So This is What Happened to Our Stimulus Payment

When we received our economic stimulus payment of $201.10 last Friday, we didn’t know what went wrong because the note from IRS said we should get $383.95, and I was actually expecting another check.

Now, a week later, I guess I can forget about another check and the reason for the reduced payment is my own fault. The $182 is the penalty/interests for not making enough estimated tax payment . I didn’t figure this out myself. Another letter from the IRS came yesterday, explaining how the interests are calculated together with tax payment vouchers. It isn’t that I didn’t make tax payments. I did pay $3,500 tax via EFTPS before April 15, but apparently that’s not enough. And when I went through the tax forms TurboTax made for me, I didn’t see any penalty payment!!

Well, lesson learned.

Another thing I noticed is that the government, even the IRS, didn’t really know what they are doing. In the IRS letter, they said I still own them $182.64 and asked me to pay it. Didn’t they already take it? I will make the payment if they give me the full $383.95 that we are entitled to. That said, I guess I will still have to send them a letter to tell them the penalty has already been taken.

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Tax Tips from J.K. Lasser

I received the following tax tips from Nancy Colson, who represents J. K. Lasser, a tax expert. After obtaining a permission, I decided to post these tips here to share with everybody since I feel they are quite helpful in this tax season. For more information, visit www.jklasser.com.   

Mistakes and Potential Pitfalls

• Not filing because you cannot afford to pay - If you don’t file because you can’t pay the entire tax due, you will only increase the amount you will have to pay later with additional and increased penalties. If you enter into an installment arrangement with the IRS, and your return was filed on time, the late payment penalty you pay monthly on the outstanding balance will be reduced from .5% to .25%.
• Estimated taxpayers beware - Estimated tax for payers with income above $75,000 for single filers/ $150,000 for joint filers has significantly increased over the past two tax years. For 2007 you had to remit 110% of your 2006 tax liability.
• Avoid Kiddie Tax - You don’t have to wait for a savings bond to mature to report the interest. You can periodically report the interest. This is especially favorable for children in years where they have no income or are below the threshold.
• Missing, duplicate or incorrect Social Security Number - The IRS will issue a partial refund until they can verify the information on the return. They will recalculate your tax liability based on the information they have and you could wind-up with a tax bill instead of a refund.
• Filing status - Choose the best filing status for your circumstances. Some overlook head of household status, which is a more favorable rate of taxation. Qualified widows (ers) can file at joint rates for the two years following their spouses’ death.
• Moving expense to take first job - Moving expenses to get to that first job are deductible. And you get this write-off even if you don’t itemize. If you moved more than 50 miles, you can deduct the cost of getting yourself and your household goods to the new area, including 18 cents a mile (and parking fees and tolls) for driving your own car.
• Residential sale exclusion - If a seller fails to reside in a house two out of the last five years that fat $250,000 ($500,000 if filing jointly) exclusion could be lost. A prorated exclusion may be available. Under certain circumstances you can add-up the occupancy period of spouses and /or if the sale is due to unemployment, military deployment or other unforeseen circumstances.
• Student loan interest paid by mom and dad - Until recently, if parents paid back a student loan incurred by their child, no one got a tax break. Now there’s an exception. If mom and dad pay back the loan, the IRS treats it as though they gave the money to their child, who then paid the debt. So, a child who’s not claimed as a dependent can qualify to deduct up to $2,500 of student loan interest paid by mom and dad.

Overlooked Deductions

1. Out-of-pocket expenses relating to charitable activities, including the standard mileage deduction
2. Medical transportation, including standard mileage deduction and lodging expenses incurred for medical reasons while away from home
3. Legal fees incurred in connection with obtaining or collecting alimony
4. Gambling losses to the extent of gambling gains
5. Costs associated with looking for a new job in your present occupation, including fees for resume preparation and employment of outplacement agencies
6. Contraceptives, if bought with a prescription
7. Commissions and closing costs on sale of property
8. Seller-paid points on the purchase of a home
9. Education expenses to the extent required by law or your employer or needed to maintain or improve your skills
10. Mortgage pre-payment penalties and late fees

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IRS Gives April 16 Storm Victims Two Extra Days to File Their Tax Returns

If you are living in the Northeast and is affected by the weekend storm, IRS will give you two extra days to file your income tax return beyond the April 17 deadline. According to the IRS announcement,

Victims of the major storm affecting several Northeastern states on Monday, April 16 will have two additional days to file their tax returns beyond the April 17 tax deadline, the Internal Revenue Service announced today. Taxpayers directly impacted by the storm have until midnight April 19 to meet their tax filing obligations without incurring late filing and payment penalties.

