Lee B

My state of Oregon had 5 or 6 counties with a series of really damaging ice storms about 6 weeks ago. Unfortunately for Oregon and now Texas it takes months for disaster relief is officially declared.

https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

Corrected 1099s from brokerage firms are sometimes issued between the middle and the end of March.

"Scheduled Maintenance Build: A routine system maintenance build is scheduled every Sunday from 12:01 a.m. to 8:00 a.m. Eastern. During this maintenance period, MeF will accept submissions but will not generate acknowledgements or process any state services such as Get Submissions, Send Acknowledgements or Send Receipts."

I think I will invest my money in my mental health and spend it on a nice vacation

https://apps.irs.gov/app/vita/content/globalmedia/teacher/tax_treatment_scholarship_4012.pdf

Oregon has very low standard deductions, so many taxpayers still itemize. However Oregon does not allow the 2% misc itemized deductions.

The Senate is on a two week break, so there's no progress to report. Also, the bill requires 60 votes to bring to the floor for a vote. According to news reports there aren't 60 votes to do that.

Aw shucks, i'm disappointed. According to the IRS: "Inherited Roth IRAs Generally, inherited Roth IRA accounts are subject to the same RMD requirements as inherited traditional IRA accounts. Withdrawals of contributions from an inherited Roth are tax free. Most withdrawals of earnings from an inherited Roth IRA account are also tax-free. However, withdrawals of earnings may be subject to income tax if the Roth account is less than 5-years old at the time of the withdrawal." "Designated beneficiary (not an eligible designated beneficiary) Follow the 10-year rule"

I will get some popcorn and read the responses later this afternoon

At first glance I would agree, but aren't most client's current standard deductions larger than if they were able to itemize including the 2% misc itemized deductions.

I have a client who has a commercial vehicle brake, frame and alignment shop. They require their mechanics to provide their own tools. It's a common industry practice. Unfortunately it falls under the 2% misc itemized deductions category which the TCJA eliminated. Since she probably takes the standard deduction it's probably a moot issue.

I sympathize, when we moved my mother in law in to live with us her dementia was causing problems. She couldn't remember whether she had taken her prescriptions. She had stopped paying her bills and the city was getting ready to turn off her water.

Interesting, since I have efiling OR 41 using Drake

I reread the Journal of Accountancy article again and I still stand by my post. There is also a discussion about catch up distributions and the reduction in excise taxes on late distributions that should help Deb.

ATX has along long history of not providing entity forms to smaller states.

Last year all of my clients except one filled out their tax organizer. Although I did hand back their documents to 2 clients and told them to come back when it was filled out. If you don't have them fill out an organizer, how do you find out when there are changes in their tax situation, which they otherwise might forget?

A classic case of Income in Respect of a Decedent

Here a very good article in the Journal of Accountancy: https://www.journalofaccountancy.com/issues/2023/apr/beneficiary-iras-a-guide-to-the-rmd-maze.html

Yes the Medicaid 5 year look back rules vary from state to state.

My reading now that I have more time says, that, according to SECURE 1.0 an eligible designated beneficiary who is less than ten years younger than the account holder of the 401 k who dies before the required beginning date of their RMD is exempt from the so called "ten year rule" and can use their own life expectancy to calculate their RMDs. You have until 12/31 of the year following the year of their death to begin taking you distributions. Frankly it took me quite a bit of reading to arrive at that conclusion. It shouldn't have to be that complicated !

Why don't you call the fiduciary for your 401 K. They have the experts on hand to answer your questions.

Actually the answer is fairly complicated and can differ depending on state law. Please see the article in The Tax Advisor: https://www.thetaxadviser.com/issues/2022/nov/federal-implications-passthrough-entity-tax-elections.html

I would file MFS using their residences in the 2 different states if that's possible.

Why is it a scam? Discharge of nonbusiness credit card debt is generally taxable income, except when the taxpayer was insolvent immediately prior to the discharge or filed bankruptcy. See Pub 4681