Raincharm’s Weblog

As in Investment Sales Cost Basis.
As in we tansferred some money from one Mutual Fund to an education account.
My head hurts.

I am trying to do the draft of our taxes before receiving all of the information from the appropriate sources. The FAFSA is due, and the easiest way to fill it out is to get your taxes filled out first. The FAFSA even references the correct lines on the tax form to use.

But, I don’t want to have to figure out the best Investment Cost Sales Basis to use for a mutual fund sale. Eespecially when they threaten to impact you for many years in the future. “Once you begin using one of these methods, you must continue to use if for every sale from this fund. You can only change it if you receive special permission from the IRS.”
AND the Mutual Fund will probably have already made the choice of Cost Basis

I think I should be able to figure out this sort of thing. I had to do it once before when some stocks were sold inadvertently (I still hate KeyBank for this), and had to go back through all of the stocks changes from the initial purchase, through splits, to the sale.

My choices are – go for the big analysis and hope I am right on choices, wait for the investment company to send out their forms and hope it is there, spend more money to get the “advanced” version of TurboTax, that will probably not tell me anything more …

WAIT. I think that will be my choice. FAFSA will just be getting a really draft version of numbers this year. And since the Canadian school doesn’t appear to want to provide any additional support, and the boy’s school doesn’t care anymore since he is gone, FAFSA is not the driving force in my life that it once was.

Taxes, gotta love ’em, have to pay ’em.
Baked potatoes – love ’em even more. Time for dinner.

This entry was posted on January 18, 2009 at 7:15 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.