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Personal IRS Problem

 
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Bribby View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:38am
She said it was some "college thing" that she opened when I was younger and cashed out when I turned 18 but this was in June 2011, I didn't turn 18 until October 2011 so I don't think she forged my signature
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:38am
Originally posted by Bunnyahh Bunnyahh wrote:

Originally posted by SamoneLenior SamoneLenior wrote:


wait, she must have forged your signature

I have accounts in my name but I had to sign so they could be opened
not true.  parents an have custodial accts in the kids name.  I have a few,  savings, cd's, stocks, 529, etc...

Yes that is what she did.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:38am
Originally posted by Bunnyahh Bunnyahh wrote:

Originally posted by SamoneLenior SamoneLenior wrote:


wait, she must have forged your signature

I have accounts in my name but I had to sign so they could be opened
not true.  parents an have custodial accts in the kids name.  I have a few,  savings, cd's, stocks, 529, etc...


your kids are minors

I haven't been a minor for a very long time
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Post Options Post Options   Thanks (4) Thanks(4)   Quote mzmee Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:39am
If you can find the cost basis of the stock you may be okay. The amount to be taxed will not be on the $14,000 that was received but the difference between the cost of the stock and what it was sold for. Ask her if she had purchase statements from when she bought the stock. Ask about all statements that she received on a quarterly/monthly/bi-annual statements that were received as this may reflect additional purchases from automatic reinvestments(if that were the case). 

The amount owed may be from them imposing a tax on the whole $14,000 but if the purchase statements can be found this can help reduce tax liability. 

Good luck, do not procrastinate, and communicate with IRS/meet their deadline. If not when they assess and bang their gavel on what has to be paid, you're stuck with it. 

Cost Basis: The original value of an asset for tax purposes


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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:39am
Originally posted by Bribby Bribby wrote:

She said it was some "college thing" that she opened when I was younger and cashed out when I turned 18 but this was in June 2011, I didn't turn 18 until October 2011 so I don't think she forged my signature


oh okay, makes sense
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:41am
Originally posted by mzmee mzmee wrote:

If you can find the cost basis of the stock you may be okay. The amount to be taxed will not be on the $14,000 that was received but the difference between the cost of the stock and what it was sold for. Ask her if she had purchase statements from when she bought the stock. Ask about all statements that she received on a quarterly/monthly/bi-annual statements that were received as this may reflect additional purchases from automatic reinvestments(if that were the case). 

The amount owed may be from them imposing a tax on the whole $14,000 but if the purchase statements can be found this can help reduce tax liability. 

Good luck, do not procrastinate, and communicate with IRS/meet their deadline. If not when they assess and bang their gavel on what has to be paid, you're stuck with it. 

Cost Basis: The original value of an asset for tax purposes




And my mom is saying well what if it comes out for us to owe more? Could that happen?
And if we don't do that and just pay the $1700 could it all just go away?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote freedom76 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:43am
Sounds like the same thing we have for the boys. The money market accounts they have are not theirs until they turn 18. Until then, both my husband and I can withdraw any monies we want. So the fact that she did it before you turned 18, makes sense. Just let her pay what is owed. Don't get too upset over it. I told my boys if they fluck up in HS, we are spending every last penny. If they get scholarships, then the money is theirs!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:43am
Originally posted by Bribby Bribby wrote:

Originally posted by ThoughtCouture ThoughtCouture wrote:

they will not throw you in jail lol.  you can only go to jail for tax evasion and to proove that is very difficult. 
 
anyway, the $14K is what the mom sold some stock.  you only have to pay taxes on the gain (what the stock was sold for - what the stock was bought for).  the $1,700 represents the taxes owed on the gain plus interest and penalties.
 
just tell her to pay the $1,700 and ammend her tax return to include schedule d.


The last part is what I don't understand. Right now I have a letter telling me to agree or disagree, she wants to agree and pay the money, the tax guy said disagree and file schedule d...
 
well, if you agree the irs probably has already ammended the tax return for her to include schedule d themselves anyway.
 
if you disagree and file schedule d, the amount owed will still probably be the same...unless your mom changes something else on her return.  when the irs does calculations they calculate the MOST that could possible be owed...meaning they don't factor in any deductions or other write offs.  in this case, your mom probably doesn't have any other write offs.
 
so, yeah, you can just tell her to agree and pay. the amt owed will likely be the same anyway.


Edited by ThoughtCouture - Jan 03 2013 at 10:45am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:44am
Originally posted by freedom76 freedom76 wrote:

Sounds like the same thing we have for the boys. The money market accounts they have are not theirs until they turn 18. Until then, both my husband and I can withdraw any monies we want. So the fact that she did it before you turned 18, makes sense. Just let her pay what is owed. Don't get too upset over it. I told my boys if they fluck up in HS, we are spending every last penny. If they get scholarships, then the money is theirs!


this is what I plan to do
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:46am
oh wait.  you filed a return yourself, right?
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