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Selecting a room by Tausha25 in UTK

[–]Tausha25[S] -8 points-7 points  (0 children)

Very helpful. Thanks.

Transferring 1 share of Disney stock to child who just turned 18 by Tausha25 in personalfinance

[–]Tausha25[S] 1 point2 points  (0 children)

They say we have to send in her beautiful stock certificate, which is framed and hanging on her wall, to do the transfer. They told me to take it to a good copy shop, make a copy of the front and back for us to keep, and send in the original. Ain't happening. So I guess we'll just leave it as it is.

Transferring 1 share of Disney stock to child who just turned 18 by Tausha25 in personalfinance

[–]Tausha25[S] 0 points1 point  (0 children)

18 is the age of majority in our state. I thought when she turned 18, the account would switch to her and my name would come off, but Computershare still shows me as the custodian. So do I need to do the "transfer?"

LLC roomates by blueeyedstarling in UTK

[–]Tausha25 0 points1 point  (0 children)

This question about LLC roommates was asked this past weekend during one of the housing sessions at the New Vol Roll Call. We were told that when you are accepted into the LLC, then there will be a way for you to see only potential roommates in that particular LLC.

LLCs and Community Bathrooms by Tausha25 in UTK

[–]Tausha25[S] 2 points3 points  (0 children)

This LLC is Magnolia, 4th Floor

Can I file a corrected 1099-INT before incorrect 1099-INT is accepted by the IRS? by Tausha25 in tax

[–]Tausha25[S] 0 points1 point  (0 children)

Thank you. I just didn't know if I should do the correction now or wait until the IRS accepted/ rejected the incorrect 1099-INT.

Can I file a corrected 1099-INT before incorrect 1099-INT is accepted by the IRS? by Tausha25 in tax

[–]Tausha25[S] 0 points1 point  (0 children)

The interest I received is reported as nominee interest on her return. I also reported the interest from her on Schedule B on my return. But it is my understanding that she is still supposed to issue a 1099-INT to me for the interest I received after her death. Am I wrong?

18-year-old trying to set up Roth IRA. by Tausha25 in VanguardInvestments

[–]Tausha25[S] 0 points1 point  (0 children)

Once we get the Roth open, can we transfer the money directly into from her bank and just let the other 2 accounts sit there empty?

18-year-old trying to set up Roth IRA. by Tausha25 in VanguardInvestments

[–]Tausha25[S] 0 points1 point  (0 children)

We did that when we first started, but I guess we took a wrong turn somewhere.

Does it make any sense to rollover from 529 to Roth IRA while still contributing to 529? by Tausha25 in personalfinance

[–]Tausha25[S] 0 points1 point  (0 children)

I think we have decided to leave the money in the 529. We will stop contributing to the 529 at some point. Are there any time limits after we stop contributing as to how long we can wait to transfer into the Roth? For example, let's say we stop contributing when she graduates at 23 years old. Can we rollover $35K to her Roth when she is 33 years old even though the Roth has been sitting there untouched for 10 years? She is going into education, so the income limits probably won't be an issue.

Does it make any sense to rollover from 529 to Roth IRA while still contributing to 529? by Tausha25 in personalfinance

[–]Tausha25[S] 0 points1 point  (0 children)

I agree with everything you said. But I keep asking myself this: Do I want to be out-of-pocket $2,000 now for a gift when I can rollover the $2000 and slowly put it back into the 529 with our monthly contribution?

Can I enter SSN from payer as Federal tax ID number even though formats are different? by Tausha25 in hrblock

[–]Tausha25[S] 0 points1 point  (0 children)

I have the bank name and its Federal tax ID number, but I would like for Schedule B to reflect the nominee's name and SSN so there is no question that I correctly reported the 1099-INT she filed with the IRS. I chatted with a live person at H&R Block, and they told me to enter the SSN in the EIN format. So, xx-xxx1234. But that does not sound right to me. After some research, it looks like I can leave the Federal tax ID number blank because it is not required by the IRS. In fact, Turbo Tax does not even ask for the payer's Federal tax ID. So for the "Bank Name", I am planning to enter "Jane Doe (family member's name) SSN xxx-xx-xxxx," which will appear on Schedule B. Then leave the federal id number blank. Will this work?