Abby Normal

sendinc.com

Or buy a scanner, or use a phone app, to create PDFs of all important documents.

There's no need to call ATX. When you do the short year rollover, it can easily be efiled because it's a separate return, as it needs to be.

Do NOT paper file it. Roll it over as I showed you and then efile it. I do this frequently.

If the 1099R is in the name of the estate, you must report on the estate. If you try to report it directly on the 1040, you'll never get that $300 of tax withheld back. I usually just let the estate get the refund, for simplicity. If you choose a fiscal year and mark it final, all the income will pass out to the bene's. It doesn't matter that the distributions were not made yet. And there probably won't be enough income between 1/31/22 and now to even have to file a 1041 next year. Just make sure the source of the 1099R is switched to bene's ASAP so no more distributions are made to the estate.

I feel your pain. We have the easiest secure email I've ever used and we still get people saying, "It doesn't work." I so badly want to tell them they're stupid, but that's why we have these forums to rant in.

I'm sure we won't need to print every page. Right? RIGHT?!?!

They can still use Direct Pay to make a payment. They'll need to use 2020 1040 for verification since 2021 isn't processed yet. Trust me, the IRS wants to take their money. https://www.irs.gov/payments/direct-pay

Why does no one know how to do short year rollovers in ATX? Here are my notes: 1) Go to Rollover Manager and click on the Last Month/Quarter tab. 2) Select the return. 3) Click Rollover. 4) Once you go back to the Return Manager, the return will contain (Rolled Over) in the Name. The return will roll over the data as if you were rolling over from the prior year.

I never saw them come down in the update report, but I do see them in Add forms.

I hope they're better than most of the other chat bots I've used. Some of them are just horrible and I end up typing curse words at them.

If the initial return is not also the final return, the cap loss will stay in the estate until the final return. If there's no income being earned in the estate, I'd mark the return final, let the estate pay you and the attorneys, etc. then distribute the cash now.

In a final return, all income tax liability, even on capital gains, rests with the beneficiaries of the estate. The final Schedules K-1 will carry out all the income. Source: https://www.journalofaccountancy.com/issues/2012/may/estate-planning-20125011.html It's a good article. I never thought about choosing accrual method for an estate, but it would have come in handy a few times.

I don't think I've ever answered that question in ATX. If I don't get a red error, I don't mess with it.

I hate it when I'm trying to link FROM a form and it won't let me do it because you're not allowed to link TO that form.

It's not a choice. If distributions are made, income must be passed out to the beneficiaries. And if it's a final return, the capital gains and losses will pass out on the K1 too.

I agree it should be treated as an asset purchase because the transaction happened all at once. Just allocate the purchase price to the assets and start depreciation over.

Enter "INHERITED" in the acquisition date field and force long-term. I had one like this just recently, and no way was I going to track down all the charities for EINs and give them a K1, so I just gave K1s to the human beneficiaries, but in my case it was just to pass out capital losses.

I was filing a late MD return with only an IRS transcript. MD asked for copies of the W2s, so to mock up a W2 to feed the bureaucracy, I had to call MD and ask THEM how much MD withholding there was on each W2. I think I just edited a PDF of the IRS transcript to add a line for MD withholding and MD processed the return. And, yes, that does sound like the basis for a Monty Python sketch.

I was afraid that might happen with the dates. I've linked dates before and gotten rejects by agency. Try entering the dates manually but link just the license number. Thanks for testing it!

Just make sure you have all the carryovers and basis info before re-entering that K1.

You pick up where you left off, BUT if the FMV of the house is now less than the original cost, you must use the lower number as basis.

Precisely. I sometimes do calendar year on estates when it's going to be open for more than one year, but fiscal years usually work out better for most estates.

If there's a capital gain and it's not a final return, the estate will pay taxes on the gain.

I'm confident that a link will work there. I do something similar with MD, who require a taxpayer's physical address, which for us 95% of the time is the same as the mailing address already on the return.