Topic: Taxes
in Forum: Humor
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I'm incredibly frustrated.
I'm doing my fathers final tax return and I got to the part of where I have to put in his annuity payments. It's asking for his "taxable" annuity. All I have is the Gross. There is the complicated formula for figuring out the taxable amount and after an hour and a half of reading the book, I'm no smarter than I was when I started.
Anyone ever do this?
JimG 2007-02-11 22:36:36
I'm doing my fathers final tax return and I got to the part of where I have to put in his annuity payments. It's asking for his "taxable" annuity. All I have is the Gross. There is the complicated formula for figuring out the taxable amount and after an hour and a half of reading the book, I'm no smarter than I was when I started.
Anyone ever do this?
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Yea, I can't do my own taxes either, "I have people".
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I'd suggest getting one of the tax-ware programs (Turbo-Tax or Tax-Cut) to walk you through it. Or if you don't want to go that route go to H&R Block or some other tax preparer to get shown how to do it. Either way it is money better spent than having "Uncle" call you in a few years down the road to explain how you came up with the numbers (been there - done that - don't want to do it again in my lifetime).
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I agree with Norsky. My wife and I have used Turbo-Tax for the past 2 years. It's real simple and you can't beat the price. The total for both state and federal was less than $60. Now if you want your refund really fast, that's another $29.95 and it you want your fee for turbo-tax deducted from your refund, that's $29.95 more.
I've got Turbo Tax but when it comes to Annuities, it's weak....
WOuld have been alot easier if I'd asked Dad all this before he died...
WOuld have been alot easier if I'd asked Dad all this before he died...
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The insurance company should have a customer service number. They should be able to break down taxable vs non-taxable questions... LukesVette 2007-02-12 23:17:03
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It depends on the type of annuity; is it universal life ?
Here's 2 interesting link : http://www.beneficialfinancialgroup.com/provident_living/wealth_transfer.html
Sorry to say, but chances are it will be the gross; which is fully taxable.
It's a Civil Service annuity...
I'm guessing you're correct., it'll all be taxable. From the reading I've done it's based on the Gross vs The amount contributed and how long it's been received. There's a formula....
Oh well, at least he doesn't owe anything.
I'm guessing you're correct., it'll all be taxable. From the reading I've done it's based on the Gross vs The amount contributed and how long it's been received. There's a formula....
Oh well, at least he doesn't owe anything.
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Did't your Dad get a 1099 from the bank/insurance co/broker/ for the annuity..?
I would think he should have... how were they handled last year...?
Oh how I loved Turbo Tax when it was still offered as a DOS program,
when they discontinued DOS and only offered "windera" based programs I got pissed and switched to Tax Cut...and have never looked back...
I really am not extremely fond of Tax Cut either...but I've got the old shoebox method down to a science...
Bob G.
I would think he should have... how were they handled last year...?
Oh how I loved Turbo Tax when it was still offered as a DOS program,
when they discontinued DOS and only offered "windera" based programs I got pissed and switched to Tax Cut...and have never looked back...
I really am not extremely fond of Tax Cut either...but I've got the old shoebox method down to a science...
Bob G.
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in Forum: Humor
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