Taxes reddit

TurboTax vs. TaxAct 2024 (Tax Year 2023) Written by Laura McCamy. Updated. Mar 8, 2024, 11:14 AM PST. Our experts answer readers' tax questions …

My first two years of filing taxes I had pretty high "negative" tax rates for my federal taxes. Both years I made somewhere between 11 and 20k but after accounting for tuition deductions and credits relating to being a student I got 1.8k back even though I only paid $525 in fed taxes.If you are a US citizen, you cannot legally avoid taxes on crypto The long term capital gains can be $0 in certain situations FILING STATUS 0% RATE. Single Up to $40,000. Married filing jointly Up to $80,000. Married filing separately Up to $40,000. Head of household Up to $53,600. Open a charitable trust or Self-directed Roth IRA or IRA trust as they can grow …Here's my experience (very positive, congratulations to Turbotax!): I signed up to Turbotax Live Full service, and next day, a Tax Preparer (not a CPA) called me (10 minutes late, but it's ok). She was local to my state. We discussed my general situation on the phone, as I'd do with any other tax preparer (she didn't ask for any amounts ...Coinbase sends a tax form called a 1099-MISC (Miscellaneous Income) to both you and the IRS. You'll be issued a 1099-MISC if your Coinbase transactions meet certain criteria, typically if they exceed $600 in value. The IRS receives a copy of the 1099-MISC form from Coinbase.This is ONE of the MANY ways the IRS tracks your crypto!However, this year I got an HSA through my job. H&R Block is essentially saying that I need to have their Pro version (pay $30) to file my taxes because I have an HSA and need to fill out extra forms which are only available in this pro version. The HSA only has like $200-$250 in it (because I literally just started it, and it only has that ... 15.3% payroll tax. If you are employee, half of this is paid by your employer. If you are self employed you get to pay all of it. Varying amounts of income tax, starting at 10% and going up to 30+%. depending on how much you earn. The other problem that I have is that calculating your taxes is a pain in the neck. Politics. The IRS has a big opportunity to fix the way Americans file taxes. You shouldn’t need TurboTax to file your taxes. The IRS can and should …

81 55. u/No_Bill2876. • 6 hr. ago. My timeline: Had to verify and finally got 846 code!!! Filed 1/30. Waited FOREVER for a verification letter. Finally verified 3/8 (In …Here is a IRS tool to determine if you need to file for 2020. If you have over 400 in self employment, over 1100 in unearned income like investment gains, or over 12400 in earned income, you have to file. See Form 1040 instructions pages 10 and 11 for filing requirement details for dependents. 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. 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 ...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.It is an amount that you get taxed at 0%. This is "before" your income starts poking into any of the tax brackets, and people almost always forget that when talking about tax rates. If your standard deduction is $12,400 (note that if you can be claimed as a dependent, it is often smaller) then your first $12,400 of income is taxed at 0%. 48,0000miles x 0.585/mi = $28,000 YOU DO NOT OWE TO THE GOVERNMENT IN TAXES. $40,000 (totals flex income) - $28,000 in deductible income = $12,000 is the actual amount of income you owe taxes (15% self employment tax of income based on your particular math at this point). But wait there’s more!

Taxes on $72,600 is 12.0%, but your employer doesn't go back and just change it all to 12.0%, they (at the direction of the IRS) keeps the old 11.7% on non-OT and just withholds the higher amount on OT. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State ...The short answer is yes. The more detailed response is still yes; you have to report and potentially pay taxes on any crypto transaction that results in a taxable event with gains or losses. While not every crypto transaction is a taxable event, many are. Below, we’ll describe how crypto is taxed and what constitutes a taxable event.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 ...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.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 ... So we lost about $750 in tax credits. We have 2 options. 1) File an amended return that moves $1000 of the $2500 tax credit claim into my wife's column and keep the remaining $1500 in my column. Or 2) Wait to claim the remainder next year because this credit rolls over.

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You can only use business expenses to offset business income, so your W2 income would stay the same. Most wealthy people use their money to start or maintain a legitimate business and just eat the taxes on their smaller W2 income if they bother to keep a job at that point. 15. goingback2back.Reddit's largest economics community. Serving as a central forum for users to read, discuss, and learn more about topics related to the economic discipline. ... "The …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.Withholding is done on the expected tax of the single W-2 income. When you file you are combining the two incomes and the tax rate increases. Let’s say one person makes $80k and the other makes $30k. The withholding on 80k is done with an expected 80k/yr salary. The withholding on the 30k is done with an expected 30k/yr salary.Posted March 15, 2024 at 6:00am. Some Senate Democrats are pushing to bring a popular House-passed $79 billion tax package to the floor …

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.ADMIN MOD. Tax Filing Software Megathread: A comprehensive list of tax filing resources. Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software Experiences. Other Tax Filing Tools. Experiences with Filing Manually.Total taxable income is $15,000. There are two brackets -. Bracket 1) 10% for income earned from $0 to $10,000. Bracket 2) 20% for income from $10,001 to $20,000. This would result in tax assessed of 10% x $10,000 = $1,000 AND 20% for the next $5,000 = $1,000. Total tax is $2,000. This person's “marginal” rate is 20%. 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 $12 for state, 10% off code FREETAXUSA10. If your income is low ($<39,000 for TurboTax), you can qualify for their FreeFile program. If you don't use FreeFile, buy the physical CD (their online pricing is a ripoff). For comparison, their Deluxe edition online costs $110 for 1 federal and state filing. The physical CD on amazon costs $50 for 5 federal filings and 1 free state filing. 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. …Also some include the state tax return for free. Just finished both in TurboTax and FreeTaxUSA and they both came out to the same exact amount for my return, so that helps my confidence. The main difference that I noticed is TurboTax wants to charge $69 and FreeTaxUSA wants to charge $0. As for User Experience, they definitely feel different.In today’s digital age, having a strong online presence is crucial for the success of any website. With millions of users and a vast variety of communities, Reddit has emerged as o...Oct 19, 2023 ... How can i legally stop paying taxes ... r u new to reddit. i'll give u some upvotes ... I mean, and this is not legal advice, just don't pay taxes ...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.

