Taxes reddit

Roth contributions occur after tax (you’re contributing income that has already been taxed) so you don’t need to include it in your taxes. Traditional IRA/401k contributions are the ones that should be reported bc they can be deducted from your tax burden. You are able to contribute to 2021 until the national deadline for filing taxes which ...

Now her taxable income is $8,800, which leads to a tax liability of $880. But those $2,000 of expenses now qualify her for the AOTC. She gets $2,000 of credit, of which 40% ($800) is refundable. Thus she doesn't owe any income tax ($880 liability is cleared by $1,200 nonrefundable portion of the AOTC) and she gets an additional refund of $800.So make sure you pay some min amount at least throughout the year. So, a large tax return means you overpaid the government all year, not some reward and they’re paying you back their interest free loan. Some people enjoy getting this and how to do so is to claim 0-1 all year and withholding at higher single rate.Tax "Refunds" -- Not Ideal. Capital Gains and Capital Losses. Other Taxes. Frequently Asked Questions about Taxes. Should I see someone about my …Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. ... But we could both file MFJ w/ 1 income and include child tax credits. - Figure out what I would owe at filing. Take an IRA distribution for that amount with 100% federal tax withholding.Confused about local taxes. Unsolved. I am filing a joint return with me and my wife. Everything has gone smooth up until the local taxes part. My wife had 2 employers plus unemployment last year. #1 she worked at the beginning of the year at the office, then remotely for a month or so. They neglected to withhold any local taxes, not for the ...Just for an example, say by the end of the year I traded 50 contracts, and before fees I made $750 gross profit and lost $250, for a net (before fees) of +$500. If I subtract the fees/commissions, it’d be $500-50*$1.24 = $500-$62 = +$438 net profit for the year after fees. Would I be paying taxes on the $438 (after fees) or the $500 (before ...

taxslayer. taxact. Next post Can the Tax Office Check Your Bank Accounts? This article provides an overview of the best tax services available for …Confused about local taxes. Unsolved. I am filing a joint return with me and my wife. Everything has gone smooth up until the local taxes part. My wife had 2 employers plus unemployment last year. #1 she worked at the beginning of the year at the office, then remotely for a month or so. They neglected to withhold any local taxes, not for the ...There are two sets of penalties: • Failure to File; BIG deal; • Failure to Pay; small, and based only on the outstanding balance. SO: File a complete return by April 18 -- no FTF penalty. Include as much of your payment as you can afford -- minimize FTP penalty. Wait for …Reddit’s IPO plans are coming into focus with a new S-1 filing released Monday morning that sets an initial price range for its stock at $31 to $34 per …IIRC correctly, underpayments are figured quarterly because the IRS requires payment in full (or close) and on time. It sounds like you were likely underpaid in Q2 and that underpayment may have persisted into Q3. Obviously by Q4 you had met the safe harbor criteria. Fill out Form 2210 (or look at the form view in your tax software) to confirm.If you lost $4500, you report that in deductions. You will then pay taxes on the $500 net profit if you can itemize. YOU DO NOT PUT $500 IN THE INCOME SECTION. As we all wondered, unless you have enough deductions to actually itemize, you’re stuck paying taxes on all of the winnings and your losses get lumped into the standard deduction.Advertising on Reddit can be a great way to reach a large, engaged audience. With millions of active users and page views per month, Reddit is one of the more popular websites for ...

Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. …Yes, all F-1 visa holders regardless of employment or not need to file their taxes. If you worked in 2020 you received tax documents from your employer (likely a W2 or a 1099 of some sort). You will need that form (s). You also need to file a form 8843. If this is you continue on to the next question.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. Don't post questions related to that here, please. ... At least for federal taxes, effective 2018 employee ...Bill Gates: I’ve paid $10 billion in taxes. I should have paid more. - Vox. Future Perfect. Bill Gates: I’ve paid $10 billion in taxes. I should have paid …

Most reliable hybrid cars.

