What happened?
A client has me preparing his US 1040 and Minnesota returns for
him and his deceased wife. The 1099 for 2004 from Smith Barney
is 22 pages long.
He was put on his wife's account shortly before her death and
although my clients were both US citizens, the Duluth office of
Smith Barney deducted $7,924.16 in income taxes. My client
spotted it on page 11 which was lucky because page 2 of the 1099
only shows $00.23 tax deducted and ignored the $7,923.93 of tax
which was withheld on gross sales of $34,289.93 which resulted in
an actual loss of some $2,826.37 comprised of a gain of $1,989.05
and a loss of $4,815.42.
If my client had not wondered about it, I would not likely have
seen it because I would not have expected the situation to have
occurred.
And, because account was going up, he did not notice the tax
deducted was disappearing from the account.
You might want to check any Smith Barney accounts you have and
make sure that the same thing did not happen to your account.
Smith Barney gave the fact that there was no W-9 on file.
However, my client was never asked for a W-9 and the account
clearly had the wife's US Social Security number on the 1099.
Answers to this and other similar questions can be obtained free
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