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5th Annual Tax Thread - 2007
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- Status
Muse
Lifer
Started working up my 1040 using Turbotax yesterday. One thing confuses me:
I got a letter from my bank, being a form 5498 2007 IRA Contribution Information. It said a copy had been sent to the IRS. It concerns the fact that during 2007 I had all the money that was in my Roth IRA transferred from Ameritrade (where it wasn't invested, but was in "cash") to my local bank where I invested it in a mutual fund. So, the Form 5498 indicates the Fair Market Value of my IRA Portfolio as of the end of 2006 (zero, because it was at Ameritrade then) and 2007 (the then current FMV of my Roth IRA).
I haven't made a contribution for 2007 to my Roth IRA, and don't think I will.
I have virtually completed the Federal for Turbotax and haven't seen anything that will let me record this information in my return. My thinking is that maybe/probably (?) I'm not required to include information pertaining to this in my 2007 tax return, because it's all part of the Roth IRA and has no impact on this year's taxes. Am I right about that?
I got a letter from my bank, being a form 5498 2007 IRA Contribution Information. It said a copy had been sent to the IRS. It concerns the fact that during 2007 I had all the money that was in my Roth IRA transferred from Ameritrade (where it wasn't invested, but was in "cash") to my local bank where I invested it in a mutual fund. So, the Form 5498 indicates the Fair Market Value of my IRA Portfolio as of the end of 2006 (zero, because it was at Ameritrade then) and 2007 (the then current FMV of my Roth IRA).
I haven't made a contribution for 2007 to my Roth IRA, and don't think I will.
I have virtually completed the Federal for Turbotax and haven't seen anything that will let me record this information in my return. My thinking is that maybe/probably (?) I'm not required to include information pertaining to this in my 2007 tax return, because it's all part of the Roth IRA and has no impact on this year's taxes. Am I right about that?
Your only saving grace is IF you have a net loss over 25K, the difference is rolled into the next year.
Roth reporting requirements are the headaches of the trustee
watdahel
Golden Member
Somebody reply before taxes are due. I'm getting scared and furious.
Why am I being charged to use Turbo Tax Free Edition? Is that the same as the Freedom Edition? Both links seem to log me in to the same place. I finished filling out forms but now I have to pay $60 to efile. Is this because I'm filing Capital Gains/Loss? I noticed Schedule D form is not listed as included with the package.
If that is the case, can someone recommend a better cheaper website to efile Fed and State with Schedule D included? Also do I deduct the fees to do my return on this return or on next years return?
Why am I being charged to use Turbo Tax Free Edition? Is that the same as the Freedom Edition? Both links seem to log me in to the same place. I finished filling out forms but now I have to pay $60 to efile. Is this because I'm filing Capital Gains/Loss? I noticed Schedule D form is not listed as included with the package.
If that is the case, can someone recommend a better cheaper website to efile Fed and State with Schedule D included? Also do I deduct the fees to do my return on this return or on next years return?
Because the account is tagged as a ROTH by the trustee when you opened it and you have already paid the taxes on income placed into it, the status does not actually get reported by you at the current time.
However, it is your responsibilityto ensure taht you do not fund it above the limits based on your income, etc.
If you went straight to TT rather then going through the IRS web link (or the Free link that is posted in the OP), you lose the Free tag.
And the free option can not be relcaimed unless you start a new TT account.
Fees can be deducted the following year for e-filing if you itemize.
TaxCut will have free Federal Filing based on income, TaxAct has free Federal filing w/ no limits.
non-qualified employee stock options and a "sell to cover". Basically used proceeds from sale of a portion of the options to purchase the rest at option price. This previous employer provided me a W-2 that showed total monies gained through the sell portion, taxes were withheld. Box twelve on the W-2 includes a v.
I also received a 1099-b for brokerage exchange from the agent handling it, this number is much higher than my actual income/gain from the sell to cover. This figure looks to be the total value of the options AND the additional gain from the sale. What are the real implications of this and what is counted as actual income? I figured it would be just the sell portion, and taxes were withheld - I sure as heck don't want the entire value of the 1099-b to be counted as actual income. There is no start date on the 1099-b, only the end date when the options were exercised.
thanks in advance.
