Who's done their taxes yet?
#46
Just Joined
Joined: Jan 2014
Location: San Antonio, TX, USA
Posts: 6
Re: Who's done their taxes yet?
Best to get it done as early as possible to reduce the chance of identity theft.
http://www.usatoday.com/story/money/...efund/4500275/
http://www.usatoday.com/story/money/...efund/4500275/
#47
Re: Who's done their taxes yet?
Using the IRS rate on an FBAR is not an uncommon mistake. I will admit to doing the same for many years before being made aware of my error.
FBAR is a Treasury form, not an IRS form. According to the instructions, you must use the Treasury rate for 31 Dec. Does it really matter? I suppose if the amounts are in the 8 figure range, it might.
The real 'oops' moment comes for those who must complete Form 8938. It's part of your 1040 return, on which you use the IRS unofficial rate, but the instructions for 8938 say you must use the Treasury rate for 8938. Therefore, one rate on all the 1040 info, and Treasury rate on the asset reporting. Of course, when you die, the IRS will look at the 8938 and say your estate should be match those figures. Hmmm.....
FBAR is a Treasury form, not an IRS form. According to the instructions, you must use the Treasury rate for 31 Dec. Does it really matter? I suppose if the amounts are in the 8 figure range, it might.
The real 'oops' moment comes for those who must complete Form 8938. It's part of your 1040 return, on which you use the IRS unofficial rate, but the instructions for 8938 say you must use the Treasury rate for 8938. Therefore, one rate on all the 1040 info, and Treasury rate on the asset reporting. Of course, when you die, the IRS will look at the 8938 and say your estate should be match those figures. Hmmm.....
#48
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Who's done their taxes yet?
It's very easy to over-complicate the form 8938 and FBAR. It is not routine for the IRS to cross check these forms against other data unless as part of an investigation for tax evasion. An estate tax return will never match exactly to form 8938 since they represent different dates.
If you do happen to be aware of the instructions, you might as well follow them.
#49
Re: Who's done their taxes yet?
The IRS has anew service for downloading your previous tax returns.
http://www.irs.gov/Individuals/Get-Transcript
However I got a bit worried when it wouldn't let me register as it said my info didn't match what they had on file. After hearing from others I feel this is an error.
Some of you may like to look at it.
http://www.irs.gov/Individuals/Get-Transcript
However I got a bit worried when it wouldn't let me register as it said my info didn't match what they had on file. After hearing from others I feel this is an error.
Some of you may like to look at it.
#50
BE Enthusiast
Joined: Mar 2005
Location: Bay Area, from Plymouth UK
Posts: 318
Re: Who's done their taxes yet?
Have used TurboTax for many years, but prefer going to a professional this year;
- sold a number of stock options due to company acquisition
- received inheritance from mother's estate
Normally I overpay my taxes and get a big fat refund, which covers my annual property tax. I know overpaying is not advised, but making sure I have guaranteed coverage of my tax allows me to sleep peacefully, and that is priceless.
However due to the stock options and inheritance, last years taxes are significantly more complicated. And no more big fat refund this year.
- sold a number of stock options due to company acquisition
- received inheritance from mother's estate
Normally I overpay my taxes and get a big fat refund, which covers my annual property tax. I know overpaying is not advised, but making sure I have guaranteed coverage of my tax allows me to sleep peacefully, and that is priceless.
However due to the stock options and inheritance, last years taxes are significantly more complicated. And no more big fat refund this year.
#51
Rootbeeraholic
Joined: Aug 2009
Location: Houston, Tx
Posts: 2,280
Re: Who's done their taxes yet?
Mine are all done and waiting to be filed.
#52
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,131
Re: Who's done their taxes yet?
I'm still waiting on a couple of forms before doing my taxes with TT, but I have filed FBAR online this year.
#53
Re: Who's done their taxes yet?