Confused about schedule K-1. Taxes. Hi tax gurus, I hope this question is easy enough to answer. I own shares of the ETF trading under the symbol GSG. My expectations for this were that it would function like any other security; I pay taxes on capital gains when the position is sold. However, I received a schedule K-1 (form 1065) for this, and ... Here are relevant Reddit links I have found, but I was not completely sure. https://www.reddit.com/r/tax/comments/129338c/canadian_nonresident_alien_received_1042s_for/ …If you lost $4500, you report that in deductions. You will then pay taxes on the $500 net profit if you can itemize. YOU DO NOT PUT $500 IN THE INCOME SECTION. As we all wondered, unless you have enough deductions to actually itemize, you’re stuck paying taxes on all of the winnings and your losses get lumped into the standard deduction.Notably, tax-preparation companies may offer advances against an expected IRS tax refund. However, unless there's a dire emergency, there's no reason to give up ...You will need to either search online for the tax forms or go to a tax office to get them done as they cannot be done electronically now. Maybe 2017 can still be done online. If you cannot afford to go to an office I suggest freetaxusa.org . They do federal past forms for free you just have to print, sign, and mail.

Jan 19, 2021 ... I have used FreeTaxUSA to file my mom's taxes for the last 5 years and it's super easy and 100% free for federal e-file. If you have to file ...Online account shows details for any federal tax liability associated with your individual account, such as: Income tax owed on your Form 1040; Additional tax ... You most likely should file your tax return as married, joint. The income split allows some of your income move down into their unused lower bracket space. The only filing option you have is married joint, or married filing separately. Married or Married filing separately even if you got married Dec 31. It will likely get rejected if you even ... A: First, make sure you actually had a filing requirement for each year. For any year that you should have filed, you need to file a return. You may even be due a refund. If so, you can claim a refund for only the last three years (2015 and later years). If you owe, there are options to pay your taxes over an extended period of time or, in some ... Cashapp tax had 0 fees. I didn't have any issues getting setup on my desktop, but cash app didn't have some features that make turbo tax very easy. I couldn't upload any documents and typed everything individually. Luckly it was pretty easy to do so since I could just review what I put in turbo tax.You don’t get to just “decide” to “go exempt”. You must meet specific requirements. Which you almost certainly don’t, given the brief info supplied. All income is taxable and withholding is not optional. If you under withheld now, you still have to pay the tax and probably also additional penalties. If you owe, or are getting back, $500 that is not a big deal. For the most part, a $500 return/payment at tax time is minor. I have owed, or been owed, up to $5,000 at different times with no big deal. Any time an average Joe messes up with their taxes the IRS either cuts you a check or sends you a bill months later. I've seen the following. -Taxes for Expats. -Greenback Expat Tax Services (mixed reviews) -Bright Taxes (mixed reviews) -1040 abroad. -CPAs for Expats. -HR Block (probably want to avoid) -Many based here in Canada but very expensive and probably not worth it, since i can do my own Canadian return. 10.Use turbo-tax, H&R block, any other, these are just the ones I know offhand. If it's super simple it's free. If it's pretty simple they'll charge a small amount. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing ...This year we put together a guide to finding *truly* free tax prep filing options. Short version: you can definitely file for free if you make under $69,000 and you may well be able to if you make over that. Be very careful about ads from TurboTax and others claiming "free" tax prep. They will often hit you with a paywall and a significant fee ...TurboTax is a software package that helps you file your taxes. It is one of the most popular tax programs available, and for a good reason. It is easy to use and can help you get y...

Jan 21, 2022 ... People like you are why Reddit gets a bad rap. It costs 0$ to be kind. So if you don't have anything nice to say, move along and reflect on ...

