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

year 2009. I became disabled...
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
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Answered in 3 minutes by:
9/1/2011
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,216
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified

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.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,216
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified
Stephen G. and 87 other Tax Specialists are ready to help you
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Stephen G.
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,216
7,216 Satisfied Customers
Experience: Extensive Experience with Tax, Financial & Estate Issues

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