Taxes reddit

Nov 27, 2022 ... Assuming you are filing single, you would have total federal tax due of $2,024. If box 2 of your W2 is more then $2,024, you will get a refund, ...

Mar 3, 2013 ... ELI5: How do I do my taxes? · Get form 1040EZ from your local post office. · Follow the simple, straight-forward directions on the form. · Done...Jan 9, 2024 ... It doesn't sound like you qualify for any credits based on this quick summary, so your tax refund really is just [how much you had withheld in ...Listen. 2:34. Reddit Inc. is telling potential investors in its initial public offering that it expects revenue in 2024 to grow by more than 20% versus the …IRS has a free file program that allows to use either a common software if you are eligible (usually need to satisfy income thresholds, credit eligibility, etc.) or their free fillable forms for any income. People already posted the links. 1a) Common software through IRS - go with this option if you satisfy their requirements.Feb 1, 2013 ... r/MontgomeryCountyMD icon. r/MontgomeryCountyMD · Any entrepreneurs here? 33 comments. Top Posts. Reddit · reReddit: Top posts of February 1, ...If you mark "as exempt" then you have $0 taxes taken out per paycheck. Your calculation at filing needs to come out as you owe $0 taxes based on income minus deductions and credits etc. Otherwise you are going to owe at the end of the year as well as get penalized for underwithholding. r/personalfinance.

From a Q&A posted on turbotax earlier this year [ Link ]: "Payments for your plasma sale activity are taxable income but not self-employment income. Therefore, you will pay income tax, but not social security or medicare taxes on the payments. The payments are entered as "other income" ... If you have a W2 job, your withholding may be enough to ...However, this year I got an HSA through my job. H&R Block is essentially saying that I need to have their Pro version (pay $30) to file my taxes because I have an HSA and need to fill out extra forms which are only available in this pro version. The HSA only has like $200-$250 in it (because I literally just started it, and it only has that ...If you owe, or are getting back, $500 that is not a big deal. For the most part, a $500 return/payment at tax time is minor. I have owed, or been owed, up to $5,000 at different times with no big deal. Any time an average Joe messes up with their taxes the IRS either cuts you a check or sends you a bill months later.If you lost $4500, you report that in deductions. You will then pay taxes on the $500 net profit if you can itemize. YOU DO NOT PUT $500 IN THE INCOME SECTION. As we all wondered, unless you have enough deductions to actually itemize, you’re stuck paying taxes on all of the winnings and your losses get lumped into the standard deduction.Truth is any monkey can do a return. Where you need a professional (and even tax ppl dont do this enough) is before the end of the year, do a draft of your tax return, see where you are at, and then plan accordingly while you still are in the year. Once the user is done there is nothing left to do other than report.In addition, self-employment tax = $55,000 * 0.9235 * 0.153 = $7771 SE tax. Total income and SE tax = $19,792. Subtract from that the annualized total Federal income tax withholdings on your paystubs, and that's an approximation of your estimated tax. Divide by four for quarterly payments.If you do so, there's no need to file Form 4868, Application for Automatic Extension of Time to File a U.S. Individual Income Tax. Return. Payment options.

If you owe, or are getting back, $500 that is not a big deal. For the most part, a $500 return/payment at tax time is minor. I have owed, or been owed, up to $5,000 at different times with no big deal. Any time an average Joe messes up with their taxes the IRS either cuts you a check or sends you a bill months later. Also some include the state tax return for free. Just finished both in TurboTax and FreeTaxUSA and they both came out to the same exact amount for my return, so that helps my confidence. The main difference that I noticed is TurboTax wants to charge $69 and FreeTaxUSA wants to charge $0. As for User Experience, they definitely feel different.Most interest and dividends thrown off by investments and funds in a taxable account are taxable as ordinary income at your marginal tax rate. Bank interest and bond fund dividends are the most common. However, dividends paid by U.S. companies, whose stock has been held for at least 60 days prior to the ex-dividend date (90 days for preferred ...Overall, FreetaxUSA is much easier to navigate. You can navigate to specific parts of the process using links and tabs. Cashapp makes you click through many questions just to get to one field at the end of a sequence. FreetaxUSA also imported all of the info from my Turbotax 2020 return, including depreciable assets. Only 1 number was off.A payer is required to issue you a Form W-2G, Certain Gambling Winnings (PDF) if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings as "Other Income" on Form 1040 or Form 1040-SR (PDF) (use Schedule 1 (Form 1040 or 1040-SR) (PDF)), including ...

