Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: wtam Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121261  
Subject: Re: VERY late filing Date: 12/9/2003 10:11 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
i can concur with the 18th mo est. they seem to be more lax when they think they owe you money, but when they think you owe them...it's quicker.

and, when you get that bill, it is a big motivator to get off you butt and file - and the tone of the letter makes it plain the will proceed with or without you.

for those of you with cap gains/stock sales...note that they don't have matching cost info, so it seems the gross proceeds of all sales are simply added in to your base income to get to your agi. so, getting to a large 5 figure tax bill, with the addition of a 5 figure penalty, took no time at all. but they are nice enough to point out, that you should file to get the appropriate deductions and adjustments due you.

funny thing is, this can be the case even if you are due a refund, its just the way the calc is done, without deductions and the cost basis of the stock sales, that raises the stakes.

again, don't ask how i know...
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement