TurboTax easily handles this situation. It was hardly any additional effort, just enter a couple of extra numbers from the forms they send you and you are done.
Don
EXACTLY -- It's no big deal.... It's not like it's some accounting nightmare... no matter what kind of an account it's in. True -- it's a different form.... and does have to be accounted for... But in my book - any time you can get INCOME without it being INCOME.... that's a good thing!
Tax time and I just got a letter from Principal Bank for a Safe Harbor IRA that has ~$4,500 as a Individual Traditional IRA. Now I don't ever recall setting this up and I'm not sure which job I'd have had that used this place.... I also don't ever recall getting this letter in the past it shows it dates back at least into 2012!
WHAT!?!?! Could this possibly be money that was hiding and is now 'free money'? *Heads over to the For Sale section*
__________________
**Some people are like slinkies, they are not really good for anything, but they still bring a smile to your face when you push them down a flight of stairs**
Tax time and I just got a letter from Principal Bank for a Safe Harbor IRA that has ~$4,500 as a Individual Traditional IRA. Now I don't ever recall setting this up and I'm not sure which job I'd have had that used this place.... I also don't ever recall getting this letter in the past it shows it dates back at least into 2012!
WHAT!?!?! Could this possibly be money that was hiding and is now 'free money'? *Heads over to the For Sale section*
Do yourself a favor --- do not call the numbers on that mail --- or use the website listed ---- GO on the net and look up the numbers etc....
You never know if these are "fishing" mails... you call thinking you have money and give them all kinds of information like your SS number etc. So just check it out FIRST. It's real easy for these scammers to use a REAL outfit -- mail you something where they've got their phone numbers listed etc... and BAM they've got
your info.
Do yourself a favor --- do not call the numbers on that mail --- or use the website listed ---- GO on the net and look up the numbers etc....
You never know if these are "fishing" mails... you call thinking you have money and give them all kinds of information like your SS number etc. So just check it out FIRST. It's real easy for these scammers to use a REAL outfit -- mail you something where they've got their phone numbers listed etc... and BAM they've got
your info.
Yeah I did. I googled and the website has the same information listed. Hrmmm
Even looked up scam for them and couldn't find anyone posting or calming anything.
__________________
**Some people are like slinkies, they are not really good for anything, but they still bring a smile to your face when you push them down a flight of stairs**
So Greg,
KMP in my tax deferred 401k is ok? What about the UBTI I keep hearing about. Something like you can have up to $1000 dollars in distrabutions and anything over you pay taxes on? To cause less problems would it be better to get rid of my KMP shares and get KMR instead ?
On a side note they brought back the dividend on GM stock
So Greg,
KMP in my tax deferred 401k is ok? What about the UBTI I keep hearing about. Something like you can have up to $1000 dollars in distrabutions and anything over you pay taxes on? To cause less problems would it be better to get rid of my KMP shares and get KMR instead ?
On a side note they brought back the dividend on GM stock
Thanks
John
I can answer that real quick ---- ONLY YOUR ACCOUNTANT should give you tax advice. PERIOD.
The rules are far to complicated --- and the consequences far too onerous regarding taxes... and far too many "it depends". You've just got to consult a tax professional for that kind of info.
I'm probably the WORST tax knowledge guy in the entire universe... and it's a good thing my firm has done my taxes for 25 years.... because MY GOAL is just to make as much money as humanly possible.... and they can figure out what I owe. I just really don't care about taxes... they're just a small percentage of what I make. So I have kind of a convoluted view of them - and I'm not afraid to pay them. He who pays the most wins...
Brian Hobaugh SCCA National Tour June 2014
First Hemi 'Cuda Convertible Ever Built
Short clips: Goodguys Pleasanton autocross and pit videos
*Heads over to the For Sale section*
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