Question about complicated taxes.

[GemDigger]

Do you specifically have to name the companies/business where you have interest from? Is it all laid out individually? Purdue, Exxon, Rosneft … things like that.

[SWBTATTReg]

1. Interest income is reported on form 1099s, so they are reported to the IRS and the 1099s get ...

filed along w/ your W2s too, when you file your taxes for the year.

[GemDigger]

2. Thank you.

Would it show $xx interest from XYZ Corp and $xxx from MNO Ind.?

What I am getting at is if someone were to show their very complicated tax returns would it show where each individual investments/interest/losses were from.

[SWBTATTReg]

6. Well, you get one (a 1099) from each company and you should add them all up together into a ...

single figure to use in your 1040 / fed. tax form. There is a schedule B to use, but I can't help you there...there are different kinds of interest one can receive (US savings bonds, tax exempt bonds, CDs, etc.) all which go into different categories on each 1099-int you receive. I haven't used a schedule B recently, but here's a blurb on...

++++++++++++++++++++++++++++
Which Forms Do I Use?

Any payer of investment income must issue a Form 1099-INT to all recipients, showing the amount and type of interest that was paid during the year. Any investor that receives a Form 1099-INT must be able to transcribe the information correctly on to the Schedule A & B on his tax return IRS Form 1040.

[The Velveteen Ocelot]

7. You would probably find most of that information on the attached schedules.

For example, on Schedule K-1 you have to list all income from a partnership you are part of.

[GemDigger]

10. Thank you. nt

[The Velveteen Ocelot]

3. In most cases you don't have to file the 1099s you get from someone -

if you get a 1099-MISC, the person or entity who issued it has to file it; you just have to report the income.

[GemDigger]

5. So if we were to see our small presidents returns we would know who he owes and where he gets

it from?

[WillowTree]

8. They're referring to interest payments one receives.......

……...such as from a savings account, not interest that the taxpayer has paid.

[Hoyt]

4. I think you have to use Schedule B if you have over $1500 in interest.

On that Schedule, you are supposed to list name of payer, but people put all kinds of names there (bank on corner, etc.). If you don’t report enough interest, IRS’s computer will catch it because payers report interest and dividends to IRS.

[unblock]

9. i think it could be concealed if the entity is foreign.

you have to what you got. you're supposed to list the source but in practice i doubt this is enforced.

the entity that paid you interest has to report it, but i think that only applies to american businesses. or perhaps more precisely, any business with an american office.

so a purely russian business could pay donald fraud and if donald fraud declares it and pays taxes on it but doesn't spell out where it came from, i think he can get away with that.

[GemDigger]

11. That's

so a purely russian business could pay donald fraud and if donald fraud declares it and pays taxes on it but doesn't spell out where it came from, i think he can get away with that.

what I was getting at. Thanks.

[unblock]

12. i think people think his tax returns would be far more revealing than they actually would be

tax returns are mostly just numbers. the meat of it is how did you come up with those numbers.

for instance, a lot of his income could come from a few of his businesses. but that's not revealing at all, until you look at the tax returns of those businesses. you may have to go several layers deep before you find something interesting.

but say one of those businesses sells pet rocks and putin bought one pet rock for $50 million. how would we find out?
as long as he declares it as revenue for his pet rock business and putin was "just another nameless customer", there's no way we really know, at least not by just looking at tax returns.

[GemDigger]

13. That $50 mill rock is exactly what I want to know about. Thanks unblock. nt

[Hoyt]

14. Exactly. There is no line for payments to -- or from -- Putin,

money launderers, Stoney Whatshername, etc.

Now if he’s not making what he claims, that might be apparent over several returns.