Not sure how many of you guys do your own taxes or what kind of incomes you have, but I have a question and figured I would ask incase someone
knows...
I have a W2 from my job, a 1099-Misc from the Vinyl Noize blog and 2 statements of (small) interest from my bank. Any idea what return form I need to
use? 1040? 1040ez? Do I need some additional form like a 'schedule' or something?
Also, I had a 401K that I closed out, but I never had the money, t went into an IRA. Do I have to do anything in reguards to that?
Johnny_Whistle - 2-17-2011 at 10:55 AM
Not sure about which 1040 you need, but in regards to the 401k, you need to report to the IRS that the money was rolled into an IRA within 60 days of
the the distribution. You should have received a 1099-R for the distribution from the retirement plan, and you'll get a form 5498 from the company
that received your IRA later in the year (usually June). Form 5329 needs to be completed to show the IRS that you don't owe any taxes or the 10%
penalty for early distributions.BDx13 - 2-17-2011 at 11:17 AM
Vinyl Noize sent you a 1099?
I had no idea blogging paid so well!XHonusWagnerX - 2-17-2011 at 11:31 AM
Quote:
Originally posted by BD
Vinyl Noize sent you a 1099?
I had no idea blogging paid so well!
$1545.66BDx13 - 2-17-2011 at 12:24 PM
dude, that's amazing.
do you mind me asking what your arrangement is?
i mean, do you get a set amount per post or a percentage of the referral fee your posts make?XHonusWagnerX - 2-17-2011 at 02:08 PM
the Noize Corportation has an 'eBay Partnership' which means they get money from eBay for driving traffic there. They get more money if there are more
clicks and more if there are actual click through purchases.
The blog gets a percent of the money eBay collects if an item is bought by a Noize reader/clicker. Then the person that posted the auction/link gets a
percentage of what the Noize blog collected. Then the blogger gets a paycheck once a month.Discipline - 2-17-2011 at 02:41 PM
Nice!XHonusWagnerX - 2-17-2011 at 04:27 PM
They're always looking for more people so get ahold of them if you know anything about TOYS, COMICS, VIDEO GAMES, T-SHIRTS, RECORDS, SKATEBOARDS,
SPORTS... etc!XnMeX - 2-17-2011 at 09:24 PM
Good lord you made a decent chunk on Noize! I gave up...clevohardcore - 2-17-2011 at 11:34 PM
DAMN DUDE! NICE JOB! I say we form a Union on THORP because I hasn't seen one red cent and BD is a slave driver. XHonusWagnerX - 2-18-2011 at 07:57 AM
I think I figured out my tax form questions, but it took 3 calls to the IRS.
I ended up with a 1040, a Schedule C-ez and a Schedule SE. Then I had to do my Mass non-resident (cause I work in Mass, but live in RI) and my RI.
I'm getting back a total of about $2200, but I have an extra $25 a week taken out for Federal so its a bummer that the reality is I'm getting back
less than $1000 in actual tax money. Sucks to have no deductions!
For the 401K to IRA thing I just had to note it on the 1040 so thats taken care of too.
thanks for the help guys, especially JohnnyJohnny_Whistle - 2-18-2011 at 08:25 AM
My pleasure. Retirement plans is what I do.BDx13 - 2-18-2011 at 10:24 AM
johnny, are you a financial planner?Johnny_Whistle - 2-18-2011 at 11:46 AM
No, I work for a mutual fund company, but I'm not a licensed advisor or anything. I just know a lot of the ins and outs for retirement plans, mutual
funds, 529 plans, etc.BDx13 - 2-18-2011 at 12:24 PM
awesome.
it's always interesting to learn what our punk-ass board members do in 'real' life.
