#taxes

Parent has been incorrectly claiming me as dependent on taxes. Can I amend my 2023 taxes to override this?

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Parent has been incorrectly claiming me as dependent on taxes. Can I amend my 2023 taxes to override this? I am 21 and a full time student. I live on my own and support myself. I am very low contact with my parents, they do not financially support me. I qualify for a tax credit for my education. I realized that I should’ve qualified last year too, but I was incorrectly claimed as a dependent by my mother. At the time, I didn’t think there was any har…

Reddit Personal Finance 644 2025-02-23

Warning about CashApp Taxes

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Warning about CashApp Taxes I realize that this is probably my fault for using CashApp Taxes to begin with, but they were great when it was credit karma taxes and I don’t want to pay money to file my taxes when I always go through the forms myself anyway to verify they’re correct. That said, due to a series of shitty circumstances, I had to cash out some retirement account…

Reddit Personal Finance 1.2k 2025-02-06

Moving from WA to CA. Any state taxes or unique taxes I should be aware of?

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Moving from WA to CA. Any state taxes or unique taxes I should be aware of? As the title implies, I have been offered a job (1 year contract) in Irvine, CA which is a 40% increase of my annual income but I currently live in Seattle, WA (no state income tax) I’m aware that California has state income tax but I’m now noticing that there’s other state-specific taxes I should be aware of such as capital gains on HSA and bro…

Reddit Personal Finance 1.1k 2025-02-05

Am I thinking about taxes the right way

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Am I thinking about taxes the right way Just did my taxes for the first time, I got $2 refund. Which is what I read is the closer to zero the better, is that right? My dad said I should contact my hr/payroll to have out more money out of my income so I can get more back but that doesn’t make sense to me since I put a good amount to my savings each paycheck and calculate my bills accor…

Reddit Personal Finance 968 2025-02-05

Taxes, Filing Married

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Taxes, Filing Married I need some advice, Im in the state of California and im ready to file my taxes. My Husband and I got married in Jan 23 2024 and this year were filing as married we both have two children together Question is, He made 75k and i made 28k Our total is 104k our return would be 1,700 with both our children. If makes more should we file separately? W…

Reddit Personal Finance 642 2025-01-31

How do you deal with Taxes and VAT internationally?

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How do you deal with Taxes and VAT internationally? Hi we are about to launch our product, it will be shipped internationally to customers (fulfilled directly from China), as the product is small. But its expensive, it cost us a lot and we will sell it for around $300/pc without Shipping/VAT/taxes, etc.. the business is established in the UAE. we want to keep everything legal. how do we deal with…

Reddit ecommerce 773 2025-01-30

Question about taxes

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Question about taxes If someone has 2 jobs and they are not sure how long they will keep the 2nd lower paying job is it better to put the extra money they will potentially have to pay in taxes in a savings account or just change the w4 to have the extra taken out of the higher paying job? Employers can take a long time to process a w4 change. Change might last less …

Reddit Personal Finance 975 2025-01-30

already on a payment plan for 2 years ago taxes. I have nothing saved for this years taxes.

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already on a payment plan for 2 years ago taxes. I have nothing saved for this years taxes. is there a way to combine the two years of back taxes into one consolidated payment plan? I could use my emergency fund to pay for the 2024 taxes, but then I have nothing left. I do have excellent credit so one of my options is def opening a new zero interest card to pay the new taxes. I could also take the short payment plan which doesn’t have …

Reddit Personal Finance 849 2025-01-29

I did not file my taxes, what can I do….

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I did not file my taxes, what can I do…. Back in 2020-2021 was my senior year of high school. During this time I was working and making sure I made money while I had school online. Well not long after summer was over I stopped working because I became a full-time college student. I did not put much mind to it and later received my W-2 in the mail. It was noted that I made more than 10k…

Reddit Personal Finance 740 2025-01-28

Paying taxes on stocks

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Paying taxes on stocks I work for a publicly traded company that is being sold to private equity and delisted from the stock exchange. I have shares I purchased and some were given as RSUs. When the sale closes all will be fully vested and turned into cash (I don’t know if I’m saying that right) but they said even if the RSUs weren’t going to vest until a later date t…

Reddit Personal Finance 827 2025-01-26

Taxes… I’m confused

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Taxes… I’m confused I’m gonna preface this by saying this is my third time filing my taxes. I’m young and don’t have a lot of experience. So I got my W-2’s and a 1095-C from my employers this year. I imported them through TurboTax, double checked it all, and continued filing. To the best of my knowledge, there’s nothing wrong and I’ve filed correctly. The last two …

Reddit Personal Finance 339 2025-01-26

Common law married for the past 10+ years (Texas), but we filed our taxes as Single. Should we ammend our taxes for the past 2 years?

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Common law married for the past 10+ years (Texas), but we filed our taxes as Single. Should we ammend our taxes for the past 2 years? My partner and I qualify as being married under Texas’s common law marriage, but we always filed our taxes as Single. Would it be worth it to ammend our taxes? I believe we can only go back 2 tax years (2023 & 2024). Would this be difficult? What, if any, “proof” would we need that we’ve been married in the eyes of Texas? We have joint accounts,…

Reddit Personal Finance 730 2025-01-18

I have not filed taxes in 7 years- now I have a W2

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I have not filed taxes in 7 years- now I have a W2 I’ll keep it as short as possible and make edits when/if more info is needed: I am 28 now and I have flipped houses and owned some rentals for a little while. All of this has been done through various LLC’s. In 2017, I had a contractor walk with over $200,000. I was way too loose managing him. I do have a W9 for him. It wasn’t worth pursuing in …

Reddit Personal Finance 1.0k 2025-01-08

How do taxes work on a partial withdrawal from investment?

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How do taxes work on a partial withdrawal from investment? Let’s say I have 400K invested in the last 5 years 400K gains in a index fund. I want to withdraw $30K, can this be considered that I’m withdrawing money from original principle amount and I owe no taxes on it or is it considered investment income regardless and I have to pay long term gains tax on it? submitted by /u/ecfan

Reddit Personal Finance 850 2025-01-06

Employer Withholding Taxes for wrong state

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Employer Withholding Taxes for wrong state Asking for my best friend, who is in bit of a tricky situation and can’t get help from their employer. First some context to explain the situation: Small retail business based out of Louisiana (LA). Item production for the store is done in North Carolina (NC) where my friend is based. Friend was telling me that the employer is withholding LA tax…

Reddit Personal Finance 1.3k 2024-12-04

Taxes are not being taken from my paycheck

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Taxes are not being taken from my paycheck I’m 20, work part-time in retail, and also attend college. I recently realized that money isn’t being taken out of my paycheck for federal and state taxes. I started this job in May, and I just noticed the issue when I checked my paycheck stub on ADP. I’ve never had this issue with any other job I’ve worked before, and honestly, I don’t know any…

Reddit Personal Finance 478 2024-11-27

Taxes on Tuition Reimbursement, How to minimize?

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Taxes on Tuition Reimbursement, How to minimize? I work for a public university and am using my tuition benefit so that my wife can get her Masters. The benefit is a 50% discount on Tuition so this means it’s adding $9885 to my taxable income as a taxable tuition benefit. I make just under 56k annually, and am paid monthly and so this currently works out to about an additional $300 withheld …

Reddit Personal Finance 718 2024-11-05