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N/T sort of - It's the darnest thing


jklcpa
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This is another strange season, for sure. Many more of my clients dropped off their information earlier than ever this year but no one is in any hurry to pick up the completed returns, even those that have nice refunds or tiny balances owed.  🤷‍♀️

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Lots of drop offs earlier than ever. Huge HOLD stack on my floor for missing info, waiting on IRS/software (did you read about the March change to inherited non-spousal IRAs?), or just need to re-proofread now that that last schedule/form is finally in the software. I'm buried but very, very backlogged.

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Newest temp regs say you DO need to take annual RMDs from inherited IRAs and then the remainder by the end of year 10. Prior, but still very new, regs said take any amount(s) in any year(s) or none at all as long as entire account is emptied by the end of year 10. So, those that inherited in 2020 and 2021 may have some prior year RMDs to take. Or extend 2021 to see what happens with March's proposed change. It's so hard to keep track.

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Glad we're not the only ones. Yeah, tons of completed returns with no one bothering to fetch, lots of super-early drop-offs. Coupled with a number of usually-early clients from whom we have heard nary a peep. Very weird year.

Plus the IRS still has not decided if the MA paid family/medical leave pay is taxable or not.  MA says they'll accept whatever the feds decide. So all of those returns wait to be finalized.

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