually take the money out of the ROTH IRA and come up with other funds for the intended purpose, and if I do need to take the money out, I sincerely hope I don't get audited, as I would have to dig very deep to find the rollovers, and if I am not mistaken, back in the day, there was no form generated by a provider upon a CONTRIBUTION to a ROTH IRA.

A 5498 wouldn't show it? How far back in the day?
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Offline AnonymousUser

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Re: any accountants out there that i can ask a question?
« Reply #913 on: April 05, 2016, 10:05:44 PM »
We live in NJ, and my wife worked in NY. TurboTax completed married filing jointly forms for NY, however, this means we're paying taxes on my income as well.
According to TurboTax, she can file married filing separately for NY, and I don't have to file at all.
However, according to the instructions for NY IT-203 (page 15), it seems that in such a situation we are required to file jointly:
Quote
If you filed a joint federal return and:
1) both spouses are nonresidents but only one has New York source income, or ...
you must file a joint New York State return using filing status (2) (married filing jointly) and include in the Federal amount column the joint income as reported on your federal income tax return. However, only the spouse with New York source income (or the part-year resident spouse) should sign Form IT-203. That spouse must also complete Form IT-203-C, Nonresident or Part-Year Resident Spouse’s Certification (see Other forms you may have to file), and submit it with your Form IT-203. In this case, any refund or notice of tax, penalty, or interest due will be issued only in the name of the spouse required to sign Form IT-203.
Am I missing something?

Offline jackofall

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Re: any accountants out there that i can ask a question?
« Reply #914 on: April 05, 2016, 10:11:11 PM »
IRA contributions?
Was is the deadline to still receive 2015 deduction?
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Re: any accountants out there that i can ask a question?
« Reply #915 on: April 05, 2016, 10:15:54 PM »
Was is the deadline to still receive 2015 deduction?
Usually the same as tax filing
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Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #916 on: April 05, 2016, 10:22:37 PM »
If I regularly work from home for the pleasure of my employer. - like nights and weekends, can I deduct daily commuting miles between my home office and my employers office?

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #917 on: April 05, 2016, 10:35:25 PM »
If I regularly work from home for the pleasure of my employer. - like nights and weekends, can I deduct daily vomiting costs between my home office and my employers office?

Hmm, if it's a daily occurrence I think it's being caused by your job  ;D

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #918 on: April 05, 2016, 10:48:21 PM »
Hmm, if it's a daily occurrence I think it's being caused by your job  ;D
Definitely

Offline hachover

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Re: any accountants out there that i can ask a question?
« Reply #919 on: April 05, 2016, 10:50:46 PM »
We live in NJ, and my wife worked in NY. TurboTax completed married filing jointly forms for NY, however, this means we're paying taxes on my income as well.
According to TurboTax, she can file married filing separately for NY, and I don't have to file at all.
However, according to the instructions for NY IT-203 (page 15), it seems that in such a situation we are required to file jointly:Am I missing something?

You file NY as joint. You do not pay taxes on your income. Your w2 should not have any NY source income so it won't be pulled into the right hand side of the return.  Similar if you are 1099 income. If the total income for NY doesnt match what your wife earned then you probably input something wrong.

Also, if you have any interest or dividends or capgains, do not report them to NY.
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