(Topic ID: 260672)

Tax Returns 2020

By easye9901

4 years ago


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  • 97 posts
  • 53 Pinsiders participating
  • Latest reply 4 years ago by Taxman
  • Topic is favorited by 3 Pinsiders

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    #34 4 years ago

    My experience says that if your life hasn't changed much from last year, or the tax forms haven't, then most of it is a copy job anyway, meaning the forms to fill and what you need to be watchful of and what to fill out. Low effort. Last year was not one of those years with the tax changes, but this year will be like the last one. Last year would have been a good year to get a CPA for sure, this one not so much.

    #35 4 years ago

    For the CPAs here: Who can explain having to claim your last year's state tax refund on your current year federal tax form as taxable income? Don't understand the logic in that.

    #42 4 years ago
    Quoted from marcus0202:

    1. As an individual, you are on the cash method of accounting. So a state income tax refund check you received in 2019 (based on your 2018 taxes) is cash that you received.
    2. That said, you only need to include the state income tax refund check in income on your federal return if you deducted those state taxes (as an itemized deduction) which, for a refund received in 2019, would have been on your 2018 federal return. With the Trump tax law, you are now much less likely to itemize state taxes on your federal return.

    #2^^^ That's what I was looking for as an explanation, thanks. See you can get free, useful advice here. With the tax changes, last year, I can no longer deduct state income taxes (part of SALT) on my Schedule A, taking the standard deduction now, hence do not have to claim the state refund anymore as income. I missed that last year. You just saved us $125 this year and I'll amend my return from last year as well. I hope this helps others. Thanks again!!

    #45 4 years ago
    Quoted from MrBally:

    Strategic Arms Limitation Talks?

    https://smartasset.com/taxes/trumps-plan-to-eliminate-the-state-and-local-tax-deduction-explained

    Careful, in this case, no SALT causes high blood pressure.

    #68 4 years ago
    Quoted from o-din:

    Since they no longer have them at the post office, I download the forms from IRS.gov and make paper copies of them. Then I break out my trusty pen and fill in all the numbers and add and subtract them like the instrutions tell me to do. Same as it ever was.
    Rocket science.

    You've never amended a return? If not better start looking closely to last year's return. I just found $589 with a tip from the threaders here.

    #70 4 years ago
    Quoted from o-din:

    Nope. And I'm not stupid enough to let them hold a lot of my money so I have to wait to get a refund to get it back.
    Usually I owe them or they owe me no more than $100. I've got it down to a science.

    I'd drop the pride and double check last year's return when you do the current one. It has helped me. As you stated its not rocket science. And its also not an exact science. You'll most likely find a mistake or a different way to change your last year's return, to amend it.

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