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Federal Employees Retirement System (FERS) Refund

FrugalMD — Wed, 04 Oct 2023 04:34:23 GMT

Hi all, I have a question regarding a FERS refund. I've done some research but would like to hear (read) the opinion of somebody that has a bit more experience than me on this. My SO worked a federal job for a little over a year and has now switched to a non-federal job. While my SO worked her first job, she had to contribute to this retirement system called FERS. Now that she switched jobs, we would like to take this money and use it. We would like to make sure that no taxable event is triggered by doing so.

I got most of the information from this website: https://www.opm.gov/retirement-center/fers-information/former-employees/

As I understand it, there are two components of the FERS, there's the contribution (what's taken from your paycheck) which is after-tax and there's the interest on that money which is pre-tax. For the pre-tax portion, we are just going to roll it over to her TSP which I'm sure is a non-taxable event. For the contribution portion, since it is after-tax, my understanding is that I can just ask for a check to be sent to us and we can use this money for whatever and will NOT have to pay any taxes because it is after-tax money. What confuses me is that on the form that we need to fill (Standard Form (SF) 3106) on the after-tax section, there is an option to "Withhold 20% Federal Income Tax from amount rolled over to Roth IRA". Why would you want 20% to be withheld if you already paid taxes on it?

In conclusion I would like to make sure that the after-tax portion can be refunded to us via a paycheck without this triggering any taxes. Thank you.

Sch C business expenses vs office expenses

sam992116 — Wed, 04 Oct 2023 04:02:26 GMT

What constitute Home office expenses (require you file from 8829 attach to Sch C) vs expenses listed on Sch C.

Some confusing items are

Office expenses, Repair and Maintenance, Utilities, Wifi bill are listed on Sch C as Business expense. So What are Business use of your home expenses which require form 8829?

These are TT office expenses for Main Sch C .

Office expenses are any additional expenses you incurred this tax year that were related only to your office space.

Examples include:
- Business membership fees to superstores like Costco and Sam's club
- Pickup and delivery services
- Bottled water delivery
- Shredding services
- Backup data and archiving services

More examples:
- Office cleaning
- Handicap access expenses
- Office decorating expenses
- Separate cable line for your office
- Separate security system for your office

Sch C for Traders without 475 election

sam992116 — Wed, 04 Oct 2023 03:53:13 GMT

I have counted my Trades for year 2022. They are 500 trades (both buy and Sell) and frequency rate is around 80 %. I traded 80% of trading days (200 out of 250 days).

80% of gain are short term gains for entire year 2022.

Is this sufficient to qualify as traders or kind of borderline? This year I have more trades and more profits. so one could argue you have to start somewhere?

Previous years I have been filing as Investor and this year I will be filing as Trader. I have few questions regarding filling out Sch c. I hope someone could help.

Which accounting method to use? I assume CASH is easy one.

When did I start my business? I assume 2022 as prior years don't count? What should be date Jan 1st 2022?

My business carry inventory? I guess trading assets are not inventory

My business buy and immediately sell? I guess No

Turbotax error in quarterly estimated taxes

beachfan — Wed, 04 Oct 2023 02:22:22 GMT

I am working with Turbotax home and business 2022.

The ES and W4 worksheet for estimated 2023 taxes correctly shows my withholding to date (from severance payments - I retired in 2022).

However, the Est Tax Options worksheet, which generates the quarterly vouchers hard codes in the 2022 witholding, which is much larger than the correct 2023 entry. And it won't let me override it. It actually says in parentheses "(2022 actual withholding". How do I get turbotax to use the correct withholding so I can get the quarterly estimated vouchers? (I am in California, so I don't need any until Oct 16 due to special catastrophe extension). Thanks!

Section 199a with multiple entries due to 1031

hardikgandhi — Wed, 04 Oct 2023 01:48:05 GMT

Hello,

I have invested in real estate through a company. Multiple small investors like me invest a certain minimum amount, and this company uses the collected investment to purchase an apartment complex. This company is also responsible for management of the property and they provide K-1 for it at the end of the year. One such property(called Property A) I invested in was purchased in 2019, and in 2022, it was sold, and its proceeds were invested in another portfolio of apartment complexes (let's call it Property B, C & D) with 1031 exchange.

Now, section 199a of the K-1 looks like the following. My question is, am I supposed to add the rental income, W-2 wages, and Unadjusted basis for all the properties listed in 199a before entering the values in TurboTax? I asked the company contact, but they could not give concrete advice beyond asking me to add it up, which logically didn't make sense. Please note the K-1 I received is only for Property A, not separate K-1 for property B, C & D. I saw responses from @ThomasM125 @Mike9241 and @Irene2805 , but their answers may not be applicable so I am asking here if they can also provide their expert advice here.

