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My mother died this year and she has a trust. I have a tax
Second opinion] My mother died this year and she has a trust. I have a tax id for the trust and was attempting to file using TurboTax Business but I don't know how to enter the 1099R info.… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
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My mom has passed. there was an irrevocable trust, which all
my mom has passed. there was an irrevocable trust, which all interest earned will be filed on her income tac form, sine the 1099 int form is in her name and SS #..as the trustee of the acc, I distribu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
29,499 satisfied customers
Moving 2018 income from Trust Accounts (my Mom is the
moving 2018 income from Trust Accounts (my Mom is the Trustee) to her personal accounts so as to realize her marginal tax rate in the 2018 return. I didn't do this last year and want to ensure I do it… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
14,637 satisfied customers
I have a question regarding fiscal year election. I'm a
I have a question regarding fiscal year election. I'm a trustee and the sole beneficiary of a trust, and I'm currently in the process of distribution of assets and closing the trust. My accountant adv… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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IRS Tax Questions: 1. What happens to suspended capital
IRS Tax Questions: 1. What happens to suspended capital losses when someone dies and there is no estate return? Are they lost? Please provide IRS references and articles. 2. Please explain the rules f… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
14,637 satisfied customers
I am a recipient of my brothers trust. He had paid all taxes
I am a recipient of my brothers trust. He had paid all taxes through 2018 in advance. The trust is held in st. Louis, missouri and i live in arkansas. Do i have to pay taxes on this. I am on ss and ha… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
29,499 satisfied customers
PDTax need assistance. On a 1041 there is a Decedent's
PDTax need assistance. On a 1041 there is a Decedent's Estate Created at time of death. First year of death 2016. A final 1040 return was filed for year of death 2016. There was a RVOC trust created i… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,278 satisfied customers
Robin, I have a NEW client that I need help with. Married
Hi Robin,I have a NEW client that I need help with.Married couple who resided in FL for 2015 and who had a Revocable Living Trust before the spouse (Trustee) died on 08/10/15. The Revocable Living Tru… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
Questions re a simple irrevocable trust: 1. I as trustee
Questions re a simple irrevocable trust: 1. I as trustee distribute principal to the beneficiary (my brother) to pay costs of “running” the house owned by the trust and in which he resides. These moni… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
29,499 satisfied customers
My Mom passed away the first week of July 2015 in a nursing
My Mom passed away the first week of July 2015 in a nursing home. I am executor of the estate. My sister and I are 50/50 on her Will. The total estate is far below the IRS form 706 requirement or esta… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
29,499 satisfied customers
I have a 1099-R estate tax return. Its an IRA with
I have a 1099-R for an estate tax return. Its an IRA with a code of 4 in box 7 Where does that go on the 1041 return.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
29,499 satisfied customers
I am preparing a 1041 snt (trust) I basically have the
I am preparing a 1041 for a snt (trust) I basically have the following items, which I have recorded on the 1041: line 1-interest income $1,880 line 2a/2b ord/qual div $21,923 line 4 capital gain $49,1… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
7,986 satisfied customers
I AM DOING A SIMPLE TRUST. MY FIRST. HE OWES ON KY $48, DUE
I AM DOING A SIMPLE TRUST. MY FIRST. HE OWES ON KY $48, DUE TO INCOME FROM CAPITAL GAINS OF $2502 IS THIS CORRECT. IM NOT SURE ABOUT DOING THIS, HE ONLY HAD DIVIDENDS FROM XXXXX XXXXX AND US BANCORP. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
29,499 satisfied customers
I received a distribution from a family trust allocated by
I received a distribution from a family trust allocated by my brother who was the designated trustee by my dad who passed away in Feb 2011. My brother issued me a K1 form to fill out so I am assuming … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
29,499 satisfied customers
Regarding this same issue, I have an additional doubt, where
I'm a non-resident alien, I have mutual funds in US. I have no other income from US, so all my income is NOT effectively connected with the conduct of a U.S. trade or business. I plan to fill out form… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
I am still unclear about what to check in the box on 1041.If
I am still unclear about what to check in the box on 1041.If I want to make the election, do I need two tax ID numbers? If I just do the trust--what kind of trust do I check? It is a living trust that… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
I started a trust, with an EIN, in may 2008. Myself (grantor),
I started a trust, with an EIN, in may 2008. Myself (grantor), 2 silblings each contributed equal amounts (33.333%) of capital. We are all equal beneficiaries. This trust is to jointly manage our mone… read more
Bill
Bill
Master's Degree
3,148 satisfied customers
I have no short term capital gains nor losses nor any long
I have no short term capital gains nor losses nor any long term loss carryovers. I have $7,247 long term capital losses and no long term capital gains. I am having difficulty with turbotax so I have h… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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