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Personal IRS Problem

 
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Bunnyahh View Drop Down
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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 1:17pm
yeah, in the relationship section, she said that she was still going to school, even with the baby.
 
Let dreamz tell it, she's just a dumb teen mom drop out with nothing going for her leeching off her parents.
that is not the case
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Post Options Post Options   Thanks (2) Thanks(2)   Quote ms_wonderland Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 1:17pm
Originally posted by Bunnyahh Bunnyahh wrote:

you should make a spinoff---
 
What would you do if your mom spent your college money?
 
What would you do if your mom got bill collectors coming after you for debts that aren't yours?



i am not thinking the mother was any types of malicious when it came to this...i think this was a mother who had high expectations for her daughter considering she saved 14k for her college fund...she got pregnant...
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Sang Froid Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 1:18pm
Originally posted by Bunnyahh Bunnyahh wrote:

yeah, in the relationship section, she said that she was still going to school, even with the baby.
 
Let dreamz tell it, she's just a dumb teen mom drop out with nothing going for her leeching off her parents.
that is not the case

Who's paying for school though?
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Post Options Post Options   Thanks (1) Thanks(1)   Quote ms_wonderland Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 1:19pm
mom is probably paying for school b/c isn't there an issue getting financial aid if you're under like 23 and your parents make a decent living? especially with your parent still claiming you.  
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Post Options Post Options   Thanks (4) Thanks(4)   Quote freedom76 Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 1:21pm
Having a college fund for your child doesn't mean you owe them the money. It could be a savings account for the parents. Ultimately the money belongs to the Parent(s). In this case the mother didn't choose to give the money to the daughter @18, and withdrew it first. That was her right.
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Post Options Post Options   Thanks (4) Thanks(4)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 1:23pm
as long as the mom is willing to pay the tax bill i don't think the op is concernced.  i'm sure she was just freaked out with the irs notice.  i think most people would be...
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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 1:26pm
Originally posted by freedom76 freedom76 wrote:

Having a college fund for your child doesn't mean you owe them the money. It could be a savings account for the parents. Ultimately the money belongs to the Parent(s). In this case the mother didn't choose to give the money to the daughter @18, and withdrew it first. That was her right.
 
true.  her only responsibility is to pay the tax bill associated with the gain.  and actually the mom is still getting a deal because i am sure moms tax % (braket) is much higher than the op's.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bunnyahh Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 1:26pm
Originally posted by Sang Froid Sang Froid wrote:

Originally posted by Bunnyahh Bunnyahh wrote:

yeah, in the relationship section, she said that she was still going to school, even with the baby.
 
Let dreamz tell it, she's just a dumb teen mom drop out with nothing going for her leeching off her parents.
that is not the case

Who's paying for school though?
idk, she didn't say if it was parents, financial aide, scholarships, loans or grants
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Post Options Post Options   Thanks (2) Thanks(2)   Quote Ds2nice Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 1:52pm
I'm a tax accountant...if you need help, pm me.  I didn't read all of the pages because I'm too lazy.  But try getting the cost basis of the stock sold....at least the date acquired and you can work backwards if need be.  This is normal and no need tor panic unless you had ignored the IRS for a lengthy period of time.
 
HTH.
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Post Options Post Options   Thanks (2) Thanks(2)   Quote dreamz Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 3:46pm
Originally posted by Sang Froid Sang Froid wrote:

How does the OP know what the money was spent on?
If the mother is payin' bills and buying food then....


Lamp

seems like common sense has flown the bhm coop.
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