News from ronnevee

  1. wait so if ur under 24 and in college and a dependent that’s stripping, you don’t have to file taxes?

  2. Yes, you still have to file taxes. But your own tax return, not no your parents tax return.

  3. If you normally get 10k back you won't owe in because of the advance, no. With 4 kids and 70k of income you have 0 tax liability, you won't owe in to federal at least.

  4. Great, thank you. My wife has just been freaking out about it and I couldnt find any strait answers. Also about my other question, if I keep claiming zero I still shouldn't have to pay in if my income is below something like 200k right? My TC for this year should come out to around 120k

  5. There is no guarantee that "claiming 0" will keep you from owing, no. Like if you have multiple income sources and higher income you can still owe "claiming 0". We see that almost daily here on Reddit right now, people owing after "claiming zero". This is why it's best to read the w4 and fill it out accurately. The form has changed a lot since 2017.

  6. Even though you take standard personal deductions, you will still deduct your business expenses. This will be done on the schedule C tax form, so took a look at that to understand what categories of expenses to be tracking:

  7. Yes. You will still be able to claim the child tax credit as long as you don't qualify as a dependent of anyone else. There is no income requirement to claim the 2021 child tax credit. You will also be able to use 2019 income to qualify for the earned income tax credit, if you had earned 2019 income.

  8. Your understanding is incorrect. All income or losses pass through to you each year, regardless of if you leave the income in the bank account or not.

  9. No, you'd depreciate the purchase over the useful life of the property.

  10. No, just one of you should put down a 1 for the dependent.

  11. the gist i was getting is they'd live there rent free and he's reporting it on Sched E.

  12. That would not be allowed then, no. Schedule E has to be for a place that is rented out, and letting family live there for less then fair market rate is not rented out.

  13. There is no fourth stimulus in the works at this time for anyone.

  14. Do you even have enough interest to benefit from itemizing?

  15. And on top of that, does the tax saving exceed the extra interest paid in the higher loan balance?

  16. No, never, I think Op understands that though.

  17. What shipping method did you use? If it is priority mail, for a cost you can reroute it.

  18. Then contact the customer and explain. They may be able to access it at the place it was delivered.

  19. Do you anticipate them each giving away over 5 million in their lifetime? Right now they can each give away 11 million before paying federal income tax.

  20. I don’t think so! Am I interpreting correctly that each parent can gift up to $5M in their lifetime without paying any additional taxes?

  21. Currently, they can give up to 11 million per parent, with no federal income tax. Some states have lower levels. Even if the limit is lowered to 5 million per person in the future, there would be no estate taxes until they give away over 5 million in amounts over 15k per person per year. So if they each give you 15k and each give your spouse 15k that's 60k right there that doesn't even start to count against the millions of lifetime space.

  22. You won't be able to deduct a truck on order, even if you pay for it this year. You have to enter it into service before you can deduct it.

  23. When you opted out, did both spouses go into their own portal to opt out? or did just one spouse opt out? If just one spouse opted out, then the IRS would still try to send the other spouse 1/2 of the credit. Was your 2020 income over 150k maybe?

  24. No it was not. And no only my wife filed for the opt out. I guess that might explain it. But $18 dollar payments just seem strange even still.

  25. Yes, the 19 dollar payment seems odd. If they sent you 250 2 months, 150 another month, and then 50 for 2 months, that would make sense. But the amount they sent you is no where near 750, right?

  26. Are you high income? The child tax credit is better for middle income and lower this year, then the FSA is.

  27. Do you have 1 child? Or more then 1? If you have 1 child, you can claim 3k towards the child tax credit, and you'll get a tax credit that is about 37% of that 3k. That may or may not be better tax savings for you then the FSA was, depending on what state you are in. For every 2k you can get your AGI down (with things like pre tax deductions) you get an extra 1% tax credit on that 2k. So if you made only 125k after pre tax deductions, you'd get a 1500.00 tax credit.

  28. What is in box 1 and box 2 of all of your combined w2 forms for 2020?

  29. If they are not covered, and you contract with them, the client will likely come after your insurance for any claims. So yes, it makes sense that your insurance wants to make sure they are just insuring you, not you and any other business you hire.

  30. What if the employer requires them? Does that change anything? To be eligible to keep the job.

  31. Then most likely your employer can pay for them, yes, and that would not be taxable comp to you. Or if our employer reimburses you for the required classes, then that reimbursement is not taxable income.

  32. You'd need to get proper licensing from the entity that owns the right to the material you are in need of.

  33. What does your AGI show as on your 1040 tax return? How much income did you (and your spouse, if married) have for 2020? How much of that was UI income? Are you married or single? Any children?

  34. No, that will not be a big penalty based on the info presented so far.

  35. I'm not comfortable quoting you an exact amount, since the details here are not clear enough. Making an estimated payment now though, would reduce the amount of penalties. If you can have extra withheld on your last paychecks of this year though, that would reduce penalties even more. See if your employer will do an extra 1k of state withholding on your last pay of this year.

  36. You can use your own package, yes. You are not limited to using on Express branded products.

  37. No, tax credits have to be used to offset tax liability.

  38. Are you on a payment plan with the IRS? There is no super great news anyway can give you, since the way to mitigate this was back in 2020 (by pulling out enough to cover your taxes before the end of the year) . If you do have gains in the future, those losses will offset the taxes on those gains, and that will help in the future.

  39. You get taxed on unrealized gains?

  40. No, you are not taxed on unrealized gains. Op isn't asking about unrealized gains here.

  41. Very good point. I would have to be a major dick reporting his personal use as a taxable benefit or whatever it’s called but if I deducted it from his pay it would be hard to hide.

  42. It's not being a dick, it's tax law. You can't let him use the vehicle personally and deduct it as a business expense. So either you record it as taxable comp to him, or you're going to be paying taxes on the personal use value.

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