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Tax pros, question.
I can't figure this one out. We have a moderately complicated return, I have two W-2s, a 1099 MISC and my wife also has a 1099 MISC. She has a small consulting business.
My question involves overpayment of social security tax. I overpaid the tax this year due to being employed by two separate entities during 2009. I overpaid by about $1300. I file with Turbotax. I did my return, everything was going fine until I got to the end where I could e-file. During the pages in Turbotax where they are trying to sell you audit insurance and such my refund dropped by about $1300 for no reason. Nothing was added or subtracted from my return. I went and looked at the return and the refund of social security tax was now listed as $0. I could not figure out why. So, I deleted the return and started all over. Son of a ***** it happened again exactly the same way! Is there some situation where the limit on the social security tax is lifted? Unfortunately (or fortunately depending on how you look at it), we made enough to be subject to AMT this year and that cost us another $1100. Originally Turbotax did not have us subject to AMT but by the end of the return it did. I'm not going to lose sleep over it, we got about the same refund this year as we did last year, but if there is $1300 out there that is mine, I'd like to have it back.
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Rick 1984 911 coupe |
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02-03-2010, 08:13 PM
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The Unsettler
Join Date: Dec 2002
Location: Lantanna TX
Posts: 23,885
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That's why I pay a guy. Same dude 10 years running. For every penny I pay him he gets me back $100's.
He's been retired forever but once a year he flys up from VA to NY and holes up in a hotel for a month, FedEx him your stuff, it's back in 5 days and he leaves nothing on the table.
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"I want my two dollars" "Goodbye and thanks for the fish" "Proud Member and Supporter of the YWL" "Brandon Won" |
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02-03-2010, 08:28 PM
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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,613
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You are not Turbo Tax material.
Sorry. A good tax pro can easily save you a multiple of what he charges to do your return. You have lots of potential SE tax issues with the 1099's and consulting bsns that simply can't be reliably worked out with a pop up checklist.
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***************************************** Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again! I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions. |
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02-04-2010, 04:32 AM
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Senior Member
Join Date: Jun 2000
Location: N. Phoenix AZ USA
Posts: 28,943
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Quote:
Once it gets complicated, get a professional unless you do not mind losing money to the Govt, who is wasting it right and left. Let Nancy Pelosi pay for her flights in a Boeing to Kopenhagen herself, you need not finance it.
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2013 Jag XF, 2002 Dodge Ram 2500 Cummins (the workhorse), 1992 Jaguar XJ S-3 V-12 VDP (one of only 100 examples made), 1969 Jaguar XJ (been in the family since new), 1985 911 Targa backdated to 1973 RS specs with a 3.6 shoehorned in the back, 1959 Austin Healey Sprite (former SCCA H-Prod), 1995 BMW R1100RSL, 1971 & '72 BMW R75/5 "Toaster," Ural Tourist w/sidecar, 1949 Aeronca Sedan / QB |
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02-04-2010, 06:00 AM
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Get off my lawn!
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When in doubt hire a pro.
That goes for everything from taxes to brick laying. The real trick is finding a competent pro.
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Glen 49 Year member of the Porsche Club of America 1985 911 Carrera; 2017 Macan 1986 El Camino with Fuel Injected 350 Crate Engine My Motto: I will never be too old to have a happy childhood! |
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02-04-2010, 06:48 AM
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Registered
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Yeah, I think this will be my last year for Turbotax. It took me almost a week of evenings to get the thing done, recheck it multiple times to try and figure out where the money was going and then refile from scratch again last night. My time is more valuable than that!
Plus, next year we will likely start funding our taxable investment accounts again so I will have dividends and such to report again. This year was easy, we just socked money into our 401k and payed off debt.
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Rick 1984 911 coupe |
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02-04-2010, 09:17 AM
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beancounter
Join Date: Jan 2008
Location: Weehawken, NJ
Posts: 3,593
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If you've gone over the maximum Social Security tax (stops somewhere around 106k gross wages = $6,621.60 in social security tax for 2009) because you changed employers over the year, good chance you are entitled to a refund of that overpaid amount.
The fact that the social security refund was calculated, but then disappeared when you went through the e-file process sounds fishy to me. It could have something to do with the W-2 data-entry screens not being completely filled out. When you e-file, you need to input ALL the little details from your W-2s (such as the employer's tax ID numbers). FWIW, If you are filing paper returns, you just attach the W-2s and can get away with a lot less data entry into the software.
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Jacob Current: 1983 911 GT4 Race Car / 1999 Spec Miata / 2000 MB SL500 / 1998 MB E300TD / 1998 BMW R1100RT / 2016 KTM Duke 690 Past: 2009 997 Turbo Cab / 1979 930 |
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02-04-2010, 10:12 AM
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Carrera