All you need to do is making a mark on your return:

Affected taxpayers can mark their paper tax returns with the words “April 16 Storm.� Taxpayers who e-file their returns can use their software’s “disaster� feature, if available.

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Taxes are Finally Done and Some Thoughts on What to Do Next

Well, I waited till the last minute to finish our taxes (thanks for the two extra days). Actually, I started the work in February, shortly after all the forms were in, but suspended it when I noticed that we had to send back a big check. I never rush when I need to pay money back. Since then I have made two payments through EFTPS so I don’t have to make all the payment at once.

I didn’t resume our tax filing process until yesterday and it took me almost the whole day to get it done. At the end, we owed about $6,000 in both federal and state taxes :((. There are several factors contributed to our tax bills though we didn’t claim any dependent on our W-4s:

• We didn’t max out our 401(k) contributions: We were allowed to put $30,000 in our 401(k) accounts in 2006, however, our contributions only totaled at $23,730. That’s $6,270 short!
• We didn’t put money in child care account: The maximum pre-tax dollars we can set aside for child care is $5,000, but we didn’t put any because we didn’t send our baby to daycare.
• We pocketed more than $10,000 in interests, dividends, and capital gains from investments in our taxable accounts.
• We exceeded the income limit to make Roth IRA contributions, thus, have to withdraw almost all the $8,000 we made in 2006 and pay penalties.

Finally, our mortgage interests didn’t help too much in lowering our tax bills as the mortgage isn’t big. We paid a little more than $6,000 in interests in 2006.

Immediately after I wrote the checks, I logged on to my Fidelity 401(k) account and increased the deduction to 20%. This will guarantee that I contribute to the limit this year ($15,500 for 2007). Later on I may have to adjust the percentage so I don’t put too much in the account. My wife also made similar adjustment to her deduction. In addition, starting this year we contribute to the child care account, so this will help to lower our taxable income as well.

As for the incomes generated from our investments, I have a mixed feeling about them. On one hand, I love the idea of letting our money work for us without lifting a finger, but on the other, having to give a big chunk of the profit doesn’t make us happier. One way to deal with this situation is to reduce investments that pay lots of capital gains without scarifying the overall performance. I have already sold CSVFX, which alone distributed nearly $1,000 in capital gain last year. The next to target is CGMFX which has a turnover ratio of 300% in 2006.

For the excess contributions in our Roth IRA accounts, I have three options:

1. Pay the 6% penalty on the excess contributions year after year until I correct it;
2. Withdraw the money right away;
3. Open a non-deductible traditional IRA account and move the money into that account (account recharacterizes).

I intend to go with the last approach with a traditional IRA account, but the process will take sometime to complete.

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Key Differences between Traditional and Roth IRA

Last week I got an email from a reader about the difference between Traditional and Roth IRA. The question is more on the withdraw side than contribution side. After giving a quick answer, I feel I can expand it a little bit with more information on this topic. But tax rules are always complex, so this by no means is complete. Instead, it focuses on the major differences.

First of all, what is Traditional IRA and what is Roth IRA? According to IRS definitions (Publication 590), a Traditional IRA is “any IRA that is not a Roth IRA or a SIMPLE IRA,” and a Roth IRA is “an individual retirement plan that is subject to the rules that apply to a traditional IRA.” Are these definitions clear? Not at all. Therefore, a better way to understand them is by examining the key differences between these two.

Eligibility

Everyone has earned income can participate in IRA (when the income is greater than the contribution), however

• Traditional: Only eligible for age under 70.5 with no maximum income limitation;
• Roth: Only eligible when earned income is less than $114,000 for single, or $166,000 for married filing jointly, with no age limit;

Deductibility

• Traditional: If you or your spouse is not covered by employer-sponsored retirement plan such as 401(K), your contributions is deductible; Your deduction starts to decline if you (or spouse) participates in a retirement plan through employment and adjusted gross income hits certain level [for 2007, the phase-out limits are $50,000 - $60,000 (single) and $80,000 - $100,000 (joint)];
• Roth: Contributions can’t be deducted;

Tax advantages

• Traditional: Earnings grow tax-deferred, but are taxable at withdrawal;
• Roth: Both principal and earnings are tax-free if you take the distributions after age 59.5 and have established your IRA for five years or more;

Withdrawal

• Traditional: Must start to withdraw at age 70.5;
• Roth: No age limit;