I also received a 1099-b for brokerage exchange from the agent handling it, this number is much higher than my actual income/gain from the sell to cover. This figure looks to be the total value of the options AND the additional gain from the sale. What are the real implications of this and what is counted as actual income? I figured it would be just the sell portion, and taxes were withheld - I sure as heck don't want the entire value of the 1099-b to be counted as actual income. There is no start date on the 1099-b, only the end date when the options were exercised.
thanks in advance.
On the Schedule D, there are line items for the total sale.
Then you also indicate the cost basis related to the sale.
The brokerage will report what they know (1099-b).
They are not expected to know the cost basis.
Then you also indicate the cost basis related to the sale.
The brokerage will report what they know (1099-b).
They are not expected to know the cost basis.
I need to file my taxes either now, or get an extension. From what I understand, I need to file Schedule C. I have a 1099-MISC, but its not with me.
What information do I need to be able to file my taxes? lol..
I was a courier driver, and logged over 50,000 miles in 2007. Will there be a spot to deduct that, or whatever?
What information do I need to be able to file my taxes? lol..
I was a courier driver, and logged over 50,000 miles in 2007. Will there be a spot to deduct that, or whatever?
If the courier income is 1099 related then the Schedule C will allow you to expense off the mileage.
Tax S/W will prompt you, otherwise, you will need to figure out the expenses/numbers for Line 9 on the Schedule.
StageLeft
No Lifer
EDIT It looks like I don't have to pay. I didn't realize that under AMT I can still deduct most mortgage interest, and the interest on my primary mortgage is enough that with it sucked from the gross, it pushes me down a decent bit below, using AMT, the taxes I paid with the normal method, so I guess no AMT this time.
----
Well, this is fun. Here we are on April 14 and it seems I actually have to refile. I made an unusually large income last year because of how some relocation allowance was thrown onto my income. In short, when I did my taxes with taxcut,turbotax, and taxactonline using the deductions from property taxes, mortgage interest, and state taxes and then my $13k in exceptions on top of that, my taxes came out to a certain amount. I just this morning re-calculated and with the alternative minimum tax I owe about $900 higher.
1) I want to confirm that this is right: (Gross income - $66,250) * .26 = AMT. In this case, since it's $900 more, I need to pay $900 more right now. I did follow Form 6251 but got a bit confused. Are there any likely deductions I'm missing that are allowed against gross income when determining the AMT? I have no idea why none of the tax software flagged me to this two months ago.
2) How can I ammend this? Will I have to make a check for $900, file a 1040 X (?) and just drop it in the mail?
Thanks!
----
Well, this is fun. Here we are on April 14 and it seems I actually have to refile. I made an unusually large income last year because of how some relocation allowance was thrown onto my income. In short, when I did my taxes with taxcut,turbotax, and taxactonline using the deductions from property taxes, mortgage interest, and state taxes and then my $13k in exceptions on top of that, my taxes came out to a certain amount. I just this morning re-calculated and with the alternative minimum tax I owe about $900 higher.
1) I want to confirm that this is right: (Gross income - $66,250) * .26 = AMT. In this case, since it's $900 more, I need to pay $900 more right now. I did follow Form 6251 but got a bit confused. Are there any likely deductions I'm missing that are allowed against gross income when determining the AMT? I have no idea why none of the tax software flagged me to this two months ago.
2) How can I ammend this? Will I have to make a check for $900, file a 1040 X (?) and just drop it in the mail?
Thanks!
2-3 Fridays.
Normally it has been two, but just in case....
ShotgunSteven
Lifer
My last direct deposit showed up after only a few days, but that was when I filed early. Just got done with this year's, now to work on the ones from a couple of years ago so I can get that money back from Uncle Sam.
Kudos to EagleKeeper and CPA for doing this again! :beer:😀
Kudos to EagleKeeper and CPA for doing this again! :beer:😀
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