GLGACCT

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

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

Thank you, was able to listen to all the prompts and advise the TP how to get through. TP was able to get through and received a call back within 30 minutes. The system even assigned someone from the first time he entered his SS number a few weeks ago. System works as expected but you have to listen to the prompts or get caught in a loop. Thanks

TP mistakenly paid his state taxes to the IRS as well as paying what he owed to the IRS for tax year 2023. State notified him that he did not pay his taxes, that is when he realized what happened. The IRS never sent his overpayment back nor applied it to 2024. When you run his transcript, you can see the overpayment is there. His online account does not show the overpayment as he owed taxes that year. He has tried several times calling 800-829-1040 with no success. The phone tree will not get us to a live agent. Any ideas how he can reach a person or a different number to call?

Are you sure the efile manager says the extension was rejected? After the 4868 was accepted and you go revised the return you will see some type of a save error like you stated but it should not reject the 4868. After you add the K-1 and you click on check return you will have a red error about the 4868. However, when you click the efile button to finalize the return after your corrections, you would only select federal and state. It will do the error check again and since you are not doing the extension the error will not be there. Again, this is assuming that the 4868 says accepted. However, in your case if the efile manager has the extension rejected something else is going on.

Thank you for the response. I put it on extension and will review after this week.

Found this on another site: The Rejection Rule F5329-006-01 is an issue that happens when the waiver amount is equal to the minimum required distribution amount and no excess tax is calculated on Form 5329, line 54b. The same could happen with line 54a. This will be addressed with the next 1040-US update. Has anyone done a missed RMD and successfully e-filed with waiver?

Efiled return gets rejected F329-006-01 If the value of Form 5329, AllOthQlfyPlanRqrDistriAmt minus AllOthQlfyPlanActualDistAmt + waiveTaxOnExAccumQRPStmtAmt on AllOthQlfyPlanExcessAmt is greater than or equal to zero then AllOthQlfyPlanExcessAccumAMt must be equal to the value multiplied by 25%. Requested waiver but can't efile. There is an amout on line 54b RC. I must be missing something Any ideas

I believe you do not account for this on the 1041. In NJ you account for inheritance tax on the NJ IT-R. See website https://www.nj.gov/treasury/taxation/inheritance-estate/inheritance.shtml As Tom and Sara, suggested, you are missing information. You will need to see the will and prepare the NJ-ITR to calculate the inheritance tax first, no double dipping. Then move onto the 1041. The website above has most of the information you require.

Client paid taxes owed to the Treasury last year, then paid the state taxes to the Treasury as well. Account Transcript shows the overpayment, but it has not been returned. Should the overpayment be applied as estimated taxes for this year even though the transcript clearly marks it as a payment, code 670 or any other thoughts on getting the overpayment back?

It is my understanding that codes can be reset if you lose your phone. Here is a brief video from the solution center. https://support.cch.com/oss/sfs/video/U7mpfMUm17s

Kofax Power PDF may work for you. They are now Tungstenautomation they still have a free trial. Here is an old post with some details from a prior year. https://www.atxcommunity.com/topic/30243-atx-questionnaire-users/#comment-196790

Here is a useful video to set up and also to reset codes. Unfortunately, no help with two computer. https://support.cch.com/oss/sfs/video/U7mpfMUm17s

Tom, your thinking is consistent with mine. The way the client's son was explaining it to me, the NJ lawyer was having an issue with putting it on her personal return Sch E. I wanted to check to see if I was missing something. In hindsight, the son may have misunderstood the difference between revocable and irrevocable. Thank you for your response.

Tom, the will states everything goes to revocable living trust through a rest, residual and remainder clause. Note the NJ property is actual a rental property. The trust document states son gets NJ Rental Property and daughter gets Florida home. The son and NJ lawyer were skeptical about titling the NJ Rental Property in the Trust as NJ is very easy to probate. Any concerns with or without retitling the property to the Trust? No real value associated with personal property. Agree with the IRAs and bank accounts, as most are joint accounts with the son paying all of the mother's bills, it was suggested to move one account into the Trust. Thank you for your response.