Military Significant Others and Spouse Support - MilitarySOS.com
Page 1 of 2 12 LastLast
Results 1 to 10 of 13

Thread: My tax situation got way more complicated this year- any advice is helpful

  1. sassypants
    WiggleWiggle~'s Avatar
    WiggleWiggle~ is offline
    sassypants
    Join Date
    Nov 2010
    Location
    Encinitas
    Posts
    8,499
    #1

    Question My tax situation got way more complicated this year- any advice is helpful

    Advertisements
    So I work 2 jobs in California. One is a standard hourly wage job that I will get a W2 for, and the other sends a 1099, which I have not been (nor do I have any idea how to) file quarterly for.

    My parents up to this year have been claiming me as a dependent, and therefore have been claiming my tuition, even the stuff I have paid for because only one person can claim that

    Next year on the FASFA I am old enough to finally claim independence for federal financial aide, but my parents still want to claim me as dependent for piratical reasons like health insurance and car insurance (both of which they still pay for the premiums on, I do pay my own medical bills when they come in though), I have no problem with this, because in many ways they are still helping me get on my feet and I am grateful for this.


    SO do my parents have to not file me as a dependent? Since according to the fasfa I am independent this year due to age, do they claim tuition or do I claim tuition, book costs, rent etc (I only live where I do to go to school) I pay for tuition, but in a system I like to call "the bank of mom and dad". They front me the money and over the semester I pay them back, and I cover most other expenses. It does not matter who files it, because in the end any money gained back for claiming tuition is going right back to pay for tuition, but I just don't want to mess it up if I can actually manage to qualify for any grants besides academic scholarships. (my mom on her own makes too much).

    AND I wouldn't mind learning how to file quarterly, state and federal my 1099 job, as I know I will most likely owe money (mostly SSID and Medicare, as I make too little for any income tax to be kept at any level).


    So my question is this, should I go and talk to a tax pro (HR block, whatever) or stick to what I have done since 16, and file turbotax. Turbotax messed up my 1099 last year and I ended up owing the state of CA $30, so it left a bad taste in my mouth


    anyone? suggestions?
    rocket_liz is my wifey
  2. "If you don't like my attitude, quit talking to me"
    TrishAFSpouse's Avatar
    TrishAFSpouse is offline
    "If you don't like my attitude, quit talking to me"
    Join Date
    Jan 2011
    Location
    VA
    Posts
    12,308
    #2
    youre parents can still claim you.
    You would still file a form 1040 EZ.. this EZ form is what you can use for your FAFSA for the next school year.

    If you are uncomfortable using turbotax for the 1099, you can go to a professional.

    As far as filing 1099's quarterly.. you do'nt have to (I don't) but you would need to contact the CA state tax office to see how you go about doing it. When I had to file self employment tax I had to go through VA dept of taxation website, get a log in and pay online quarterly.

    There are 10 types of people in the world, those that understand binary and those that don't
  3. sassypants
    WiggleWiggle~'s Avatar
    WiggleWiggle~ is offline
    sassypants
    Join Date
    Nov 2010
    Location
    Encinitas
    Posts
    8,499
    #3
    Quote Originally Posted by TrishAFSpouse View Post
    youre parents can still claim you.
    You would still file a form 1040 EZ.. this EZ form is what you can use for your FAFSA for the next school year.


    If you are uncomfortable using turbotax for the 1099, you can go to a professional.

    As far as filing 1099's quarterly.. you do'nt have to (I don't) but you would need to contact the CA state tax office to see how you go about doing it. When I had to file self employment tax I had to go through VA dept of taxation website, get a log in and pay online quarterly.


    To the bolded
    So, even if they claim me as dependent, I will still get independent due to my age on the FASFA irreguardless? We are trying to get the most money back for school, as I am almost done, and my dad really needs to retire. for all the help
    rocket_liz is my wifey
  4. Waiting Around
    Mac N Cheese's Avatar
    Mac N Cheese is offline
    Waiting Around
    Join Date
    Feb 2008
    Location
    Wisconsin
    Posts
    26,419
    Blog Entries
    1
    #4
    I'm filling with a 1099 for the first time this year too, but I'm no help with anything else

    I hope it all goes smoothly and correctly!
    ❤️❤️❤️
    Follow Rylee's progress

  5. Senior Member
    smileygirl's Avatar
    smileygirl is offline
    Senior Member
    Join Date
    Dec 2013
    Posts
    355
    #5
    I plop everything in H&R Block free software and its worked like a charm for me. Beyond that I'm useless. I'm sure there's a CPA on here that can give you some advise!
  6. Dancing Backwards in High Heels
    HisJuliet's Avatar
    HisJuliet is offline
    Dancing Backwards in High Heels
    Join Date
    Nov 2010
    Location
    Together Again!
    Posts
    9,078
    #6
    Go to a professional And not an HR Block, as those generally don't have CPA's, they often just click the same thing you would with the free software.

    A good CPA will set you up with how to handle 1099's and be able to answer all of your questions better than the majority of the MSOS'ers.
  7. Senior Member
    RetepDoc's Avatar
    RetepDoc is offline
    Senior Member
    Join Date
    Feb 2011
    Posts
    6,618
    #7
    How old are you? I am pretty sure that if you are over 24 then your parents cannot claim you as a dependent.

    Best thing to do is to go talk to a CPA
  8. sassypants
    WiggleWiggle~'s Avatar
    WiggleWiggle~ is offline
    sassypants
    Join Date
    Nov 2010
    Location
    Encinitas
    Posts
    8,499
    #8
    Quote Originally Posted by RetepDoc View Post
    How old are you? I am pretty sure that if you are over 24 then your parents cannot claim you as a dependent.

    Best thing to do is to go talk to a CPA
    I am 23 turning 24 this year.


    how much does it cost to talk to a CPA?
    rocket_liz is my wifey
  9. Senior Member
    RetepDoc's Avatar
    RetepDoc is offline
    Senior Member
    Join Date
    Feb 2011
    Posts
    6,618
    #9
    Quote Originally Posted by WiggleWiggle~ View Post
    I am 23 turning 24 this year.


    how much does it cost to talk to a CPA?
    To be honest, I have no idea. I just use my parent's CPA and they have never told me how much she costs.
  10. Team Rocket
    rocket_lizz's Avatar
    rocket_lizz is offline
    Team Rocket
    Join Date
    Mar 2012
    Location
    San Diego!!!
    Posts
    9,069
    #10
    My dad's CPA was like 100$ but I couldn't figure out what was wrong with my taxes and was looking at paying $600 so it was worth it for me.
Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •