2020 Taxes

[isufbcurt]

Get them out of the way for racing season.

Exactly

 

[HFCS]

Question for the brilliant and kind experts here.

I have a business expense of $2000 (inventory I bought) that I did not claim on my 2019 taxes. Is it possible to claim it as an expense for the first time on 2020 taxes?

 

[Cyched]

I did use TaxAct this year for the first time. Thought it was easier to use and more streamlined than TurboTax.

 

[isufbcurt]

Question for the brilliant and kind experts here.

I have a business expense of $2000 (inventory I bought) that I did not claim on my 2019 taxes. Is it possible to claim it as an expense for the first time on 2020 taxes?

Sure, who's really gonna know (except for the people reading this on the internet)

 

[nfrine]

Iowa refund deposited today. 4 weeks and a day from filing date. Better than in the past.

 

[SayMyName]

Iowa refund deposited today. 4 weeks and a day from filing date. Better than in the past.

Nice!

Your thread bump prompted me to check mine, and I see it is pending deposit today - exactly 31 days after filing.



(Too bad it will be turned right around and sent over to the Feds next month...)

 

[Rabbuk]

Mine also deposited today, but it was pretty minimal.

 

[Cyclones_R_GR8]

I did use TaxAct this year for the first time. Thought it was easier to use and more streamlined than TurboTax.

I've been using Taxact for years. This year with schedule K due to my mother passing in 2019 (estate officially distributed in 2020) and the distributions from the various IRAs between her and Dad I decided to go with H&R Block this year.

 

[Cyched]

Filed taxes on 3/28. State refund deposited yesterday

 

[throwittoblythe]

Filed taxes on 3/28. State refund deposited yesterday

We filed ours on 3/16 and got the state deposit a couple weeks ago. Still no FED though...

 

[Cyville55]

Bumpity Bump - Has anyone still not seen their Federal Return yet? I filled a few days before deadline, and the status still hasn't changed on the website other than they have received it?

 

[throwittoblythe]

Bumpity Bump - Has anyone still not seen their Federal Return yet? I filled a few days before deadline, and the status still hasn't changed on the website other than they have received it?

We finally got ours a couple weeks ago. Took almost exactly 12 weeks from date of filing. The website/app said “still processing” for the longest time. It didn’t update to “your return is scheduled for deposit” until 1-2 days before we saw it on our account.

 

[Dr.bannedman]

Bumpity Bump - Has anyone still not seen their Federal Return yet? I filled a few days before deadline, and the status still hasn't changed on the website other than they have received it?

paper or online?

 

[tim_redd]

Bumpity Bump - Has anyone still not seen their Federal Return yet? I filled a few days before deadline, and the status still hasn't changed on the website other than they have received it?

I got my federal return quickly. Still waiting on the Iowa return.

 

[Clark]

Stupid and probably simple question for our resident CPA's.

Wife and I closed on our first house in July (were renting previously). We have an escrow account. Going to include fake numbers for the sake of math.

We "paid" $1500 at closing (shows as a debit in the "impound" section of closing documents) into escrow for property taxes. We also got our 1098 that shows $1000 of property taxes paid.

When claiming Property Taxes Paid for the year, do I claim the amount we paid into escrow + the amount on the 1098 ($2,500), or just the amount on the 1098 ($1,000)? I've read quite a few places online that you can claim property taxes paid at closing, but the fact that we technically paid that amount into escrow is what's throwing me off.

The problem with posting tax questions during tax season is tax pros generally are very busy at that time lol

So this answer will do you no good since I've sure you've already filed, but I'll answer it anyway for future reference.

The answer is as always "it depends". On your closing statement, how much of your property tax was paid by the seller? Generally speaking in Iowa, the taxes are assessed July 1st and are paid in September and March. So the seller usually pays the accrued portion as part of closing costs.

My assumption in your situation is you probably should not have claimed any property taxes this year because you were reimbursed at the time you purchased the house for the property taxes you paid. You cannot deduct expenses you were reimbursed for.

That being said, if you just deduct what's recorded on your 1098 it's not very likely that you'll get audited. The IRS doesn't really match that up.

 

[Cyville55]

paper or online?

I filed online through TaxAct.