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wlee1120
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- Cheered Re: What type of retirement income is the RMD of my inherited IRA? The state of PA wants to know.... for RaifH. March 24, 2022 1:21 PM
- Posted Re: What type of retirement income is the RMD of my inherited IRA? The state of PA wants to know.... on Retirement tax questions. March 21, 2022 2:06 PM
- Posted What type of retirement income is the RMD of my inherited IRA? The state of PA wants to know. I am under 59 1/2 and the deceased was over 72 years old. on Retirement tax questions. March 21, 2022 12:46 PM
- Posted Re: Under the CARES ACT, I returned my RMD in my IRA , technically a 2020 Rollover. But Turbo Tax is not allowing me to report the Federal Income tax withheld in Box 4 1099 on Retirement tax questions. March 26, 2021 2:39 PM
- Cheered Re: Deducting expenses from the sale of the decedent house for tagteam. March 18, 2020 11:42 AM
- Posted Re: Can’t file state taxes on Get your taxes done using TurboTax. March 4, 2020 2:32 PM
- Cheered Re: Form 1041 is an estate *income* tax return. Distribution... for dmertz. February 27, 2020 10:48 AM
- Posted Re: Form 1041 is an estate *income* tax return. Distribution... on Retirement tax questions. February 27, 2020 10:36 AM
- Posted Re: Form 1041 is an estate *income* tax return. Distribution... on Retirement tax questions. February 27, 2020 8:00 AM
- Posted Re: trust pay the federal and state taxes instead of the beneficiary's on Get your taxes done using TurboTax. February 14, 2020 4:10 PM
- Cheered Re: Yes, the costs incurred by the Trust to take care of the... for tagteam. February 14, 2020 4:01 PM
- Posted Re: Yes, the costs incurred by the Trust to take care of the... on Deductions & credits. February 14, 2020 3:31 PM
- Posted Deducting expenses from the sale of the decedent house on Get your taxes done using TurboTax. February 14, 2020 8:26 AM
March 21, 2022
2:06 PM
Thanks for clarifying!
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March 21, 2022
12:46 PM
TT gives several options that I am considering: I'm eligible
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March 26, 2021
2:39 PM
I followed your suggestion: deleted the 1099-R and re-input it stating that it was not an RMD. I couldn't find where to indicate that there was a rollover. Line 4B still shows an amount. Can you please be more specific as to where to state that it was a rollover? Thanks
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March 4, 2020
2:32 PM
@Irene2805 @KathrynG3 I filed my Federal return electronically but have to file my PA state return via mail. I went to print the PA state return but received an error message (no description of the error). However, when I checked the PA state return (via TurboTax program), I didn't get any errors. How can I find this error?
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February 27, 2020
10:36 AM
@dmertz Does this mean the principal in an irrevocable trust is not considered a taxable income for the beneficiary regardless of the amount?
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February 27, 2020
8:00 AM
@dmertz Following your response that distribution from a trust principal is not reported on Schedule K-1... I thought the trust needs to inform the IRS who it distributed principal to and how much. If so, where is it reported if not on Schedule K-1? By the way, in my process of completing the tax return for the trust and the schedules K-1, I noticed an entry on the K-1 for AMT adjustment. Does this take care of the distributed principal? Thanks
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February 14, 2020
4:10 PM
@tagteam When a trust pays the state inheritance tax, can it deduct it in the 1041?
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February 14, 2020
3:31 PM
@tagteam wrote The costs, if an election is made to capitalize.... If I don't decide to capitalize, would these costs to maintain the property still be deductible? If so, where would I enter them in the trust tax return (1041)?
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February 14, 2020
8:26 AM
My father passed and his house was in a trust. My siblings fixed the house which helped increase the sale price. Can we deduct the expenses on fixing the house: material, contractor, etc? Is there a section on Turbo tax Business to specify the fair market value of the house? So far, from what I have done, it seems the capital gains will be from the sale price minus a few fees. Also, can the trust expense the cost of maintaining the house before it was sold? Nobody lived there yet it needed to be upkept. The trust spent money in paying the funeral and medical expenses (my father had everything under the trust). What can the trust deduct? Thanks, Bill Thanks Bill
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