Randall

I'm not sure about the Form 5227 but I thought a Grantor Trust didn't file a tax return. All items reported as the grantor's individual return with his/her ssn.

I don't have a new computer but occasionally something like this happens. I used to restart. But now I've found you can go to Task Manager and 'end task' on the ATX program. Then clicking the icon opens the program.

I think that's probably the issue with most technology. It benefits the big company more than individuals. It's more work on individuals. It just passes the workload on everyone else.

Wow. What a world.

An article in today's WSJ about old people still doing tax returns. https://ereader.wsj.net?selDate=20250220&goTo=A001&artid=6&editionStart=The Wall Street Journal

Yes. When I do finally hang it up, I don't think I can on April 16. I'll have to wait until all the returns on extension are completed.

Are you really 88? I'm 75 plus. I was thinking two more years minimum, four more maximum. That would put me (with extension due date) at 78 or 80.

I think the 20 inches were horizontal. I think the way they are labeled is a diagonal measurement. So mine are probably 24 inches diagonally.

A client came in with a 1099-INT she wasn't expecting. We amended. She owed Fed $6 and Ky $1. Ordinarily I would have told her to forget it but she was an IRS employee so I told her she better amend and pay to play it by the book. She told me she had to keep everything good with the state filing too. So we amended both and she paid the extra.

Are you saying that the child who doesn't provide 50% of her support can claim the non-refundable portion of the education credit? When I input this in ATX, I have to uncheck the box that says someone else can claim her. Her total tax is $863 which she then gets a credit for. But then I have to show the child on the parents' return as NOT claiming the child. Then their refund is reduced by the $500 for the child credit. Net savings is $363. Is this correct?

Check the EF form for the state. There should be a tab to show which forms are included with the efiling. You have to create the efile before this shows up. This is for ATX.

Another question. I think I can at least allocate the amounts between principal and income. So at least a portion should be allowed as a charitable deduction. My question is can the trustee allocate all of the income portion going to the charities and take a bigger charitable deduction and allocate the principal going to the individuals? I'll have to look back at the document but I was just wondering. After all, in the end, the recipients still get the same amount of money, whether from the principal or income. The income is now part of the principal.

Thanks. I think the document specifies how much each will get but it is a percentage and not a dollar amount. I still need to get with the trustee (and attorney) on how much the final amount will be. Of course, the trust paying the tax upfront may affect the final amount these charities receive. I'll have to review this with the trustee. The document says the trustee has authority but does not direct the trustee to yay or nay. I don't think the amount will be large enough for these charities to have their lawyers involved. We're talking maybe $15k or so each, not millions.

I just received a notice for 22H2. But it says it is for Windows 10. Am I ok on this?

The organizations are listed as beneficiaries with their percentage due. All assets (principal and income) are to be distributed ending the trust. So I assume I can at least allocate the income and principal and take some of it as a charitable deduction.

Interesting clarification. I'll have to look into it further.

If child earns about $20k, but still lives with parents, can the child claim herself as not a dependent? Is it a matter of choosing or will I (or they) have to determine the support allocation (50% or more supporting herself)? My situation is that parents took some money out of a 401 and this amount puts their income over the limit to claim the education credit. But the child may be able to do so if she is not a dependent. Still seems like a dependent to me.

A little different question: Does a trust have to give the trustee a 1099 for the fee the trustee receives? I still have to find out if any fee was paid in 2024 or will be paid in 2025.

If the trust document list some beneficiaries that are organizations and would be charitable, are these distributions considered charitable deductions in calculation of the income tax of the trust. Other beneficiaries listed are individuals and the trust wants to pay the tax upfront. Yes I know the tax will be higher at the trust level.

Where is this? I don't see it. And wouldn't this nullify the reason for having authentication in the first place?

I wonder if ATX price will go down without Payroll.

I haven't got the letter yet. I have payroll for 2024. I guess the letter means next year, 2025.

Thanks for the warning. Any word on Windows 12? I'll probably have to get a new computer later this year anyway, whether Win12 or Win11.

If an aging parent transfers home to child while living, but the document specifies parent can live there until death, does the house not really transfer until death? Inherited stepped up basis? I keep hearing this but I don't know where to look for reference.

This is what I've found too. When it comes to RMDs or inherited accounts, it seems they run Roth with the traditional IRAs. And it's sometimes confusing to distinguish if what they're saying is the same for both or different for each type of account.