Contribution limits

• Traditional: $4,000 ($5,000 for age 50 or above) in 2007 and $5,000 ($6,000 for age 50 or above) in 2008 and 2009;
• Roth: $4,000 ($5,000 for age 50 or above) in 2007 and $5,000 ($6,000 for age 50 or above) in 2008 and 2009;

From what we can see, Roth IRA offers much more flexibilities than Traditional IRA on withdrawals and long-term tax advantages (you may not pay taxes at all on earnings), though it has no immediate tax benefit at the time you make the contribution. If you are considering an IRA account, but haven’t opened one yet, you have until April 17, 2007 to set up your account and make 2006 contributions.

For more information on IRAs, check out IRS Publication 590. Fool.com also has a nice (and complete) coverage on this topic.

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Where to Live with Less Taxes, then Do You Want to Live There?

CNNMoney.com yesterday has an article which listed top 5 most tax-friendly states and top 5 states with the most heavy tax burdens. According to the article,

For the 17th year in a row, the far Western state earned the distinction of being America’s most tax-friendly state.

Among them, Alaska ranked No. 1 with the lightest state and local taxes burden. However, with taxes along won’t tell the whole story because, even with a low tax rate, if the income is also low, then there isn’t really much to cheer about. So I put the taxes in the context of median household income. Interestingly, Alaska, whose 6.6% state and local income rate is the lowest across the country, also has the seventh highest average median household income from 2003 to 2005, according to the Census Bureau data. New Hampshire’s 8.0% tax ratio puts the state at the second place on the most tax-friendly list and its 3-year average median household income is the third highest (only behind New Jersey and Maryland) in the nation. Roundup the top 5 most tax-friendly states are:

At the other end of the spectrum, paying more can’t always be translated to earning more. Residents of Maine pay 14% of their income to the state and local government as taxes (income taxes, property taxes, sales taxes, luxury taxes, and fuel taxes, you name it), yet the 3-year average household income of the state is only $42,006, ahead of just 15 out of 50 states. Other high-tax states include:

If you can choose, what will be your choice? A place with less taxes so you can keep more, or a place with high-paying jobs though you may have to pay lots of taxes?

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Telephone Tax Refund: Easiest $30 or more from the IRS

Early last week, MSN Money has an article saying that there’s a $30 to $60 tax refund that more than one third taxpayers may forget to claim, yet it could be the easiest refund one can get.

So what is it exactly?

It’s the telephone tax refund. According to the IRS website,

The telephone tax refund is a one-time payment available on your 2006 federal income tax return, designed to refund previously collected federal excise taxes on long-distance or bundled service. It is available to anyone who paid such taxes on landline, wireless, or Voice over Internet Protocol (VoIP) service.

If you think that you can’t claim this refund because you currently don’t have a long-distance carrier, you may be correct if you didn’t use any long-distance service since February 28, 2003. Otherwise, you can still get the refund as it covers the period from February 28, 2003 to August 31, 2006. Instead of asking taxpayers exactly how much they have paid in the 41 months on long-distance bills, the government has created standard amount refund from $30 to $60, based on the number of exemptions taxpayers claim on their 2006 tax return:

• One exemption: $30
• Two exemptions: $40
• Three exemptions: $50
• Four exemptions or more: $60

If you are filing your returns with paper forms, here’s a list of where you can enter the claim:

• Form 1040, Line 71
• Form 1040A, Line 42
• Form 1040EZ, Line 9
• Form 1040NR, Line 69
• Form 1040NR-EZ, Line 21

Since it’s a one-time refund, get it before it’s forever gone.

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Nation’s Top 10 Places with Heaviest Income Tax Burdens

Paying too much income taxes?

When it comes to income taxes, not just how much you earn matters, your location also plays a role, a big role. So instead of trying to squeeze a few bucks from various deductions, you may want to consider relocation if you are living in one of the cities in the nation that imposes heavy personal income taxes.

According to a CNNMoney article, people living in Manhattan, New York, pay an average of $25,875 federal personal income taxes, or about 20% of their AGI, the highest in the nation, while residents of Starr County in Texas enjoy a refund of $867, which equals to a negative 4.13% tax burden, from Uncle Sam every year. The article lists top 1o counties in the nation that have the heaviest income tax burdens as:

Factors that contribut to high income taxes include, but not limited to:

• High personal income: of course, you pay more when you earn more;
• Income from investments: however, if your investment incomes are from long-term capital gains or dividends, the impact is so bad as these distributions are taxed at a lower rate;
• State and local income taxes: since these taxes can be deducted from your federal income taxes, you can get a bigger deduction if you are living in a high income taxes state.

