Taxes reddit

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.

Free to all military members and not just for a basic 1040ez like some other options. FreeTaxUSA has an AD military free file offer - as long as your AGI is under $73k and you were AD in 2021 (have a W-2 from an AD employer), you can file everything for free...federal, state, any sort of tax situation (interest, dividends, capital gains, self ...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/ …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.ADMIN MOD. I filed my taxes and..... Taxes. Well, I’ve seen a ton of posts on here recently about taxes. Everyone arguing about who is right, who is wrong. The constant “that’s dumb. Nobody would gamble if they did taxes like that”. Well, I filed my taxes last night. Everyone saying that you report total winnings as income and report ...Honestly I'm happy with using FreeTaxUSA, I have seen no reason (so far) to not use FreeTaxUSA. As you said, it's cheap (in my case, free because I live in Florida, so no state income taxes to file) Same. I used TurboTax for many years and then switched a couple years ago. I've been very happy. 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. After taxes, benefits, retirement: $15,000/mo in NYC community EM. ETA: love that this sparked a discussion on NYC taxes so I’m happy to report that I’m moving out of the city in 5 weeks! To California 😂. Zealousideal-Cry709. • 2 yr. ago.

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. …A social media platform is set to hit the stock market this week and some users are worried about what will happen to the site after it goes public. …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. …If you mark "as exempt" then you have $0 taxes taken out per paycheck. Your calculation at filing needs to come out as you owe $0 taxes based on income minus deductions and credits etc. Otherwise you are going to owe at the end of the year as well as get penalized for underwithholding. r/personalfinance. 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. 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.

Honestly I'm happy with using FreeTaxUSA, I have seen no reason (so far) to not use FreeTaxUSA. As you said, it's cheap (in my case, free because I live in Florida, so no state income taxes to file) Same. I used TurboTax for many years and then switched a couple years ago. I've been very happy.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 ...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%.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.Feb 1, 2013 ... r/MontgomeryCountyMD icon. r/MontgomeryCountyMD · Any entrepreneurs here? 33 comments. Top Posts. Reddit · reReddit: Top posts of February 1, ...

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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/ …Alternatives to Reddit, Stumbleupon and Digg include sites like Slashdot, Delicious, Tumblr and 4chan, which provide access to user-generated content. These sites all offer their u...Our basic tax strategy after FIRE: stay below the $80K income to get 0% long term capital gains tax. After hitting FIRE, we plan to tap into our non-retirement account investments as needed but will pay 0% on long term capital gains since our total income should be well below the $80K threshold. Some of that income may be from hobbies or ...Besides preparing the returns, there will need to be communication with IRS collections because of the IRS backlog (unless your friend has money to pay the taxes in full). Start with 2021, and then try to submit the other returns ASAP - there's no need to stagger sending them in. What's probably going to happen is the IRS will send a notice ... 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.

In addition, self-employment tax = $55,000 * 0.9235 * 0.153 = $7771 SE tax. Total income and SE tax = $19,792. Subtract from that the annualized total Federal income tax withholdings on your paystubs, and that's an approximation of your estimated tax. Divide by four for quarterly payments.ADMIN MOD. ILPT: Avoid taxes on digital purchases. Commit tax fraud by changing your billing address to a place without sales taxes like Oregon. Been using this method for a long time now, saves tons of money. Now you can save money on your crippling Clash of Clans addiction. EDIT: Useful if you have a gift card with the same amount of money as ... 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. Andy, a director in The Tax Institute at H&R Block, answers some of the Internet’s most burning tax questions on Reddit. Learn about late and delinquent taxes, …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 ...It's currently 3% per year, so if you make a late estimated payment you get charged .03/365 per day the payment is late. It's also good to know about the safe harbor rules. As long as you pay 100% of your total tax from the previous year or 90% of your total tax for the current year, whichever amount is smaller, you won't be subject to the ...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 …Reddit is a popular social media platform that has gained immense popularity over the years. With millions of active users, it is an excellent platform for promoting your website a...

Former BharatPe co-founder Ashneer Grover on Friday "thanked" the Income Tax department for the timely closure of the faceless assessment of his IT …

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. Feb 15, 2024 ... Have federal income tax withheld. Excess tax withholdings are only returned in the form of a refund when you file a tax return. This can affect ... Turbotax gave me a $489 return. Take the $89 for the premium version they claim I have to have to file, and another $40 in service fees, leaving me with a $360 return. Free tax USA quoted me a $530 return to start, but by the end, it dropped to $503. All the same info, not sure what the service saw differently to deduct from. Chime (Column Tax). If you think you're going to owe more than $1000 in taxes, then technically you should pay quarterly estimated taxes. It's super simple. If you're tracking your pay, deduct your mileage ($.56/mile) and your business expenses, and that is …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 ...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%. 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. 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.

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Yes, often normal as both companies were withholding taxes based on your wages at the respective companies. Company A withheld based on the belief you would have $39,000 of income. Company B withheld based on the belief you would have $77,000 of income. In fact, you had $116,000 in income. Yes.The difference between claiming 0 and 1 on a tax return is that 0 means the taxpayer claims no exemptions while 1 means the taxpayer claims one exemption, according to the IRS. A t...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 ...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 ...April 18, 2023 is the deadline for declaring your 2022 crypto activity as part of your 2022 U.S. federal income tax return. The 2022 tax year includes any activity between January 1, 2022 and December 31, 2022. Late filings, failure to pay taxes owed, and crypto tax evasion all carry penalties ranging from fines to jail sentences.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 ...Besides preparing the returns, there will need to be communication with IRS collections because of the IRS backlog (unless your friend has money to pay the taxes in full). Start with 2021, and then try to submit the other returns ASAP - there's no need to stagger sending them in. What's probably going to happen is the IRS will send a notice ...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 ... ….

Jan 5, 2016 ... Those taxes are deducted from every paycheck you receive If you own your own business then you pay a 15% social security tax and then 10 to 35% ...Unlike Twitter or LinkedIn, Reddit seems to have a steeper learning curve for new users, especially for those users who fall outside of the Millennial and Gen-Z cohorts. That’s to ...It is not illegal to forget to claim a deduction. The only thing to do is remember that the next time you are selling stocks, you should get a 1099 from your broker, but those come later than W-2s do, so don't be too eager to file and then need to file an amendment to report gains. 2. DBCOOPER888. • 4 yr. ago.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. ... Just used for IN taxes (helping a friend file) and says they owe about $8k, same info input into TaxSlayer and they get a $50 refund. They are over the income level to use the other free ...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 ...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 ...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.5 min. President Biden will propose a set of new housing initiatives in Thursday’s State of the Union address, including tax credits to offset high … 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]