That's what you get for using Turbo Tax
(Just kidding, the entire process is random. The "risk" is high because of your wife's business. I wouldn't worry about any audit if your records are in order.)
Turbo Tax: Chance of Audit = High
bah!
i looked up "distributions" in this thread but didn't think the ones i saw answered my question so...
i own some Blackstone (BX) units. i believe they are a limited partnership(LP) and i receive partnership distributions every quarter. they are not listed on the 1099-INT, 1099-DIV, or 1099-B... but rather a separe page from my broker with a footnote saying "The tax character of the partnership distribution payments will be reported separately on a K-1 statement from the partnership".
do i need to report these to the IRS on my tax return? if so, where?
i apologize in advance if i overlooked something that was already stated.
thnx -chipy
I assume you're using tax software? The K-1 will be entered and any business income will go on Schedule E Page 2. The other income will flow where it needs to as necessary. For instance, interest and dividend income will go to Schedule B.
mwtgg,
thnx for the quick response. i'm not using any tax software... manually entering... old fashioned way ;-) anyway, i guess i'll keep an eye out for that K-1 and also look into that Schedule E (page 2). thnx again!
ok here's another one. i own some stock that did a reverse split. that is to say, multiple shares were combined to equal one share. well, in my case i had some "old leftover" shares that weren't enough to get me a new "one" share and it seems the broker just gave me the cash value of those old shares.
do i treat that cash value as though i made a sale? do i use it to determine whether i made net income or loss?
thx
for reporting capital gains/losses on stock, in reference to "cost or adjusted basis", can the transaction fees that Scottrade charges me for *both* buy and sell be included in the cost of the stock?
e.g. $7 fee for buying, $7 fee for selling... can i add $14 to the cost of the stocks?
or is it just $7 for the buy transaction?
thx!
I am sorry if I missed it reading the thread, I tried.
But, I have my 1098-T from my university which states the total amount that was billed to me. My state gives me a veterans waiver for tuition. Doing some quick math I am showing they put the total amount billed and didn't subtract my waivers.
Am I only allowed to deduct what I paid (using student loans), or am I allowed to do the entire amount shown on the 1098-T?
Question guys. I cashed out an Roth IRA account for the down payment of the house last year. The $ I got back is less than the amount I contributed. Can I claim tax on the lost amount? thx
EagleKeeper or CPA - would one of you mind if I PM you with a (federal) tax question directly?
If it contains personal info that you would rather not expose (and keep your pants zipped please ), go ahead
just got the news from our accountant.
Owe $2200 federal
and $200 state
How far off?
just got the news from our accountant.
Owe $2200 federal
and $200 state
less than $10. i assume (now) that the tax tables give you the tax for the middle of the range. as i'm at the low extreme, it's off for me.
the last dollar i made last year kicked me up another line on the tax table, that's why the marginal rate is in the thousands of %. it's not, but because the software used the tables rather than just calculating (can you even do that from a legal standpoint? the math is easy enough), it appears to be so.
Ouch - the Fed may hit you with an under-withholding penalty also