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Tax Help (XP from the Nest Tax Boards)

JDCSKFJDCSKF
in Washington Babies

I am going to post here too, since I am sure the other board is really slow. 

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I've done our taxes every year since we were married. My mom does taxes but is not a CPA, she has been able to answer all my questions so far, but this one might be too much for her.

DH is a shareholder in a S Corp. We get a Schedule K every year for our taxes. In 2009 we had the company buy back some of our shares. They have no intention of giving us a 1099, for this purchase (sale?). So far I figured out we may be able to input the information into Turbo Tax on our own, but I want to make sure it is right. If I do it on our own, I need the following info: Date Sold, Net Proceeds, Date Acquired, Cost Basis.

Is it that simple? I can just input that info and let Turbo Tax do the rest? Or should I stop being so cheap, and find a pro to do my taxes?

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Re: Tax Help (XP from the Nest Tax Boards)

  • BriAndSeanBriAndSean

    I'm laughing at myself... I thought I might be able to help based on the title. Then I opened your post and understood the first two sentences ;)

    Good luck!

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  • JDCSKFJDCSKF
    imageBriAndSean:

    I'm laughing at myself... I thought I might be able to help based on the title. Then I opened your post and understood the first two sentences ;)

    Good luck!

     Thanks for trying!

    I know this is an odd situation, and I just don't know if I need to get help, or if I should try it on my own.

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  • chibipoechibipoe
    I'll email DH and see what he says (he's a CPA knee deep in tax season).
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  • JDCSKFJDCSKF

    imagechibipoe:
    I'll email DH and see what he says (he's a CPA knee deep in tax season).

    Thanks! I know tax season is rough. I grew up with never seeing my mom from Feb 1, until April 15 (and she wasn't even a CPA!). I really do want to try it on my own, but don't want to mess it up either.

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  • chibipoechibipoe
    OK, I just talked to him and he says if you have all of the info you listed in the question you should be able to just plug it into Turbo Tax. He says don't hire someone (but he's anti-tax guy funnily enough - we do our taxes in Turbo Tax too).
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  • JDCSKFJDCSKF

    imagechibipoe:
    OK, I just talked to him and he says if you have all of the info you listed in the question you should be able to just plug it into Turbo Tax. He says don't hire someone (but he's anti-tax guy funnily enough - we do our taxes in Turbo Tax too).

    Thank You!

    I had to show my BIL how to do his taxes in TT this year, because he was paying H&R block $150.00 to do his taxes. Instead it cost him $15.00, and a nice dinner for me. I was  hoping to show my step son how to do his own taxes, but he is too "want it now" type of guy to do it on his own. I tell people all the time, it's easy to do in TT. If I can do our taxes year after year with this Schedule K stuff, then anyone can do them.

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  • chibipoechibipoe
    imageJDCSKF:

    imagechibipoe:
    OK, I just talked to him and he says if you have all of the info you listed in the question you should be able to just plug it into Turbo Tax. He says don't hire someone (but he's anti-tax guy funnily enough - we do our taxes in Turbo Tax too).

    Thank You!

    I had to show my BIL how to do his taxes in TT this year, because he was paying H&R block $150.00 to do his taxes. Instead it cost him $15.00, and a nice dinner for me. I was  hoping to show my step son how to do his own taxes, but he is too "want it now" type of guy to do it on his own. I tell people all the time, it's easy to do in TT. If I can do our taxes year after year with this Schedule K stuff, then anyone can do them.

    No problem! DH just emailed me a more complete answer (sometimes he's such an accountant). If Turbo Tax doesn't work out for you taxact.com is free and what we actually use (I was just told).

    "Turbo tax or any software should be able to handle that if she has the sale proceeds and cost basis information.  Sale date and sale proceeds is easy of course.  Depending on how well they have kept their records, date acquired and cost basis might take some time to nail down, particularly the cost basis since it's adjusted everyone year based on income or loss allocated and any contributions and distributions made.  If they have any questions on how to calculate the basis, just let me know.  I can help, but I would not hire HR Block or anyone just for that piece of their taxes. "

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  • JDCSKFJDCSKF
    Thanks, again. I'm off to google, "how to calculate cost basis" since I have all the paperwork, and I am a math nerd. If I have questions, I will paige you.
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