The IRS will begin accepting Federal Tax Returns today

[Brolic]

Did you sell the stocks or keep them? Selling them as a loss can potentially get a deduction.


Same day

Yea, I sold them.

 

[CrimsonTider]

Your SSN is connected to all of that ( not donations but most people aren’t donating enough for them to need to itemize it). and you’d still have a chance to make changes prior to filing. Needing to gather all these forms, or even import them if using software, is archaic. The govt is putting checks right into your bank account, they can pull a 1099 from your bank

The irs doesn’t know if you took care of a disabled family member for more than half the year

the irs doesn’t know if you purchased an electric vehicle

the irs doesn’t know if you installed a solar roof on your house

‘’the irs doesn’t know how much of your car was use for work related purposes

 

[Jaylen Tatum]

Check the app today and my refund is approved

 

[dora_da_destroyer]

The irs doesn’t know if you took care of a disabled family member for more than half the year

the irs doesn’t know if you purchased an electric vehicle

the irs doesn’t know if you installed a solar roof on your house

‘’the irs doesn’t know how much of your car was use for work related purposes

You do know those aren’t common, for people with exceptional deductions, they can still add those. The w past majority of people have simple tax returns that can be simplified by the IRS simply pulling all financial forms into a system for you

 

[CrimsonTider]

Can some Coli Tax experts explain how I still owe money?? I owe $733 federal taxes but I have -$1,066 in capital losses from stocks. When I enter in my capital losses it says I still owe $502. The -$1,066 doesn't offset the 733?

First off you need to Consult an expert

capital losses Can only offset 3k of ordinary income and that’s after the capital gains have been offset


and it offsets taxable income not taxes owed

so if the tax Rate is 25% the 1,066 deduction is a tax savings of $266

 

[CrimsonTider]

You do know those aren’t common, for people with exceptional deductions, they can still add those. The w past majority of people have simple tax returns that can be simplified by the IRS simply pulling all financial forms into a system for you

you do realize the irs Doesn’t have access to any of these forms you claim they can pull



Most importantly deductions, credits are not mandatory. The irs has no idea what position a taxpayer will choose to take

just take the L or give up because the IRS does not know other than what is reported

 

[dora_da_destroyer]

you do realize the irs Doesn’t have access to any of these forms you claim they can pull



Most importantly deductions, credits are not mandatory. The irs has no idea what position a taxpayer will choose to take

just take the L or give up because the IRS does not know other than what is reported

The IRS absolutely could pull all those financial forms, they are connected to your SSN, the equivalent organizations in other countries do this…you might want to give it up, just because they don’t doesn’t mean they can’t.

and for the last time, no one said they auto file for you, people with other deductions or income not captured on an IRS form would still have a chance to input it

 

[bourgeoisie tall freak]

Can some Coli Tax experts explain how I still owe money?? I owe $733 federal taxes but I have -$1,066 in capital losses from stocks. When I enter in my capital losses it says I still owe $502. The -$1,066 doesn't offset the 733?

some deductions are limited to a certain amount/not dollar for dollar, and the amount deductable depends on your incomes.
i'm at a level where i can't even deduct student loan interest, medical expenses that i paid none of that shyt

 

[BeeCityRoller]

Paid $800 combined for State and Federal because I didn't file quarterly for the Gig Work I did. Annual car insurance premium due and also went up $400 due to the inflated values over the past two years Going to take a few weeks to get back in the black

 

[Brolic]

First off you need to Consult an expert

capital losses Can only offset 3k of ordinary income and that’s after the capital gains have been offset


and it offsets taxable income not taxes owed

so if the tax Rate is 25% the 1,066 deduction is a tax savings of $266

You already explained it. I’m not spending more money consulting an expert, thats what the coli is for. I use freetaxusa and turbotax and pick the one that saves me more.

 

[Elim Garak]

You already explained it. I’m not spending more money consulting an expert, thats what the coli is for. I use freetaxusa and turbotax and pick the one that saves me more.

Damn Freetaxusa still around? I used to use this in my late teens early 20s lol.

 

[Brolic]

Damn Freetaxusa still around? I used to use this in my late teens early 20s lol.

Yea. So far I owe $40 less on Freetaxusa compared to TurboTax

 

[Elim Garak]

Yea. So far I owe $40 less on Freetaxusa compared to TurboTax

I generally like Turbotax more but I haven't used Freetaxusa since like 08 or something like that. At least they saved you some money lol.

 

[CrimsonTider]

The IRS absolutely could pull all those financial forms, they are connected to your SSN, the equivalent organizations in other countries do this…you might want to give it up, just because they don’t doesn’t mean they can’t.

and for the last time, no one said they auto file for you, people with other dedications or income not captured on an IRS form would still have a chance to input it

Show me the other countries that do this with same tax code as the US?

everyone tax situation is different.

And what you’re saying isn’t realistic in anyway.

 

[Big Boss]