Tax Season!

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Re: Tax Season!

Postby columbia on Wed Jan 15, 2014 2:59 pm

KennyTheKangaroo wrote:
columbia wrote:I received a 1099 G this year for the first time. I've done my taxes through H&R Block for years, so can I assume that they have been accounting for this in the past?


is it for a state refund?

Also, do you itemize?


Yes, it was for a state refund.

I always just take the standard deduction for my federal taxes.
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Re: Tax Season!

Postby KennyTheKangaroo on Wed Jan 15, 2014 3:02 pm

You have nothing to worry about then.

If you itemize (and deduct your state taxes on sch. A), and you proceed to get a refund from the state for overpaid taxes, that refund is taxable in the next year for federal purposes.

Thats a contrived way to put it, but the basic is: No itemizing, no worrying about the 1099-G
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Re: Tax Season!

Postby columbia on Wed Jan 15, 2014 3:03 pm

Gotcha. Thanks!
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Re: Tax Season!

Postby ulf on Wed Jan 15, 2014 3:09 pm

I hate seeing this thread pop up. #publicaccountingproblems
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Re: Tax Season!

Postby PensFanInDC on Wed Jan 15, 2014 3:10 pm

So what's all this I hear about being married is no longer a real tax break?
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Re: Tax Season!

Postby KennyTheKangaroo on Wed Jan 15, 2014 3:11 pm

tifosi77 wrote:Interesting, mac.... I saw this thread and popped in to ask a similar question.

Last month I got hit with a wage garnishment for school loans that, according to my records, were paid off seven or eight years ago. I've initiated the process to contest the garnishment (which has been SUPER FUN!), but in the meantime I'm pretty sure that if we file jointly with the garnishment in place, any refund balance we have will be confiscated. If we file separately will any refund on her individual return be subject to confiscation?


This is a hardball question, and one that this gentleman does not have an answer to.
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Re: Tax Season!

Postby ulf on Wed Jan 15, 2014 3:13 pm

PensFanInDC wrote:So what's all this I hear about being married is no longer a real tax break?

Because the gays ruined it for everyone.

jk not sure where you heard that, MFJ tax rates are lower
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Re: Tax Season!

Postby KennyTheKangaroo on Wed Jan 15, 2014 3:18 pm

negatory. when they made all the changes during the fiscal cliff talks, they shifted the income tax brackets a bit.

for example the top of the 25% tax bracket if you are single is 87,850
the top of the 25% backet if you are married is 125,450.

so if you have two single people, each making 70k, they are both in the 25% bracket.

if they are filling jointly, they are paying 28% on that $14,550.
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Re: Tax Season!

Postby count2infinity on Wed Jan 15, 2014 3:20 pm

luckily my wife and i make way way way way less than that combined.
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Re: Tax Season!

Postby ulf on Wed Jan 15, 2014 3:22 pm

KennyTheKangaroo wrote:negatory. when they made all the changes during the fiscal cliff talks, they shifted the income tax brackets a bit.

for example the top of the 25% tax bracket if you are single is 87,850
the top of the 25% backet if you are married is 125,450.

so if you have two single people, each making 70k, they are both in the 25% bracket.

if they are filling jointly, they are paying 28% on that $14,550.

Interesting, this is what I get for switching to audit. Don't listen to me guys.
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Re: Tax Season!

Postby mac5155 on Wed Jan 15, 2014 3:26 pm

im so sick of hearing the A word the past few months.
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Re: Tax Season!

Postby PensFanInDC on Wed Jan 15, 2014 3:51 pm

count2infinity wrote:luckily my wife and i make way way way way less than that combined.


Same here. So basically nothing changes for us?
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Re: Tax Season!

Postby thehockeyguru on Wed Jan 15, 2014 4:06 pm

mac5155 wrote:itd be real nice if Barry would increase the student loan interest deduction from $2500 to something higher. I paid almost $7k in interest this year alone.
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Re: Tax Season!

Postby PghSkins on Wed Jan 15, 2014 4:12 pm

GIVE ME MY W2 AND 1099'S ALREADY SO I CAN FILE AND GET MY DAMN MONEYS BACK
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Re: Tax Season!

Postby mac5155 on Wed Jan 15, 2014 4:18 pm

thehockeyguru wrote:
mac5155 wrote:itd be real nice if Barry would increase the student loan interest deduction from $2500 to something higher. I paid almost $7k in interest this year alone.


Does the limit remain at $2500 when MFJ or does it double to $5k
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Re: Tax Season!

Postby KennyTheKangaroo on Wed Jan 15, 2014 4:20 pm

Stays at 2.5k

and if you file mfs you get...........0
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Re: Tax Season!

Postby mac5155 on Wed Jan 15, 2014 4:28 pm

f da govt
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Re: Tax Season!

Postby Kraftster on Wed Jan 15, 2014 4:48 pm

The deduction should be for all interest paid > $2500.
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Re: Tax Season!

Postby blackjack68 on Wed Jan 15, 2014 4:53 pm

My sister-in-law has done our taxes for the past few years but has gotten out of the game.

Now I need someone to do my taxes...single CPA or one of those firms that promise big refunds?
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Re: Tax Season!

Postby Idoit40fans on Thu Jan 16, 2014 10:38 pm

Wait... So to be clear if youre combining for 126k youre better off not being married?..taxwise.
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Re: Tax Season!

Postby mac5155 on Fri Jan 17, 2014 11:06 am

thats MAGI though not Gross, I believe...
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Re: Tax Season!

Postby Letang Is The Truth on Fri Jan 17, 2014 12:21 pm

Idoit40fans wrote:Wait... So to be clear if youre combining for 126k youre better off not being married?..taxwise.


calling off the wedding!
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Re: Tax Season!

Postby mac5155 on Fri Jan 17, 2014 12:31 pm

just estimated our refund, combined 900. if this is true about getting married this blows.
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Re: Tax Season!

Postby viva la ben on Fri Jan 17, 2014 12:48 pm

Have kids
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Re: Tax Season!

Postby DelPen on Fri Jan 17, 2014 1:27 pm

viva la ben wrote:Have kids


And turn a hobby into a business that makes no money :)
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