Author Topic: CreditKarma Tax Service redux...  (Read 1952 times)

Firethorn

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Re: CreditKarma Tax Service redux...
« Reply #25 on: February 18, 2019, 07:28:50 PM »
Unless you get a W-2 with code "G- Sick pay", in which case you have file a paper return.

You're talking about a W-2 with no taxable income in box 1, which causes either the IRS or the tax prep software used to reject it, right?

I was reading, people are submitting them electronically by either "misfiling" with $1 in the box, or just not including the W-2 at all, as it doesn't affect tax due at all.

K Frame

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Re: CreditKarma Tax Service redux...
« Reply #26 on: February 19, 2019, 06:58:57 AM »
Finished my taxes.

Slight payment due to Feds, larger refund from state. More than enough to cover the new Ruger Security 9 I've been wanting to get.
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Ben

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Re: CreditKarma Tax Service redux...
« Reply #27 on: February 19, 2019, 09:50:54 AM »
I just got mine back. As expected, I finally got a break after paying out the nose the last four years on capital gains from selling off my CA properties.

My income this year was 1/3 of last year's. I paid zero estimated CA taxes for 2018, and they also ended up giving me $2500 back - something I couldn't do anything to prevent. In CA, when you sell any income property, they force you to "pre-pay" taxes on the sale via a CA 593. CA tries to make you use their default payment formula, but there's an alternative formula you can use, which can save you sending them thousands if not tens of thousands of dollars over the default. I used that formula, but they still rig it to give them more money than they deserve.

I actually overpaid on the fed taxes as well, getting a $2000 credit on next year's estimated taxes. That was due to my sharp CPA though. She found so many deductions on the new Idaho property, even though I only had it for three months of 2018, that it was ridiculous. She's got me depreciating everything from the shop to pumps and fences. Plus it turned out the previous owners put in a new pump and a bunch of pasture fencing in 2015, so my cost basis on them started out much higher than expected.
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