U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-27-2019, 08:24 PM
JL
 
7,352 posts, read 11,887,058 times
Reputation: 7198

Advertisements

Do you need the Premiere version of Turbo Tax involving capital losses carried over from previous years or will the deluxe version be good enough? Thanks.
Reply With Quote Quick reply to this message

 
Old 02-28-2019, 10:16 AM
 
1,187 posts, read 1,144,266 times
Reputation: 996
Did mine on Monday. I thought I was expecting another W-2 but finally got someone on the phone and they confirmed I am not (I had a medical leave early in 2018, and some of the payments were issued by the insurance company, but they confirmed that my company's W-2 covered everything).

2017 to 2018 isn't an apples to apples comparison. I owed quite a bit for 2017 due to a 401k distribution. for 2018, got a federal refund of 1543 and a state refund of 262. I won't technically see any of it, since I am working to pay down IRS and NYS balances. So at least the balances will go down. By next year, I should actually start seeing some refund money back to me! I'm pleased with it.
Reply With Quote Quick reply to this message
 
Old 02-28-2019, 10:33 AM
 
1,155 posts, read 527,243 times
Reputation: 1236
Quote:
Originally Posted by JL View Post
Do you need the Premiere version of Turbo Tax involving capital losses carried over from previous years or will the deluxe version be good enough? Thanks.
Certainly Deluxe handles it, I would imagine Basic TT handles it as well
Reply With Quote Quick reply to this message
 
Old 02-28-2019, 10:54 AM
 
1,187 posts, read 1,144,266 times
Reputation: 996
Oh, and I used TaxAct for years, but now use Credit Karma Tax. I have a 1099-MISC, I proctor exams a few times a year, and TaxAct was trying to tell me i needed to file a Schedule C. Uh yeah no thanks.
Reply With Quote Quick reply to this message
 
Old 02-28-2019, 11:07 AM
 
6,091 posts, read 2,826,472 times
Reputation: 6011
Quote:
Originally Posted by LizfromtheBronx View Post
Oh, and I used TaxAct for years, but now use Credit Karma Tax. I have a 1099-MISC, I proctor exams a few times a year, and TaxAct was trying to tell me i needed to file a Schedule C. Uh yeah no thanks.
Without a Schedule C, you will just be including the amount as "Other Income" and you will be taxed on 100% of that income. A Schedule C will allow you to deduct any expenses associated with that income. Why wouldn't you want to do that?
Reply With Quote Quick reply to this message
 
Old 02-28-2019, 11:34 AM
 
Location: Chicago area
8,808 posts, read 13,297,378 times
Reputation: 15960
I'm trying Freetaxusa. I am getting a bit confused with the 1099-b from my mom's broker with all the E/'s A/'s and /D's for 8949 notes. It also isn't asking me if it is a long or short term gain.
Reply With Quote Quick reply to this message
 
Old 02-28-2019, 11:37 AM
 
1,155 posts, read 527,243 times
Reputation: 1236
Quote:
Originally Posted by MSchemist80 View Post
I'm trying Freetaxusa. I am getting a bit confused with the 1099-b from my mom's broker with all the E/'s A/'s and /D's for 8949 notes. It also isn't asking me if it is a long or short term gain.
A - short-term capital gain, basis reported to the IRS
D - long-term capital gain, basis reported to the IRS
E - long-term capital gain, basis not reported to the IRS
Reply With Quote Quick reply to this message
 
Old 02-28-2019, 11:39 AM
 
Location: Chicago area
8,808 posts, read 13,297,378 times
Reputation: 15960
Quote:
Originally Posted by SuiteLiving View Post
A - short-term capital gain, basis reported to the IRS
D - long-term capital gain, basis reported to the IRS
E - long-term capital gain, basis not reported to the IRS
Oh good I thought those were transaction adjustment codes. Thanks.
Reply With Quote Quick reply to this message
 
Old 02-28-2019, 11:37 PM
 
Location: 10110001010110100
6,380 posts, read 10,698,863 times
Reputation: 5585
I just had mine done this afternoon and I am not happy.
Before I didn't really have a major beef with the T-dog but it seems his "simplified tax laws" are not good for anyone other than, perhaps, the already well-off bunch!
I wonder if his middle class supporters still think he is all that?

If you are getting W2, you are basically SOL on claiming any deductions whatever, none. If it is true, the exclusion of MI and property tax will definitely increase the chance of pending crisis in the housing market.
My tax guy tells me many of his clients using W2 ended up owing to Federal government this year where they normally would be getting a decent amount back!

First time my CA tax return is actually quite a bit more than Federal where Federal return used to be like x3 what I got from the State.

T-dog figured out how to come up with the $$$ to build his yellow brick wall in the South.
Reply With Quote Quick reply to this message
 
Old 03-01-2019, 05:42 AM
 
Location: Censorshipville...
2,716 posts, read 6,266,990 times
Reputation: 1584
Quote:
Originally Posted by TurcoLoco View Post
I just had mine done this afternoon and I am not happy.
Before I didn't really have a major beef with the T-dog but it seems his "simplified tax laws" are not good for anyone other than, perhaps, the already well-off bunch!
I wonder if his middle class supporters still think he is all that?

If you are getting W2, you are basically SOL on claiming any deductions whatever, none. If it is true, the exclusion of MI and property tax will definitely increase the chance of pending crisis in the housing market.
My tax guy tells me many of his clients using W2 ended up owing to Federal government this year where they normally would be getting a decent amount back!

First time my CA tax return is actually quite a bit more than Federal where Federal return used to be like x3 what I got from the State.

T-dog figured out how to come up with the $$$ to build his yellow brick wall in the South.
Every tax situation is different, but this middle class income family certainly did better this year with the tax cuts. We paid less in taxes (over $3k less!) and our effective tax rate dropped to 6.5% from 8.2%.

Now I did not get a larger return because I increased my withholdings. I ran the IRS Tax calculator and saw that the landscape had changed and rather getting a larger tax return, I increased my withholdings to get a larger pay check and get a smaller return. We enjoyed the larger paycheck through the year.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 12:47 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top