On Apr 1, 10:10*am, FreddieFarkle <standen...[at]hotmail.com> wrote:
- quote -


Can you enlighten me as to what a TUGMA acct is?

========================================= MODERATOR'S COMMENT:
- I'd bet Texas UGMA

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I have a TUGMA account that I established for my son to pay for some
of college. He is in fact now not a minor, and I pulled out $3500
last year as a drop in the bucket for his over-priced education. In
completing Schedule D, I have no idea what the "basis" is in the
stock, and there is certainly no help from the Form 1099-B. And I
also got 2 different 1099-DIVs (not sure why I got 2) and there is
of
course a "Total Capital Gains Distribution" number wheich as I
understand would go on line 13 of th Part II of the Schedule D. Now,
in this transaction I will show (on my son's return) $321 in "Total
Capital Gain Distributions" on Schedule D. Why in the world do I
need
to show anything on line 8(f) in gain? And if so, who in the world
do
I calculate that figure? Thanks.

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >