Filing your taxes...

Indifference71

81 seems to be the tax expert here so I have a question for ya- I changed companies this year and I received a 1099 form for my 401K that was paid out by my previous company. I did roll over all of that to my new company. Do I need a form from the new company to show that I rolled that over? Because otherwise, wouldnt that 401K money just be viewed as income?

81

Indifference71 wrote:

81 seems to be the tax expert here so I have a question for ya- I changed companies this year and I received a 1099 form for my 401K that was paid out by my previous company. I did roll over all of that to my new company. Do I need a form from the new company to show that I rolled that over? Because otherwise, wouldnt that 401K money just be viewed as income?

i'm no expert...but i did get an A in peronsal taxes years ago in college. taxes really are easy...if you just follow the 1040 form step for step...




http://www.bankrate.com/finance/money-g ... ers-1.aspx

assumed your 1099 form is correct, you don't need to do anything.

and yes...if you did take 401k money out, you would have to report it as income and pay a 10% penalty for early withdrawl.

Indifference71

81 wrote:

i'm no expert...but i did get an A in peronsal taxes years ago in college. taxes really are easy...if you just follow the 1040 form step for step...




http://www.bankrate.com/finance/money-g ... ers-1.aspx

assumed your 1099 form is correct, you don't need to do anything.

and yes...if you did take 401k money out, you would have to report it as income and pay a 10% penalty for early withdrawl.

Ha...funny thing is I just got done looking at that same exact website. I guess we both know how to use google, huh?

My 1099 form is at home....hopefully my former employer didn't fuck that up....those bastards.

81

great minds....

Mamasan23

I do my own taxes every year and since hubby started his own company they've gotten much harder. Last year we actually ended up owing the man.

What did my mom say to that? Have a kid, you'll get yourself another deductible. :evil:

81

Mamasan23 wrote:

I do my own taxes every year and since hubby started his own company they've gotten much harder. Last year we actually ended up owing the man.

What did my mom say to that? Have a kid, you'll get yourself another deductible. :evil:

once you go corporate.....the difficutly rises exponentialy...or something like that.

i think i got a C in corp tax.

JOEJOEJOE

I find it comical that a tax service would have to guarantee that all of their mathematical computations are correct....users should be able to assume that 99.9999% of any sort of software that involves computations are always correct!

If your tax return is very simple, it doesn't matter much which program you use to file. Once your tax returns get more complex (being self employed, having a mortgage, making sizable charitable donations, being eligible for certain tax credits, taking-on new dependents, etc.) it is a good idea to pay someone who can advise you on grey areas. Every tax preparer has a different opinion on audit risk/agressiveness, so you need to find someone who is on the same page as you.

Mamasan23

81 wrote:

Mamasan23 wrote:

I do my own taxes every year and since hubby started his own company they've gotten much harder. Last year we actually ended up owing the man.

What did my mom say to that? Have a kid, you'll get yourself another deductible. :evil:

once you go corporate.....the difficutly rises exponentialy...or something like that.

i think i got a C in corp tax.

Sure did - I was arrogant enough to think it wouldn't be that bad. Not gonna happen again this year!

maj4e

Indifference71 wrote:

81 wrote:

i'm no expert...but i did get an A in peronsal taxes years ago in college. taxes really are easy...if you just follow the 1040 form step for step...




http://www.bankrate.com/finance/money-g ... ers-1.aspx

assumed your 1099 form is correct, you don't need to do anything.

and yes...if you did take 401k money out, you would have to report it as income and pay a 10% penalty for early withdrawl.

You'll get a 1099 but if you look in the taxable box it should say zero as long as the disbursement was made directly (or the check made out directly) to another 401k provider. I did it too this year.



Ha...funny thing is I just got done looking at that same exact website. I guess we both know how to use google, huh?

My 1099 form is at home....hopefully my former employer didn't fuck that up....those bastards.

81

you know the thing that pisses me off about taxes....when just after you sign them and mail them off...your stock broker sends a revised statement....

:x

eeriepadave

Just did my federal and state ones today. Will probably do local this weekend.

JOEJOEJOE

For anyone who received a 1099 from TM, make sure to report the 1099 amount as income and the cost of the sold tickets as "cost of goods sold"

PJ_Soul

Filed last week, got my refund in my bank account today.

eeriepadave

For the first time I actually owe money to the IRS

Wobbie

eeriepadave said:

For the first time I actually owe money to the IRS

elon doesn’t.

mookeywrench

eeriepadave said:

For the first time I actually owe money to the IRS

Friendly reminder that an IRS refund is not generated income.

If it's less than $1,000, you did it right.

PJ_Soul

Easy peasy. Netfile rocks.

eeriepadave

mookeywrench said:

eeriepadave said:

For the first time I actually owe money to the IRS

Friendly reminder that an IRS refund is not generated income.

If it's less than $1,000, you did it right.

I did it right. First when i did it I thought i was getting back like $250 (that' s about what I usually get back every year)., but that's how much i owe.