Archive for December 14th, 2008

If an excess distribution is made from a Roth IRA-lower than the contribution, can a capital loss be recorded?

Sunday, December 14th, 2008
JP5 asked:


Example:
Dec 2007: $4000 Roth IRA contribution made in fund XYZ
Jan 2008: Value of investment in fund XYZ falls to $3500. Determined that $4000 was an ineligible contribution so $3500 is withdrawn.
April 2008: $500 capital loss for tax year 2007?

KERRY

Posted in United States | 2 Comments »

how to you fill out a schedule k-1 form 1065 if the only activity was revenue received?

Sunday, December 14th, 2008
ashleybeth131 asked:


This is for an oil and gas investment. The investor already received any deductions, loss, etc.. the year they invested. The only thing to report is the revenue they received. How do I fill out the K-1 in this situation?
I’m not a CPA, I’m an executive assistant and this task was just given to me by my boss for some reason. I have no tax experience….please help!

ABE

Posted in United States | 2 Comments »