Official Tax Season Thread? vol Splash Out m8

theregothatman said:
Don't give them your social security number
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I checked with them and they said the official rules stated the Approx. Retail Value of the hoodie at $950 based on current market prices, which I'm honestly not sure you can base a "retail" price on. Here's the rules: https://s3.amazonaws.com/stockx-sne...Supreme-Box-Logo-Hoodie-ReStockX-Rules_F2.pdf

Section 6 has the ARV and mentions they'll send a 1099, but I'm pretty sure the 1099 is based on actual profit/loss realized, not theoretical value. Just like if you buy stock at $X, and stock value rises to 3X, you don't owe taxes until you actually sell and receive the $$$ profit from the stock.

Here's what I was told specifically:
"You paid the original retail price for the hoodie of $168. Per the contest rules, we listed the approximate retail value for it at $950. The difference between those two numbers is $782 and because that additional value is greater than $600, we need to record this via a 1099 as income that you've received from StockX and make sure it's taxed appropriately."

Honestly, I'm more than cool paying tax I owe if/when I flip it for $1300+, but this doesn't sound like it's how things are supposed to be done, especially since I actually paid the original retail price for the item. I did tell him that if I do send the W9 back, I'm sending a hard copy, nothing digital. I can only imagine them being hacked one day and somebody getting like ALL of my info.
 
snkrfollower said:
I checked with them and they said the official rules stated the Approx. Retail Value of the hoodie at $950 based on current market prices, which I'm honestly not sure you can base a "retail" price on. Here's the rules: https://s3.amazonaws.com/stockx-sne...Supreme-Box-Logo-Hoodie-ReStockX-Rules_F2.pdf

Section 6 has the ARV and mentions they'll send a 1099, but I'm pretty sure the 1099 is based on actual profit/loss realized, not theoretical value. Just like if you buy stock at $X, and stock value rises to 3X, you don't owe taxes until you actually sell and receive the $$$ profit from the stock.

Here's what I was told specifically:
"You paid the original retail price for the hoodie of $168. Per the contest rules, we listed the approximate retail value for it at $950. The difference between those two numbers is $782 and because that additional value is greater than $600, we need to record this via a 1099 as income that you've received from StockX and make sure it's taxed appropriately."

Honestly, I'm more than cool paying tax I owe if/when I flip it for $1300+, but this doesn't sound like it's how things are supposed to be done, especially since I actually paid the original retail price for the item. I did tell him that if I do send the W9 back, I'm sending a hard copy, nothing digital. I can only imagine them being hacked one day and somebody getting like ALL of my info.
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They should had you fill out the 1099 form prior to receiving the item. You can't place an imaginary value on an item someone actually paid for. It would be different if it was gifted to you but who knows I'm not a tax attorney or accountant. I suggest asking someone who's profession deals with such things. I just know a standard rule of thumb is to never just give someone your social security number
 
snkrfollower said:
Here's a question for NT Accounting fam:

I was selected as a "winner" by StockX in their "Buy a Supreme Bogo for Retail" contest a couple months ago. So I bought a hoodie from them for $181 shipped, which they appear to have purchased directly from one of their "Ask" listings at $1300. They took the loss as part of the promotion. I simply paid retail price, and received nothing for free (even had to pay the shipping).

Shortly thereafter, they contacted me asking me to fill out a W-9 form for them. I still have the hoodie, and have not yet sold it, and as much as I like them as a a business, I'm not comfortable providing a retailer/third-party broker with my SSN for multiple reasons, especially since they also have my bank and personal info on record, as well, since I've sold a few things with them.

My question is, am I required to provide StockX with my SSN simply for making a purchase through them? Or should I only be required to provide them with that info if/when I resell the item through their service?

Any tips you could offer, I'd appreciate. Thanks!
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Per section 6 on that link, it states...
Five (5) prize winners will each receive one (1) Supreme Box Logo Hoodie in the color of their choosing (each, a “Prize”). Approximate Retail Value (“ARV”) of Prize: $950.00.
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However you stated you still had to pay for the hoodie, so essentially the 'prize' is the difference between price you paid and fair market value ($950 value - $181 paid = $769 prize). The 1099-Misc they want to issue is based on the IRS rule stipulating that any prize that exceeds $600.00, the organization awarding the prize must file a 1099-Misc to report the award to the IRS. Since you accepted the prize, you're obligated to provide them a completed W9.
 
sundoobie said:
Per section 6 on that link, it states...

