2017 Tax Season and Return Thread Vol. Tax Podcast Mixed In?

So I have to file, my church sent me my tithes and offerings paid (first time this has ever been sent to me) and I earned a scholarship from my internship that is worth $3500. My employers said that it will be taxed, so include it on my tax file. How should I list this? I have only filed taxes once via TurboTax
 
GetBack said:
 
How will Uber earnings impact my return this year?
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As others have summed it up already, you didn't have any tax withheld throughout the year so now you will have to pay taxes on the full amount. My friend does a lot of those app jobs and I learned a bit from watching him file his, basically if its a 1099-MISC its gotta be filed in the Schedule C section of the tax form and theres where you do your deductions etc. After that I believe whatever the number is gets plugged into the SE Schedule form where its calculated to see how much you owe in self employment tax. Regardless......when filing through turbo tax or freetaxusa or wherever they should be able to walk you through it. 
 
I remember getting a 1099 for a job when I was like 16. Angus was not peppered at that time. Had to set up payments and all that :smh: :lol:


Can anyone lend some insight as to why I owe money this year.... I worked 2 part time jobs in 2016 and claimed 0 for both. Filed both W2s and ended up owing a few hundred for federal and state taxes. I was under the impression that I would be getting a refund from both jobs. Did my own taxes as I do every year and never ran into this situation. I wish I could say I did something wrong when filing but I'm pretty careful about entering all my info and all that.
 
People with multiple jobs often end up owning. That's because when your job is withholding tax for you, they're only using your salary at that job in the calculation, not in both jobs. However, when you file taxes, the combination of both job can often put that individual into a higher tax bracket and they end up owning.
 
:lol: someone from the last tax thread mentioned to up your exemptions

And get more money now and get closer to breaking even by the end of the year...

So I upped my allowances. My friend did also. He just text me saying he owes 2300 for the Fed.

I know I'll be worse off because I changed my allowances before he did.

Any way to minimize the damage I'll take?
 
throwback1718 said:
laugh.gif
someone from the last tax thread mentioned to up your exemptions

And get more money now and get closer to breaking even by the end of the year...

So I upped my allowances. My friend did also. He just text me saying he owes 2300 for the Fed.

I know I'll be worse off because I changed my allowances before he did.

Any way to minimize the damage I'll take?
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You changed em without doing the math?
 
throwback1718 said:
:lol: someone from the last tax thread mentioned to up your exemptions

And get more money now and get closer to breaking even by the end of the year...

So I upped my allowances. My friend did also. He just text me saying he owes 2300 for the Fed.

I know I'll be worse off because I changed my allowances before he did.

Any way to minimize the damage I'll take?
Click to expand...

You gotta do that math before you try something like that :lol:
 
throwback1718 said:
:lol: someone from the last tax thread mentioned to up your exemptions

And get more money now and get closer to breaking even by the end of the year...

So I upped my allowances. My friend did also. He just text me saying he owes 2300 for the Fed.

I know I'll be worse off because I changed my allowances before he did.

Any way to minimize the damage I'll take?
Click to expand...

I put 0 deductions to avoid the headache.
 
ForerunnerADL said:
throwback1718 said:
:lol: someone from the last tax thread mentioned to up your exemptions

And get more money now and get closer to breaking even by the end of the year...

So I upped my allowances. My friend did also. He just text me saying he owes 2300 for the Fed.

I know I'll be worse off because I changed my allowances before he did.

Any way to minimize the damage I'll take?
Click to expand...

I put 0 deductions to avoid the headache.
Click to expand...

Well I know that we are supposed to put 2 at least. When you add up the lines, when doing your w4, You never get anything less than 2.

But I didn't do any math for allowances, I only put up to 8. I knew anything over 9 would be reported to IRS.

But I didn't know there was a specific way to optimize it
 
throwback1718 said:
ForerunnerADL said:
throwback1718 said:
:lol: someone from the last tax thread mentioned to up your exemptions

And get more money now and get closer to breaking even by the end of the year...

So I upped my allowances. My friend did also. He just text me saying he owes 2300 for the Fed.

I know I'll be worse off because I changed my allowances before he did.

Any way to minimize the damage I'll take?
Click to expand...

I put 0 deductions to avoid the headache.
Click to expand...

Well I know that we are supposed to put 2 at least. When you add up the lines, when doing your w4, You never get anything less than 2.

But I didn't do any math for allowances, I only put up to 8. I knew anything over 9 would be reported to IRS.

But I didn't know there was a specific way to optimize it
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What are you talking about? I mean if you are making over 65k and have no children or stay at home wife you better not put more than 0. Unless you are paying a mortgage or something of that nature. If you make under 65k then you can maybe get away with 1 but it still depends how much less you're making.
 
BlackIntellect said:
I claim 1 and make more than 65k, why is that the cut off? Just curious? 
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Jump in tax rate and you start phasing out the standard deduction and phasing into making itemization a thing. At low income the standard deduction is disproportionately overly advantageous. But once you start itemizing you start getting less bang for every buck you make due to lower deductions and higher tax rates for both fed, state, and even potentially city.
 
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throwback1718 said:
Well I know that we are supposed to put 2 at least. When you add up the lines, when doing your w4, You never get anything less than 2.

But I didn't do any math for allowances, I only put up to 8. I knew anything over 9 would be reported to IRS.

But I didn't know there was a specific way to optimize it
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Only put up to 8?

I own a home and I put 5 might raise it to 6 or 7, but yeah if you don't own a home or have kids your going to owe thousands.

Nothing you can do about 2016 taxes now, but I would drop back down to 1 or 2 ASAP.
 
Sent my taxes off Mon evening got a text from a 692 # stating that my filling had been rejected. This was due to not listing my agi correctly. I spoke to my accountant and he is saying that until I get that, the Irs will not receive my filing. I put my information in on tt myself, and it's showing that I stand to receive $400 more if I file myself. My question is, Will there be any issues with the Irs, with me filing on my own?
 
I'd imagine there could be if they audit and somehow come across some missing information from your filing.

But the IRS is so understaffed right now, I'd be surprised if they go hard with any kind of auditing.

So in short, you're taking a chance.
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HarlemToTheBronx said:
I'd imagine there could be if they audit and somehow come across some missing information from your filing.

But the IRS is so understaffed right now, I'd be surprised if they go hard with any kind of auditing.

So in short, you're taking a chance.:lol:
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While to some degree it's true their system can do simple analytics and if something seems material off they might look into it. They of course go for the wealthy individuals and business just because they know that if they look into something they can potentially find thousands of dollars rather than $250.

On another note, I filed last Tuesday and received my IRS refund this morning so the turnaround time is quick at the moment. It's slows down later so if you have all your supporting documentation I'd file.
 
^damn that is quick...I filed on the 1st. Mine not even processing according to the IRS refund app...jus accepted
 
My gf and i arent married but together.
We have one child, since were not married only one of us can claim our daughter...right?

Co worker said something about how she and i can claim her at the same time?
 
23kidd said:
My gf and i arent married but together.
We have one child, since were not married only one of us can claim our daughter...right?

Co worker said something about how she and i can claim her at the same time?
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No just one of you can claim the child.
 
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