Tax Season 2017

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most software has an input for box 14
if its already included in box 1 then it shouldn't impact your return

looks at the back of the w-2 to see if it tells you what each abbreviation stands for, and if it gives you a place it should appear on the return.
this link might help...
https://www.taxact.com/support/649/2016/form-w-2-box-14-other-information

My w-2 has an itemized balance at the very top showing how box 1, 3, 5 are calculated and it has the line item for the value as additional income. And in box 14 there's not code associated with either OCOMP or ESPP. So I think it's just informational: Here's a line from that link you posted, "Generally, the amount in Box 14 is for informational purposes only; however, some employers use Box 14 to report amounts that should be entered elsewhere on your return.". Thanks!
 
yea, somethings might be deductible else where below the line.
pretty sure ESPP is a employee stock purchase plan, and is not deductible else where.
I am not sure what OCOMP represents. every company and state has their own abbreviations. I am not familiar with this one.

This might help
https://ttlc.intuit.com/questions/2...unted-twice-do-i-need-to-ask-for-a-correction

The ESPP and OCOMP are the same values. Hence why I assume that since they are added to my taxable income for box 1 i don't need to put them in my tax filings.

For my ESPP, we get 15% discount off the lower stock price between october 1st and may 1st. we get two buying cycles per year. so we save 15% of our POST-TAX dollars (it hits the paycheck really hard). the crazy thing is, with how our stock jumped this year, in may it was $103/share and when we exercised our 6 months of savings our stock was at $136/share. I paid $89/share after the 15% discount. I made 53% return on investment in 6 months. The bad news, for 2016 I have to pay taxes on that 15%. The good news is that we don't have to pay on the remaining gains until we sell the stock. I'm ok paying taxes, it means you made money.
 
Do yourself a favor and start a spreadsheet to track your actual cost basis in each stock purchase.
You'll thank me in 20 years. Especially if you change jobs and the stocks move to a different brokerage house etc.
Nightmare scenario for many of my clients.
 
Do yourself a favor and start a spreadsheet to track your actual cost basis in each stock purchase.
You'll thank me in 20 years. Especially if you change jobs and the stocks move to a different brokerage house etc.
Nightmare scenario for many of my clients.
Yes, this. It is impossible to go back and figure out. Especially when you're selling portions of vested stock at different times and every vest has a different cost basis.
 
Do yourself a favor and start a spreadsheet to track your actual cost basis in each stock purchase.
You'll thank me in 20 years. Especially if you change jobs and the stocks move to a different brokerage house etc.
Nightmare scenario for many of my clients.

Luckily we can't move stocks out of the account, we have to liquidate before transferring. I'm really happy that the cost basis is required to be in account transfer information. can you believe they used to have account transfers (ex. scottrade moved to schwab) and they wouldn't transfer the cost basis with the statements? assholes. lol
 
Luckily we can't move stocks out of the account, we have to liquidate before transferring. I'm really happy that the cost basis is required to be in account transfer information. can you believe they used to have account transfers (ex. scottrade moved to schwab) and they wouldn't transfer the cost basis with the statements? assholes. lol
It was the wild west back then and actually had some benefits. ;)
 
I have a tax question.

If I received a 1099-R from rolling over a 401k to IRA and took no distribution, do I still report it? I'm just lazy and don't feel like filling it in TBH. :p
 
Yes, you absolutely need to report it as a ROLLOVER or you WILL receive a letter from the IRS.
What distribution code is listed on the 1099?
I am always of the better safe than sorry feeling on this one.
Don't give the government a reason to put a set of eyes on your tax return.
Your exposure may be minimal, or it might not...
 
yes, you definitely report. the 401k reports the distribution, if you don't report it, you will definitely get flagged and the government will request the money owed for taxes on that income.

you'll get a 1099-r from the retirement service. it's an easy form to fill out.
 
it'll save you time in the long run, trust me.

interesting statistic I recently saw, only 37% of calls to the IRS were actually answered in 2016.
I can't count the number of times I was on hold for 2 hours waiting to talk to someone.
 
it'll save you time in the long run, trust me.

interesting statistic I recently saw, only 37% of calls to the IRS were actually answered in 2016.
I can't count the number of times I was on hold for 2 hours waiting to talk to someone.
Really? When I did my ex's taxes she failed to disclose a stock sale to me. She actually lost $5,000 on the trade. But when the broker filed the 1099, they saw her income as a $25,000 gain and not a $5,000 loss. When I called the IRS in Ogden Utah, I was put through almost immediately. I had the whole issue resolved pretty quickly.
 
priced out a new M3 Sedan that Id pay cash for...if i received all the taxes i paid out in 16. my goodness did my jaw hit the floor when I tallied them together yesterday.

Imagine how much money you have to make in Europe to afford an M3 if you were getting taxed at 50% income.
https://en.wikipedia.org/wiki/Tax_rates_in_Europe
2017-01-30 06_52_12-Tax rates in Europe - Wikipedia.png
 
I had to increase my allowances to 9 (from 6) this year. Got way too much back.
 
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