Who filed this year, and how?

[David Merrill]

I have been pretty busy lately and involved in a wonderful conversation on the brain trust about Grantor's Right of Novation. Sabo, you simply calculate from the first paycheck that you consistently started redeeming lawful money. We have a suitor who is working through how to calculate redemption of lawful money on the 1099 Form, apparently it is a little more difficult that we have examples here for the 1040 Form.

[Sabo]

I have been pretty busy lately and involved in a wonderful conversation on the brain trust about Grantor's Right of Novation. Sabo, you simply calculate from the first paycheck that you consistently started redeeming lawful money. We have a suitor who is working through how to calculate redemption of lawful money on the 1099 Form, apparently it is a little more difficult that we have examples here for the 1040 Form.

I only started redeeming Lawful Money this year.
I thought I would have to wait until next year to make anything known about my Lawful Money redemption?

[David Merrill]

I only started redeeming Lawful Money this year.
I thought I would have to wait until next year to make anything known about my Lawful Money redemption?

That's right. When you start redeeming lawful money you have no tax liability on income. So leave the withholdings from before you started redeeming lawful money. I know a few folks who started January 1.