TAXMAN

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?

Box 3 and 5 are same $1800. box 4 =0

TP received ss statement with oao behind his name. Dad died. Box 2 for SS# is blank. Whose return does this go on. TP or dad?

Thank you. I thought so but second opinions are always great.

I have a retired md policeman who is 67. with a pension from state of md. of 74000. I see new for MD this year that tp can take 15k exclusion and also the pension subtraction modification as long as we reduce his pension by the 15k. Does anyone have a take on this? I know in past years you could not do this.

That is the way I handle them here. It is an investment.

I always do the same. Sometimes just to protect a loss carryforward even if no tax owed.

FYI no updates from broker yet.

I would also look at repairs to become start up and rest as capital. Only you will know once you see the numbers.

I am inclined to do same.

Box 2 reads 0 taxable. TP and spouse did not make roth contributions in 2021. Income 2 high. Will try to touch base with broker to determine why this was even done. J indicates roth and p indicates excess contributions which does not appear to be any.

I have a tp that brought me a 1099R with code JP in box 7 (age 59). Spouse has one also with JP in box 7. However she was disabled during past 3 years and died in 2022. Contributions to the roth's has been over a period of more than 10 years. AS I am somewhat brain scrambled, how would you report these 2 1099's? Consider that each roth basis is in excess of 57k. The withdrawal amount was less than 7k each.

Do you think that maybe the definition between the words rebate vs refund could be the cause?

New to me also. but does it work?

I had one off of a very simple ptrshp. That in essence said make sure your tax manager ptrn info is correct.