Taxes / Tax return questions

Frenzied Wombat

Frenzied Wombat

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I just did my taxes on TurboTax like every year and this year I am getting fucked with the AMT. However the typical scenario of who the AMT typically applies to doesn't seem to really describe me. I'm single, no dependents, have tax deducted at source, and have the typical deductions like mortgage interest, property tax, and state sales tax-- but that's about it. I did know I would owe taxes as almost 50% of my salary is bonuses, and they tax that at source at a flat 25% (which is too low), but I didn't think I was going to get assraped with the AMT.
 
Blazin

Blazin

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Frenzied Wombat_sl said:
I just did my taxes on TurboTax like every year and this year I am getting fucked with the AMT. However the typical scenario of who the AMT typically applies to doesn't seem to really describe me. I'm single, no dependents, have tax deducted at source, and have the typical deductions like mortgage interest, property tax, and state sales tax-- but that's about it. I did know I would owe taxes as almost 50% of my salary is bonuses, and they tax that at source at a flat 25% (which is too low), but I didn't think I was going to get assraped with the AMT.
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From my understanding of AMT it means that you have a fair bit of Schedule A deductions, how much your employer held wouldn't affect it, just how much you now have to pay that you hadn't already. It seems most people getting hit with the AMT are house rich making their deductions rather high for their income.
 
OneofOne

OneofOne

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Kids in china or AI becoming intelligent and self-aware? We may never know!
 
Alkorin

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Targeted bots strike again! Holy shit. They're getting smrt.
 
Rajaah

Rajaah

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Did a lot of Uber the past several years to make ends meet (quite lucrative around a metropolitan area, it turns out).

Got a big ol' 1099-K for it. Have to process it myself this year, where previously I had other people do it for me.

Trying to put this in on Freetaxusa which I used in the past to good effect. Well, it isn't letting me enter the 1099-K as normal income. I have to do a Schedule C and it seems to be under the impression that I AM Uber. Google says to enter "self-employed" and "sole proprietor" and whatnot but I see no such options. The closest I can do is saying that the company and I don't have the same address. God damn this is fucking annoying.

I enter all my information, with it thinking that I am the business in question the entire time. Can't even get the Earned Income Credit to work right because it has my Uber income listed as this massive negative amount.

In short, all of this would be much easier if it just had a streamlined and comprehensible 1099-K entering system. I spent a lot of time on it the last couple of evenings with nothing to show for it, the tax deadline is now up.

What do people use for this sort of thing? Turbotax seems popular in here, but I need something that works well with 1099-Ks. Given that more people do gig work than ever, you would think that entering the forms for gig work wouldn't be so incredibly fucking esoteric.
 
Lanx

Lanx

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Rajaah said:
Did a lot of Uber the past several years to make ends meet (quite lucrative around a metropolitan area, it turns out).

Got a big ol' 1099-K for it. Have to process it myself this year, where previously I had other people do it for me.

Trying to put this in on Freetaxusa which I used in the past to good effect. Well, it isn't letting me enter the 1099-K as normal income. I have to do a Schedule C and it seems to be under the impression that I AM Uber. Google says to enter "self-employed" and "sole proprietor" and whatnot but I see no such options. The closest I can do is saying that the company and I don't have the same address. God damn this is fucking annoying.

I enter all my information, with it thinking that I am the business in question the entire time. Can't even get the Earned Income Credit to work right because it has my Uber income listed as this massive negative amount.

In short, all of this would be much easier if it just had a streamlined and comprehensible 1099-K entering system. I spent a lot of time on it the last couple of evenings with nothing to show for it, the tax deadline is now up.

What do people use for this sort of thing? Turbotax seems popular in here, but I need something that works well with 1099-Ks. Given that more people do gig work than ever, you would think that entering the forms for gig work wouldn't be so incredibly fucking esoteric.
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schedule c is usually not covered under free tax stuff, i've always used hrblock, when i had schedule c's a while back i just paid for the premium (maybe deluxe?) ver and let it populate
 
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Rajaah

Rajaah

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Lanx said:
schedule c is usually not covered under free tax stuff, i've always used hrblock, when i had schedule c's a while back i just paid for the premium (maybe deluxe?) ver and let it populate
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Maybe I'll do that. Should have asked this sooner instead of posting a whine about it right after the deadline. Then again, doing things in a timely and expeditious manner isn't exactly my strong point nowadays is it?

I seriously grappled with this for hours and hours, and put my hands up at about 11:45 because it clearly wasn't happening.
 
U

unhappyendings

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Rajaah said:
Did a lot of Uber the past several years to make ends meet (quite lucrative around a metropolitan area, it turns out).

Got a big ol' 1099-K for it. Have to process it myself this year, where previously I had other people do it for me.

Trying to put this in on Freetaxusa which I used in the past to good effect. Well, it isn't letting me enter the 1099-K as normal income. I have to do a Schedule C and it seems to be under the impression that I AM Uber. Google says to enter "self-employed" and "sole proprietor" and whatnot but I see no such options. The closest I can do is saying that the company and I don't have the same address. God damn this is fucking annoying.

I enter all my information, with it thinking that I am the business in question the entire time. Can't even get the Earned Income Credit to work right because it has my Uber income listed as this massive negative amount.

In short, all of this would be much easier if it just had a streamlined and comprehensible 1099-K entering system. I spent a lot of time on it the last couple of evenings with nothing to show for it, the tax deadline is now up.

