Timeline for If my pay period is split between 2 calendar years, which tax year do I file them in?
Current License: CC BY-SA 4.0
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Jul 30, 2019 at 3:39 | comment | added | jamesqf | @mhoran_psprep: I think not, but in any case, that's not the question. The question is about what numbers to put on your tax return, which (except in exceptional cases) will simply be the numbers on your W2/1099. | |
Jul 29, 2019 at 13:05 | comment | added | mhoran_psprep | A person needs to know the answer to this if they want to know the number of paychecks remain in the year when making changes to their 401(k), HSA, FSA deposits. They also need to know if they changed companies in the middle of the year and the new company won't halt the deduction when they meet the IRS limit. They need to know if they need to adjust tax withholding to not have too little withheld... | |
Jul 29, 2019 at 4:46 | comment | added | jamesqf | @dave_thompson_085: While that's true, it applies to a small fraction of contractors &c. The OP is not one of those, unless s/he phrased the post in a very confusing way. | |
Jul 28, 2019 at 21:15 | comment | added | dave_thompson_085 | Not really. Not all contractor payments, or investments, are required to be reported on 1099, and even when it is required the payer can make a mistake -- but you are still rwequired to file a correct return and can be penalized if you don't. Do look at those forms, and if something is on the edge and their determination is reasonable and doesn't hurt (i.e. balances out as RonJohn said) go with that to save work. | |
Jul 28, 2019 at 17:36 | history | answered | jamesqf | CC BY-SA 4.0 |