topic Re: Taxes in Get your taxes done using TurboTax

Taxes

Payceasar222 — Tue, 20 Oct 2020 18:48:37 GMT

So i havent filed taxes the last couple years. Because any money i did make was cash. A friend told me that i should look into the fact i could still possibly get a stimulus check. I started filling out a form and now i feel bad for not filing in the cash i made. Also when i applied for financial Aid this year i put zero income and sent a form to the irs for non filing.Now i feel like i should still file taxes on the money i made and do this the right way. I am really not very good with this stuff and dont know where to go from here. Any help would be appreciayed. Thank you everyone for your Advice. I just found out my ex fiance filed me as a dependent the last two years with no income. So is there anway i can claim my income without screwing her over!?

Re: Taxes

xmasbaby0 — Mon, 19 Oct 2020 21:19:28 GMT

If you had even $400 in wages earned as an independent contractor, you are supposed to file a tax return. You owe self-employment tax for Social Security and Medicare, and possibly ordinary income tax, depending on how much you earned.

It is too late to use the online software to prepare a 2019 return. Online tax prep for 2019 has closed down. You need the desktop software for 2019 which must be used on a full PC or Mac.

Online preparation and e-filing for 2017, 2018 and 2019 is permanently closed.

To file a return for a prior tax year

If you need to prepare a return for 2017, 2018, or 2019 you can purchase and download desktop software to do it, then print, sign, and mail the return(s)

https://turbotax.intuit.com/personal-taxes/past-years-products/

You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.

Remember to prepare your state return as well—if you live in a state that has a state income tax.

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

Note: The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac. It cannot be used on a mobile device.

If you are getting a refund, there is not a penalty for filing past the deadline. If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.

https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

Since you must use desktop software, start in desktop Deluxe. It has all the forms including Schedule C which you need to report your business expenses.

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

Re: Taxes

xmasbaby0 — Mon, 19 Oct 2020 21:21:09 GMT

Each tax year is a separate tax return. Do not try to combine income from other years on the same tax return. Do not even mail them in the same envelopes.

Re: Taxes

pk — Mon, 19 Oct 2020 21:28:29 GMT

@Payceasar222 when you have cash income it is generally for work as a self-employed and below are the things one is supposed to do as such:

(a) In TurboTax you tell that you have self-employed incme. This would mean you will be filling out ( with TurboTax doing all the work ) Schedule-C where you would show your gross income and also all your allowable /necessary/usual expenses. You are then taxed on your net income

(b) Even though as a wage earner , you may not have to file if your income is below your standard deduction ( since personal exemptions are zero till 2025 ) which is approx 12,000 fro single and 24,000 for married filing joint, but in case of self-employed you need to file because you have to pay Social Security & Medicare taxes ( 15.3 % of the net income from self-employment ). So TurboTax will help you fill out Schedule -SE. There is no interest or penalty on not having paid this for the last two years.

Therefore I suggest that you prepare the returns for 2017 and 2018 and 2019 as soon as you can. You will have to paperfile ( file by mail ) and also TurboTax on-line is definitely not available for 2017 and 2018 while 2019 is available only for a couple weeks more ( I think). Another option for you is to go to the IRS website and download the forms for the years 2017,2018 and 2019 ( these are all fillable PDF ) and you can fill these out on your computer, print, sign, date attach the amounts due ( each with your SSN and tax year shown ) and mail these in. These should get you back in compliance and more than that will allow the IRS to send you/ direct deposit your economic stimulus check (s) including those for your children ( if you are eligible ).

Please do not ignore this.

Perhaps in future you can also use the help of AARP and other TaxAide services that help you file electronically at no charge.

Good Luck

Is there more I can do for you ?

Re: Taxes

fanfare — Tue, 20 Oct 2020 00:51:35 GMT

You're one of those people in the underground economy who never pay tax because you deal only in cash.

Now maybe your conscience is bothering you.

Re: Taxes

Anonymous — Tue, 20 Oct 2020 05:33:03 GMT

"Also when i applied for financial Aid this year i put zero income." you may want to consult a tax lawyer