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It is an SNT with the standard Health, Education, Maintenance, and Support clauses from what I am told. The trust will be funded upon her death to preserve her disabled adult child's SSI benefits. Her other children will just inherit from the estate. I wanted to familiarize myself with more information on the SNT to see what expenses the trust can deduct, as well as if the trustee has to pass any income via a K-1 to the beneficiary and what that will do to his SSI reporting requirements. The client has been working with a lawyer to update the Trust documents that were created many years ago. Her other children will be the trustees. Wanted to educate myself on these types of reporting. Thanks

Is it an ABLE account or a SNT account? It can be confusing to interpret what the client is telling us. If it is a SNT, then all income is taxed to the trustee. Not a tax advantaged plan. Take a close look at what she is doing and see if it makes sense for what she is trying to accomplish. Tom Longview, TX

Was working with an elderly client on other matters, when she told me she has updated her will which includes provisions for a Special Need Trust for an older child collecting SSI and ask if I would work with her other children and or their accountants to answer any questions on her finances if need be. I will not be handling either the Estate or Trust. Wanted to do some reading on SNT's and QDT's and looking for more information? Does anyone have any recommended articles, links or recommendation for CPE courses regarding the matter? Thanks in advance

It must be. I have never heard of a Wisconsin Energy Tax Credit on taxes.

If it's any help (NOT), I saw it the same as Catherine.

Tom beat me to the RIGHT answer!

"Go to the ATX forum, idiot."

Thanks for all the comments. Looks like the "plan" won't really work. This is not "acquisition debt." Dan, I did research the (voluminous) instructions to Sch E, line 12. Lots of cross-references to other situations. I'm happy you understand it. Thanks.

Put your house in a trust Buy an SUV Move to Canada Have another child

How much of a Roth contribution did he qualify for in 2024?

But we have always done it that way with Turbo-Tax. Depreciation, what is that?

She should check with her fiduciary who already knows the answer to this question.

What's the standard deduction for Charity? ...for __________? TikTok But my co-worker's refund is bigger! I'm self-employed; how much will I owe? How big is my refund? Ltr CP2000

Ask your hairdresser Tom Longview, TX

Definitely "SALY!" Definitely "it depends" We need a big "maybe" on there. When in doubt "extend". and "Sharpen the pencil" In this town lately we could also have "create an LLC"

The Taxpayer has created an LLC and will be taxed as a S-corp. I believe she will need to create a new plan with the new ID. Or can she amend the one she has? And - or - would this be eligible for credits as a new plan?

How much is reasonable? What do most people take?

SALY Facts & Circumstances Usual & Necessary There's a Form for that Acronym of the Day

FREE REFUNDS!

Answer on ceiling.

Look up the amount used last year

It may be an Energy Rebate outside of the tax system

Client lives in WI. Installed a heat pump. The invoice says that the purchase qualifies for a $2,000 Federal tax credit (no problem), and a $300 Wisconsin State Tax Credit. I cannot find any information on the WI State tax credit or how to claim it. I have spent quite some time searching, and I've also had my assistant search in case I was having a 'duh' moment. Anyone have a magic form number I'm missing? I've been through WI Sch CR, and none of the lines seem appropriate, and I don't see anything in the 2024 WI 1 Instructions. Thanks in advance for any help you can offer. I feel really daft that I can't figure this out.

These balance due notice letters should probably be a separate discussion.

What answer would you like?