TAXMAN

TAX YEAR 2020

Received transcript today from TP. Has a code 896 overpayment credit offset. TP is single no dependents and carry's his own insurance. Anyone know what this code may mean? Thanks

What time do we get started?

My understanding is yes.

TP created trust with a $1.00. TP died everything went to trust to bypass probate. Every thing in trust converted to cash and paid out to heirs according to trust aggrement. On form 1041 can I make a 645 election? Makes a difference in filing date as a trust would be on cal year where I could use a fiscal year. What is your opinion?

Some have said that if their retirement was on a DFAS then it qualified. I have not run into a guard situation yet.

I sent one client back to the dealer for proof on one. Came back as a no go.

Family sent me a box of cookies from MD. they went to ny first and then to GA then back to ny before they go to me here in VA. Took about 6 months. Dog wouldn't eat too hard.

TP in Marine corp 2022. Earned w-2 income 22k. I read the rule ant it says extended duty 90 days. Anyone know what this means? or can he exclude part of his income?

Based on this I wonder what I am?

In reading trust document it says 1/10 of original principle and the annual income to be paid to the heir. Therefore I think the capital gain income belongs to the heir. It appears that Margaret CPA has basically said the same thing.

If trust sold stock to make distribution to the heir, Can I allocate the gain to the heir and the trust not pay the tax?

How did I miss that. That's why the 8615 was showing no tax. Thanks for pointing me in the right direction.

how to put in a taxable scholarship in ATX. I have tried several ways but I always get the standard deduction coming out wrong. EI was 3755 and scholarship was 4000. Stnd ded should be 4155 however program says scholarship is counted as earned income. Any thoughts. This is causing a 8615 to show up which I expected.

Yes box 8 is dad's SS# followed by UI. still the problem. Where do I report it? Box 2 not having any SS# in it I wonder if IRS will be able to trace it?