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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (1978)	3/14/1999 3:45:00 PM
From: Nelson Chang	Respond to of 5810

Colin: >>>MARCH 18, 1999 is the date that Trader Status MTM elections are being significantly changed.<<< I am filing for trader status and plan to elect MTM. So just to clarify things, I must elect MTM by this Thursday March 18 to be eligible for its benefits for the 98 tax year to be filed? And does that mean I must pay the taxes in full by March 18, or do I have until the traditional April 15? Hopefully, the latter. Last, can you give us a specific link to the IRS regarding this new rule for MTM? I'd really like to read up on it. Thanks in advance.

To: Colin Cody who wrote (1978)	3/14/1999 7:13:00 PM
From: kaz	Read Replies (1) \| Respond to of 5810

Colin, I am scrambling to finish my taxes before the deadline this week and I am a bit confused over Schedules C and D. Do I enter all trading information on both forms? Doing so has given me a higher income than I actually had since the program (TurboTax) doesn't understand that my Schedule C income is the same as my Schedule D. At this point I am resorting to filling out the forms by hand, but I still don't know how to include the necessary information without making it look like I made twice as much as I did. Thanks a lot for the help. Paul Kaz

To: Colin Cody who wrote (1978)	3/14/1999 7:43:00 PM
From: Stu E.	Read Replies (2) \| Respond to of 5810

Colin, I have a Roth IRA conversion tax strategy question that I hope you or some other knowledgeable poster can answer. My son converted his regular IRA to a Roth IRA last year. The IRS rules allow him to spread over four years the taxable income from the distribution. If he chooses to only add 25% of the distribution total to his 1998 income, must he then add the remaining 75% equally during the next 3 tax years? Or does he have some discretion over how he accounts for the remaining taxable income from the distribution as long as he accounts for at least 25% of the distribution in 1999? For example he may want to account for the entire distribution balance this year. Is there any guidance from the IRS on this issue? Thank you in advance for your help.