has anybody seen turbotax?

Remember a couple of months back people were saying the hold up was so they could add a section to turbo tax for cash in? Has anybody seen it?

NOPE. IT WAS EATEN BY THE ALGORYTHM.

GO RVVVVVVVVVVVVV!

Yes, it's nothing that concerns you unless you have offshore holdings...

CJ

crawdaddy2x22 wrote:Remember a couple of months back people were saying the hold up was so they could add a section to turbo tax for cash in? Has anybody seen it?

In regards to the above: This info provided can be located within the Turbo Tax community. Live agents can assist you should you need further assistance in your query. In regards to holding foreign currency this was all I could find. Hope this was helpful.
P.S...sorry I can't provide you a link due to this being a personal return that is being worked on at the moment.


1. Do I have to claim any foreign currencies I purchased in 2011? My wife and I purchased it for a potential investment, but nothing has happened yet.

ANSWER #1:

You would report any interest earned on the account(s) on Schedule B.
If you have an account that is held at a "Foreign Financial Institution" such as a bank or brokerage and the amount is above certain threshold amounts then you may have to report that on the appropriate forms as well. Generally the FBAR(Form TD F 90-222.1, which has been around for a while now, is where you report foreign bank and financial accounts. If the value of all your accounts is $10,000 or less at all times during the year then you do not have to file this form. See the Schedule B questions.
If your specified foreign financial assets are substantially higher than the $10,000 amount then you may have to look at the new Form 8938, the Statement of Specified Foreign Financial Assets to see if you are above the thresholds listed there.


ANSWER #2:

If it is a foreign bank account or other overseas asset, and you do not report as above - IRS penalty is 50% of max balance for each year account was open.

At the White House !

elvishd1 wrote:At the White House !

Sorry, not a VIP guest as of yet lololol.........this is as good as it gets for this topic for now.......had to settle

CaptnJerry wrote:Yes, it's nothing that concerns you unless you have offshore holdings...

CJ

Yep, part of the Frank-Dodd bill, nothing to do with either IQD or VND or Peso you might hold.



No tax on any of that till you cash in!

Been gone for a while, Don't know?

Just pm'ed him, but he has not been on since 12/21,