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@furmans4 you state that your wife "now" has a high deductible plan.  Did she have that plan on January 1st or did it begin on a later date? What type of coverage did she have as of January 1st? It affects the 2025 contribution limit.  Was she covered under your plan through April 8?  

the Turbotax 8615 schedule D worksheet is the capital gains and qualified dividend worksheet. that same worksheet as in your return. scroll down to page 2 to see the aggregate calculation for line * on the 8615

yours would likely go on line 7 (in an S-corp the owner is generally also an employee if they perform services for the entity). non-officers would go on line 8. if you perform services for the s-corp, the IRS wants you to take a reasonable salary. Failure can lead to the IRS assessing penalties.    

Didn't find State Form which was previously filed - wanted to modify. TurboTax is requesting payment to download state forms which I already paid previously.  A bit of scam for those wanting to modify a previous tax form.

@sunshinejoe you pay taxes where you work and then where you live.    So since the student will be working in NY,  and the standard deduction (2024) is $3100, he would have to file a NY State NON-RESIDENT tax return (and maybe NYC) since his income is expected to exceed the NYS standard deduction.    The student is not a resident of New Jersey, so there is nothing to report there.     

one additional requirement is that your wife did not have a Flexible Savings Account covering general medical expenses at any time during the year. this would be considered as you being covered by a non-HDHP baring an HSA contribution. An FSA covering specific types of expenses like dental or vision is okay. 

@Jozef_G who is specifically named in the Trust as beneficiaries? How did the lawyer handle the possibility that neither your mother or father consumed the money?  Please read the trust and let us know.     Also, who is the Trustee of the trust? you?    You are NOT the "grantor", that was your father. At this point it doesn't matter who was the grantor, what is important is who is the Trustee and who are the beneficiaries.      

yes the co-signer only has an obligation to pay the loan if the primary borrower defaults.  The IRS recognizes this, and clearly excludes guarantors from the cancelled debt reporting requirements in Treasury Regulation 1.6050P-1(d)(ii)(7):   (7) Guarantors and sureties. Solely for purposes of the reporting requirements of this section, a guarantor is not a debtor. Thus, in the case of guaranteed indebtedness, reporting under this section is not required with respect to a guarantor, whether or not there has been a default and demand for payment made upon the guarantor.   therefore you need to respond to the notice saying that under the above reg (cite the number) you are not required to report this as income since you were the guarantor and not the debtor. This is also established in case law such as Landreth v. Commissioner, 50 T.C. 803(1968) the U.S. Tax Court. 

@Hi Palms @dmertz  Thank you for your replies. I've already reached out to the lawyer who wrote up the Trust but he is asking for a decent bit of change just to discuss it. It appears I was wrong in assuming the $10K my dad paid to write up the Trust entitled me to at least some follow-up question. It's not a money issue since the Trust would pay for the consultation not me personally, it is more a matter of principle. I hate paying for the same thing twice. So with that being said, I am including a few more details so hopefully you can offer more guidance.   When my father created, and financed, the trust my mother was still alive and his primary goal was to insure that she would be taken care of. She was in the early stages of Dementia at the time and my father was worried that if he died that she would not be able to handle the finances so he had a lawyer create a Revocable Trust in my name with specific instructions that the funds would be used to take care of him and my mom until they passed. Unfortunately his concerns were for naught as my mother died six years ago. I asked him if he wanted to terminate the trust at that time but he decided to keep it in place in case he ever got to the point that he couldn't handle his own finances. It was his wish that the funds be dispersed within six months of his death so I'm am just following his wishes but I don't want to be stuck with a tax bill for all of the money in the trust. The Trust states that any expenses would be paid by it so I need to know if I should withhold a portion of the distribution to pay for the taxes, if I am going to be responsible for them. It's not that I don't trust my brother and sisters to help with the bill if necessary, I just think it would be easier to resolve the issue now instead of waiting six months.