<p>A K-1 was finally available online today. Instead of sending the document via Fedex/UPS I decided to send it to my accountant via e-mail to save us time and money. I needed the PDF to be password protected and I didnt want to buy Acrobat XI. It turns out my scanner can save scanned docs as PDFs with password protection.</p>
<p>The kicker is the PDF must be created by my scanner as it cannot edit PDF files created/edited with other applications. So I had to print the x number of pages of the K1 document and scan all of them to create a PDF with a password. Too many steps all for the sake of cyber security. I might end up purchasing the Acrobat XI or similar software.</p>
<p>[qoute]I didn’t get 1099-INT forms from a credit union and a landlord. The amount of interest that they paid was apparently under the threshold where they had to file the forms.
[/quote]
After spending a bunch of time chasing 1099s this year I was told multiple times the threshold is $10. (These were banks in Mass … not sure is the same holds for everyone).</p>
<p>It may be that there are different thresholds for banks and landlords. The bank amount was under $10 (not surprising given a stated interest rate of 0.01%). The landlord interest was $75. No 1099-INT from the landlord.</p>
<p>“Didn’t you get 1098’s for this interest? You shouldn’t have to figure out your own interest. The banks provide that information and send a copy to the IRS.”</p>
<p>No, it was as bceagle and 3togo said, it was a miniscule amount that was under the threshold, so I got the amount based on bank statements. We should probably get an accountant, but I figure they’d do the same thing as I do, enter it into turbotax. Seems like an accountant would be able to find more tax deductions, as we always seem severely limited, but I figure I don’t want to do anything fancy with the IRS.</p>
<p>You don’t need an accountant. Especially one that uses Turbotax. You just need to pay off those miniscule loans so you don’t have this problem any more The IRS just really doesn’t like deductions of interest not on a 1098.</p>
<p>
That’s the threshold for interest paid by the bank. OP is talking interest paid by the taxpayer.</p>
<p>" You just need to pay off those miniscule loans so you don’t have this problem any more"</p>
<p>Unfortunately, those miniscule HELOCS that were just a couple bucks are now 98K and 163K, as we bought a number of condos, and I’m not even sure how or if we can claim that interest as deduction. Along with the low interest rate credit cards we got to purchase them. I’m hoping that turbotax will walk us through it as expenses related with buying rental properties. Either way, I suspect it’s only deductible as losses carried forward to reduce our profit when we sell them.</p>
<p>The tax code is making it harder to make money and keep it.</p>
<p>I need a solution for accumulating foreign tax credits - yes, the simple solution is to stay out of foreign companies - it’s just a lot of work finding companies with high-yields that are in good business areas that aren’t subject to getting whacked by the US Federal Government.</p>
<p>I suppose that I could just put more effort into trading but there is something about investing in a good company and not having to trade all the time. The Federal Reserve makes us all into gamblers to save the banks.</p>
<p>BCEagle91, I love your last paragraph. One of the things that bothers me is the fed is pushing people to invest in ways they don’t want to invest.</p>
<p>On a personal level, I also agree. I am too old to be trading, but when I look at absolute yields, they are unattractive and potentially dangerous to invest in.</p>
<p>I can’t imagine what it’s like to be an older person trying to make your savings stretch in the current interest-rate environment. You’re retired so you can spend some of your day watching things. I can’t really do that - I can try but I get into long work sessions where I’m focused on something or get called into meetings. I don’t bother having the streamer up - it’s too much of a work distraction. I do check the indices every once in a while but that’s why I’m sometimes surprised at how a stock is doing during the day - even one where I have a position.</p>
<p>I could also look into filing a foreign return to get the withholdings back. I did do this once for Australia and what a headache that was. It was worth it for the money but it’s a lot easier to just get the tax credit. The other thing to deal with is that you get a refund in their currency. That wouldn’t be that much of a problem with Canada but I could only find one bank in Boston that would cash the check and they charged a $30 fee for doing so.</p>
<p>“I can’t imagine what it’s like to be an older person trying to make your savings stretch in the current interest-rate environment.”</p>
<p>Especially for people who have never paid attention to investing, it can be difficult to try to learn late in the game. For awhile there, my parents had almost everything in the S&P 500 index mutual fund (probably not something you should do in your 70’s and 80’s), and my mother-in-law, who always had ultra conservative investments, got talked into some sort of stock funds by her banker. I’m sure she doesn’t know a thing about it.</p>
<p>But it seems if you don’t adapt to the environment, whatever it may be, you will get left behind, with your money earning nothing.</p>
<p>"Heaven help us if we have to rely on our own wits to get a decent return for our money when we’re in our 70’s and 80’s.’</p>
<p>True. But fortunately they got out of the market when the Dow was at 13K, before the crash, got back in around 10K, monkeyed around with it panic selling and buying for a bit, until they decided to stop paying attention…which was probably the smartest thing they could have done. I suspect that while they were pretty clueless, they have surpassed the vast majority of people’s returns due to dumb luck.</p>
<p>What’s the saying, I’d rather be lucky than good?"</p>
<p>This is the problem with mandatory savings accounts as they have in MA, they takes savings out of your paycheck and put it in a money market fund and you lose money due to fees. Of course you do wind up saving money if you have a decent salary. If not, all of your money can be eaten up by fees.</p>
<p>This may have been an okay idea when interest rates were higher but it’s essentially theft at current rates. But that’s what banks do.</p>
<p>^^What, they force you to put money into a savings account in MA? What if you don’t want to, or don’t have the extra money? Why is it the state’s business?</p>
<p>I hope that when we are in our 70’s and 80’s we will have more normalized markets.</p>
<p>I do not want to rely on my wits in my 80’s. Both my father and father in law have seen the last of their complex thinking days. They are in their 80’s.</p>
<p>Right now, in my 50’s, I am trying to simplify my life. The foreign interest stuff is too complicated for me. I don’t want to spend one second on that. That is why I did not buy Bce. I would rather make less money than deal with tax forms. I am angry enough I received some tax for from QRE. I guess I traded QRE last year. Not going to do that again.</p>
<p>My son has a full-time permanent position and they are still taking money out of his paycheck. I need to investigate this - maybe this is being done in error. My son and daughter both had money taken from their pay while working in college for this thing. It’s a waste of money plan for those that don’t make much and it isn’t much more useful for others.</p>
<p>Me too. I’m cleaning out my file cabinets and converting to digital. Makes it far easier to locate information and declutters my life. I have a bunch of boxes with papers to go through in a closet. I plan to record digitally or throw stuff out. It has already provided the huge benefit of a clean desk and work area. I have a pile of stuff ready to be thrown out next to me as we’ve spent the last week cleaning. I have the dining room to do tonight.</p>
<p>Unfortunately, my wife is still stuck in paper.</p>
<p>The foreign interest stuff is too complicated for me. I don’t want to spend one second on that. That is why I did not buy Bce. I would rather make less money than deal with tax forms. I am angry enough I received some tax for from QRE. I guess I traded QRE last year. Not going to do that again.</p>
<p>I am very happy with the simplification process. Sounds like you are happy too. My sister came over when we moved to our new place and asked, “where is all your stuff?”</p>
<p>Well we got rid of it.</p>
<p>My ex boss is being audited by the state government. My investment along with others is being questioned. What is scary is the auditor does not understand our business. She thinks trading is risk free. Lol</p>
The IRS just really doesn’t like deductions of interest not on a 1098.</p>