The IRS has anew service for downloading your previous tax returns.
http://www.irs.gov/Individuals/Get-Transcript
However I got a bit worried when it wouldn't let me register as it said my info didn't match what they had on file. After hearing from others I feel this is an error.
Some of you may like to look at it.
http://www.irs.gov/Individuals/Get-Transcript
However I got a bit worried when it wouldn't let me register as it said my info didn't match what they had on file. After hearing from others I feel this is an error.
Some of you may like to look at it.
#54
Re: Who's done their taxes yet?
We've just received the student loans info for the missus so will try and get this done soon.
Local library doesn't have Federal 1040's, but it does have all the rest of them it seems, including state and some of the instructional booklets. Will be printing the forms from the IRS site I guess this year.
Local library doesn't have Federal 1040's, but it does have all the rest of them it seems, including state and some of the instructional booklets. Will be printing the forms from the IRS site I guess this year.
#55
BE Forum Addict
Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: Who's done their taxes yet?
Having just had a total fantasy estimate from the Big Four firm that did ours last year (as part of our relocation) for around $3k, I've decided to have a go at this myself for 2013 with Turbotax. I'm pulling together docs and just waiting for the W-2 and some 1099s, which should be here by mid-Feb.
The tax return will cover:
- one regular salary
- bank account interest
- a small dividend payment received on an index tracker I bought
- buying a house and deducting property taxes/ mortgage
- a RSU vesting in March and selling the stocks in May
- exercising some NQ stock options
- foreign-wise, we're in for FBAR but not 8938 this year, having spent all the money on a house
That shouldn't be too hard, should it... <small hopeful voice tails off> I'm pretty sure I understand what Turbotax is likely to ask me (it'll be the Premier version, with the stock stuff). All the relevant tax was withheld, so it's just the reporting of it to get straight; I'm not expecting a whacking bill.
The tax return will cover:
- one regular salary
- bank account interest
- a small dividend payment received on an index tracker I bought
- buying a house and deducting property taxes/ mortgage
- a RSU vesting in March and selling the stocks in May
- exercising some NQ stock options
- foreign-wise, we're in for FBAR but not 8938 this year, having spent all the money on a house
That shouldn't be too hard, should it... <small hopeful voice tails off> I'm pretty sure I understand what Turbotax is likely to ask me (it'll be the Premier version, with the stock stuff). All the relevant tax was withheld, so it's just the reporting of it to get straight; I'm not expecting a whacking bill.
#56
BE Enthusiast
Joined: Mar 2010
Location: Oakland County, Michigan
Posts: 846
Re: Who's done their taxes yet?
I have been studying so I'm hoping to claim a credit for that. I downloaded my 1098T showing the 2013 fees I paid from the college website. I haven't yet started making payments on my loan, do I need to enter/retrieve any info related to that? I assume next year when I start making payments, the interest paid is deductible.
#57
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,544
Re: Who's done their taxes yet?
We've just received the student loans info for the missus so will try and get this done soon.
Local library doesn't have Federal 1040's, but it does have all the rest of them it seems, including state and some of the instructional booklets. Will be printing the forms from the IRS site I guess this year.
Local library doesn't have Federal 1040's, but it does have all the rest of them it seems, including state and some of the instructional booklets. Will be printing the forms from the IRS site I guess this year.
One decent thing about the IRS, they will mail forms and instructions to you. I put in an order for everything I thought I'd need, they mailed some and back ordered the rest ..
#58
Re: Who's done their taxes yet?
Question regarding student loan interest. I have a student loan with HSBC back in Blighty for study in the US. Obviously I don't have a 1098-E for this. Is there any way I can actually claim this? Anyone done this before?
#59
Re: Who's done their taxes yet?
We've not been able to, though with a different bank and studying in the US.
#60
Re: Who's done their taxes yet?
ETA: Reading a bit more, it seems if you can get some documentation stating how much interest you paid over the year (and converting that to dollars) you'll be good to go.
Last edited by zargof; Jan 29th 2014 at 12:38 am.