Randall

Congrats. Where did he get his flying training? Military? Air Force? or civilian?

Amen to that. That's why I'm probably only going to be around a few more years.

Me too. I've only got a few more years and I'm trying to cut back. No business returns, no rentals, side business Sch Cs, no farming, no high volume stock trading on your own. And even the fairly normal 1040s, I'll only be around a few more years so if they're looking for a long term preparer, I'm not the person.

It's real alright. Too real. And it's more weird than mentioned.

One more add on. If Grantor has the right to revoke, but it has to be unanimous with the two beneficiaries (his two children), does this change his status of sole power to revoke. And thus eliminate the stepped up basis eligibility on the date of 2nd death (grantor).

I'm a one man shop too and don't have an IT department. And I'm no techie. But I've found ATX to be quite good for me. There have been several times I've had to call but not too often.

Not sure if it's the same problem but last year, I got a new computer. I had downloaded the software on my old computer, then later on my new computer. I'm not sure what happened but the tech rep had to walk me thru to rename the old Server file 'old' and start a new Server file. Either way, this will require a phone call as joanmcq said. I definitely wouldn't try this on my own.

I've thought from the beginning the biggest benefit of the Roth is for people who will never need the money themselves and have a long time horizon for the investments. Let it grow tax free and leave it to heirs tax free. Most people think the opposite. They hear 'tax free' and take it now, think short term.

Have you gotten this resolved yet?

I'm in that situation too. I plan to contribute. My understanding is that the tax rules changed for contributions when they raised the age to 72for RMDs. If you are working and have earnings, you are now eligible to continue to contribute and get the IRA deduction.

I think IRC 1014 covers this. Specifically IRC 1014(b)(3) which mentions a trust. Thanks for pointing in a direction.

I think there's a check box for this but it only says 60 (or 90) days. I'm not sure if it's permanent.

Do you have any reference on that? Everything I see refers to date of death but nothing regarding a second stepped up basis when property is owned by a trust. I was thinking that the trust became the legal owner of the property at the time of the first death. Then I wondered about it being a grantor trust and perhaps the 2nd stepped up basis. It would knock out the gain. I would like some authoritative reference to support this though.

Unfortunately ATX doesn't have the option available on the initial login to change your email address. And they don't have the setup to use a mobile phone number to receive the code by text.

I had a similar problem. I did not change my email address but I tried logging into support and it was taking a long time to receive the email with the authentication code. By the time I received the email, my time was stopped out. I called tech support. The rep asked if I had another email address. I happened to have a gmail account and email address (I don't use it much). The rep gave me a new temp password to log in and there was an option to change my email address. Using the new email address, I received my code immediately and was able to log in to the website. You might be able to change your email address with ATX this way. But you should be able to get into the ATX website in the future so you'll want to get this resolved.

Mother died. One son took the property as his share, other siblings got their share. Son (grantor) put the property in the trust. Son (grantor) died 5 years later. Trust sells house. 2 beneficiaries, children of son, grandchildren of 1st deceased. My question is regarding stepped up basis. Son received stepped up basis 5 years ago, which would be basis of property owned by the trust. So would the trust (grandchildren) receive a stepped up basis again 5 years later because the grantor dies. Or would the trust retain its cost basis from 5 years ago since the trust is the owner of the property, not the individual who died? Or would the individual who died be considered owner of the property since it was a grantor trust?

Trust did receive the property from the grantor.

A trust receives property upon death of a person (say 5 years ago). But the trust is revocable. Then grantor of the trust dies and the trust becomes irrevocable (say current date). Is the stepped up basis as of the date of the first death (5 years ago) or the date of the 2nd death (current date)? The revocable trust becomes an irrevocable trust (tax entity) at the date of the 2nd death. But title to the property was transferred to the trust (revocable) 5 years ago. Any opinions? References?

I just have a manual file. Billings, one file for unpaid, one for paid. I do enter in QB late in the year and my checks written to get a summary of my income, expense, profit.

Thanks Catherine.

Anyone care to list some of the questions they've added? I put in a couple but not sure of my wording.

Thanks for the comment. I'm 72 now. Finished 6th out of 46 in my age group (yes, it was rainy). So far, no injuries. But you never know as we get older. Sorry to hear about your injury. I do some backpacking and I recently got a bicycle, just east stuff.

What I really dread is if they finally pass a new law and delay the filing season. Especially if they get something passed in 2022 and make it retroactive for 2021.

I believe you have the option on the first 1041 return of selecting the year. Either calendar or fiscal. So in your case, calendar year of 12/31/2021 and final return (short year ending whatever month) for 2022. Or selecting fiscal year and the first 1041 return would end 2/28/2022. I think this would dictate which year the K-1 would be issued. Reported by beneficiaries on their calendar year 2021 or 2022 depending on which year selected on the 1041.

My general plan is four more years. But we'll see how things go. I have an office but it's small and very (very) close to where I live. Margaret, I run, but not long distance. I ran the 10K in Cincinnati Thanksgiving Day morning. And hike/backpack.