Topic: Taxes
in Forum: Humor
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[QUOTE=Bob Griffiths]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.
[/QUOTE]
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.
[/QUOTE]
He got a CSA-1099R. It says, taxable annuity "Unknown"....lotta help the Feds were..... I dunno how they were handled last year, he kept it to himself. I gotta find his last years tax return.
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OMG; never mind what I said before; I just realized your doing his taxes; not yours; because inheriting annuities (for certain type) are fully taxable.
He should only pay taxes on the portion he received during that year and even then, only on the portion that grew; not on what was originally invested (which was already after tax dollars).
The fools explain it better than I do : http://www.fool.com/retirement/annuities/annuities01.htm
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Great Link.....
BUT
Jim will now be pulling all his hair out trying to come up with a
method to calculate the taxable portion ...
Oh how I love April 15th..... although this year I believe we have until the 17th to drop the return in the mailbox...
Enjoy the Math Jim....
Bob G
BUT
Jim will now be pulling all his hair out trying to come up with a
method to calculate the taxable portion ...
Oh how I love April 15th..... although this year I believe we have until the 17th to drop the return in the mailbox...
Enjoy the Math Jim....
Bob G
Bob
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Jim,
2 cruzn 2007-02-14 20:38:53
I'm not sure about your Dad's but Elaine get's an Form CSA 1099R and all of hers is taxable ( it also shows unknown)... the biggest problem is gonna be that they probably didn't take State tax out and you/he will likely owe that ... his may be different but I'm guessing it's the same... it does have something to do with the distribution codes too.
You might check out IRS Pub 721, Tax guide to US Civil Service Retirement Benefits.
I also use Tax-Cut...
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[QUOTE=Bob Griffiths]
Jim will now be pulling all his hair out trying to come up with a
method to calculate the taxable portion ...
[/QUOTE]
All you guys who know me KNOW I can't afford to lose any more hair.....
Jim will now be pulling all his hair out trying to come up with a
method to calculate the taxable portion ...
[/QUOTE]
All you guys who know me KNOW I can't afford to lose any more hair.....
Lifetime Member #73
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[QUOTE=2 cruzn]Jim,
Yeah I basically figured it that way.... I'll read that pub.... Boy I can't wait to do his State Taxes (sarcasm)
See you soon Ray !
I'm not sure about your Dad's but Elaine get's an Form CSA 1099R and all of hers is taxable ( it also shows unknown)... the biggest problem is gonna be that they probably didn't take State tax out and you/he will likely owe that ... his may be different but I'm guessing it's the same... it does have something to do with the distribution codes too.
You might check out IRS Pub 721, Tax guide to US Civil Service Retirement Benefits.
I also use Tax-Cut...
[/QUOTE]Yeah I basically figured it that way.... I'll read that pub.... Boy I can't wait to do his State Taxes (sarcasm)
See you soon Ray !
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Guys take it to a professional accountant. I have access to Turbo Tax and do my tax return on it just for kicks. The accountant always gets me back much more than I pay her.
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[QUOTE=L82vette77]Guys take it to a professional accountant. I have access to Turbo Tax and do my tax return on it just for kicks. The accountant always gets me back much more than I pay her. [/QUOTE]
Dick is right, my accountant has always gotten me a nice return and I don't have the hassle 
Dave
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in Forum: Humor
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