However you stated you still had to pay for the hoodie, so essentially the 'prize' is the difference between price you paid and fair market value ($950 value - $181 paid = $769 prize). The 1099-Misc they want to issue is based on the IRS rule stipulating that any prize that exceeds $600.00, the organization awarding the prize must file a 1099-Misc to report the award to the IRS. Since you accepted the prize, you're obligated to provide them a completed W9.
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Right-o. That's what they said, too, so it sounds like it's legit. I'm checking with a couple of my local peeps and if they concur I'll send them the W9 by the end of the week, but definitely via snail mail, and not digitally.
 
that time of the year
got my w-2's
started the process
owe 2k fed
gonna get back 900 state
gonna wait till march to submit
 
spizike231 said:
Jesus how do you owe $2k
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I noticed almost towards the end of the year I didn’t change my status to married
Happened to me I’m the 2017 tax year
I didn’t change it till like oct
When I input my wife’s info
it said we was getting back like 3.5k fed
And 1.5k state
I put my info in after and the refund number just started going down :lol:
But whatever
I’ll pay it just like I paid last years
 
Pro tip - if you have the additional money, fund a retirement account (you’d need more than $2k) if you itemize versus paying the gov’t
 
Ira retirement account can bring your adjusted gross income down by maximum of 5,500$ (if you contribute that much to it), which will lower tax basis. Even though it is 2019, as long as you contribute to your Ira before April 15th you're eligible to receive the deduction for 2018.
 
pdino said:
Ira retirement account can bring your adjusted gross income down by maximum of 5,500$ (if you contribute that much to it), which will lower tax basis. Even though it is 2019, as long as you contribute to your Ira before April 15th you're eligible to receive the deduction for 2018.
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pdino said:
Ira retirement account can bring your adjusted gross income down by maximum of 5,500$ (if you contribute that much to it), which will lower tax basis. Even though it is 2019, as long as you contribute to your Ira before April 15th you're eligible to receive the deduction for 2018.
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I need to get an IRA asap. What's good one to sign up for for a "beginner."
 
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Whoever offers the lowest commissions...Schwab, TD Fidelity...Vanguard may as well and I like their products (my 401k is in two vanguard funds).
 
i got a 5 year old with another one on the way, bought a new place and we’re doing small renovations and buying new furniture. i ain’t “splashing out” anytime in the near or distant future :lol:
 
Nice reminder for any low to mid income people. The retirement saving credit is highly underutilized. It's like the one mentioned above but at a lower threshold.

Basically a percentage of what you save can be credited back and knock off any tax liability you may have. The saved amount also knocks down your AGI. An average single person earning $30k can save $400 on top of their saving of $2,000. Whatever you would have withheld can now go to your savings. Your $2000 saved already saw an immediate 20% return.

Another example. An average dude making $19k has an average tax liability of around $600. If you save $1000, half of that negates your liability. You have $1000 put away and now owe maybe $100 bucks at the end of the year. But now your AGI goes down and your liability is a mere $500. You Could almost get away with withhding nothing and using that extra weekly income into your savings. Not exactly free money but these little quirks can be helpful. Tl;Dr. Save $1000 to get $500 in credits
 
Bruh what? Never mind I’ll google it I think I just am tired from work. I actually always over pay my tax during the year. I know it’s a free loan to the government but I’d spend the money otherwise. When tax season rolls around feels like a bonus lol. I got a 401k at work I contribute to. I’d like to contribute to a IRA but no funds to do it and also not down with waiting until I’ll retirement age to have access to the funds.
 
says i me and my wife made to much
to qualify for that credit for putting money retirement
or am i doing it wrong??? :nerd:
 
moderndarwin said:
Bruh what? Never mind I’ll google it I think I just am tired from work. I actually always over pay my tax during the year. I know it’s a free loan to the government but I’d spend the money otherwise. When tax season rolls around feels like a bonus lol. I got a 401k at work I contribute to. I’d like to contribute to a IRA but no funds to do it and also not down with waiting until I’ll retirement age to have access to the funds.
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Same here bro. I dont mind overpaying at all. When I get the money at the end, it feels good to get that lump payment. Plus my company gives out Bonuses in February, so I try and time it around the same time.

5 Figures hits that Direct Deposit, makes me go out to Chipotle and ball out with EXTRA GUAC!
 
I don’t see how it’s a loan?

I never understood tax crap.
Gov took like 10000 from me every year. Estimate. And I only ever get back about a G or two.

Single and that’s it. How can I come up with more?

This IRA thing is hurting my head :lol:
 
kvsm23vs24 said:
I don’t see how it’s a loan?

I never understood tax crap.
Gov took like 10000 from me every year. Estimate. And I only ever get back about a G or two.

Single and that’s it. How can I come up with more?

This IRA thing is hurting my head :lol:
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Got get you some kids.
 
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