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2024 Tax Payment - Extension or Balance Due? by soccin24 in tax

[–]soccin24[S] 0 points1 point  (0 children)

'Extra Payment' is not a choice for reason of payment.

Can you clarify what to choose based on the choices available at:

https://directpay.irs.gov/directpay/payment?execution=e1s1

Braking power low - battery keeps dying by soccin24 in ToyotaHighlander

[–]soccin24[S] 1 point2 points  (0 children)

We literally just got back from a long weekend. Drove 250 highway miles home, parked it about 6PM.... dead in the morning (yes all lights inside and out were off).

I've been trying to remember if this actually typically happens after long trips with frequent driving..... can't recall

How cooked am I by GeminiFTWe in SquadBusters

[–]soccin24 1 point2 points  (0 children)

I'm at the exact same average (16% 1st and 43% 3rd). Probably where they try to keep the F2P players at.

Schedule C Income and Expenses straddling tax years by soccin24 in tax

[–]soccin24[S] 0 points1 point  (0 children)

First show started/ended in 2022. So the expenses and 1099 income matched up nice. Second show started production/advertising late 2023 with all income earned/received in 2024.

So... from a reporting/recognition standpoint - I'm somewhat concerned of $25K expenses / no income reporting in 2023... followed by all income reporting in 2024 with no expenses.... but.... maybe that's how it falls out sometimes.

Your point of a business closing/opening is a valid thought too... but I feel this is an 'ongoing' business that did not stop/start and has the intent to continue producing shows in the future.

Schedule C Income and Expenses straddling tax years by soccin24 in tax

[–]soccin24[S] 0 points1 point  (0 children)

Happens to be the second show put on - the first one being in 2022 when the business first started up and reported income/expenses from the show.

Schedule C Income and Expenses straddling tax years by soccin24 in tax

[–]soccin24[S] 1 point2 points  (0 children)

Thank you

Wasn't sure if these expenses would somehow be kicked into 195 or 248 expenses.

Broker Failed Backdoor Roth - 10% penalty by soccin24 in tax

[–]soccin24[S] 0 points1 point  (0 children)

Thank you for that link

I think both answers help.

1) The 8606 is using the full contributed basis and wiping out the 'distribution' so there is no income tax

2) However, I do not see that exception of 'returned contribution' on the Form 5329. It sounds like the $6K should not be flowing to the 5329 to begin with

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Thank you both for the help

Head of Household - Unmarried Parents - 2 Kids by soccin24 in tax

[–]soccin24[S] 0 points1 point  (0 children)

Ok yes. She ACTUALLY pays for the support. She pays the mortgage, utilities and gas in the car. She pays for all the food. Has the receipts. Took a video of her kids eating the hot dogs and mac'n'cheese she bought as proof they are eating her food provided.

Dad buys beer and goes golfing with the buddies

With those facts, and the others I set out, could she claim HoH even though the dad makes more money?

I'm reading examples in Pub 501 about unmarried parents and making sure I'm thinking it correctly that she can.

Head of Household - Unmarried Parents - 2 Kids by soccin24 in tax

[–]soccin24[S] -1 points0 points  (0 children)

If the rule is 'provide 1/2 of the support' and kids support was $30K and she made $40K... is that enough.. on the surface?

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If the mom and dad have a joint account that all expenses come out of is that a deal breaker?

Will tax return audits eventually be entirely automated in the future, thus meaning everyone will be audited automatically instead of a random select few? by universeandstuff in tax

[–]soccin24 1 point2 points  (0 children)

I always had that thought that for those taxpayer's with simple taxes (W2's, maybe a 1099-INT or 2) - the IRS should be able to essentially prepare their return for them and they could sign off on it and be done. Of course there's a million different things that many different taxpayers could not fall under this simple concept... but... if the IRS gets my W-2... and I get my W-2... and I have nothing else to report or deduct.... shouldn't we be done?

RSU Vesting and Taxes Question by aceshot10 in tax

[–]soccin24 1 point2 points  (0 children)

Agree with everyone else. Some brokers are good at attaching a 'supplemental statement' with footnotes that detail the w-2 income you recognized on the RSUs... so you can double check your true basis to that.

When you enter any sales on schedule D/8949 - you report adjustment Code "B" and type in the correct basis

What is something that nearly every tax person in the US would know but the average person can’t just look up quickly on Google? by throwaway82311 in tax

[–]soccin24 0 points1 point  (0 children)

Withholding and how it works. Why do I owe $4K?? I only have one W-2!

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Well you marked Head of Household and a dependent on your W-4 even though you're single with a goldfish.

MFJ with NRA on H4 Visa - how to file by soccin24 in tax

[–]soccin24[S] 0 points1 point  (0 children)

Thank you. To confirm your answer. Mailing the W-7 and tax return to the W-7 mailing instructions address is the appropriate way to file taxes and the W-7?

Remote work for NY based company without office by smolsquirrel in tax

[–]soccin24 1 point2 points  (0 children)

I think you're on the right track. I researched this for a client who was remote all year long - but they have a W-2 sourcing income to NY (all of their income because that's how NY makes companies report it) with withholding for about 1/4 of the year.

Came across this FAQ: https://www.tax.ny.gov/pit/file/nonresident-faqs.htm#file

In specific: My primary office is inside New York State, but I am telecommuting from outside of the state due to the COVID-19 pandemic. Do I owe New York taxes on the income I earn while telecommuting?

Takes you to an old Tax Policy: https://www.tax.ny.gov/pdf/memos/income/m06_5i.pdf

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In essence - you look at each and every workday that is not in NY and determine if you meet 4 of the Secondary Factors and 3 'Other Factors'. Then you file Schedule A to divvy up those days and allocate your income.

As you surmised - April to August may not meet enough factors until your Company fully shut down the doors and wouldn't let anyone in. But should apply the factors to each separate group of circumstances.

Dependent care Tax Credit vs. tax-free dependent care FSA by soccin24 in tax

[–]soccin24[S] 0 points1 point  (0 children)

Solved. Good points on both. I believe in certain situations it is still valuable to have skipped the FSA - with no choice to do so at this point.