Author Topic: any accountants out there that i can ask a question?  (Read 191036 times)

Offline dovy2

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Re: any accountants out there that i can ask a question?
« Reply #1875 on: July 06, 2020, 07:33:38 PM »
hi guys,
I missed a 1099-INT upon filing... I already got and cashed the fed and NY state refund.
I used H & R online software (free version). They allowed me to prepare a 1040-X, and prepared the paperwork for me to send in. They even prepared a payment slip to send the IRS.
My question is what to do about the NY refund. I can see how much they overpaid (by comparing what they sent me to what the software shows now) but I'm not sure if they did the paperwork for NY... they didnt prepare any payment slip...
they did include an ERO which has the new amount.. does that mean they filed it electronically? if yes, how do I go about making the payment?

anyone know what to do? do I must fill out manually a IT-201X (the H&R software doesnt do it for me)?
or can I just send NY a check for the overpaid amount, using this link https://www.tax.ny.gov/pdf/current_forms/it/it201v_fill_in.pdf
« Last Edit: July 06, 2020, 07:56:56 PM by dovy2 »

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1876 on: July 07, 2020, 12:40:42 AM »
hi guys,
I missed a 1099-INT upon filing... I already got and cashed the fed and NY state refund.
......

You might have to file an amended return and make the payment.
Or (not as good an idea) you can wait for the government to notice, and they'll amend your return and send you a bill for the amount owed and penalties and interest. ;)

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #1877 on: July 07, 2020, 04:40:38 AM »
You might have to file an amended return and make the payment.
Or (not as good an idea) you can wait for the government to notice, and they'll amend your return and send you a bill for the amount owed and penalties and interest. ;)
exactly.  let them do the work. at some point they figure it out usually. if its not significant it should not be an issue
« Last Edit: July 07, 2020, 05:06:49 AM by Mordyk »

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1878 on: July 07, 2020, 03:14:16 PM »
exactly.  let them do the work. at some point they figure it out usually. if its not significant it should not be an issue
Except for the penalties and interest they'll add on. :D
If you call the IRS 1-800-829-1040 (I think) they'll tell you what to do.  (Every rep I've gotten has been nice.)

Offline ushdadude

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Re: any accountants out there that i can ask a question?
« Reply #1879 on: July 12, 2020, 09:54:00 PM »
I need to convert traditional ira contributions into a sep ira. Vanguard says they can convert it to employer contribution but not into an actual sep ira but it's the same outcome. Make sense?
Trolls will always post stupid replies

Offline killamatic12

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Re: any accountants out there that i can ask a question?
« Reply #1880 on: July 15, 2020, 10:31:00 AM »
can someone point me to a good accountant that has experience with day traders in NJ? TIA

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1881 on: July 21, 2020, 01:13:43 PM »

Is it better to pay outright for college tuition rather than use 529 savings funds so I can make use of higher education expense tax deductions?
We are talking about $4300 for the whole year.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1882 on: July 21, 2020, 01:21:07 PM »
Is it better to pay outright for college tuition rather than use 529 savings funds so I can make use of higher education expense tax deductions?
We are talking about $4300 for the whole year.
probably
do the calculation

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1883 on: July 21, 2020, 02:51:59 PM »
probably
do the calculation
what calculation?
 its either a $4300 deduction or nothing?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1884 on: July 21, 2020, 02:56:03 PM »
what calculation?
 its either a $4300 deduction or nothing?
what you save by using appreciated 529 money or American Opportunity credit?

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1885 on: July 21, 2020, 03:16:34 PM »
what you save by using appreciated 529 money or American Opportunity credit?

Is there a way to use both!

pay off tuition and get AOC credit  and use 529 to fund 1-12 school if allowed in NJ?

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #1886 on: July 21, 2020, 04:03:37 PM »
Is there a way to use both!

pay off tuition and get AOC credit  and use 529 to fund 1-12 school if allowed in NJ?
4000 for the credit and 300 from the 529

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1887 on: July 21, 2020, 04:45:09 PM »
No i meant pay the full 4300 in tuition for maximum tax benefits and use the 529 college savings plan to pay off 1-12 tuition that you would have otherwise paid out of pocket!

But may not work as NJ and NY I don't think have enacted the ability to pay for 1-12 with 529 funds

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #1888 on: July 21, 2020, 10:57:53 PM »
Is it better to pay outright for college tuition rather than use 529 savings funds so I can make use of higher education expense tax deductions?
We are talking about $4300 for the whole year.
Are you sure you can't take the tax deduction if you pay from  you 529 plan?

Offline davidd75

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Re: any accountants out there that i can ask a question?
« Reply #1889 on: July 22, 2020, 10:28:28 AM »
Are you sure you can't take the tax deduction if you pay from  you 529 plan?

There are 2 things the tax deduction and tax credit.  I doubt you can do both.  What I am trying to do is still pay the tuition and enjoy all tax benefits(credit and deduction) and then use the 529 funds for K-12 tuition but some states seem to not recognize k-12 tuition as eligible expense like NY and NJ :(