Employer- provided health coverage
Reddit » Tax News and Discussion
by /u/Enough_Clothes8829
6h ago
Box 12DD has a dollar amount but I do not have health coverage through my workplace. Is this a mistake? submitted by /u/Enough_Clothes8829 [visit reddit] [comments ..read more
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Helping my parent pay for continuum care buy in
Reddit » Tax News and Discussion
by /u/Tachyon4237
6h ago
First both my parents and I live in Kansas, USA. My parents are buying into a continuum care facility. They are getting a bridge loan while the house goes up for sale, but there is still about a $30k gap. There are two options. First, they could take money out of retirement accounts or early withdrawal on a CD but that has its own negatives. Second, a CD that I have just came to term worth about $30k. We were thinking that I could give them that money to fill the gap and then when a CD they have comes to term in June they can pay me back. The unknown part is the taxes. This would be higher th ..read more
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Comparing taxes between two different softwares: Why does TurboTax charge "Addition to tax, penalty and interest" and FreeTaxUSA does not?
Reddit » Tax News and Discussion
by /u/Flashy-Professional9
6h ago
I started with TurboTax, but used FreeTaxUSA to cross reference. Upon looking further into both software's tax return files, I noticed that TT is charging a "Addition to tax, penalty and interest" fee of $124, but FTUSA is not. Does anyone know what this penalty is for exactly and why one charges it and the other doesn't? TurboTax Tax Summary ​ Additional question: SO was alarmed at the amount of state taxes owed ($3k+) this year and was trying to convince me to pay for a professional tax filer. My taxes are pretty straightforward with one W2, and a very very small 1098E (no mortgage, dep ..read more
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IRS rejected 2022 taxes, what do?
Reddit » Tax News and Discussion
by /u/Swaggy_Ballz6969
6h ago
So, I changed my name and did all that paperwork and even did the social security thing so it all matched up and IRS denied my 2022 tax return. Can I just mail in the same form again or is there an easier way to do it? The IRS website is stupid and difficult to navigate and idk what to do. Thank you!! submitted by /u/Swaggy_Ballz6969 [visit reddit] [comments ..read more
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Joint filing last year's taxes when we weren't married yet? (USA)
Reddit » Tax News and Discussion
by /u/but_heres_the_meower
6h ago
Hi, my wife(US citizen) and I(working professional for 3+ years, resident alien) are planning to get married & start my permanent residency process within the first quarter of this year. We're both in our 20s and have never gotten married before so we're not really knowledgeable in tax filing. I tried googling but didn't really find anything much helpful to us, that's why I'm asking here. Can we file last year's tax jointly, even though we were not married in the previous year? Because I would really prefer to do so if that's an option. I'm confused because I'm doing my tax prep(w/ Tu ..read more
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Employee Won’t Help With 401k Overcontribution
Reddit » Tax News and Discussion
by /u/Irecanusadian
6h ago
I have two employers and I got a raise from one in 2023 and forgot to change my contribution percentage leading to over contributing by nearly $1200. My employers have said since it was my mistake they won’t help, and when I spoke to Empower they said they need the employer to request the refund. What can I do and what are the implications if I do not get it refunded by April 15th? submitted by /u/Irecanusadian [visit reddit] [comments ..read more
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No federal taxes taken out for 2 years
Reddit » Tax News and Discussion
by /u/Background-Rate-2975
6h ago
So for the last few years, my husband has ended up owing on his taxes because every time we check a paystub, zero federal taxes are taken out. we have already talked to his employer and they verified that everything looked correct. He makes about $2000 every two weeks he claims two dependents Which are our children. His tax lady keeps saying we need to have federal taxes withheld, but whenever he talk his employer, they say there should be no reason why he’s not getting any taxes withheld that everything looks good on their end. Could it be that he’s not making enough or maybe we need to lowe ..read more
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Opening and closing LLC before 12 months passed. 1065?
Reddit » Tax News and Discussion
by /u/smartymarty1234
6h ago
Hi, I seem to be getting conflicting information from google and the IRS. Some places say that since it has been less than 12 months we don't need to file any 1065 at all. Others say that you do in your final year but don't specify if this still applies if your first year is also your last year. Calling the IRS doesn't help as apparently they don't answer questions like these anymore so any help or direction to relevant documentation would be extremely helpful. Thank you. submitted by /u/smartymarty1234 [visit reddit] [comments ..read more
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Do I pay taxes in the "Gross Proceeds" section of a 1099-S form?
Reddit » Tax News and Discussion
by /u/Livid-Requirement-15
6h ago
Hello, I sold my house last year and received a 1099-S document from the title agency. I'm a little confused on how the "Gross Proceeds" are getting calculated. I bought my house over 10 years ago for $785K and sold it for $1.3M (primary residence for the entire time). The 1099-S form I received had "Gross Proceeds" for $645K. How is this getting calculated? And do I pay tax on the $645K? Or, do I pay tax on the $1.3M - $785K = $515K (married filling joint will have $500K exclusion), so pay capital gains tax on the $15K only? Thanks! submitted by /u/Livid-Requirement-15 [visit reddit] [comme ..read more
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Inputting Schedule K1 Credit AF when FreeTaxUSA doesn't allow.
Reddit » Tax News and Discussion
by /u/throwawat_read1234
6h ago
K1 AF Credit = Credit for small employer pension plan startup costs I checked with FreeTaxUSA and they don't support AF credit... Im very perplexed. I really don't want to use another service and have to re input all my taxes... Any thoughts? Should I just add the AF credit into the AE credit (which is allowed in the software). AE Credit = Credit for small employer pension plan startup costs. And they essentially get derived from the same form on business taxes (Form 8881) submitted by /u/throwawat_read1234 [visit reddit] [comments ..read more
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