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Tax Q: should I get 3K return or $400? Used 2 diff softwares, chance it?
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Date: March 19th, 2018 9:32 PM Author: flushed roast beef TurboTax is more accurate most likely and I get $400
TaxAct fucking sucks and it misapplied some data on my side gig, but has a refund of $3K
Obviously the Q is whether I'll be audited, which is less than 1% but it's 3K and I could easily claim unintentional error and just pay a small amount if they come at me since I did use a program to guide me |
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Date: March 19th, 2018 9:33 PM Author: sadistic depressive circlehead What's the cause of the difference? (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641581) |
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Date: March 19th, 2018 9:35 PM Author: flushed roast beef TaxAct for some fucking reason won't correctly link my Schedule C and 1099-MISC, so my side gig is showing up as that I owe $0 in taxes ... I'm worried that might trigger an audit as paying $0 is pretty weird, I have paid like 3-5K in the past so maybe that'd be a red alert (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641592) |
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Date: March 19th, 2018 9:41 PM Author: Mahogany Curious Boistinker Toaster What’s your AGI? I’m guessing you won’t be flagged either way and I’d use Tax Act and feign that you thought it was correct. Odds are you never get audited. (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641627) |
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Date: March 19th, 2018 9:45 PM Author: flushed roast beef I think my AGI was like 110K or so
I had another 10K from a side business
It is so fucking tempting to take this 3K but I worry a big fat zero for business income/self tax will be a huge red flag |
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Date: March 20th, 2018 12:29 AM Author: Mahogany Curious Boistinker Toaster You're fine. Plausible deniability. At worst pay a few percent in interest. NBD. You won't get caught FWIW. If you made over 250K, you'd be under more of a microscope. (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35642989) |
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Date: March 19th, 2018 9:51 PM Author: sadistic depressive circlehead 1099-Misc is super easy for the IRS computers to match up. Wouldn't that be a massive audit flag? (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641694) |
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Date: March 19th, 2018 9:54 PM Author: flushed roast beef that's why I am leaning toward the 400 dollars, it just seems like a huge red flag to report $0 business income when I literally have a 1099 for like 10K (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641706) |
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Date: March 19th, 2018 9:59 PM Author: Nighttime crackhouse ljl. that 1099 will pwn u. take the 400. (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641740) |
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Date: March 19th, 2018 10:00 PM Author: flushed roast beef it's not that I am reporting 0 on the 1099, but for some reason the "business income" line on the 1040 comes up as 0 which makes absolutely no sense (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641746) |
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Date: March 19th, 2018 10:05 PM Author: Self-absorbed step-uncle's house mental disorder It could be reported as "other income" like a hobby. Is it there on your 1040? (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641780) |
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Date: March 19th, 2018 10:28 PM Author: flushed roast beef literally every single year since 2012 when I started this gig it showed up correctly as business income; it's not in the other income spot either, for whatever reason TaxAct's new version is not handling this right (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35642000) |
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Date: March 19th, 2018 10:33 PM Author: Self-absorbed step-uncle's house mental disorder I mean look at the 1040/schedule c/etc being produced by each program and compare them. We can't diagnose this and figure out which will be accepted without more information (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35642045) |
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Date: March 19th, 2018 10:35 PM Author: flushed roast beef I can see the 1040 but cannot see the Schedule C form until AFTER I submit on TaxAct, you literally cannot get a preview
On TaxAct it shows my business income as $0 (line 12, 1040)
On TurboTax it's around 5K (line 12, 1040)
To me this is too great to ignore, especially since I have a 1099 MISC for 10K, it would be such a red flag to report $0 business income |
Date: March 19th, 2018 9:37 PM Author: flushed roast beef (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641603) |
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Date: March 19th, 2018 9:41 PM Author: flushed roast beef (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641626) |
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Date: March 19th, 2018 9:47 PM Author: flushed roast beef (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641663) |
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Date: March 19th, 2018 9:48 PM Author: flushed roast beef (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641667) |
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Date: March 19th, 2018 9:57 PM Author: Self-absorbed step-uncle's house mental disorder If you don't report income from a 1099, it will 100% be caught, and quickly. (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641720) |
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Date: March 19th, 2018 9:58 PM Author: flushed roast beef to be clear I am reporting the 10K from my 1099-MISC, but for some reason the shiTTTy TTTaxAct program doesn't match that up to put in a business income, which TurboTax put in as 5K (I guess you subtract some things from the 10K off the 1099 to get this number)
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Date: March 19th, 2018 10:01 PM Author: Self-absorbed step-uncle's house mental disorder Which box or boxes are filed in on your 1099 misc?
