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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 10:33am
This is so upsetting because I didn't know about any of this, so annoying and stressing me out when I don't need no worries like this
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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 10:33am

wait, she must have forged your signature

I have accounts in my name but I had to sign so they could be opened
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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 10:34am
Originally posted by SamoneLenior SamoneLenior wrote:


this happens

just let her pay it and be done with it


Okay, thank you.
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Post Options Post Options   Thanks (3) Thanks(3)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:34am
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 from your mom selling some stock (that was in your name).  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.


Edited by ThoughtCouture - Jan 03 2013 at 10:37am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sang Froid Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:34am
Did she get it when you were younger?
Just let her pay the money.
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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 10:35am
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


She said it was so "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
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Post Options Post Options   Thanks (2) Thanks(2)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:35am
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
 
if the account was opened when she was a minor probably not.
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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 10:35am
Originally posted by ThoughtCouture ThoughtCouture 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
 
if the account was opened when she was a minor probably not.


true

I wonder when it was created

how old is the OP?
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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 10:37am
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...
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Bunnyahh Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:37am
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...
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