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Tax Season 2016

Discussion in 'Members' Lounge' started by reckedracing, Jan 14, 2016.

  1. reckedracing

    reckedracing TTIWWOP VIP

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    So, things are ramping up for another tax season.
    IRS will begin accepting e-files on January 19th.
    Figured I would start a thread in case anyone has any tax questions.

    Proof of health insurance forms 1095B and 1095C have been delayed but if you were covered for the entire year you do not need to wait to file. If you will be receiving a 1095A for health insurance purchased through the market place you will need to wait to file until you receive that form so you can reconcile any advanced premium tax credit you received to help offset the cost of the insurance.

    You have until April 18th to fund any IRA or ROTH retirement account. MyRA is still a very valid option for the beginner looking to set up a retirement account.
     
  2. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Do I need to wait for or get a document for my MyRA before filing?

    I figure I do, but I just want to know what to expect.
     
  3. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    If you moved money, you need the information from their forms or your own account. If it's open, but not funded, you don't need to do anything.
     
  4. reckedracing

    reckedracing TTIWWOP VIP

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    You do not need to wait for any documents regarding MyRA, but you are still eligible to fund this account until April 2016.
    If you plan on putting more funds into this account be sure to specify which year you want the funds applied to.
    The total contribution you make for tax year 2015 should be reported on your tax return.
     
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  5. Briansol

    Briansol Admins Admin VIP

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    Can I post some of my return to last year's HSA? I just started the HSA in the fall and set my monthly funding of it to max it out over the course of the full year (so it will max in 2016) but because I only have a few months in for 2015, i have some leway to go.

    How does that work, considering it could go in as pre-tax money and can then write off my taxes, but this is post tax paid on a tax return. gets complicated fast. lol I have my hsa attached to a Self-Directed brokerage account so it's in my best interest for fund freedom to max that first over other options..
     
  6. reckedracing

    reckedracing TTIWWOP VIP

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    I believe you can still fund the HSA through the filing deadline. I do not see any exclusion regarding the filing date of your tax return.
    The paycheck HSA contributions are not subject to income tax, and the ones you make yourself will be an offset to income on the tax return, so it will not be subject to income tax.
    It appears that contributions made through an employer Section 125 cafeteria plan may not be subject to FICA, but anything else is subject to FICA, but not income tax.

    If possible I would recommend funding and leaving the funds in the HSA as a secondary IRA type account. Let it grow until you are older and have much larger medical bills.

    IRS Pub 969

    When To Contribute
    You can make contributions to your HSA for 2014 until April 15, 2015. If you fail to be an eligible individual during 2014, you can still make contributions, up until April 15, 2015, for the months you were an eligible individual.

    Your employer can make contributions to your HSA between January 1, 2015, and April 15, 2015, that are allocated to 2014. Your employer must notify you and the trustee of your HSA that the contribution is for 2014. The contribution will be reported on your 2015 Form W-2.

    Reporting Contributions on Your Return
    Contributions made by your employer are not included in your income. Contributions to an employee's account by an employer using the amount of an employee's salary reduction through a cafeteria plan are treated as employer contributions. Generally, you can claim contributions you made and contributions made by any other person, other than your employer, on your behalf, as an adjustment to income.
     
  7. Briansol

    Briansol Admins Admin VIP

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    Yup, I'm using it as a triple advantage account. I'm maxing it out at 138/pay check (twice a month) comes in just under the cap per year. I'm not drawing from it for anything unless i absolutely have to. Would love to have that flush when i retire to cover all my medicare copays :)
     
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  8. whiterabbit06

    whiterabbit06 Why oh why didn't I take the blue pill? VIP

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    I'm getting a whopping $22 but I had to pay $13 to file which means I really get $9 back. I have no idea what I'm going to spend all of this extra money on. Any Ideas?
     
  9. Briansol

    Briansol Admins Admin VIP

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    Honestly, that's the ideal situation. You don't owe, don't pay a penalty, and you didn't give uncle sam an interest free loan for a year.

