lorenzo2’s Activity

Tue Apr 7

NL

Boards Post

lorenzo2 replied to the Tax Strategies board. 10:23 AM

Re: Okay, this is a first...

I am completely disgusted with the complexities of our tax code.

I've posted this in years past, but it seems like a good time to post it again. My idea for tax reform:

All it takes is one law, which says simply that all [more]

Mon Mar 23

NL

Boards Post

lorenzo2 replied to the Tax Strategies board. 11:31 PM

Re: Turbo Tax / Roth IRA / 0119 Form

Those codes occur on Form 8949, but they are reported to the taxpayer on Form 1099-R

No, they're not. They're associated with capital gains/losses realized on the sale of assets, and they're reported to the taxpayer on form [more]

NL

Boards Post

lorenzo2 replied to the Tax Strategies board. 9:52 PM

Re: Turbo Tax / Roth IRA / 0119 Form

A, B, and C are different kinds of taxable short-term distributions, and D, E, and F are different kinds of taxable long term distributions.

Apples and oranges. Those aren't 1099-R distribution codes. You're thinking of the codes on [more]

Sat Mar 7

NL

Boards Post

lorenzo2 replied to the Tax Strategies board. 1:01 PM

Re: question re foreign tax credit

You enter the foreign taxes paid through a mutual fund as being paid to country "RIC - Registered Investment Company" on Form 1116. This will allow you to claim the maximum credit you are entitled to.

Good to know, thank [more]

Fri Mar 6

NL

Boards Post

lorenzo2 posted to the Tax Strategies board. 11:16 PM

question re foreign tax credit

In 2014, I had some $520 in foreign taxes paid from mutual funds or ETFs. Filing joint, that's less than the $600 limit, so I can use the simplified method, not bother with Form 1116, and just enter the foreign tax paid as a credit on 1040 line [more]

Sat Feb 28

NL

Boards Post

lorenzo2 replied to the Tax Strategies board. 9:59 PM

Re: Importing transactions for a partnership?

I realized i do have to make adjustments for wash sales...so I guess i need to enter every transaction onto Form 8949?

Technically, yes.


That's not the way I read it. You can aggregate all transactions for which basis is [more]

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Big red star, 1000 posts Old School Fool
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Most Frequent Board Tax Strategies
Very First Post Re: child care credit, car donation for head of (1/25/2001)
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