On the actual tax forms when you preview them, where do you see those same numbers in each program? |
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Date: March 19th, 2018 10:30 PM Author: flushed roast beef 1099 Misc item 7, nonemployee compensation is ~10K
on the tax form, 1040, line 12 it specifically says "Business income or (loss). Attach Schedule C or C-EZ" and according to the TaxAct preview it comes up as empty (or 0)
last year it was ~4K |
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Date: March 19th, 2018 10:34 PM Author: Self-absorbed step-uncle's house mental disorder If the 10k doesn't show up on any line of your return, then you've made a data entry mistake and it will be caught virtually immediately when you submit it (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35642056) |
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Date: March 19th, 2018 9:57 PM Author: Bespoke office double fault Bro out the side gig (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641727) |
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Date: March 19th, 2018 9:59 PM Author: flushed roast beef I've posted about it before but I am a ghostwriter for a company that has a long standing industry leading blog, newsletter, and variety of communications (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641735) |
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Date: March 19th, 2018 9:58 PM Author: beady-eyed cordovan fortuitous meteor This happened to mine last year and I got arrested for six months. It actually ended up costing more due to legal fees than what I saved so be careful. (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641731) |
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Date: March 19th, 2018 9:58 PM Author: flushed roast beef lol (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641733) |
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Date: March 19th, 2018 10:05 PM Author: boyish rigor shitlib (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641782) |
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Date: March 19th, 2018 10:11 PM Author: adventurous garnet ticket booth mood For something like this, would they audit, or just recalculate the tax for you? (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641845) |
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Date: March 19th, 2018 10:14 PM Author: Self-absorbed step-uncle's house mental disorder "Audit" is a term almost without meaning in the IRS context for individuals, despite popular usage. The IRS has maybe a dozen levels of contact/scrutiny they can apply toward your return. A mismatched 1099 would result in a letter saying "Heads-up, we're gonna boost your income by this missing amount we noticed, any objection? Let us know ok" (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35641872) |
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Date: March 19th, 2018 10:38 PM Author: Kink-friendly Concupiscible Orchestra Pit The service has your 1099. It'll get caught by the matching program. It won't be an audit they'll just adjust your return, add the income, and send you a bill with (possibly) a small fine and (definitely) some interest. They won't miss what you are describing. (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35642102) |
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Date: March 19th, 2018 10:42 PM Author: flushed roast beef To be clear it's NOT that I am NOT entering my 1099 .... it's that for some reason the 1099 when matched up with my Schedule C says my business income/tax is $0 which is just impossible and has historically been a couple of Gs
When I used TurboTax this was found out with no problems, so I think it's something on TaxAct |
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Date: March 19th, 2018 10:46 PM Author: Kink-friendly Concupiscible Orchestra Pit Then it's some combo of matching error and arithmetic error. Either way the service has a record ofthe income and they'll know u didn't pay enough tax. It doesn't take a live field audit with their top man to figure this out, the computer will catch it 100% of the time and send you a form letter gently fucking your ass. (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35642175) |
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Date: March 19th, 2018 10:46 PM Author: flushed roast beef ty (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35642178) |
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Date: March 19th, 2018 10:47 PM Author: flushed roast beef Decided to just take the 400 and not get assfucked. ty all. this is not a data entry error, I swear, but something wrong with TaxAct. I've tried all night to fix it so my schedule C is correct but it just won't match up my 1099 MISC compensation with the Schedule C to create the right business income amount (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35642188) |
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Date: March 20th, 2018 12:35 AM Author: sadistic depressive circlehead class action taxact (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35643024) |
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Date: March 19th, 2018 10:51 PM Author: flushed roast beef Just looked at TurboTax taxable income: 110K
TaxAct's: 105K
It's clearly missing about 5K somehow |
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Date: March 20th, 2018 2:30 AM Author: Black Blathering State PLAUSIBLE DENIABILITY!! (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35643406) |
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Date: March 20th, 2018 5:35 PM Author: flushed roast beef (http://www.autoadmit.com/thread.php?thread_id=3923272&forum_id=2#35647371) |