Got it. Thanks. You possess the knowledge I don't have. I really appreciate your sharing. Three more questions if I may ask.
(1) Roth Inherited IRA - is tax free as long as fund is there longer than 5 years as I understand. So if my beneficiary withdraws all of it once on the 10th year, then it should pass 5 years mark therefore, all is tax free. In other words, no income tax needs to be reported, right?
(2) It sounds like my executor needs to file the year I die both the 1040 and the 1041 tax returns. Yes? And 1041 tax return only needs to be filed one time not every year thing because we only die once, right? In fact, these would be my last tax returns. No more after that.
(3) Does Turbo Tax Premier version enable us to file both Estate tax return (1041) and Income tax return (1040)?
P.S. Since I have been laughed by you guys about grandkids inheritance, I am thinking over a bit. Thanks guys.