The article also provides a list of top 10 metropolitan areas with the highest income taxes percentage compared with AGI:

How’s your income taxes compared with others in the nation? I am living in a county that on the top 10 list, which also has the highest property taxes in the nation :(.

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Enrolled in EFTPS in Anticipation of Taxes

I enrolled in the Electronic Federal Tax Payment System (EFTPS) on January 25 in anticipation of some tax payment again this year. Over the weekend, the first package with personal information and instruction on how to use EFTPS arrived, followed by another envelop with a PIN that I have to use to obtain an internet password. Now all I need to do is call a 800 number to get that password, then I can pay some taxes before the April 15th deadline.

All the tax forms, W-2s, 1099s, and 1098, for 2006 tax year have arrived and I even started the tax filing process, such as entering data from our W-2 forms, several weeks ago, but stopped all the work after TurboTax said we already owed a couple of thousands of federal taxes. There’s no reason to hurry if we have to pay the money back. With EFTPS, I plane to make some payments before the deadline so I don’t have to sign a big check on April 15th.

Once I have discussed with my wife about why we still owed taxes even after we bought the house and claimed zero dependent on our W-4s. The conclusion we got was we didn’t have enough deduction in our mortgage because the townhouse we bought wasn’t big enough :(.

I have done our taxes myself for several years. Maybe it’s time to go for a pro.

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Kiplinger: The 13 Most Overlooked Tax Deductions

A Kiplinger article, "The 13 Most Overlooked Tax Deductions," gives a list of 13 deductions that we usually forget when filling our tax returns. Among The Unlucky 13 items, I found No. 12, Reinvested dividends, is one that I never heard of. I sold some mutual funds in the past and simply used the difference between the cost basis and the proceeds from the sale to determine the gain, though all the dividend and capital gain distribution were reinvested. However, it's much easier to figure out the actual costs, which should include your own contributions and fund distributions, if the investment was made as an one-time purchase. If, on the other hand, the investments were made over years through dollar-cost averaging, it could be quite some work to tally the numbers and get the exact cost basis.

Here's the summary of the 13 overlooked deductions. For detailed explanations of each item, use the above link to read the full article. 

1. State sales taxes: You must choose between deducting state income taxes or state sales taxes and, if you live in income-tax states, the income-tax deduction is a better deal.
• Enter your state sales taxes write-off on line 5 of Schedule A and write "ST" on the dotted line to the left of that line.
2. $250 educators' expenses: Teachers and their aides can deduct up to $250 for books and classroom supplies.
• If you qualify, put the deduction on line 23 of the Form 1040, the line now used for the Archer medical savings account (MSA) deduction, and write "E" on the dots to the left.
• If you also claim the MSA deduction, write "B" (for both) on the line and attach a breakdown of how much you're claiming for each.
3. College tuition: You may qualify to deduct up to $4,000 you paid in college tuition in 2006 for yourself, your spouse or a dependent.
• For 2006 returns, the deduction is taken on line 35 of the Form 1040, the line for the domestic production deduction. Write "T" to the left of that line.
• If you're claiming the production break, too, write "B" on the dotted line and attach a breakdown of how much you're claiming for each.
4. Student loan interest paid by mom and dad: A child who's not claimed as a dependent can qualify to deduct up to $2,500 of student loan interest paid by mom and dad.
5. Out-of-pocket charitable contributions: You can write off out-of-pocket costs you incur while doing good works. If you drove your car for charity in 2006, deduct 14 cents a mile.
6. Moving expense to take first job: If you moved more than 50 miles, you can deduct the cost of getting yourself and your household goods to the new area, including 18 cents a mile (and parking fees and tolls) for driving your own car.
7. Military reservists travel expenses: To qualify, you must travel more than 100 miles and be away from home overnight. If you qualify, you can deduct the cost of lodging and half the cost of your meals, plus 44.5 cents a mile (and any parking or toll fees) for driving your own car.
8. Child-care credit: Up to $6,000 can qualify for the child-care credit, but the old $5,000 limit still applies to reimbursement accounts. If you run the maximum $5,000 through a plan at work, but spend more for work-related child care, you can claim the credit on up to an extra $1,000.
9. Estate tax on income in respect of a decedent: You get an income-tax deduction for the amount of estate tax paid on the IRA balance. Let's say you inherited a $100,000 IRA, and the fact that the $100,000 was included in your benefactor's estate added $45,000 to the estate tax bill. As you withdraw the money from the IRA and pay tax on it, you also get to deduct a proportional amount of the estate tax paid.
10. State tax you paid last spring: If you owe tax when you filed your 2005 state tax return, remember to include that amount with your state-tax deduction on your 2006 return.
11. Refinancing points: When you refinance a mortgage, you have to deduct the points over the life of the loan. That means 1/30th a year if it's a 30 year mortgage.
12. Reinvested dividends: If you have mutual fund dividends automatically invested in extra shares, each reinvestment increases your "tax basis" in the fund. When you redeem shares, the reinvested dividends should be included in your basis, thus reduce your gain.
13. Jury pay paid to employer: Some employers continue to pay employees' full salary while they are doing their civic duty but ask that they turn over their jury fees to the corporate treasury. You've always had a right to deduct the amount.
• Enter it on line 13 if you file the Form 1040A or on line 34 if you use the full-fledged 1040.