    I'm still trying to figure all my withholdings. I increased my fed withholdings from 0 to 2 and i still think i'm going to get too much back this year again. I guess I need to go up to 3 or 4 but i'm scared. lol gonna go for 3 i think, but i still haven't gotten my w2s in yet nor worked with recked to have him do the labor :)
     
  10. Briansol

    Briansol Admins Admin VIP

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    Also, anyone else notice some slight changes in their witholdings? i must've missed the law changes

    I'm paying .10 more in SS tax, and like 1.50 less in fed compared with my dec check
     
  11. GSRCRXsi

    GSRCRXsi Super Moderator Moderator VIP

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    i either lost my 1099-SA (for my HSA), or it hasnt come yet :grumpy:

    i get my W-2 and my 1099-E electronically, dont see a way to get SA electronically though.

    also pissed that my employer stopped contributing to my HSA. in the previous 2 years, my employer gave me $500 on my HSA in exchange for completing a biometric screening (BP, height/weight/BMI, cholesterol levels, smoker/non-smoker). Did the biometric screening this year, but received no contribution. I hit up HR and they said "oh we aren't contributing to HSAs this year" which likely means they aren't ever going to contribute again. They said the biometric screening is now only to avoid a $1000 surcharge for being a smoker. but why do they need to test the other shit if they only care about smoker/non-smoker status. kind of pissed about that.
     
    Last edited: Jan 21, 2016
  12. Briansol

    Briansol Admins Admin VIP

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    HSA contributions by employers are considered a type of benefit, and are therefore, tax-deductible for the employer. Few companies put in for the hsa anymore because it still costs them money. Instead of paying you, they keep the cost of the plan down internally instead.

    I also love how it's still legal to discriminate against smokers, but not against other risky things, say, exposure to chemicals/etc that in theory is still a choice and likely will end up with you sick later.
     
  13. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Spend 41 cents on a stamp and send me the remaining $8.59?
     
  14. totalburnout

    totalburnout Well-Known Member VIP

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    Discriminate = underwrite. It's a joke that insurance companies cannot properly underwrite the risk, so the premiums cannot be distributed the way they should be distributed based on actual risk. They're limited to age bands and things like smoking.

    If you're a smoker, you earn a worse rate. If you're a woman and can have breast cancer, ovarian cancer, uterine cancer, and have a pregnancy, you earn that rate. If you are a male that can have prostate cancer, penile cancer, and testicular cancer, you earn that rate.

    In a fair and just society, you would pay what you merit.
     
  15. totalburnout

    totalburnout Well-Known Member VIP

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    Anyway to make up contributions for 401k if you didn't max out the $18,000 during the 2015 calendar year?
     
  16. reckedracing

    reckedracing TTIWWOP VIP

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    You may want to speak with the plan administrator and inquire if there is a self fund option to get you to the max allowed for last year.
     
    Last edited: Jan 26, 2016
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  17. chestercheeto48

    chestercheeto48 Senior Member VIP

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    I was just informed that I need to fill out a 1096 form and roughly a dozen 1099-MISC forms for the Non-Profit that I was treasurer for up until December of this year. I ordered some from the IRS but I am getting nervous that I will not have them in time. I know that I can buy them from Office Depot/Max but would prefer not to spend money on them as I would have to buy way more than I need. Do you know where I can download/get a copy of these forms? I found a couple of places but they warn about being fined if the IRS can't scan them.
     
  18. reckedracing

    reckedracing TTIWWOP VIP

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    We order ours as pre-printed lasetjet ready forms.
    Clients that do their own typically buy them from Staples for somewhere in the $50 range I believe, and yes there is a great deal of waste when doing it this way.
    (Note staples has them for $29.99, cheaper than last year.) http://www.staples.com/Staples-2015-Tax-Forms-1099-MISC-Kit-Inkjet-Laser-50-Pack/product_1683255
    You can use the forms at this website to complete them on a "for now" basis since they are to be postmarked to the recipients by January 31st.
    https://www.irs.gov/pub/irs-access/f1099msc_accessible.pdf
    Then once you get the official copies from the IRS you can use those to complete the actual forms that you will be sending in to the government.
    The gov't does not receive or scan the recipients copy you are sending to the people.
    Remember no 1099's to S-corps, C-corps, or LLC's taxed as S-corp or C-corp. Also only over the $600 limit for services.

    Cliffs: Use the downloaded ones to mail to the people. Wait for the IRS forms for the ones to send to the government.
     
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  19. chestercheeto48

    chestercheeto48 Senior Member VIP

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    Thanks!
     
  20. invisibledemon

    invisibledemon Bored Moderator VIP

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    filed my taxes last night, i have no major difficulties to file other than the student shit but its pretty basic.

    Apparently though, we live pretty well below the poverty line for our family size. we always thought of it as living within our means, never considered ourselves impoverished....
     
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