Income tax thread 3.0

DefyInertia

DefyInertia

Original Saratogian
Smash Allen said:
I don’t think filing an updated return is a thing...
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I know for a fact that it is. You have until the due date to file a corrected version. After that if you wish to make a change and are still within the statute then you’re required to amend.

afm199 said:
Once you have filed a return, it's a bad idea to file another..
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See above

Filing an actual amended return when you’re still within the original due date is inconsistent with the underlying statute and also the administrative procedure the IRS has established for such situations. Filing an actual amended return when you are still within the period to file on time, even when you have already submitted once or 20 times, is likely to be understood by the service but is an action inconsistent with your facts and the relevant rules.

Practically speaking, you should be able to get away with filing an amended return but it’s not the technically correct approach for the given facts.
 
Smash Allen

Smash Allen

Banned
Care to share the Revenue Procedure code section detailing as much?

You cannot make changes to a return once it has been efiled and accepted by the IRS. An amended return is required to make any changes and must be filed as a paper return.
 
Map8

Map8

I want nothing
Staff member
Smash Allen said:
The filing and payment deadlines have officially been extended to July 15, 2020 for tax year 2019.
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Does anyone know if IRA contribution deadlines have been extended as well?

edit: Though I found conflicting answers, its seems that the deadline to make IRA contributions has not changed.
 
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2

250mL

Well-known member
Question regarding residency and income tax implications.

Scenario:
- My wife was full time resident and employed in WA (a no income tax state) for entire 2019. She will claim WA residency for the entire year.
- Me, CA income for Jan/Feb 2019, no additional personal income.
- CA rental income for entire 2019
- We own a residence in both states and I was back and forth pretty much 50/50 split between the two.

What are the implications of me claiming WA vs CA residency?

Points to consider:
1) As CA is a community property state, will CA tax half of wife's income if I declare CA as my 2019 residence?
2) I am looking to apply for CA unemployment. I am running out of time due to the eligibility requirements. I paid into CA unemployment, so should be eligible for the CA benefits...no matter if I declare WA or CA residence, correct?
3) Needing to preserve as much of the 2 of 5 year house sale capital gains tax exclusion. Benefit if I declare CA for 2019.

Thanks in advance.
 
FXCLM5

FXCLM5

bombaclaud
i just did my taxes for 2019

So what does the federal disaster check box do?

I was part of 1st or 2nd evacuation orders on kincade fire, got 0 refunds for the 2+ weeks outta pge/gas (supposedly pge was giving 100 credit) Lost $300+ worth of stuff in fridges.

I hope checking that box doesnt mean - im paying extra funds into the federal disaster fund, is it?

Forgot what I did for 2017 tubbs fire
 
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Smash Allen

Smash Allen

Banned
New provisions from the CARES act recently implemented allows for wider use of losses including eligibility for carry back.

Check with your cpa if you have rentals or a pass through with losses during the last couple years as an amended return may be warranted.
 
Owensdad

Owensdad

Well-known member
DefyInertia said:
You have until the due date to file a corrected version. After that if you wish to make a change and are still within the statute then you’re required to amend.
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Correct.

The distinction is superseding v amended.
 
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Owensdad

Owensdad

Well-known member
Smash Allen said:
New provisions from the CARES act recently implemented allows for wider use of losses including eligibility for carry back.

Check with your cpa if you have rentals or a pass through with losses during the last couple years as an amended return may be warranted.
Click to expand...

This provision is most beneficial to corporate taxpayers that can carry back fy19 losses at 21% to profit years pre reform at 35%. However it can interact oddly with the 965 transition tax and BEAT for US multinationals.
 
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2strokeYardSale

2strokeYardSale

Moab on my mind
I am still unemployed and soon to be broke, with a 401k. Deja vu to 15 years ago when withdrawing early from my 401k financially crippled me for years.

I'm looking into hardship withdrawal (to avoid foreclosure) and SEPP. Based on calculators, the latter would barely pay the mortage, let alone living expenses.

Can you take a penalized or hardship withdrawal in addition to having a SEPP?
 
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