4 ms·
Right but you are very OT at this point. The parent was arguing that for the vast majority of people taxes are boring and do not involve 1099-INTs or taxes on
by nightski 8y ago
Right but you are very OT at this point. The parent was arguing that for the vast majority of people taxes are boring and do not involve 1099-INTs or taxes on numerous stock trades. While true, these people have the easiest time calculating their required tax.
No one ever was trying to say that IRS doing your taxes for you would never make things easier.
- hundt 8y ago42M out of 150M tax returns filed in 2015 had taxable interest (1099-INT) https://www.irs.gov/statistics/soi-tax-stats-individual-income-tax-returns-line-item-estimates https://www.irs.gov/statistics/soi-tax-stats-individual-inco...
- scott_s 8y agoWe're in the weeds here, but 1099-INT are also used for interest on money-market savings accounts - my guess is a lot of that 42 million filers do not have stock trades. I think W2s and 1099-INTs for money-market savings accounts still qualify as quite boring. However, I still claim that even such boring filers would benefit from the IRS sending out "yea/nay" forms. It removes a lot of the stress and mystery from the process.
- hundt 8y agoYou don't have to guess :) About 26.5 million had losses or gains from sale of property (of which stock trades is the simplest case). Stock trades are also reported to the IRS, although the basis often isn't.
- deleted 8y ago[deleted]
- lern_too_spel 8y agoI'm saying that many people have tax returns that are not easy to file but should be. My stock transactions are just one example. As soon as return free filing becomes an option, intermediaries will pop up to automate IRS reporting for many other taxable transactions (think Square for plumbers and business credit cards for automatic business expense deductions). Even those who have simple returns are wasting half an hour a year.