Tax question for anyone

boatman37

boatman37

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Jun 6, 2015
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So started a new job recently and December 30th was my fist day. January 7th I got a 2 day paycheck from them. Been watching for a W2 but nothing. Talked to a co-worker that has been with them awhile and he said he already got his and walked me through where to find it on the companys payroll site. Well that's where I had already looked and it says no document available. Should I be getting one since I received that pay in 2020 or is it based on the pay period it was for?

I could email the company and ask them but 'm sure I'll get a quicker response here....lol. I'm 100% remote so it would have to go through email and their responses aren't that responsive....lol
 
I am a CPA and you are considered a cash basis tax payer. If your paycheck is dated Jan 1, or after than it is 2020 income even if you did the hours during 2019.
 
Most likely your pay week ended Friday Jan 3. So, as others have said, its all 2020 income. You'll see it next year.
 
Cool. That's what I was wanting to know. I actually got the pay for those 2 days on January 7th so it was 2020 when I received it.

Thanks!
 
bc225 said:
I am a CPA and you are considered a cash basis tax payer. If your paycheck is dated Jan 1, or after than it is 2020 income even if you did the hours during 2019.
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Would you happen to know what form or form I need to fill out? I am 100% disabled Vet. I took money out of an IRA to pay off my mothers mortgage. From what I see I am exempt from the early withdrawal penalty. However, I don’t know what I am supposed to submit. I am looking for someone to push me in a direction. Thank you!
 
Riptide III said:
Would you happen to know what form or form I need to fill out? I am 100% disabled Vet. I took money out of an IRA to pay off my mothers mortgage. From what I see I am exempt from the early withdrawal penalty. However, I don’t know what I am supposed to submit. I am looking for someone to push me in a direction. Thank you!
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Not a CPA but am a DV. You should have gotten a 1099-R form from your IRA provider. If you did, and they filled in Box 7 with a code of "3", which means a Disability distribution, you shouldn't have to do anything other than including the amount in regular income. If not, you would need to submit Form 5329, record the amount in Line 1, then subtract it in Line 2 and enter code "03" to document that there should be no penalty. I think you still include the distribution in total income and will pay regular taxes on the amount.
Hope this helps.
 
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alnav said:
Not a CPA but am a DV. You should have gotten a 1099-R form from your IRA provider. If you did, and they filled in Box 7 with a code of "3", which means a Disability distribution, you shouldn't have to do anything other than including the amount in regular income. If not, you would need to submit Form 5329, record the amount in Line 1, then subtract it in Line 2 and enter code "03" to document that there should be no penalty. I think you still include the distribution in total income and will pay regular taxes on the amount.
Hope this helps.
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Thank you! I’ll get on it.
 
Has anyone filled out a 1040-SR ? When the front is completed, no instructions on how to complete. Just fill out the front and that's it? then sign the back and send in? Something new every year.
 
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