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You most likely should file your tax return as married, joint. The income split allows some of your income move down into their unused lower bracket space. The only filing option you have is married joint, or married filing separately. Married or Married filing separately even if you got married Dec 31. It will likely get rejected if you even ... Reddit, often referred to as the “front page of the internet,” is a powerful platform that can provide marketers with a wealth of opportunities to connect with their target audienc...Coinbase sends a tax form called a 1099-MISC (Miscellaneous Income) to both you and the IRS. You'll be issued a 1099-MISC if your Coinbase transactions meet certain criteria, typically if they exceed $600 in value. The IRS receives a copy of the 1099-MISC form from Coinbase.This is ONE of the MANY ways the IRS tracks your crypto!Bill Gates: I’ve paid $10 billion in taxes. I should have paid more. - Vox. Future Perfect. Bill Gates: I’ve paid $10 billion in taxes. I should have paid …Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.Sophie Molineux received the 'Player of the Match' award for her bowling effort that put DC on the backfoot after a fiery start.

This year we put together a guide to finding *truly* free tax prep filing options. Short version: you can definitely file for free if you make under $69,000 and you may well be able to if you make over that. Be very careful about ads from TurboTax and others claiming "free" tax prep. They will often hit you with a paywall and a significant fee ...Turbotax gave me a $489 return. Take the $89 for the premium version they claim I have to have to file, and another $40 in service fees, leaving me with a $360 return. Free tax USA quoted me a $530 return to start, but by the end, it dropped to $503. All the same info, not sure what the service saw differently to deduct from. Chime (Column Tax).Free to all military members and not just for a basic 1040ez like some other options. FreeTaxUSA has an AD military free file offer - as long as your AGI is under $73k and you were AD in 2021 (have a W-2 from an AD employer), you can file everything for free...federal, state, any sort of tax situation (interest, dividends, capital gains, self ...Are you looking for an effective way to boost traffic to your website? Look no further than Reddit.com. With millions of active users and countless communities, Reddit offers a uni...Advertising on Reddit can be a great way to reach a large, engaged audience. With millions of active users and page views per month, Reddit is one of the more popular websites for ...Now her taxable income is $8,800, which leads to a tax liability of $880. But those $2,000 of expenses now qualify her for the AOTC. She gets $2,000 of credit, of which 40% ($800) is refundable. Thus she doesn't owe any income tax ($880 liability is cleared by $1,200 nonrefundable portion of the AOTC) and she gets an additional refund of $800.Now her taxable income is $8,800, which leads to a tax liability of $880. But those $2,000 of expenses now qualify her for the AOTC. She gets $2,000 of credit, of which 40% ($800) is refundable. Thus she doesn't owe any income tax ($880 liability is cleared by $1,200 nonrefundable portion of the AOTC) and she gets an additional refund of $800. Confused about schedule K-1. Taxes. Hi tax gurus, I hope this question is easy enough to answer. I own shares of the ETF trading under the symbol GSG. My expectations for this were that it would function like any other security; I pay taxes on capital gains when the position is sold. However, I received a schedule K-1 (form 1065) for this, and ... Roth contributions occur after tax (you’re contributing income that has already been taxed) so you don’t need to include it in your taxes. Traditional IRA/401k contributions are the ones that should be reported bc they can be deducted from your tax burden. You are able to contribute to 2021 until the national deadline for filing taxes which ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. Don't post questions related to that here, please. If a trader makes more than 250k in a year in securities, then the trader owes an additional 3.8% in taxes due to Obamacare for every dollar over 250k. This is on top of whatever federal tax bracket you are in. Edit for this. There are multiple tax brackets based on how you file. A single trader the threshold is 200k, married filed separate is ...Taxes. Income tax. Personal income tax. Claiming deductions, credits, and expenses. Line 21900 – Moving expenses: Eligible moving expenses. You must first determine if you qualify to deduct moving expenses either as an individual who is employed or self-employed or as a full-time student.

The plugged-in transaction history from Kraken onto Koinly shows the following results but I need to pay to generate tax documents for individual years. I made 52 transactions in 2021, Capital gains/ PNL- $-169.11. I made 0 transactions in 2022, Capital gains/ PNL- $0. I made 0 transactions in 2023, Capital gains/ PNL- $0.

Just for an example, say by the end of the year I traded 50 contracts, and before fees I made $750 gross profit and lost $250, for a net (before fees) of +$500. If I subtract the fees/commissions, it’d be $500-50*$1.24 = $500-$62 = +$438 net profit for the year after fees. Would I be paying taxes on the $438 (after fees) or the $500 (before ...Jan 9, 2024 ... It doesn't sound like you qualify for any credits based on this quick summary, so your tax refund really is just [how much you had withheld in ...Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.If recommended CashApp’s tax service. Very simple, 100% free, and any refund is direct deposit to your bank not cash app. vorter. •. Yeah if your AGI qualifies for the free state I’d do that. Cash App Taxes is also completely free. Run your numbers through TurboTax just to make sure the refund amounts match up. Per federal law this interest is not supposed to be taxed at the state level only federal, however credit karma system appears to be subjecting this income to state (PA), income tax and my state return drops from $90 to $78 after I entered the information. Used CK last night after over a decade of using TurboTax. In the U.S., the cryptocurrency tax rate for federal taxes is the same as the capital gains tax rate. In 2021, it ranges from 10-37% for short-term capital gains and 0-20% for long-term capital gains. In the US, crypto-asset gains are calculated using two factors: your income bracket, and how long you have held the cryptocurrency.If you do so, there's no need to file Form 4868, Application for Automatic Extension of Time to File a U.S. Individual Income Tax. Return. Payment options. Freetaxusa is great. I usually do my taxes first in TurboTax because they tend to have some nicer import features, and then I'll do them in freetaxusa. You don't have to pay until you file. If the numbers match up I know I did them right and I'll submit through freetaxusa because fuck TurboTax.

