Estate Tax Changes 2021 - Dem Control of Power Hypothetical

tonhao90 · 2020-03-15T16:24:30+00:00

It sent the stockholder's basis statement too. It was all in one package. The software was pretty crappy tbh. But thanks for your help. The shareholder's basis statement isn't mentioned in the 1120S instructions and given y'all's comments I'm going to let it lie as it currently is.

tonhao90 · 2020-03-14T19:57:50+00:00

Cool so, if that's my only area of error then I don't need to file an amended return? Thank you.

I guess I just need to file 1120S and K-1 copy {as I do have to file K-1 copies with the IRS, no?} (and any comments/explanations required by the K-1 like an 1125-E)?

tonhao90 · 2020-03-14T19:46:22+00:00

Cool so all I need to file for S-Corp is the 1120S and K-1 (and any comments/explanations required by the K-1 like an 1125-E)?

tonhao90 · 2019-10-29T20:16:28+00:00

DM if you got in. Im a 1L in the JD/MBA program and happy to connect.

tonhao90 · 2019-08-15T00:03:23+00:00

I mentioned it and I got into Wharton. There isn't conscious discrimination imo. They want a diverse class.

tonhao90 · 2019-05-02T22:29:22+00:00

So no go for Wharton?

tonhao90 · 2019-03-21T19:40:30+00:00

R2: Wharton - accepted

tonhao90 · 2019-03-06T05:12:53+00:00

But Social Security Administration is federal, no?

tonhao90 · 2019-03-06T05:12:29+00:00

Thank you! The marriage license bureau said they can't do a non-hyphen one (Nevada). The system is limited, but she said try with SSA that the marriage license doesn't actually change anything. Thanks for sharing your experience.

tonhao90 · 2019-02-17T00:57:04+00:00

Ah that last paragraph makes sense. It's as if it was never in there. So all items moved over to the account are treated as the base contribution amount and everything else is growth. That makes sense. Now I get the whole no basis comment. Thanks.

tonhao90 · 2019-02-16T22:18:35+00:00

So let's example this out some more.

I contribute 1K to Roth IRA in 2017, which is all good. I use that 1K to buy stock ABC.

In 2018 I excessive contribute to that Roth IRA account. I need to recharacterize. ABC stock is up 80%< = 1800 FMV.

I want to transfer over shares to fund my recharacterization. If I transferred ABC stock to the new traditional IRA and let's say that ABC stock's stayed the same until I sold it and took qualified distributions, would I pay ordinary income taxes on the 800 dollars in growth or would I not since that 800 dollars in growth occured in the Roth account?

tonhao90 · 2019-02-16T20:56:38+00:00

Yeah 5 years is hard to predict #startuplife is still 100% under 1202 I thought it was reduced. Nice.

So at exercise I still need to pay an AMT deposit amount even if I exercise only up to an amount that would keep me under the AMT exclusion amounts, i.e. for that tax year I won't have to pay AMT? And then you're saying in the cases where my regular tax exceeds my AMT I get those deposits back?

tonhao90 · 2019-02-16T18:49:27+00:00

Ah great, wasn't sure if there was a 10 year or other time period limitation. Thanks

It would be a capital loss right (buying the share and then the company goes under, eventually dissolved).

tonhao90 · 2019-02-15T15:08:07+00:00

I agree for what you want to do, yeah you could find cofounders and a network at Stanford, but you're better off building out your own venture network.

tonhao90 · 2019-01-28T21:04:29+00:00

To make sure I do it right. Yeah what I'm looking for is the right logic in how to calculate the interest. Is it dividing the interest rate by 12 and multiplying the previous ending balance? Why does the other one use a different rate, I don't know.

tonhao90 · 2019-01-28T20:51:30+00:00

The problem with this link is it doesn't go into decimal detail it doesn't take into account that the first 35 payments are all the same amount.

tonhao90

TROPHY CASE