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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120801  
Subject: Re: accountant or tax advisor Date: 9/2/2012 10:02 PM
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I am being offered a lower interest rate on my mortgage. I have my current mortgage is with citi and they are offering to lower it and tell me it is no cost.( i am reading the fine print). I have been researching this online and wanted to talk to someone and explain my situations and help make a decision.

I'd go to a lawyer for this.

2 nd is I have a custodial account that i started 13 yrs ago for my now 17 yr old and it has not done well ( lost money). i want to close it and want to understand the tax implications if any.

Your son will have to file his own return since (I assume) there will be Scheule D transactions. While you're at the lawyer discussing the mortgage you can also talk about the legal restrictions on the money in this account, including sale proceeds.

3 rd I saw on Suzy orman that i can contribute to a regular IRA ( I won't take tax credit ) and can then convert it to a Roth IRA. i want to know if this is true

Maybe yes, maybe no. I suggest you first do some self-study in IRS Publication 590, chapters 1 and 2. We can clear up any remaining issues or do a sanity check of your situation here for free.

If you don't have the time or inclination to educate yourself, this one goes to a tax pro, either an accountant who does tax (not all do) or an enrolled agent ( www.naea.org ).

Phil
Rule Your Retirement Home Fool
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