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Taxes and FAFSAFollow

#1 Jan 11 2012 at 12:39 PM Rating: Excellent
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Nexa usually posts this, but since she's pre-occupied with the alien residing in-utero, I'm just doing the annual reminder.

Just got my W-2 at the office. Waiting on Ray's W-2 for his old federal contractor positions. But we're not expecting more than a $2500 net tax refund. I really miss when he was on deployment overseas. Those $8000 tax refunds were fun.
#2 Jan 11 2012 at 12:45 PM Rating: Excellent
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I'm gonna miss that, too. Smiley: crymore
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#3 Jan 11 2012 at 12:49 PM Rating: Good
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I can't get too excited, My tax refunds haven't been great in recent years. Still, I should get a refund, and regardless of how much I always consider it a nice little start for the new year.

I might use it to help get a new pc.
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#4 Jan 11 2012 at 2:10 PM Rating: Excellent
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Do your FAFSA! Don't do drugs! Drink milk!

There, happy? Smiley: mad

Nexa
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#5 Jan 11 2012 at 2:22 PM Rating: Excellent
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I'll be paying the government taxes this year, for the first time.

ZAM doesn't tax my paycheck, so I'll be getting kicked in the nuts when I file Smiley: glare
#6 Jan 11 2012 at 2:31 PM Rating: Excellent
My taxes are going to be complicated this year, and when the IRS turns on I'm going to go ahead and file an extension. I have stock issues and moving expenses and a new state return to worry about. Maybe even some Lifetime Learning Credit things to apply for.

Joy.

Quote:
I'll be paying the government taxes this year, for the first time.

ZAM doesn't tax my paycheck, so I'll be getting kicked in the nuts when I file


You know you can either elect to have your other job withhold more taxes to compensate, or make estimated payments every quarter, right?

Edited, Jan 11th 2012 2:32pm by Belkira
#7 Jan 11 2012 at 2:32 PM Rating: Excellent
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Nexa wrote:
Do your FAFSA! Don't do drugs! Drink milk!

There, happy? Smiley: mad

Not since I quit drugs.
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Wow. Regular ol' Joph fan club in here.
#8 Jan 11 2012 at 2:39 PM Rating: Excellent
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Belkira wrote:

Quote:
I'll be paying the government taxes this year, for the first time.

ZAM doesn't tax my paycheck, so I'll be getting kicked in the nuts when I file


You know you can either elect to have your other job withhold more taxes to compensate, or make estimated payments every quarter, right?

Well NOW I do Smiley: lol I'm more annoyed that I need to actually purchase a tax program each year because of my job with ZAM; I'm considered something like a contracted employee, which makes the tax side of it allllll funky. Standard TurboTax isn't able to take care of it.
#9 Jan 11 2012 at 2:41 PM Rating: Excellent
LockeColeMA wrote:
Belkira wrote:

Quote:
I'll be paying the government taxes this year, for the first time.

ZAM doesn't tax my paycheck, so I'll be getting kicked in the nuts when I file


You know you can either elect to have your other job withhold more taxes to compensate, or make estimated payments every quarter, right?

Well NOW I do Smiley: lol I'm more annoyed that I need to actually purchase a tax program each year because of my job with ZAM; I'm considered something like a contracted employee, which makes the tax side of it allllll funky. Standard TurboTax isn't able to take care of it.


Yeah. Congratulations, you're self-employed and have to file a schedule C.

ETA: Oh, and the fact that you have to buy the software to file your taxes specifically for that 1099 might mean you can write the expense of the software off. I'll find out, if you like.

Edited, Jan 11th 2012 2:43pm by Belkira
#10 Jan 11 2012 at 4:30 PM Rating: Good
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LockeColeMA wrote:
Belkira wrote:

Quote:
I'll be paying the government taxes this year, for the first time.

ZAM doesn't tax my paycheck, so I'll be getting kicked in the nuts when I file


You know you can either elect to have your other job withhold more taxes to compensate, or make estimated payments every quarter, right?

Well NOW I do Smiley: lol I'm more annoyed that I need to actually purchase a tax program each year because of my job with ZAM; I'm considered something like a contracted employee, which makes the tax side of it allllll funky. Standard TurboTax isn't able to take care of it.

I use a website called CompleteTax. Used it every year for the past few and I'm always impressed by it.
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#11 Jan 11 2012 at 6:48 PM Rating: Decent
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Baby didn't come in 2011 so we missed out on a tax bonus. Smiley: bah
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#12 Jan 11 2012 at 6:55 PM Rating: Excellent
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Baby has to be around for the year before you he counts. When Joph v3.0 was born in Oct '10 we thought we'd get a tax break off him in our 2010-2011 taxes but nope.
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Wow. Regular ol' Joph fan club in here.
#13 Jan 11 2012 at 7:25 PM Rating: Decent
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Really? Wait, he's already over a year??
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publiusvarus wrote:
we all know liberals are well adjusted american citizens who only want what's best for society. While conservatives are evil money grubbing scum who only want to sh*t on the little man and rob the world of its resources.
#14 Jan 11 2012 at 7:43 PM Rating: Excellent
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15 months!
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Belkira wrote:
Wow. Regular ol' Joph fan club in here.
#15 Jan 11 2012 at 10:41 PM Rating: Decent
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LockeColeMA wrote:
I'm considered something like a contracted employee, which makes the tax side of it allllll funky. Standard TurboTax isn't able to take care of it.


