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Remember a lot of people get rich and powerful by keeping the populace poor, stupid and angry.

The majority of those who have not is likely due to not knowing how to live below their means, follow a budget, knowing difference between wants and needs, or understand finances.

I know info about the last 2024 day to E-file is out there someplace. I've read ATX Forums, my IRS bulletins, Googled & still haven't found the "Magic Date." After 50 yrs in this business I'm finally 98% retired ~ but still have a few "feet draggers" I help. I need a date to threaten them with. "Hello" to ATXers when it was just ATX & still in Caribou, Maine. JudyEA was my forum name yrs ago. Thanks for info.

The median for 55-64 year olds is a retirement plan balance of $185k. 30% is probably pretty correct. People learn their saving and spending habits from their parents and grandparents. We need to ramp up the education in that department because if the job isn't being done at home, they need to be educated on it in school or at work.

my own observation is that about 30% of taxpayers have made adequate preparations for retirement. That may be high because Tallahassee has a lot of State employees, who should appreciate those pensions with COLA's.

Hi Margaret ~ glad to get your reply & Thank You for info. Guess I need to change my Google search words. Glad date is a bit later - I'm older & slower. Trimming our client list is tough. The 4-5 'non-family' I still help are very senior & I promised to help "until"... I really need to remove the flashing tattoo on my forehead that reads: "Haven't filed taxes for 5-6-10 years? Call Judy." I'm currently muddling thru a thorn bush for 5 people (2 deceased) = 18 unfiled returns. Yes, it's 1 family. I called to tell the dad he owed IRS $2,000 for '22. He stole my heart w/ response, "Well owing them is better than cheating them out of it." Hope all is A-ok for you & yours. Good to hear from a 20+ yr tax friend. We did have fun on the forum late at night, didn't we. Thanks again for the info.

Indeed, some who are in business might be ignorant, but it is no excuse for compliance via direct knowledge, or by paying for knowledge. Meaning ignorance is costly, not bliss.

Thanks Lee B. So if an entity does not know it has to file, they have not willfully violated the law. Interesting. Again, ignorance is bliss. Judy, thanks for your link.

Yes, I would expect an LLC to have an EIN. There is a place on Sch C for the SSN and the EIN. I doubt everyone includes the EIN if they do have one though.

per ATX: Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.

Wouldn't it be nice if everyone had that problem?

I have several clients who are still working, drawing a salary and dividends as business owners plus SS, who have no need for their RMDs. If their retirements funds were in IRAs they could use QCDs, but when their retirement funds are in SIMPLE plans or 401 k s then they end up receiving taxable income they don't need or want.

I'd already come to the same conclusions as Dan. Whoever the seller is, the heir or the estate, will have a small loss from the house sale when selling expenses are factored in. Either way, at this point I'm out of the picture unless engaged to prepare a 1041 for the estate. The heir and wife have never been my clients and I intend to keep it that way.

Sometimes I think I need to consider it a medical expense due to the therapeutic benefits provided by this group.

It seems that we have come full circle as tomorrow we elect a new President and we also start classes for the 2024 Income Tax Year. Little by little, I am getting ready for the new year, which I hope won't be my last. I nearly didn't make it through 2024 and am very grateful to be here. It doesn't take a lot of strength and breathing to sit in a chair all day preparing tax returns and visiting with clients. However, it takes a fair amount of brain power and stamina and I have been preparing my body ever since July. I lost a lot of color in my hair while in the hospital; but I learned a lot about breathing. I practice breathing every day. I follow this board every single day and couldn't do this job without all of you. So, Thank you all for contributing; answering and asking the questions that spur me to research. I am thankful for so many things and I feel that it would be wrong not to share my knowledge with those who need it. I anticipate a tough tax season. So, let's keep on keeping on.

The facts here indicate an implied life estate, as held by case law. Also in RR 78-409, IRS held that an implied life estate existed even though adult son and DIL were given title and resided in the house along with decedent. The authority comes from sec 2036(a). But not if she held a life estate. Even though she went into a nursing home she might still have an implied life estate to the house with the right to come back and live in it.

He could get the same amount of the inheritance without taxes and SE tax if he takes it as inheritance instead of payment for work

Sadly, I have to report that my questions are now moot. The mom passed away this morning and now it will be up to the estate to carry out the contract for sale of this house. At this point no one is sure if she had a valid will or who the executor is, if there is one. It may be that the guardian will be appointed as executor, and the estate will have to go through probate. Certainly this will delay settlement of the sale that was scheduled for the 15th of this month.