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 ...

Personal Finance Taxes. Should I do my own taxes or hire a pro? Here's how to decide. Written by Tanza Loudenback. Feb 28, 2023, 4:41 PM …Simple example: you were reimbursed $8k in scholarships every year. You add $8k to your return, at 12% rate you own $960 in taxes. Instead you take the AOTC, you add $12k to your return, at 12% you own $1,440 in taxes that can be offset by $2,500 in tax credits. Now the government owes you $1,060.Business Insider estimates that the OpenAI CEO owns a maximum of just about 1.66 million shares of Reddit. With the company's estimated price per …Filing Taxes: W-2 Box 14 Explained. Taxes. Hi Everyone, I just personally filed my taxes for the first time. I used H&R Block as they have free Federal returns AND free State returns, as long as your Adjusted Gross Income is $69,000 or less (most of the other services offer free Federal returns, but charge for state returns, as can be seen on ...This is because after the 2017 change in tax law, you can deduct only a maximum of $10000 from the state taxes - I could very clearly see on Turbotax immediately the impact of this change. I think for 2019, there was no limit on mortgage interest, but it's supposed to kick in for 2020, and maybe that will increase the tax burden more (?).Treat the scholarship as tax-free. Her taxable income, after the $12,200 standard deduction, is $6,800, which leads to a tax liability of $680. Include the scholarship as income. 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.This month, Reddit is poised to reach the stock market in one of the first tech initial public offerings of the year. Its move stands out. Unlike a recent crop of …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.Here's my experience (very positive, congratulations to Turbotax!): I signed up to Turbotax Live Full service, and next day, a Tax Preparer (not a CPA) called me (10 minutes late, but it's ok). She was local to my state. We discussed my general situation on the phone, as I'd do with any other tax preparer (she didn't ask for any amounts ...

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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 … 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. 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.Generally no. Married taxpayers are required to file a joint tax return in order to qualify for premium tax credits. People who use the “married filing ...Pre-deduct the penalty (in OP's case, penalty cancels the 12/1 interest) Basically, track the value shown on TreasuryDirect website on 12/31, not 1/1. If purchased $5k, on Dec 31 2021 it was still $5k, there's no increase in redemption value, hence $0 interest income. Also expect a 3 month interest spike when the penalty goes away.Tax software walks you through your taxes pretty well and it is really not that hard to do. It takes me about 2 hours to enter everything in turbo tax. If you have 3 jobs, a side gig, inherited retirement accounts, capital gains from selling stocks, gambling losses, have a rental house, AND you got divorced and also adopted a kid - sure, go pay ...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...The formula to back out sales tax from a purchase is written as total price / 1 + sales tax rate = cost without sales tax, according to the financial section of the Houston Chronic...Also some include the state tax return for free. Just finished both in TurboTax and FreeTaxUSA and they both came out to the same exact amount for my return, so that helps my confidence. The main difference that I noticed is TurboTax wants to charge $69 and FreeTaxUSA wants to charge $0. As for User Experience, they definitely feel different.A user asks for recommendations on online tax filing sites after having a bad experience with TurboTax and Credit Karma. Other users suggest FreeTaxUSA, … ….

The formula to back out sales tax from a purchase is written as total price / 1 + sales tax rate = cost without sales tax, according to the financial section of the Houston Chronic...Jan 6, 2024 ... If you did not owe the IRS, then there is often no point in filing back farther then 3 years. If you owed the IRS, then you need to get those ...Regular pay (from working a job) is taxed 1:1. Capital gains from proceeds of sale of stock is applied at 50%. Had you made $1000 as ordinary income at 25% marginal tax rate, you would be taxed $250. $1000 (capital gains) x 0.5 (50% of capital gains attributed to marginal tax rate) = $500 (towards marginal tax rate).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. …Rhouliha. •. Marginal rates: For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly). The other rates are: 35% for incomes over …Had taxes been taken out of you paycheck, your employer would have given you a W2 form by January 31, 2015. You would have seen dollar amounts on your pay stubs for things like Fed Withholding, Social Security, and Medicare. Sometimes you are paid without taxes taken out. In this case you would receive a 1099-MISC.Normally, if you just have one job, payroll withholding for SS tax stops after you pass $147,000. But, if you’re overemployed, there is no way for your payroll provider to know that you have another job. That means if you have J1 comp of $147,000 and j2 comp of $100,000, throughout the year you pay social security tax on $247,000 of income.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. Freetaxusa is great. I usually do my taxes first in TurboTax because they tend to have some nicer import features, and then I'll do them in freetaxusa. You don't have to pay until you file. If the numbers match up I know I did them right and I'll submit through freetaxusa because fuck TurboTax. 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]