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So what is the answer to the question?
The reason I'm asking is that I like to learn things that don't pertain to me. I may be able to recall the answer if someone in "real life" have the same question. My view of the boards is that answers to questions can benefit more than just the person who asked the question. If all answers are look at Publication x, then only posters who have an immediate need or posters with more time on their hands that they don't know what to do with it are going to look up the answer.


With all due respect, "see Pub 926" is a complete answer. It directs the querant and any other interested person to a thorough and official discussion of what the tax laws require of a taxpayer in the OP's situation. The publication is itself a summary of the applicable laws and regulations. If you don't have time to go read the IRS' summary, what makes you think Phil or any of the other pros has the time to dash off cliff notes for you?


Lest we become a bad remake of Animal House, please allow me a few comments about "how much of an answer is enough?" I speak solely for myself--not for any other frequent question answerers--and, in case someone doesn't know, despite my monniker I have no official TMF function here. (IOW, they don't pay me for this.)

I think everyone has a point. My goal, not always met, is to provide an answer along with a reference for more information and, more importantly, for verification. After all, except for those few Fools I've met, for all anyone knows I could be a Syrian Lesbian blogger getting even.

In this particular case there is so much stuff involved that I just provided a reference, along with a heads up about state concerns. My original response would have been better had it included my "you're an employer" answer to the followup question, but it didn't occur to me at the time. Thanks to EarlyToRise, who had some time on his/her hands and came up with the smartmoney synopsis, which I'm sure was helpful to the OP.

One important note for lurkers. Tax law is full of twists and turns. Change one fact and you can easily come up with a different answer to what looks like the same question that's being answered in a thread. It's rare when all the facts are restated with each post, so be careful not to assume that an answer you see posted fits your particular situation. I hope everyone will "ask before you act."

Everyone play nice, now. This board is noted for its comity, and we should all be proud. For an example of how things can go horribly wrong, pop in to Political Asylum.

Phil
Rule Your Retirement Home Fool
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