Anyone else who hasn't done their taxes yet?

[IAG]

get them filed by monday

 

even if you are overpaid it looks bad to not have them in by october 17th

Oh, I will get them in on time.  I have overpaid, it's just a matter of how much. I sent more than I thought I owed just in case.   I may have a very  easy yes/no  question on a K-1.   Other than that, won't be tough.  I probably could have done them in the time I have been typing in this thread.  May message you at some point..realizing you will be out of pocket Saturday.  

[mike499]

Not sure what's going on with mine got a $5200 bill in June.Met with an accountant a couple months ago he was gonna work on a settlement and set up a payment plan have not heard from my accountant or the irs in well over a month.Just going to ride it out and see what happens

[IAG]

So TurboTax will tell you the amount of your balance or credit as you go along and into your deductions.

 

I noticed that my balance went UP after entering my IRA contribution for 2015. What the hell? Come to find out that you cannot contribute more to an IRA than the amount of your "earned "income. My "earned" income for 2015 was zero. Instead of getting a Credit, it looks like I have to quick withdraw the money and pay a penalty. I have never been in this situation before where I had zero "earned "income and contributed to a retirement account. I've only done that before when I was working. This sucks. I don't even have time to understand the logic behind this. I have to quick call Ameritrade. If this is not right Mike, please clarify.

[milwaukee mike]

So TurboTax will tell you the amount of your balance or credit as you go along and into your deductions.

 

I noticed that my balance went UP after entering my IRA contribution for 2015. What the hell? Come to find out that you cannot contribute more to an IRA than the amount of your "earned "income. My "earned" income for 2015 was zero. Instead of getting a Credit, it looks like I have to quick withdraw the money and pay a penalty. I have never been in this situation before where I had zero "earned "income and contributed to a retirement account. I've only done that before when I was working. This sucks. I don't even have time to understand the logic behind this. I have to quick call Ameritrade. If this is not right Mike, please clarify.

 

when was the ira contribution made?  hopefully it was done in early 2016 for 2015, then you could recharacterize it.

 

if it was done in 2015, then you have a couple choices (other than withdrawing it, paying tax/penalty on the withdrawal, and still having the penalty for overcontributing in 2015)

 

1) don't report the ira contribution and hope you don't get hit with the penalty

2) make up some earned income, call it an ebay business... downside is you will owe ss/medicare (self-employment tax) on whatever earned income you report.  so if it's $5000 then you're out $700 but at least you get to have the ira contribution

[IAG]

when was the ira contribution made? hopefully it was done in early 2016 for 2015, then you could recharacterize it.

 

if it was done in 2015, then you have a couple choices (other than withdrawing it, paying tax/penalty on the withdrawal, and still having the penalty for overcontributing in 2015)

 

1) don't report the ira contribution and hope you don't get hit with the penalty

2) make up some earned income, call it an ebay business... downside is you will owe ss/medicare (self-employment tax) on whatever earned income you report. so if it's $5000 then you're out $700 but at least you get to have the ira contribution

It was done in early 2016 for 2015. I don't know what recharacterization is. The guy mentioned moving it over for 2016, but I won't have earned income for 2016 either, so he nixed that. They sent me some forms but I don't know what they really mean. I am filling them out to the best of my ability. I think if I can get the funds out by the filing date I am OK. Does that sound right? It's a removal of excess form.

 

Fok me.