Author Topic: any accountants out there that i can ask a question?  (Read 477856 times)

Offline YitzyS

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Re: any accountants out there that i can ask a question?
« Reply #2360 on: February 01, 2023, 06:25:00 PM »
My Roth IRA is with e*trade. Started account beginning of last year and deposited about $250 toward 2021. (Wanted to be able to play around with stocks).

Withdrew about $100 later in the year. Just got a 1099-R from them listing a "Gross Distribution" of the amount I withdrew, with a code of "J", which is "early distribution, no known exception".

Was wondering what this means for me.

Offline dm123

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Re: any accountants out there that i can ask a question?
« Reply #2361 on: February 01, 2023, 07:00:42 PM »
My Roth IRA is with e*trade. Started account beginning of last year and deposited about $250 toward 2021. (Wanted to be able to play around with stocks).

Withdrew about $100 later in the year. Just got a 1099-R from them listing a "Gross Distribution" of the amount I withdrew, with a code of "J", which is "early distribution, no known exception".

Was wondering what this means for me.


Who does your return? Accountant or Software or you do it manually yourself?

Think it just means you need to complete Form 8606 (Part III) that shows your distribution is less than your contributed basis and line 4a (~$100 or whatever 1099-R says) and 4b ($0) on the 1040.
But of course, disclaimer - not tax advice speak to a competent advisor.

Offline YitzyS

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Re: any accountants out there that i can ask a question?
« Reply #2362 on: February 01, 2023, 08:24:03 PM »

Who does your return? Accountant or Software or you do it manually yourself?

Think it just means you need to complete Form 8606 (Part III) that shows your distribution is less than your contributed basis and line 4a (~$100 or whatever 1099-R says) and 4b ($0) on the 1040.
But of course, disclaimer - not tax advice speak to a competent advisor.
Thanks. I have an accountant do it, and I'll ask him. Was just trying to get a feel if I did something dumb...

Offline Help

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Re: any accountants out there that i can ask a question?
« Reply #2363 on: February 05, 2023, 01:03:46 AM »
Is it penalty-free even if one withdraws the contribution of a PREVIOUS year?
Yes.

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2364 on: February 05, 2023, 01:36:06 AM »
Do I need to give my account a 1099 from my brokerage account if I didn't get any capital gains or dividend?

Offline yoohoo

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Re: any accountants out there that i can ask a question?
« Reply #2365 on: February 05, 2023, 11:20:31 AM »
Do I need to give my account a 1099 from my brokerage account if I didn't get any capital gains or dividend?
why wouldn’t you? The irs receives it anyway

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2366 on: February 05, 2023, 02:36:19 PM »
why wouldn’t you? The irs receives it anyway
they charge me per form so rather not give in if I have nothing to file anyway

Offline S209

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Re: any accountants out there that i can ask a question?
« Reply #2367 on: February 05, 2023, 04:25:08 PM »
they charge me per form so rather not give in if I have nothing to file anyway
My accountant said I didn’t have to give mine in.
Quote from: YitzyS
Quotes in a signature is annoying, as it comes across as an independent post.

Offline YitzyS

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Re: any accountants out there that i can ask a question?
« Reply #2368 on: February 05, 2023, 08:31:54 PM »

Offline Help

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Re: any accountants out there that i can ask a question?
« Reply #2369 on: February 05, 2023, 09:38:13 PM »
they charge me per form so rather not give in if I have nothing to file anyway
They would charge you even If there's nothing on the form to file? shouldn't take more than 60 seconds to glance at it and move on.

Offline herb

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Re: any accountants out there that i can ask a question?
« Reply #2370 on: February 05, 2023, 09:48:39 PM »
They would charge you even If there's nothing on the form to file? shouldn't take more than 60 seconds to glance at it and move on.
idk, I guess you're probably right

Offline Help

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Re: any accountants out there that i can ask a question?
« Reply #2371 on: February 05, 2023, 10:14:46 PM »
idk, I guess you're probably right
I would guess the charge is per form that they have to add to your return, not per form you hand over to them.

Offline Luvtotravel

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Re: any accountants out there that i can ask a question?
« Reply #2372 on: February 08, 2023, 11:31:20 AM »
what is a tax id as needs to be filled out on a cc form? i have an ein which i tried using but that doesnt go through
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Offline Redbull3

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Re: any accountants out there that i can ask a question?
« Reply #2373 on: February 08, 2023, 09:19:49 PM »
Is there a new tax rule regarding credit card retention bonus credits and other credits? First time I'm receiving a 1099-MISC for my CSR card.
Did you somehow earn a bonus without a required spend?

Offline EliJelly

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Re: any accountants out there that i can ask a question?
« Reply #2374 on: February 09, 2023, 01:02:23 AM »
Did you somehow earn a bonus without a required spend?

Not that I remember

Offline dm123

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Re: any accountants out there that i can ask a question?
« Reply #2375 on: February 10, 2023, 12:54:43 PM »
Do I need to give my account a 1099 from my brokerage account if I didn't get any capital gains or dividend?

Are there losses? Can they be used to offset or harvest?

I would guess the charge is per form that they have to add to your return, not per form you hand over to them.
Like Help said it's probably forms they need to file for you, if you come with 2 or 5 1099s etc with same income type probably doesn't make a difference. As always, double check with them.

Offline Luvtotravel

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Re: any accountants out there that i can ask a question?
« Reply #2376 on: February 19, 2023, 01:57:46 PM »
if you have an llc with three trustees, and youre not entirely comfortable with  two of them, does adding another two trustworthy ones help (in redistributing and having majority power) ? if so, what is the process?
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Offline CanadianJew

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Re: any accountants out there that i can ask a question?
« Reply #2377 on: February 19, 2023, 02:04:33 PM »
Basic question: married with 1 kid, relatively simple return (a couple w2's and a couple 1099s), any reason to use an accountant rather than doing it myself online?

Offline incendia

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Re: any accountants out there that i can ask a question?
« Reply #2378 on: February 19, 2023, 03:18:03 PM »
if you have an llc with three trustees, and youre not entirely comfortable with  two of them, does adding another two trustworthy ones help (in redistributing and having majority power) ? if so, what is the process?

LLCs don't have trustees they have members

You'll need to look at the laws of the state where the LLC was formed and the LLC's operating agreement

Offline YitzyS

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Re: any accountants out there that i can ask a question?
« Reply #2379 on: February 20, 2023, 08:17:34 AM »
Basic question: married with 1 kid, relatively simple return (a couple w2's and a couple 1099s), any reason to use an accountant rather than doing it myself online?
I am not an accountant, so I can't answer for sure, but I have a general rule with accounting: Often you will save much more money than the accountant's fee by using a good accountant. If they can find you even one more loophole, they can cover their own fee many times over.