Tag Archives: Rate of return

Foreign Taxes and Basis

Today TaxMama® hears from RJ in the TaxQuips Forum, who asks an intriguing question. “I understand that both reinvested dividends and reinvested capital gains distributions get added into a mutual fund’s Cost Basis. But what about Foreign Tax Paid? Does Foreign Taxes Paid also get directly added into a fund’s Cost Basis?”

Half of Volunteer Prepared Returns Were Incorrect

Courtesy of NAEA – www.naea.org                                                    A TIGTA  audit, which hit email boxes in DC this week, makes for interesting reading. On the plus side, the new accuracy rate is far higher than the accuracy rate TIGTA measured during the 2011 filing season (39 percent). On the down side, half of returns in the study […]

Ask TaxMama Issue 639 – TGIO

Dear Family, Well, Tax Season is all wrapped up – and many of you have hit the road. I can tell, since so many of your autoresponders are saying you’re gone for the next week or two. I don’t blame you. This year, for some reason, was particularly grueling. Some Tax Pros tell me they […]

Virgin Islands Investing

Today TaxMama hears from Tom in the Tax Quips Forum, who has gotten bad advice. “I started investing in an online program that is registered in the British Virgin Islands. They say that this program is exempt from the US Securities Act of 1933, the US Securities Exchange Act of 1934 and the US Investment Company […]

No Tax on Dividends?

Today TaxMama hears from John in the TaxQuips Forum, who lays out his issue. (shortened) “I’m amending my 2009 Form 1040 return and have a question about the result I am getting on the Qualified Dividends and Capital Gains Tax Worksheet. Despite having qualified dividends of $45,224, I keep ending up with 0 tax. Can […]

Corporate Net Operating Losses

Today TaxMama hears from Monty in the TaxQuips Forum, who needs help. Let me paraphrase his question. “When a corporation has net operating losses (NOL) for two years in a row, 2008 and 2009, how do you handle carrying back the NOLs?” Dear Monty, When you have a large net operating loss, you may be […]

Medical Amendment

Today TaxMama hears from Angie in North Carolina. She tells us, “I have already filed my taxes. I had enough in medical bills to file, but didn’t realize until I had already filed. Gross income was $30,000 and my medical bills out of pocket were $2,400 (which is very unusual). Would be worth while to […]

50 Percent Loss

Today TaxMama hears from Andrew in the Tax Parlor, who tells us. “I operate an S corporation. In the 1st year (2005), the S corporation had substantial income, and I reported it on my 2005 tax return. This year (2006) it has a loss that’s larger than my whole family income. May I report 50% […]