The IRS Audit Blog

Posts Tagged ‘retirement’

Question: Claiming losses in ROTH IRA.?

I closed my Roth IRA in 2009 and want to claim losses on Schedule A.
In 2003 I converted Simple IRA to Roth IRA and the amount ($12000) is indicated on that year form 8606. Also I made contributions to this ROTH IRA account in 2005 and 2006 ($4000 each year). But looking at 2005 and 2006 Federal return I do not see any indication of these contributions (no form 8606). I do my taxes using TaxAct so I probably put the contribution but 8606 was not generated.

So now I need to establish the basis and every publication says that I have to use 8606 tax forms from previous years to do that. So even though I contributed $20K the IRS knows only about $12K.
My question is: can I still use the basis of $20K? I have brokerage statements from previous years that show the contributions made.

Thanks.

Answer: Sure. That is the correct basis.

The brokerage firm reported the contributions to IRS each year so they do have a recorde.

How unemployment affects your income taxes

If you lost your job last year, you might be in for some surprises when you file your tax return. If you got laid off near the end of the year with a big severance package or if you cashed in a retirement account, you could end up owing more than expected….

Is your IRA an IOU to the IRS?

IRS Hits Cardinals’ Antrel Rolle With $2.2 Million Bill

Football safety sues after audit nixes his big charitable and business deductions.

‘Matruchaya’ – KSS Charity of year 2008.

Wealthier Investors Get Do-Over With Roth IRA Rules (Update2)

Jan. 28 (Bloomberg) — U.S. investors who convert a traditional Individual Retirement Account into two or more Roth accounts to make a bet on the market rising can save on taxes if it doesn’t.

Personal Finance & Retirement Planning Tips : Excess ROTH IRS Contribution Tips

Question: I want to request that the IRS mail a 590 Publication to me.?

How can I order a publication from the IRS to be mailed to me

Answer: Call 1-800-829-3676 and request one and they’ll ship it to you. Or click on the first link below to download an Adobe file you can save or print as you need.

G’Luck…

Mike Womack, Sr. Partner
Zero Degrees Tax LLP
Moore, OK
Lawton, OK

401(k) tax: You can run from the IRS, but you can’t hide

Q: Do I have to pay taxes on money I take out of my 401(k) if I retire to another country and expatriate?

Question: Why does reporting some one you suspect SSI or IRS fraud..ignored.?

Ignored the details you send if you don’t give your name and phone and address..One is afraid of person they report and Officials ignore it..maybe thinking..No name false report? NOT!

Answer: with no factual info to back it up ..it could be any disgruntle relative, ex wanting revenge
It looks petty, frivolous with no contact info to verify who you are in relation to the fraudulent person

IRS making free tax help available nationwide

Nearly 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations performing vital tax preparation services for low-income and elderly taxpayers.

My apartment in Japan walk through PT 2