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TreasuryDirect 1099 Form for 2006 Available

Yesterday an email from TreasuryDirect arrived, informing me that the 1099 form for 2006 is available online.

2006 was the first year that our investments in Treasury bills were subject to federal income taxes. We have been buying I and EE bonds for several years, but they are exempted from both federal and state income taxes (federal income taxes will be imposed when the bonds are redeemed or reach maturity. Click here for more information on how I bonds are taxed). The taxes were from our weekly investments in 4-week T-bills since last May. After I logged in my account, it shows we have a total of $249.70 in interests since June 2006, which will be part of our annual passive incomes.

The access to my TreasuryDirect account, however, wasn't a smooth one.

It has been a while since I logged in my account and I couldn't remember exactly the password. I tried twice but didn't go through, so I clicked the Forget Password button. Then I faced a even bigger challenge: I have to answer three out of about 10 security questions. Not just any three, but exactly those three that I chose when I set up the account. If I were given those three questions, I might be able to come up the answers. But remember which three questions? I couldn't even remember a password!

Again, I tried several times with different combinations that I thought were possible, again all the attempts were rejected and eventually I got a screen, saying I have to call a CSR at TreasuryDirect for help.

On one hand, these enhanced security features can prevent unauthorized access to my account (and now it seems everybody is doing this), but on the other remembering all the questions and answers isn't an easy job. I use Firefox and every time I enter a new password, the browser asks me if I want the browser to remember it. I usually choose yes to save some typing. That's the convenient part. The drawback is, of course, that if I don't have to remember, I don't remember. After sometime the remembered passwords may be cleaned by the system and by that time, my memory is not fresh any more. A couple weeks ago, I also tried to access my VirtualBank account, which I haven't used for a long time (I have only about $120 in the account). All my attempts failed and I ended up getting my access suspended.

I wonder if there's any better way to manage all these user names, passwords, security questions instead of writing them all down on a piece of paper.

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No Phily Tax Refund

From 2002 to 2005, I have worked in Pennsylvania while keeping my residence in New Jersey. Before 2004, my employer had withheld NJ income tax for me and I didn’t need to pay PA income tax (if there was any PA income tax withhold, I could get it back without any problem). For one year from 2004 to 2005, I worked in Philadelphia and when I filled my 2005 tax returns, I asked for a PA tax refund as it showed in my W-2 that there was Philadelphia tax withhold. Sounds OK? Well, not really as I thought.

I got a notice from PA state revenue office last month and in the notice there are two columns of data: one column is the numbers I provided in my PA tax return, including wages, tax withhold amount, and refund amount I requested, and everything looks OK. The other column, the numbers the revenue office provided, has nothing but zeros.

“Why all zeros? Does it mean I didn’t earn any income and didn’t pay any taxes?�

With these questions, I called the PA revenue office yesterday and was told that indeed I didn’t have any income with the state and there was no state tax withhold, therefore, no refund. When I was directed to my own W-2 form, I realized for the first time that all my tax withhold was for the city of Philadelphia, not the state. No wonder all those zeros.

I then called the Philadelphia tax office and was told that though I am not a Philadelphia resident, I still have to pay Philadelphia local tax at a lower rate and my employer was right to withhold the tax for me and

NO REFUND!

I was hoping to invest the refund money. Now I guess I have to live with the fact. But, did I include the Phily local tax when I filled my NJ state tax? And how do I know whether or not the proper amount of tax was withheld?

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