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Former BharatPe co-founder Ashneer Grover on Friday "thanked" the Income Tax department for the timely closure of the faceless assessment of his IT …IIRC correctly, underpayments are figured quarterly because the IRS requires payment in full (or close) and on time. It sounds like you were likely underpaid in Q2 and that underpayment may have persisted into Q3. Obviously by Q4 you had met the safe harbor criteria. Fill out Form 2210 (or look at the form view in your tax software) to confirm.You don’t get to just “decide” to “go exempt”. You must meet specific requirements. Which you almost certainly don’t, given the brief info supplied. All income is taxable and withholding is not optional. If you under withheld now, you still have to pay the tax and probably also additional penalties.Depends on how Much it would cost you. At 150k your average pay Works out at +-30$ an hour, after tax. we I pay someone 50$ to make mine, instead of taking 3 h of my week-end to do it myself...paying 1.6 h of my hourly pay to save 3h of doing something I don't like is a good investment. r/personalfinance. true.Congrats, there will be no changes to your tax life. You are not selling with the intention of making a profit. This is similar to having a yard sale and this income is not taxable. This is assuming you bought these items at a higher price than what you sold them for. Example; Selling your old Gamecube you bought for $150 20+ years ago, for $40 ...If you didn't file an extension before 15 April 2022, then your delinquency will be calculated from that date. If your taxes are withheld from wages, then your tax bill may be small. It may be that you owe nothing at all, but that would only be the case if your withholding is high enough. As others have said, just do it.Here is a IRS tool to determine if you need to file for 2020. If you have over 400 in self employment, over 1100 in unearned income like investment gains, or over 12400 in earned income, you have to file. See Form 1040 instructions pages 10 and 11 for filing requirement details for dependents.Congrats, there will be no changes to your tax life. You are not selling with the intention of making a profit. This is similar to having a yard sale and this income is not taxable. This is assuming you bought these items at a higher price than what you sold them for. Example; Selling your old Gamecube you bought for $150 20+ years ago, for $40 ...Tax "Refunds" -- Not Ideal. Capital Gains and Capital Losses. Other Taxes. Frequently Asked Questions about Taxes. Should I see someone about my …Unlike Twitter or LinkedIn, Reddit seems to have a steeper learning curve for new users, especially for those users who fall outside of the Millennial and Gen-Z cohorts. That’s to ...The difference between claiming 0 and 1 on a tax return is that 0 means the taxpayer claims no exemptions while 1 means the taxpayer claims one exemption, according to the IRS. A t... How To File Taxes – A Beginner’s Guide (cross post from r/personal finance) I've been seeing a lot of questions about the basics of taxes - do I need to file, how do I file, etc. I don't want to break the rules of of this sub, but I've written a blog post that addresses exactly these questions. Regardless of where or how you file, I hope ... ….

ADMIN MOD. ILPT: Avoid taxes on digital purchases. Commit tax fraud by changing your billing address to a place without sales taxes like Oregon. Been using this method for a long time now, saves tons of money. Now you can save money on your crippling Clash of Clans addiction. EDIT: Useful if you have a gift card with the same amount of money as ...Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. Don't post questions related to that here, please. ... At least for federal taxes, effective 2018 employee ...Honestly I'm happy with using FreeTaxUSA, I have seen no reason (so far) to not use FreeTaxUSA. As you said, it's cheap (in my case, free because I live in Florida, so no state income taxes to file) Same. I used TurboTax for many years and then switched a couple years ago. I've been very happy. The return for tax year 2022 will be due April 17, 2023. You can automatically get that extended to October 16. However the tax is still due throughout 2022, and any remaining amount is still due April 17. If you are owed a refund, you have until April 17, 2026 to claim it. r/tax. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. ... The federal tax law changes from 2018 severely restricted the amount of deductions for most people for state and local taxes and mortgage interest and real estate taxes. Before those changes ...Matthew Holst/Getty Images. CNN —. After a long season, the hopes of the top NCAA basketball programs all come down to this. On Selection …Use turbo-tax, H&R block, any other, these are just the ones I know offhand. If it's super simple it's free. If it's pretty simple they'll charge a small amount. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing ... The following offer free/cheap filing for EVERYONE. No income requirement. MyFreeTaxes.com (Run by United Way/TaxSlayer), Free fed/State (multistate included up to 3) CreditKarmaTax (owned by Square, not Intuit), free federal/state (single state only) FreeTaxUSA, free fed, pay like $12 for state, 10% off code FREETAXUSA10. Confused about schedule K-1. Taxes. Hi tax gurus, I hope this question is easy enough to answer. I own shares of the ETF trading under the symbol GSG. My expectations for this were that it would function like any other security; I pay taxes on capital gains when the position is sold. However, I received a schedule K-1 (form 1065) for this, and ... It is an amount that you get taxed at 0%. This is "before" your income starts poking into any of the tax brackets, and people almost always forget that when talking about tax rates. If your standard deduction is $12,400 (note that if you can be claimed as a dependent, it is often smaller) then your first $12,400 of income is taxed at 0%. Taxes reddit, [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1]