Have a Tax Question? Ask a Tax Expert
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.
What is your question exactly?
It appears that they have income reported to them that isn't easily identified on your return.
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.
What kind of retirement account are you talking about.
Yes and this Schedule D form is all Greek to me.
Do you have a copy of your 2007 return?
It's a retirement 2020 account. Which I believe possibly non taxable
it's not an IRA. I don't recall what they reffered to it as
Is it an IRA or just an account you set up for retirement?
an account setup for retirement.
Did you sell all of it that you owned at the time?
Yes I did
OK, well you sold a total of $9,197 of that mutual fund & didn't report any gain or loss on Schedule D.
It's a Roth account\
You need to figure out what you paid for the fund in total, including any reinvested dividends.
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
if it was reported as a roth you wouldn't have received the notice listing it.
So am I wrong? Or maybe them?
What does the notice say they want you to do now? file an amended return; or what?
Fill out a schedule d
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
Are the dividends, interest & state income tax refund reported on the return?
It looks like you may have started a Roth IRA (according to the last entry) & contributed $2,493. to it.
Naturally there's no tax deduction for that as it is a Roth
I wanted to avoid taxes after I retired
So the main thing is to report the mutual fund transaction on Schedule D & find out from your broker the
qualified plan status of the so called "retirement account".
very good then
My bet is that it is just an account set up with a fancy name for you to save for retirement.
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Yes, it's called a Retirement 2020 account via T. Rowe Price
The way things are these days better add another 10 years
Sometimes I feel the tax code was devised to shorten our lifew span
you know you're right
It has mine, I had to retire, well just about
I contracted a heart condition
so I have haven't worked for 4 yrs
I have 4 stents but don't tell anybody
mum's the word
Geez and I thought atrial frib was bad
well I hope you'll be ok
bad back, broken ankle, too fat, memory going (short term)
OK, gotta run to an appointment
the feds will want this info too if you haven't given them the cap gain or loss
Well if it is a loss they will owe you money & even pay interest
That's good. The guy from the tax board just told me he'll send me all the pertinent info
and then I can handle it from there
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
except me..... I'll be here - just ask for Steve G at the beginning of your question.
Oh very good. I appreciate the information.
O.K. I will. I'd prefer to do business with you
Thanks for using our service; good talking with you, gotta run,
Thanks very much.
he advised that I would receive the necessary paperwork in about 10 days
Thank you Stephen.
For CA, right?
You'll be hearing from me
I'm near San Diego
Good talking to you also. You're a good guy
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
OK sounds like a plan
Alright Stephen. Consider it done. I can't thank you enough.