How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Stephen G. Your Own Question

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4020
Experience:  Extensive Experience with Tax, Financial & Estate Issues
Type Your Tax Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

My inquiry is in regards XXXXX XXXXX gains and losses for the

Resolved Question:

My inquiry is in regards XXXXX XXXXX gains and losses for the year 2009. I became disabled in December 2007 and found it necessary to sell off my "T. Rowe Price Retirement 2020" account to survive while waiting for an OK to receive disability payments, which were eventually OKd 18 months later. The California Franchise Tax Board has sent me a "Capital Gains and Losses" (Schedule D) form. I am perplexed and frustrated by what I see as the complexity of one performed transaction.

The last page submitted by them to me lists;

Interest $60 - Ord Div $96 - $140 - Pr yr rfnd $140 - Stock & bond $9197 - Rh IRA Ctb $2493
Submitted: 2 years ago.
Category: Tax
Expert:  Stephen G. replied 2 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

What is your question exactly?

Stephen E. Grizey :

It appears that they have income reported to them that isn't easily identified on your return.

Customer:

I'm not sure. I'm wondering if I need to make payments, or if I will receiving a refund. I apologize for not giving out the specifics on my T. Rowe account. I sold it off to survive.

Stephen E. Grizey :

What kind of retirement account are you talking about.

Customer:

Yes and this Schedule D form is all Greek to me.

Stephen E. Grizey :

Do you have a copy of your 2007 return?

Customer:

It's a retirement 2020 account. Which I believe possibly non taxable

Customer:

it's not an IRA. I don't recall what they reffered to it as

Stephen E. Grizey :

Is it an IRA or just an account you set up for retirement?

Customer:

an account setup for retirement.

Stephen E. Grizey :

Did you sell all of it that you owned at the time?

Customer:

Yes I did

Stephen E. Grizey :

OK, well you sold a total of $9,197 of that mutual fund & didn't report any gain or loss on Schedule D.

Customer:

Correct

Customer:

It's a Roth account\

Stephen E. Grizey :

You need to figure out what you paid for the fund in total, including any reinvested dividends.

Customer:

OK sounds good. I appreciate your assistance. The odd thing is we both know they have all that info already. I was warned about the FTB. Thanks for your help Stephen

Stephen E. Grizey :

if it was reported as a roth you wouldn't have received the notice listing it.

Customer:

So am I wrong? Or maybe them?

Stephen E. Grizey :

What does the notice say they want you to do now? file an amended return; or what?

Customer:

Fill out a schedule d

Stephen E. Grizey :

If it is a Roth IRA it would say that in the title of the account. You said it wasn't an IRA; if it was a roth account it would have to be an IRA

Customer:

OK

Stephen E. Grizey :

Are the dividends, interest & state income tax refund reported on the return?

Stephen E. Grizey :

It looks like you may have started a Roth IRA (according to the last entry) & contributed $2,493. to it.

Customer:

Yes I did

Stephen E. Grizey :

Naturally there's no tax deduction for that as it is a Roth

Customer:

I wanted to avoid taxes after I retired

Stephen E. Grizey :

So the main thing is to report the mutual fund transaction on Schedule D & find out from your broker the

Customer:

ok

Stephen E. Grizey :

qualified plan status of the so called "retirement account".

Customer:

very good then

Stephen E. Grizey :

My bet is that it is just an account set up with a fancy name for you to save for retirement.

Stephen E. Grizey :

Please remember to ACCEPT; it is the only way we get credit for our work. Feedback, if you have time, and bonuses where you think they are warranted, are always most appreciated. I'll be happy to answer any follow-up questions you may have.

Customer:

Yes, it's called a Retirement 2020 account via T. Rowe Price

Stephen E. Grizey :

The way things are these days better add another 10 years

Customer:

Sometimes I feel the tax code was devised to shorten our lifew span

Customer:

you know you're right

Stephen E. Grizey :

It has mine, I had to retire, well just about

Customer:

I contracted a heart condition

Customer:

so I have haven't worked for 4 yrs

Stephen E. Grizey :

I have 4 stents but don't tell anybody

Customer:

mum's the word

Customer:

Geez and I thought atrial frib was bad

Customer:

well I hope you'll be ok

Stephen E. Grizey :

bad back, broken ankle, too fat, memory going (short term)

Customer:

me too

Stephen E. Grizey :

OK, gotta run to an appointment

Stephen E. Grizey :

good luck

Customer:

Thanks

Stephen E. Grizey :

the feds will want this info too if you haven't given them the cap gain or loss

Customer:

Oh fun!

Stephen E. Grizey :

Well if it is a loss they will owe you money & even pay interest

Customer:

That's good. The guy from the tax board just told me he'll send me all the pertinent info

Customer:

and then I can handle it from there

Stephen E. Grizey :

Once you get rid of FTB, you may want to file a 1040X with a Schedule D for 2009; everything you need is at IRS.gov

Stephen E. Grizey :

except me..... I'll be here - just ask for Steve G at the beginning of your question.

Customer:

Oh very good. I appreciate the information.

Customer:

O.K. I will. I'd prefer to do business with you

Stephen E. Grizey :

Thanks for using our service; good talking with you, gotta run,

Stephen E. Grizey :

Thanks very much.

Customer:

he advised that I would receive the necessary paperwork in about 10 days

Customer:

Thank you Stephen.

Stephen E. Grizey :

For CA, right?

Customer:

You'll be hearing from me

Customer:

yes

Customer:

I'm near San Diego

Customer:

Good talking to you also. You're a good guy

Stephen E. Grizey :

OK, figure out the cost of the mutual fund; estimate if you have to; your broker or the fund should be able to tell you

Customer:

OK sounds like a plan

Stephen E. Grizey :

Please remember to ACCEPT; it is the only way we get credit for our work. Feedback, if you have time, and bonuses where you think they are warranted, are always most appreciated. I'll be happy to answer any follow-up questions you may have.

Customer:

Alright Stephen. Consider it done. I can't thank you enough.

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4020
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 6 other Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.