What do people use for this sort of thing? Turbotax seems popular in here, but I need something that works well with 1099-Ks. Given that more people do gig work than ever, you would think that entering the forms for gig work wouldn't be so incredibly fucking esoteric.
Click to expand...

I stopped using TurboTax when they jacked up the price many years ago. I've used HR Block software for years. There is always some discount for it and you get 5 e-files for federal so I split it with family members. In my state, they have had free e-file for years so I do not need the state but when it is the same price, I get it so I can watch the numbers move as I fill out federal. I just go to my state site and fill in the numbers, never e-filed state through HR Block. Local is always something different and dependent on how bad local government is.

Schedule C is fairly straightforward. The gross receipts from 1099-K is your revenue. You subtract your expenses (mileage, etc) to figure out how much of that is taxable. HRBlock Deluxe should be able to handle all of your needs and it has a very simple "wizard" flow.

Go to 1040.com or some of the other free sites and you can file for an automatic extension. If you owe, you are not absolved of penalties and interest. Tax owed is due 4/15. The extension is just for extending your filing deadline to October. States usually recognize the federal for their own extension. My locality does too.
 
Kithani

Kithani

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FreeTaxUSA let me put in a 1099 and a schedule C this year. It did end up deducting like $30 from $3000 in income that I really don’t know how they came up with that though and I’ll be super pissed if it gets me flagged
 
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Rangoth

Rangoth

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For those who make quarterly estimated payments do you use the 1040ES and do the calculations yourself or does anyone have any good recommendations for software/websites that can help?
 
Hoss

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Rajaah said:
Did a lot of Uber the past several years to make ends meet (quite lucrative around a metropolitan area, it turns out).

Got a big ol' 1099-K for it. Have to process it myself this year, where previously I had other people do it for me.

Trying to put this in on Freetaxusa which I used in the past to good effect. Well, it isn't letting me enter the 1099-K as normal income. I have to do a Schedule C and it seems to be under the impression that I AM Uber. Google says to enter "self-employed" and "sole proprietor" and whatnot but I see no such options. The closest I can do is saying that the company and I don't have the same address. God damn this is fucking annoying.

I enter all my information, with it thinking that I am the business in question the entire time. Can't even get the Earned Income Credit to work right because it has my Uber income listed as this massive negative amount.

In short, all of this would be much easier if it just had a streamlined and comprehensible 1099-K entering system. I spent a lot of time on it the last couple of evenings with nothing to show for it, the tax deadline is now up.

What do people use for this sort of thing? Turbotax seems popular in here, but I need something that works well with 1099-Ks. Given that more people do gig work than ever, you would think that entering the forms for gig work wouldn't be so incredibly fucking esoteric.
Click to expand...
Sounds like the crap I went through when I was a Nielsen family. They never paid much, just a few hundo in a year. But at the end of the second year it was enough to need a 1099. I had the same problem where when I entered it into TaxAct it seemed to think I was a business and wanted a shitload of information I didn't have. I actually made up a business name but then it wanted a tax ID and I noped out. I was pretty sure they just put the amount in the wrong box but was afraid to put it in the right spot and when I called them to get it corrected they just repeated 10000 times that they weren't qualified to give me tax advice. I eventually broke down and that was the first year I had someone else do my taxes. I've been using a service ever since. The kicker is, all he did was put the amount in the box I thought it belonged in. I asked him "hey isn't that supposed to be on this line?" And he said "Why, do you have a business with a tax ID?" "No." "Then this is where it goes."

It's been too long, I can't remember exactly which 1099 it was or which line they put the amount on. But I still recommend getting a bookkeeper to do your taxes.
 
Borzak

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I use a CPA to do my taxes, she also does the quarterly estimates and all the stuff that goes with it. I like it because my income is not regular at all. If there is a change that impacts me she lets me know ahead of time. It's never really been all that expensive. She does a lot of self employed people.

Slightly related note she did my taxes this year. I'm not sure how old she is. I first used her in high school in the late 80s. She's still going, she owns the company now having bought it out from the owner. Retire already. I know someone that is a corporate CPA and come end of the year when they have to get all their shit done or whatever she takes addedrall. No way would I let her doe any CPA work but she says it's common.
 
Intrinsic

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Rangoth said:
For those who make quarterly estimated payments do you use the 1040ES and do the calculations yourself or does anyone have any good recommendations for software/websites that can help?
Click to expand...
I used to have my accountant do that through their payroll service but this year I switched to Gusto and they don’t automatically take out estimated taxes. So I have to plan for quarterly estimated payments and quarterly pass through entity taxes. Gemini helped me do the math and it wasn’t very difficult. I did have previous years examples to go off and make sure it all made sense (like it wasn’t suddenly telling me I needed 10x per quarter from last year). We’ll see how it works out this year.
 
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Lanx

Lanx

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Intrinsic said:
I used to have my accountant do that through their payroll service but this year I switched to Gusto and they don’t automatically take out estimated taxes. So I have to plan for quarterly estimated payments and quarterly pass through entity taxes. Gemini helped me do the math and it wasn’t very difficult. I did have previous years examples to go off and make sure it all made sense (like it wasn’t suddenly telling me I needed 10x per quarter from last year). We’ll see how it works out this year.
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yea chatgpt and friends has everyones w2's now
 
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