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#3
03-29-2008, 03:19 PM
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 Re: Does 1099-B require filing? "softXXX" <soft[at]ware.com> wrote: - quote - > If he had a lot of deductions, would he still have to file?
Yes. See "Who must file?" in the 1040 instructions.> i.e. the $10,050 is the trigger for filing? -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
03-29-2008, 02:53 PM
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| Re: Does 1099-B require filing? Phil Marti wrote: - quote - > "softXXX" wrote:
If my father didn't have a 1099-B, would he still have to> > My 80+ year old father is retired & single with $12K from SS and > > $11K from interest/dividends. He received a 1099-B (Proceeds from > > Broker and barter Exchange Transaction) from a mutual fund that > > sold a few shares last year ($40 worth) to cover expenses > > due to funds falling under $10,000. > > > Does he have to file a 1040 with Schedule D? > Yes. His gross income is above the filing requirement of $10,050 and he > needs the Schedule D because of the 1099-B. The good news is he'll get a > $300 stimulus payment. file taxes because of the fact that his interest/dividends were $11K (above the $10,050)? If he had a lot of deductions, would he still have to file? i.e. the $10,050 is the trigger for filing? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
03-23-2008, 02:27 PM
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| Re: Does 1099-B require filing? Phil Marti wrote: - quote - > "softXXX" wrote:
Thanks for the response Phil!> > My 80+ year old father is retired & single with $12K from SS and > > $11K from interest/dividends. He received a 1099-B (Proceeds from > > Broker and barter Exchange Transaction) from a mutual fund that > > sold a few shares last year ($40 worth) to cover expenses > > due to funds falling under $10,000. > > > Does he have to file a 1040 with Schedule D? > Yes. His gross income is above the filing requirement of $10,050 and he > needs the Schedule D because of the 1099-B. The good news is he'll get a > $300 stimulus payment. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-22-2008, 09:52 PM
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| Re: Does 1099-B require filing? "softXXX" wrote: - quote - > My 80+ year old father is retired & single with $12K from SS and
Yes. His gross income is above the filing requirement of $10,050 and he> $11K from interest/dividends. He received a 1099-B (Proceeds from > Broker and barter Exchange Transaction) from a mutual fund that > sold a few shares last year ($40 worth) to cover expenses > due to funds falling under $10,000. > Does he have to file a 1040 with Schedule D? needs the Schedule D because of the 1099-B. The good news is he'll get a $300 stimulus payment. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-22-2008, 09:20 PM
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| Does 1099-B require filing? My 80+ year old father is retired & single with $12K from SS and $11K from interest/dividends. He received a 1099-B (Proceeds from Broker and barter Exchange Transaction) from a mutual fund that sold a few shares last year ($40 worth) to cover expenses due to funds falling under $10,000. Does he have to file a 1040 with Schedule D? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| 1099b, filing, require |
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