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About Joel

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    Advanced Member
  • Birthday 09/24/1933

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  • Interests
    Barbershop singing, Genealogical research

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  1. Joel

    Quick question about 2018

    Pacun, a wash sale occurs when you sell a stock at a loss and repurchase it within 30 days + or - If you replace the stock with a similar one after a loss the loss is allowed and the basis of the similar stock is its purchase price.
  2. Joel

    529 Options - kids did not use it all

    The parents could use the funds for adult education for themselves and not pay the penalty.
  3. Joel

    ATX client letters

    As for me, any temperature below my age is COLD!!!
  4. Joel

    Practitioner Education

    I so agree. I always have felt that education is knowing the right book or website to look up the answer. We cannot remember everything!
  5. Joel


    Deb, You missed the third line "3. What we don't need, we will send back!
  6. Joel

    QB Question

    " A bit like knowing someone is OCD and making all your pictures crooked before they visit " But if someone was truly OCD he/she would be CDO!!!
  7. Joel

    Admin Locked out

    I had a similar problem, but I called software sales. Got right in and the sales rep walked me through resetting the account.
  8. Joel

    NT: prayer request

    Catherine, After my wife passed away last September, I received a heartwarming letter from an Academy classmate of mine who also had been a member of our Wedding Party. I will quote part of his letter here, changing the names and gender. "It is hard to face the death of a loved one. And yet, it something we all must do, several time in our lifetime. It is part of the celebration of life. and every life must be celebrated. "Your job now is to take up Eric's ethics, his vision, his wisdom, his respectfulness, his energy and carry it forward as long as you can. It may seem that a library of knowledge and experience has been lost. Not true. Everyone who knew Eric carries that library forward. It is not lost. Memoria Semper / Always Remember" All of our hearts are with you, Catherine. Joel
  9. Joel

    NOL Carryover

    If there were regular taxes paid in those 2 years, then the taxpayer would have received back that payment based on the 1045 form.
  10. Joel

    Loopholes on the personal level IEC HH

    Years ago I had a client give this to me: "A Tax Shelter Complete with Loophole"
  11. Joel

    Annuity Cost Basis

    If I remember correctly my wife received a bonus of $20,000 one year and that is what was put into the annuity. I don't remember any other contributions. As for records, I have our tax returns back to 1956 but did not keep the Fidelity statements once 5 years had passed after the 1998 1035 exchange to Kemper. I have the 1998 1099R from PFL Life Insurance Co. showing the code 6 distribution, but of course box 2a was zero and box 5 was blank. I like you line 21 adjustment concept. Will wait to see the actual papers that was received from Fidelity by Kemper at the time of the exchange.
  12. Joel

    Annuity Cost Basis

    Back in the 1980's both my wife and I invested in Fidelity mutual fund accounts. There was one account that my wife opened called 'Fidelity Variable Annuity' marketed as "Fidelity Income Plus". The account was managed by Fidelity Investments but issued by Pacific Fidelity Life Insurance Co. (Yes we both knew it was a variable annuity and it was not a retirement account.) In 1998 it was 1035 exchanged to a Kemper Gateway Annuity where it stayed to 2015. In September 2015 my wife passed away and as beneficiary I received the death benefit. I asked that 10% of the taxable amount be withheld. When I received the distribution I noted that it was taxed at 100%. Since then I have been trying to get the cost basis. Pacific Fidelity Life Insurance Co. was merged into Transamerica Insurance Co. They claim they have no records back that far(1998). Because the original investment was through Fidelity Investments I have contacted them. They claim no accounts or names like "Fidelity Income Plus" have been issued by Fidelity Investments. I just got off the phone again with Kemper and they are sending copies of the paperwork that they received from Fidelity Investments back in 1998 but the cost basis was blank. Once I receive this I will again contact Fidelity Investments. Now the 1099R has been issued and is fully taxable. If I am not successful with getting a cost basis from Fidelity (or Pacific Fidelity Life Insurance Co.) are there any other suggestions this community suggests? Anyone at the IRS I might contact to negotiate a cost basis?
  13. Joel

    What is comming next...........

    I used to live in Michigan. We also had four seasons. Almost Winter Winter Just Past Winter Pothole Season
  14. Joel

    Short yr return in ATX

    Since the short year starts on 01-01-15 I am quite sure you will need tax year 2015 software to file the short year.
  15. Joel

    1099-R code 3 & EIC

    For several years I had a client that was on a disability pension. His wife was blind and they had a disabled son who lived with them. I was so happy for then to receive EIC up until the age 62 which was his normal retirement age!!