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Recent Income Tax Liability questions

If Estate/Trust has no obligation to distribute income, and

If Estate/Trust has no obligation to distribute income, and only income was decedent's IRA MRD taken by estate after decedent's death, and this amount is mostly offset by Estate/Trust administrative expenses, and Estate/Trust pays any tax ( already withheld per 1099-r) that might still be due , is there any need to file K-1's for Trust beneficiaries. Beneficiaries received shares of decedent's IRA only, no income the Trust earned. IRS instructions seems to say K-1s always needed, even if beneficiaries received no income and are not subject to any tax.

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Lev

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My husband passed away in July. I have received 3 1099-Cs

My husband passed away in July. I have received 3 1099-Cs since his death in his name only. The credit cards were in his name only. Am I responsible to pay the taxes on these amounts? He had no estate.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: He did receive SSI, but that is all.

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Lev

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My wife & her brothers inherited some land many yrs ago upon

My wife & her brothers inherited some land many yrs ago upon dads death...finally sold...what are tax implications? Complication: 2 brothers & mom (dads ex-wife) all had shares, but assigned them to big sis (my wife)...so deed currently shows big sis & youngest bro, with the understanding that big sis will pay out $ to mom and bros.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: To clarify: the understanding is that the shares are 50% to mom, and 50% between 4 siblings...but only 2 sibs are on the deed. Will there be a problem with 2 people (really 1) accepting the $, and then distributing the cash?

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Lev

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My mother who lives in Arizona set up an irrevocable asset

My mother who lives in Arizona set up an irrevocable asset trust. I am trustee and live in Colorado. which state should I file the trust's taxes in?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: This is the first year to file. the trust was created in AzJA: Is there anything else the Accountant should be aware of?Customer: Only income is from BP stock dividends and interest on a chase savings account together equaling 900+ dollars.

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Lev

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I am on permanent disability. When my Mom passed, I

I am on permanent disability. When my Mom passed, I inherited some mineral rights. They were not payingJA: Since estate law varies from place to place, can you tell me what state this is in?Customer: California. I just sold them. Will this effect my disab, and do I have to pay taxes?JA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: Just disability and tax question.

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Lev

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I am looking to understand how to best fill out a W4 for our

I am looking to understand how to best fill out a W4 for our tax situation.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband and I are basically equivalent earners and file our taxes separately. However, we have both gotten some lump sums this year and I took out 4000 from my 401K. I am just looking to see if I should claim married but withhold at a higher single rate and leave both federal and state forms at 0.JA: Is there anything else important you think the Accountant should know?Customer: I don't believe so. Ok, can I ask you a total for how much this will cost

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Lev

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25,422 satisfied customers
I wanted an estimate as to how much tax i would have to pay

Hi i wanted an estimate as to how much tax i would have to pay if i am married but filing separately, earn $11000 and have no dependents and no deductionsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: well i am a us resident. my income is from a foreign sourceJA: Is there anything else important you think the Accountant should know?Customer: my expenses- groceries, gas etc amount to per month 12000. sorry my income is $14000 per year

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Lev

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25,422 satisfied customers
I moved to s.c. in feb of 2016 I know nothing about state

I moved to s.c. in feb of 2016 I know nothing about state taxesJA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.Customer: I dont know anything I am from Florida and we did not have state tax I am a widow and 86 yrs oldJA: Is there anything else the Expert should be aware of?Customer: No

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Robin D.

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When I enter hypothetical retirement income from an annuity,

When I enter hypothetical retirement income from an annuity, TurboTax shows it being taxed at a 34% tax rate. However, married filing jointly with gross income at 240,000 and taxable income at 150,000 dollars. Why?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I can think of.JA: Got it. Would you like to talk to the Accountant within minutes for $46 or stick with $38 and get an answer in an hour or two? The entire amount is fully refundable if you aren't satisfied.Customer: ...

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Lev

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