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Posted by PeterL on April 1, 2008, 3:11 pm
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> I have a TUGMA account that I established for my son to pay for some
> of college. He is in fact now not a minor, and I pulled out $3500
> last year as a drop in the bucket for his over-priced education. In
> completing Schedule D, I have no idea what the "basis" is in the
> stock, and there is certainly no help from the Form 1099-B. And I
> also got 2 different 1099-DIVs (not sure why I got 2) and there is
> of
> course a "Total Capital Gains Distribution" number wheich as I
> understand would go on line 13 of th Part II of the Schedule D. Now,
> in this transaction I will show (on my son's return) $321 in "Total
> Capital Gain Distributions" on Schedule D. Why in the world do I
> need
> to show anything on line 8(f) in gain? And if so, who in the world
> do
> I calculate that figure? Thanks.
>
Can you enlighten me as to what a TUGMA acct is?
========================================= MODERATOR'S COMMENT:
- I'd bet Texas UGMA
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