You're a 1099; my husbands been a 1099. one year it was a bit much because he had three contracts, one was a w2, one was a 1099 and one never sent him his form so I got to do extra paperwork for that :(

I use turbotax though and seriously love it. Also, if you are a 1099, potentially there are a LOT more tax deductions that you might qualify for; remember you can write off a portion of your "home office". If you want a professional to file for you, use a CPA.

Also, if the work get's too difficult, I'll gladly take your job ;)
#16 Jan 11 2012 at 10:56 PM Rating: Excellent
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LockeColeMA wrote:
I'll be paying the government taxes this year, for the first time.

ZAM doesn't tax my paycheck, so I'll be getting kicked in the nuts when I file Smiley: glare



No, you've avoided loaning the government your hard-earned coins for free. That's a good thing.
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#17 Jan 12 2012 at 12:33 AM Rating: Excellent
Jophiel wrote:
Baby has to be around for the year before you he counts. When Joph v3.0 was born in Oct '10 we thought we'd get a tax break off him in our 2010-2011 taxes but nope.


That's not true. If your kid is born any time in the year, they're considered in that tax year. Dunno who did your taxes for 2010, but you need to get that **** amended if you can.

http://www.efile.com/irs-publication/child-tax-credit-pub-972.pdf

Quote:
Exceptions to time lived with you. A child is considered to have lived with you for all of 2010 if the child was born or died in 2010 and your home was this child's home for the entire time he or she was alive. Temporary absences by you or the child for special circumstances, such as school, vacation, business, medical care, military service, or detention in a juvenile facility, count as time the child lived with you.


Page 3, right hand column, towards the bottom.
#18 Jan 12 2012 at 12:54 AM Rating: Excellent
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Groovy. I'll take it up with the Powers That Be.
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Belkira wrote:
Wow. Regular ol' Joph fan club in here.
#19 Jan 12 2012 at 1:43 AM Rating: Excellent
Jophiel wrote:
Groovy. I'll take it up with the Powers That Be.


Good luck. That's about a grand you could get back. Smiley: lol

I accept tips....


Edited, Jan 12th 2012 1:44am by Belkira
#20 Jan 12 2012 at 2:01 AM Rating: Excellent
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Belkira wrote:
Jophiel wrote:
Groovy. I'll take it up with the Powers That Be.


Good luck. That's about a grand you could get back. Smiley: lol

I accept tips....

But...just the tip.
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#21 Jan 12 2012 at 2:28 AM Rating: Decent
I should actually get something back this year. It sucks that the State takes forever to send up out W-2's
#22 Jan 12 2012 at 3:10 AM Rating: Excellent
Tailmon wrote:
I should actually get something back this year. It sucks that the State takes forever to send up out W-2's


By law, they have to be out by 1/31/12. If you don't have it by 2/15/12 you can raise a fuss.
#23 Jan 12 2012 at 4:27 AM Rating: Decent
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Friar Bijou wrote:
Belkira wrote:
Jophiel wrote:
Groovy. I'll take it up with the Powers That Be.


Good luck. That's about a grand you could get back. Smiley: lol

I accept tips....

But...just the tip.

And a spear behind it.
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#24 Jan 12 2012 at 6:46 AM Rating: Good
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I end up paying the state, and get back a couple hundred from the federal.

Locke, my seasonal tour work is also contractual. I get a 1099 and I use one of the free programs. So you don't have to pay. I let the program do all the work, then do the manual filing myself to save a few bucks.
#25 Jan 12 2012 at 7:22 AM Rating: Excellent
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Jonwin wrote:
then do the manual filing myself to save a few bucks.
Very unAmericna of you, to not pay a few extra bucks simply for some convenience.
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#26 Jan 12 2012 at 7:46 AM Rating: Decent
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Belkira wrote:
Jophiel wrote:
Baby has to be around for the year before you he counts. When Joph v3.0 was born in Oct '10 we thought we'd get a tax break off him in our 2010-2011 taxes but nope.


That's not true. If your kid is born any time in the year, they're considered in that tax year. Dunno who did your taxes for 2010, but you need to get that sh*t amended if you can.

http://www.efile.com/irs-publication/child-tax-credit-pub-972.pdf

Quote:
Exceptions to time lived with you. A child is considered to have lived with you for all of 2010 if the child was born or died in 2010 and your home was this child's home for the entire time he or she was alive. Temporary absences by you or the child for special circumstances, such as school, vacation, business, medical care, military service, or detention in a juvenile facility, count as time the child lived with you.


Page 3, right hand column, towards the bottom.


Yeah, that's what I thought.
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publiusvarus wrote:
we all know liberals are well adjusted american citizens who only want what's best for society. While conservatives are evil money grubbing scum who only want to sh*t on the little man and rob the world of its resources.
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