a can i get taxed on money i cant even touch?

[BradtheBloke]

You owe a bookie B?

Na but ask me again after I get the money.

 

[Inactiongirl]

Something definitely not right here. I get trust distributions and they are never anything I need to pay tax on...taxes are paid by the trust...and I am getting the money! But I suppose it depends on how the trust is set up.


You definitely need to contact a tax attorney. Doubtful you are entitled to any of the money at this point, but how you are getting taxed if you are not receiving personal income is beyond me.

 

[D2bets]

I am entitled to receive it when he dies. Just didn't know if I could get my hands on it now as I'm being taxed on it now as he's using my tax bracket to dip in and out of it. Plus I'm afraid all these yrs I've been paying taxes on it will amount for nothing if he decides to take it all out.

Let me clarify....The only way you can be taxed on trust income is if you actually receive it DURING THE TAX YEAR or if you are legally entitled to receive it DURING THE TAX YEAR under the terms of the trust. Hope that helps.

 

[Vico_dan]

my dad has about 75 thousand in a trust that also has my name on it that i get taxed on every year. he says because it makes money here and there and reinvests itself as well as him taking money out and putting it back in later. he always paid the taxes for me on it which was about 2 grand a yr. he claims that i dont have access to this money and i beleive charles schwab confirmed it when i tried to check the balance one day, (although i didnt get pushy about it). We recently had a falling out though and are no longer on speaking terms. my question is this, how can i be taxed on money that i dont supposedly have access too? it doesnt seem right and i dont want to get stuck with the 2 g's in taxes especially if i cant even touch this money thats being taxed in my name. by law, if im being taxed on it, do i have access to it?

How old are you?

 

[BradtheBloke]

well im getting taxed because hes dipping into it for himself but putting it down as me doing it. so he gets the cash and i get the taxes.:>(

 

[BradtheBloke]

How old are you?

31. old enough to be doing my own taxes but i always trusted him with the w2's and especially since he was the one paying the accountant

 

[Vico_dan]

I didn't realize Schwab had a Trust division..but maybe so.

Listen bro, if your dad has been making 2g's in the market lately off of $75,000, you need to contact the NY Attorney General. Madoff was his investor.

Your lucky the think ain't worth $37,500. I smell bs somewhere

 

[BradtheBloke]

no he hasnt made anything with it lately, thats just the excuse he uses, its in stocks as well as straight up cash with scwab, so i get taxed every time he goes in and cashes out. i want to be able to do that too if im gonna get taxed on it. scwab says my name isnt on accnt though

 

[Vico_dan]

31. old enough to be doing my own taxes but i always trusted him with the w2's and especially since he was the one paying the accountant

That income isn't reported as w-2's..

You have to sign your tax return. Get a copy of your tax return and see what the hell you have been signing. Making what you make, you should fill out the EZ form.

Son, time to spread your wings and leave the nest.

 

[ProPokerPlayer]

If somebody has sent you a tax form in your name there is no way they cant tell you what its for and probably cant deny you access to it tomorrow or any other day..

Id do 1 of 2 things....#1..Hire a competent attorney tomorrow....inflate what you tell him you think the value is by say 3 or 4 hundred thousand for quicker results.....

#2......Call Dad...tell him your filling out your tax returns and your going to write " this is not me, i dont know anything about this, it must be identity theft" on the tax forms and not include them in your return but send the forms to the IRS so THEY can straighten it out...Got a feeling that will get him on talking terms with ya...

 

[BradtheBloke]

true , i give hin the w'2s and he uses the 1099 or whatever form for the stocks, takes it to his accnt and then gives me the paper that says what i owe to sign, i dont look at the rest. i see what youre saying and usually im pretty independent, i just never thought i wouldnt be able to trust my dad.

 

[BradtheBloke]

If somebody has sent you a tax form in your name there is no way they cant tell you what its for and probably cant deny you access to it tomorrow or any other day..

Id do 1 of 2 things....#1..Hire a competent attorney tomorrow....inflate what you tell him you think the value is by say 3 or 4 hundred thousand for quicker results.....

#2......Call Dad...tell him your filling out your tax returns and your going to write " this is not me, i dont know anything about this, it must be identity theft" on the tax forms and not include them in your return but send the forms to the IRS so THEY can straighten it out...Got a feeling that will get him on talking terms with ya...

regarding option 2 though, if i do that, i think he would take all the money out and id be screwed. i kinda want to pay him back and f him over for all these yrs of him doing it to me but taking all the money out of there if i can. i will def contact a lawyer.