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St.Croix Man

Your Tax return questions answered

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I wanted to do this last year and was too busy.

 

I will answer all tax questions for the next couple of months.

 

If you don't hear back from me right away - don't panic.

 

Pm's accepted unless they get out of control.

 

 

Good Luck out there with your return

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So you work in the field? CPA?

 

I am a tax accountant myself but I don't do any personal tax work. All large corporations, partnerships, and exempts.

 

Nice offer!

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this is somewhat of a simple question. I am 27, and I have 5k to put-away. My company had a 401k that they closed, so now I have a ROTH IRA, and a standard IRA with E*Trade. No kids, no deductions, file simple, invest in one or both? If I contribute to the E*Trade IRA, I can write that off, however, is that in addition to the "standard" deduction we get, or would that be in place of?

 

Oh and thank you for this. My taxes are easy, and I have been doing them since I was 19, so I got a decent handle on it, but I know for some people are inundated by the complexity of their returns. This is an absolutely excellent and unreasonably generous thing you are doing. Thank you again.

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i always pay a guy to do my taxes but last year he failed to amend a k1 i got late and i should have gotten about ~$100 more back. we were going to do it over the summer when he ("wasnt busy and had time" his exact words, real nice huh) and i forgot about it and he never called me or anything. can i carry that over to this year? i always get k1s after i already filed, they are really annoying.

 

needless to say im firing him and going to someone else this year.

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Chief 2:

 

Young and single, I would recommend the Roth IRA if you feel you will be in a higher bracket upon retirement than you are now, Presently the highest bracket is 35%

 

You won't pay tax on the appreciation for the next 40+ years when you are retired.

 

 

The benefits of a regular IRA in terms of savings are beneficial if you are in the higher brackets presently.If you are not in at least the 28% bracket go with a Roth IRA

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i always pay a guy to do my taxes but last year he failed to amend a k1 i got late and i should have gotten about ~$100 more back. we were going to do it over the summer when he ("wasnt busy and had time" his exact words, real nice huh) and i forgot about it and he never called me or anything. can i carry that over to this year? i always get k1s after i already filed, they are really annoying.

needless to say im firing him and going to someone else this year.

 

 

He probably didn't think it was worth it to you to pay his prep fee. Why not extend your return with an estimate of the missing K-1 income or deductible loss and file when the K-1 comes in after April 15?

 

An extension to file is not an extension to pay. All taxes are due on April 15 either way.

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Chief 2:

Young and single, I would recommend the Roth IRA if you feel you will be in a higher bracket upon retirement than you are now, Presently the highest bracket is 35%

You won't pay tax on the appreciation for the next 40+ years when you are retired.

The benefits of a regular IRA in terms of savings are beneficial if you are in the higher brackets presently.If you are not in at least the 28% bracket go with a Roth IRA

 

SCM......I think you missed this part of Chief's question:

 

If I contribute to the E*Trade IRA, I can write that off, however, is that in addition to the "standard" deduction we get, or would that be in place of?

 

Am not an accountant, but if I understand the question correctly, the deduction for an IRA contribution has nothing to do with your "standard deduction". You can certainly take both.

 

In addition, some folks get confused about 401K contributions and think that they cannot also take a deduction for a personal traditional IRA......in some cases, you can employ BOTH, but there are certain rules that may limit the amount of the IRA you can deduct if you also contribute to a 401K. See the worksheet on page 30 of the form 1040 instructions...........

 

 

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Steve Thanks

 

He indicated his employer no longer sponsors a plan so the participation box will not be marked on his w-2, which would limit how much IRA contribution he could make

 

Chief 2

 

An IRA deduction is unrelated to the standard deduction and comes first in order of priority

 

BTW - you are limited to one $5,000 IRA deduction at your age and in your situation. You can do any combination of deductible and ROTH IRA contributions that totals $5,000

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He probably didn't think it was worth it to you to pay his prep fee. Why not extend your return with an estimate of the missing K-1 income or deductible loss and file when the K-1 comes in after April 15?

An extension to file is not an extension to pay. All taxes are due on April 15 either way.

 

What a reasonable solution for an unreasonable person. Thank you.

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What a reasonable solution for an unreasonable person. Thank you.

 

 

it is a great solution i had no idea you could estimate the numbers then provide the actual final details on an extension. it would have been nice if my accountant mentioned that since it happens every year. you think it is unreasonable to ask a guy you pay $300-$350 every year for ~45 minutes of work to take an additional 5 minutes of his time to re enter some numbers so I can get back another ~$100? i dont. thanks for not contributing to this thread!

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it is a great solution i had no idea you could estimate the numbers then provide the actual final details on an extension. it would have been nice if my accountant mentioned that since it happens every year. you think it is unreasonable to ask a guy you pay $300-$350 every year for ~45 minutes of work to take an additional 5 minutes of his time to re enter some numbers so I can get back another ~$100? i dont. thanks for not contributing to this thread!

 

If your taxes are already filed, it is not just a five minute process. I am sure he will be relieved when you find another person to do your taxes.

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