Also, which option should I select from the following in this scenario?

I would like to start a payment plan to pay my balance due on my taxes. Please and thank you! My contact information to my cell is this number here. (907)214-1734

shaun-whaley06-g — Wed, 04 Oct 2023 01:12:00 GMT

1120s and 100s

cyndi99 — Wed, 04 Oct 2023 00:17:02 GMT

In the past Turbotax had more detailed version tax returns containing backup calcs (more detail than the version submitted to the IRS). where I can find this for 2022?

ninesteelr — Tue, 03 Oct 2023 23:40:57 GMT

How to review a 1040 in progress on turbo tax online

carmad54 — Tue, 03 Oct 2023 22:47:02 GMT

My parents moved to US and applied for green card. They plan to get advanced premium tax credits to buy insurance on marketplace. Can we use ITIN to file taxes?

ashutoshchetal — Tue, 03 Oct 2023 21:12:16 GMT

How can i download the w2 information i entered on turbo tax

itscal — Tue, 03 Oct 2023 18:42:57 GMT

How Often can i claim EV Tax Credit

ahoniranjan — Tue, 03 Oct 2023 18:26:45 GMT

I bought a Tesla Y 2023 in April and had an accident in September the insurance company had declared it a total.

I was told that i can claim EV tax credit for the totalled vehicle (subject to capital gains on the difference in cost price vs price ofered by my insurance)

My question is - Can i claim EV Tax Credit for the second new vehicle which i plan to buy in October. Is there a time gap between the claims.

How do I report income from 83(b) for unvested shares that were partially repurchased by the employer in the same tax year?

nORoSI — Tue, 03 Oct 2023 18:16:18 GMT

My partner exercised some options early last year, approximately 50% of which were early exercised. An 83(b) was filed for the unvested shares. Just over 6 months later they were laid off and the company repurchased the remaining unvested shares for the price per share originally paid.

On their stock account the original common share holding is shown as being cancelled and a new shareholding is shown with an issue date around the time the unvested shares were repurchased.

The W2 received doesn’t include the additional income from the 83(b). Does this need to be included somewhere on the return or is it not relevant given that this all occurred in the same tax year and the original holding appears to have been cancelled and reissued?

Also, no 1099-B was received for the shares that were repurchased. Would this be because they never really owned the shares in the first place? Should this be included as a sale anyway?

Quarterly tax reporting

rrar777 — Tue, 03 Oct 2023 17:28:37 GMT

So. I've been a sole proprietor in Oregon for a long time. I pay state/ federal taxes once a year. I recently became one in Washington (where I've lived for 20 yrs.) I also just hired an employee from Washington. I have L&I (workmans comp) I also have a payroll service that handles all my withholding/ quarterly reporting for him.

I know I have to report my Washington excise tax quarterly. My question is , Since employee related and Excise taxes are compliant AND there's no state tax, can't I continue to file my taxes yearly? State requirements differ but Federal is the same right?

Hola deseo consultar el formulario 1040. lo requiero ver para un tramite.

hector_cien — Tue, 03 Oct 2023 16:36:54 GMT

Single member LLC

vwag1r — Tue, 03 Oct 2023 13:27:27 GMT

The husband has a business (Single Member LLC) where he offers consulting services to his clients. He uses Quickbooks Self Employed and Turbotax Online. His wife has a business (Single Member LLC) and she offers services to their community and she has 5 employees that work for her. She also would like to use Quickbooks Self Employed and Turbotax Online but the best I can tell neither of them will handle payroll categories or deductions. Is that true? If it is true what Intuit products are able to do so?

Need download product for 2018 tax year....download unavailable on Turbo Tax

planetm69 — Tue, 03 Oct 2023 13:56:37 GMT

I see I can only purchase download for 2019 onwards on Turbo Tax and no further back. I need the download for 2018. I found Turbo Tax Self employed version for 2018 on Amazon for sale. Will this still work to paper file for 2018? I dont want to buy something that might not work.

How can I make deductions working for UBER y Lift at the same time? I just use my car for both. Every week I make some money from both, depending of bonus or better pay.

edwinmillan1 — Tue, 03 Oct 2023 13:32:24 GMT

I really appreciate your answers.

losses carry back to 2022 - schedule D at #16 and #21

MM-2023 — Tue, 03 Oct 2023 13:02:51 GMT

2019 tax return on Schedule D #16: -13, 431, #21: $3000.00

2020 tax return on Schedule D # 16 : 2,009, #21: 0

2021 tax return on Schedule D # 16 : 15,581, #21: 0

How to file the 2022 tax return on losses carry back to 2022 from 2019?

How to fine 22 1040 line 5a

peteruff-aol-com — Tue, 03 Oct 2023 12:23:40 GMT

more details