joanmcq

Ok.  Thank you Abby.  There's a bit of interest income.

I am doing the first/final estate income tax return.  The house has already sold.  The will divides up the house by three (nieces & nephew), and any remaining property 25% is split by 3 charities and the remaining 75% by the 3 nieces/nephew.

Are the K1s a) 33.33% to each person or,

b) 8.33 to each charity and 25% to each individual? 

Or do I c) put the loss carryover to the 3 individuals and then use b?

I am fried and overthinking I think.  I think its c.

They'll know about it when the properties are sold!

I have a new client that owes a bunch of bucks.  When filling out the 2210 for whether they owe underpayment of estimated tax penalty for prior year withholding, do I put in the TOTAL TAX on line 24 or one of the other lines?  They had a solar credit last year which took their tax way down.

I think its the total tax on line 24, but am kinda fried.

There's a backlog with e-filed amended returns?

How big was the estate of the deceased spouse?

I've wondered this myself.  Even if the ID requirements are state-specific, a passport is an approved form of ID.

For the $92k in sales that had no basis; is it just that the broker didn't have to report the basis or that they didn't have it?  I've seen a few accounts this year where the broker doesn't have to report it, but the basis is available and on a 'realized gain/loss' sheet in the entire package.

I would give time for the amendment and then file.  No sense in filing a false return.

I'm not sure; the paperwork I received was just the court document that said they did mail the will to the State of NJ Surrogate's Court and named the beneficiaries as the 3 people and 3 charities.

Was there any withholding on the withdrawals?  I had a client that got scammed years ago and one of the very small bright lights was that there was 20% withholding.

I have another question for this return:  the beneficiaries.  I have 6 beneficiaries, 3 people and 3 charities.  One of the people has since passed away too.  Ugh.  I do K1s for all of them?  Just the people?

Also, does a church have an EIN??

Ah, ok.

Thank you!  I don't do very many trusts and haven't done an estate income tax return in probably 10 years.  But I have a bunch of estate & trust returns this year.  My client's parents are dying.

But don't they had two different investments, two different basises?

I should have typed '200,000 was put into escrow to pay inheritance tax'

Ok, have an estate income tax return where the house was sold.  $200,000 (exactly) was put into escrow to pay estate tax.  How do I account for this on the estate income tax return?  Or do I account for it at all?

I have a not so old couple (in their 40's), very high earners, who pay by check.  I don't know if this means anything, but one of them works for Google and the other as IT for another tech company.

I have one of these too!  I figured out where the gain was coming from; the program calculated gain on the reduction of qualified nonrecourse financing.  I was going to post here once I got the new K1 to figure out if the program was correct or not.  I don't know if it was a glitch or not; this taxpayer is dealing with huge amounts of investment in his partnerships.

This client has 5 partnerships that I did check 'calculate shareholder basis' and 'calculate at-risk'

I have done everything I can and Medlin still thinks I don't have an internet connection.  ATX sometimes hooks right up for efiling, and sometimes it takes many many tries.

I get that all the time.  Just send them over.  And sometimes over & over & over.  Eventually the efiles will send.

I agree.  I would file.

I just got a K1 in with a whopping $39 in income.  Wasn't planning on amending.

Just thought I would post this for anyone that uses Proseries or other Intuit products.  Scam alert for a 'security update'.  They want you to 'install a plug-in'. 

Heads up!

I don't change the widow to primary until the year after the spouse dies.