Ex-dairy farmer received a payment of remaining balance of 8 past years. Some lines said non qualified alloc, another said invest alloc and other lines just had years. At the bottom it said "your capital balance for the above equity after this retirement payment is 0" Am I right in assuming he probably paid tax on this money years ago when he was milking? He did not receive any type of 1099, this was all off the stub of his check.
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Dairy Farmer
Haven't seen that one before...
If they did not issue a 1099, then it's probably not taxable.
If he didn't pay tax on it back then, and it's not taxable now, then he's still milking the system...
BMKBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process. -
I assumed it was a retirement of some sort of stock like dividends in DFA. There was no 1099, and when he was milking there were always amounts on the 1099 for patronage dividends and per unit allocations that were put on the Sch F and paid taxes on .Comment
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