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My sincere appreciation for your help, and I had no idea there was a link for that draft copy from the IRS.  It teaches me that I can't be too reliant on AI; VolvoGirl is a much better source. 🙂  Upon reflection, your original example was the clue I was missing as if I plug in $200k MAGI, I get a $6000 enhanced deduction while if I plug in $250k, I get a $0 enhanced deduction.  That matches published reports of the enhancement phasing out at $250k.  Thanks, again.

Reply to Question 1:  The irrevocable trust was created by a will dated 1983 and back then, then expenses were not significant, and it was 'family'.  It was considered that family members will sacrifice time and effort to maintain the land / farming legacy.  Farming has changed in 42 years requiring active daily management. Usually, average 2 hours a day.  Just to be clear, the actual crop share inputs and things like property taxes are paid by the Trust.   Its the administrative / office / education costs / inspection trips / computers / chain saws/ that I am absorbing. I will continue to absorb these costs as due to family dynamics, they will not be paid.  The Will and Trust documents are clear, there is no mention of repayment of such expenses. Several Trust  beneficiaries are very much OK with that and will not support reimbursement.  What I am seeking the best way to at least claim these documented overhead costs of being a Trustee on my taxes.    I wear several hats in the Trust; I am a Trustee, I am one of 6 beneficiaries of annual equal Trust disbursements, I am farmer (USDA), and a landowner of Trust cropland USDA and county / state records.    Question 2:  If I was not a Trustee, the Trust documents state that the surviving beneficiaries are to elect a new replacement. However, the most likely replacement Trustee has already said they would have to enlist a Professional Fam management company which normally charges 8% of gross receipts.     Bottom line, you are not going to fix the Trust as its all wrapped around family dynamics and fractions. My only goal is how to best file tax wise to offset my management expenses and its cloudy / messy due to the many hats I wear.  For example if I file as farmer on schedule F, my income is only $1.00, my actual expenses will always be much more than my $1.00 income and the IRS will say I will never make a profit and I agree. But I do not think I can add my annual beneficiary income (on a Schedule K) as farm income.  The Trust functions as a true 'pass through' entity.

How did it go? I am in the same boat. I have one S-corp and W-2 job. I am taking minimum salary from S-corp. S-corp still has some income. I file jointly with my wife and we both have w2 jobs. I wont have any income from new LLC (Single member as of now, i can make it S-corp while filing if required).      Question - Can I take 179 depreciation towards my W2?  If S-corp is treated as different entity, I assume I wont be able to take new LLC depreciation towards S-corp income. 

@M-MTax @baldietax turbotax does not provide copies of online returns for security reasons. It tells users to access their account if they want copies. online returns are stored on turbotax computers for 7 years the same length of time the IRS preserves them. Whereas for desktop there is no online copy of the tax file. However, as to imported documents in desktop, I'm not sure of the online retention period. In 2023 I noted that there was for a limited time a copy of the 1099-B I imported.  I no longer import (almost all my trades are of types A or D making manually entry easy).   What surprises me is that users don't trust Turbotax but the IRS stores copies of taxpayer's returns for 7 years. While I never seen anything that would indicate the IRS has been hacked, that doesn't mean it hasn't happened or won't happen in the future. (not completely true since I think an IC doing work for the IRS accessed DJT's returns) And look at all the fortune 500 companies that have been hacked including those that do secret projects for our military!

Turbotax never mails out income tax refunds because it never gets them. if you're having your fees, (including any advance) deducted from your refund, the refund goes to a third-party bank to split between you and Turbotax. It sends your portion to the bank account specified, if closed the refund goes back to the IRS to issue a paper check sent to the address on the return. 

Late fees are generally considered rental income, since they’re directly tied to the tenant’s lease and payment obligations. The IRS treats them as an extension of rent, not separate business income. If your property manager reported them as “Other Income,” it can cause issues like the one you’re seeing in TurboTax—because Schedule C is for active income, not passive rental activity. You can usually reclassify late fees as rental income when entering your 1099 in TurboTax, or request a corrected 1099-MISC from your property management company showing the total under “Rents.” In short: yes, late fees should be reported as rental income, not other income, so they can be offset by your rental expenses on Schedule E.

Just checked this page.  It was updated a day ago.    It should be a 16 digit combination of letters and numbers (XXXX-XXXX-XXXX-XXXX)    Where to find the License Code https://ttlc.intuit.com/community/tax-topics/help/i-can-t-find-my-license-code/01/852973  

I haven't bought mine from Costco yet.   My 2024 Costco email License Code  is the Key 1 with 16 digits  run together (numbers and letters).  How is the format different?  Turbo Tax probably wants 4 sets of 4 digits?  Can you post  a screenshot of what format Turbo Tax wants?  

Well I suppose I would trust a tax attorney to take the heat for me if he or she screwed up my taxes.  But yeah the same security issues exist in those professions.   I have no idea what specific tools the pros use for their tax businesses.  But at home I simply refuse to use any "cloud" service that doesn't at least claim to give me control over data-at-rest encryption in their cloud.  That means no Google Drive (or hardly anything else Google sells or gives away), no Microsoft OneDrive, no browser-based password vaults, etc.   I use KeePass for account passwords, CrashPlan with a local encryption key for file backups, etc.  It's all on me if I forget my complex passphrases for these apps.  There's no second or third party that I trust to "escrow" those secrets with.   SSL/TLS transport encryption is based on a Certificate Authority architecture that's also got huge flaws -- why do web browsers around the world implicitly trust CAs from countries that most of us have never visited and in some cases wouldn't be allow to enter?   We can only fix so much but it starts with fixing what we can.  That's why I push back so hard (mentally at least) against online tax preparation.  Our whole U.S. income taxation system is way too complicated and really only benefits the professions you mentioned.  We shouldn't be dragged into making our personal data even more vulnerable to theft and exploitation by a tax system that most of us abhor and only go along with at the point of a government gun.