Reddit, often referred to as the “front page of the internet,” is a powerful platform that can provide marketers with a wealth of opportunities to connect with their target audienc...Jan 17, 2024 ... Best bet is to use the IRS withholding calculator early each year to make sure you're withholding enough. If not, you'll owe when you file.Roth IRA When Filing Taxes. Hello everyone! I just opened a Roth IRA for myself and my wife in January. We maxed contributions for 2021 and 2022. I'm filing my taxes and they ask if I opened and contributed for 2021. While I answered yes, it is showing no difference in my taxes owed. I was hoping the contributions for 2021, at least would bring ...Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. KJ6BWB. •. now since turbotax doesn't participate in the free file program anymore. Intuit owns TurboTax. They also own Cash App Tax (formerly credit karma). Cash App Tax is completely free in all ways. They'll probably start charging for it in the future but this year it's the best completely-free tax software that I've found. In terms of tax liability, yes, any pre-tax deduction will lower your tax liability. This can be your health insurance premiums, traditional TSP, FSA/HSA, traditional IRA, etc. If it's traditional contributions, then it will reduce your taxable income. But it will also reduce the withholding accordingly.The following offer free/cheap filing for EVERYONE. No income requirement. MyFreeTaxes.com (Run by United Way/TaxSlayer), Free fed/State (multistate included up to 3) CreditKarmaTax (owned by Square, not Intuit), free federal/state (single state only) FreeTaxUSA, free fed, pay like $12 for state, 10% off code FREETAXUSA10.Per federal law this interest is not supposed to be taxed at the state level only federal, however credit karma system appears to be subjecting this income to state (PA), income tax and my state return drops from $90 to $78 after I entered the information. Used CK last night after over a decade of using TurboTax.If recommended CashApp’s tax service. Very simple, 100% free, and any refund is direct deposit to your bank not cash app. vorter. •. Yeah if your AGI qualifies for the free state I’d do that. Cash App Taxes is also completely free. Run your numbers through TurboTax just to make sure the refund amounts match up.Matthew Holst/Getty Images. CNN —. After a long season, the hopes of the top NCAA basketball programs all come down to this. On Selection …

Batha nd body works.

Winterize sprinkler system.

Without forms/extra returns turbo tax has for often extra fees these your tax filing isn’t going to be as accurate if you actually need them ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended ...Just for an example, say by the end of the year I traded 50 contracts, and before fees I made $750 gross profit and lost $250, for a net (before fees) of +$500. If I subtract the fees/commissions, it’d be $500-50*$1.24 = $500-$62 = +$438 net profit for the year after fees. Would I be paying taxes on the $438 (after fees) or the $500 (before ...MANCHESTER, N.H. (AP) — President Joe Biden on Monday released a budget proposal aimed at getting voters’ attention: It would offer tax breaks for …For married couples filing jointly, the standard deduction is $27,700 for 2023, up from $25,900 in the 2022 tax year. That's an increase of $1,800, or a 7% bump. For single taxpayers and married individuals filing separately, the standard deduction is set at $13,850 in 2023, compared with $12,950 last year.Reddit, often referred to as the “front page of the internet,” is a powerful platform that can provide marketers with a wealth of opportunities to connect with their target audienc... Hi, r/taxadvice, I'm looking for guidance. I am a resident of DC. Last summer I had my employer's HR update my mailing address to one in Texas for personal reasons. I only recently realized that since that change, they started applying Texas income withholding, i.e. 0%. Reddit is a popular social media platform that boasts millions of active users. With its vast user base and diverse communities, it presents a unique opportunity for businesses to ...Many states have cross state tax credits and these all work at the click of a button on the CD software They do charge like 20-30+ for another state so it could get expensive that way. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS ... ….

MOD. Top ten FAQs for tax filing season. Taxes. Things to keep in mind for tax filing season (with clarifications edit: fixed to record some easy updates). You have to file federal taxes if you make enough money that you have tax liability, which is generally over about $12,200 gross for regular employment, and only $400 if you are self-employed. Carry that new number to your Schedule SE and figure the 15.3% self employment tax on your net earnings from self employment. Also carry your profit over to your 1040. It goes under self employment income. You have to add a Schedule 1 to do this. If you have a W-2 job, add that income under regular wages.Tax Software. Cash App Taxes 2024 (Tax Year 2023) Review. Totally free federal and state tax filing. 3.5. Good. By Kathy Yakal. Updated February 5, … I've seen the following. -Taxes for Expats. -Greenback Expat Tax Services (mixed reviews) -Bright Taxes (mixed reviews) -1040 abroad. -CPAs for Expats. -HR Block (probably want to avoid) -Many based here in Canada but very expensive and probably not worth it, since i can do my own Canadian return. 10. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. ... The federal tax law changes from 2018 severely restricted the amount of deductions for most people for state and local taxes and mortgage interest and real estate taxes. Before those changes ...A community for Redditors who are tax professionals to discuss professional development, firm procedures, news, policy, software, AICPA/IRS changes, news/updates about law relating to any tax - U.S. and International, Federal, State, or local.Reddit Inc. disclosed further details of what is set to be one of the year’s biggest initial public offerings, with the company and some existing shareholders …1:56. Russian President Vladimir Putin was on cruise control to another presidential term Sunday despite a drawn-out war and multiple opposition …Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. Taxes reddit, [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1]