Search found 77 matches

by geobrick
Thu Feb 20, 2020 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Refinancing a HELOC - Interest Still Tax Deductable?
Replies: 0
Views: 163

Refinancing a HELOC - Interest Still Tax Deductable?

If I refinance my existing HELOC, used for home improvements, would I lose the tax deduction on the interest because the new HELOC will be used for the debt reduction of the old HELOC? My current mortgage and HELOC interest deductions are fully deductible and not affected by the 2018 caps (wish I co...
by geobrick
Thu Dec 12, 2019 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: Roth TSP transfer mechanics
Replies: 18
Views: 1425

Re: Roth TSP transfer mechanics

Updated:12/20/2019 Status: 11/30/2019: I uploaded page 4 to Vanguard with my request (Step 6). 12/02/2019: Vanguard acknowledge my request replying, "I have forwarded your TSP form and letter of instruction to our processing department. 12/07/2019: I have not received anything back yet. I'm not sure...
by geobrick
Sun Dec 08, 2019 2:11 am
Forum: Personal Finance (Not Investing)
Topic: Roth TSP transfer mechanics
Replies: 18
Views: 1425

Re: Roth TSP transfer mechanics

I don't mean to turn this into another "Vanguard sucks as a brokerage" thread but their service is so much worse than every other one I've used (Merrill Edge, Chase You Invest, Schwab, Fidelity) it's embarrassing. Vanguard doesn't seem to do anything quickly. It worked last year but there could hav...
by geobrick
Sat Dec 07, 2019 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: Roth TSP transfer mechanics
Replies: 18
Views: 1425

Re: Roth TSP transfer mechanics

I'm in the process of doing another partial transfer from my TSP (traditional 401k) to my Vanguard Roth IRA. This year I tried something different than last year (described in my SEP 15th post). I filled out the new TSP-99 form online, saved it to my PC and only sent the relevant page (page 4) to Va...
by geobrick
Sun Sep 15, 2019 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Roth TSP transfer mechanics
Replies: 18
Views: 1425

Re: Roth TSP transfer mechanics

I did a partial withdrawal/conversion to a Roth IRA last year. I sent the original TSP-77 to vanguard at this address: Vanguard 455 Devon Park Drive Wayne, PA 19087-1815 (used USPS priority mail) I included a letter of instruction explaining how they had to fill in section X of the attached form bef...
by geobrick
Fri Apr 19, 2019 11:52 am
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 36318

Re: [2018 tax return - How does it compare to previous years?]

I think the best way to know if the new tax law increased or decreased your tax burden is to do an apples to apples comparison. Either plug your 2017 numbers into a 2018 return or plug your 2018 number into a 2017 return. It takes a bit of work since you have to fill out two tax returns but it's the...
by geobrick
Fri Apr 12, 2019 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 36318

Re: [2018 tax return - How does it compare to previous years?]

My effective federal tax rate has increased by 70%. I did an apples to apples comparison between 2017 and 2018 (where I plugged in my 2017 numbers in a 2018 return). In my case the increase was entirely because of the SALT deduction cap of $10,000. I'm in CA and my property tax alone exceeds the cap...
by geobrick
Sun Mar 24, 2019 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Proper Handling of Final K-1(1041) with Excess Deductions in 2018
Replies: 4
Views: 666

Re: Proper Handling of Final K-1(1041) with Excess Deductions in 2018

In Notice 2018-61, https://www.irs.gov/pub/irs-drop/n-18-61.pdf, the IRS asked for comments on this. Yes. I actually read a comment sent to the Department of Treasury and IRS from The American Institute of CPAs (AICPA). It was published publicly here: https://www.aicpa.org/content/dam/aicpa/advocac...
by geobrick
Sun Mar 24, 2019 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: SSI impact of Filing a 1041-T for a Special Need Trust?
Replies: 0
Views: 265

SSI impact of Filing a 1041-T for a Special Need Trust?

Will filing a 1041-T, to treat estimated tax payments as if they were made by the beneficiary, impact SSI to the beneficiary (is it considered countable income)? Maybe I'm overthinking it. I don't think it should be counted against SSI because, while it's money distributed to the beneficiary on pape...
by geobrick
Sat Mar 16, 2019 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Proper Handling of Final K-1(1041) with Excess Deductions in 2018
Replies: 4
Views: 666

Re: Proper Handling of Final K-1(1041) with Excess Deductions in 2018

Thanks. I just tried overriding line 16 on schedule A but the warning I get from taxact says if I override the value I can't file electronically. I don't want to file by mail so maybe I'll try TurboTax to see how they handle it. I can use there online version free until it's time to file. Maybe by t...
by geobrick
Sat Mar 16, 2019 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Proper Handling of Final K-1(1041) with Excess Deductions in 2018
Replies: 4
Views: 666

Proper Handling of Final K-1(1041) with Excess Deductions in 2018

I just want to make sure I'm handling this situation correctly. The tax law changes for 2018 seem to have left a hole when it came to handling the excess deductions on Schedule K-1 (Form 1041). Specifically box 11A (or 11 Code A). The IRS has released some clarifications related to this and the inst...
by geobrick
Sun Feb 24, 2019 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)
Replies: 16
Views: 991

Re: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)

I am NOT an attorney OR a tax advisor, but I think that since it was the grantor's house, number 1, above, qualifies. You are just acting as his agent, as the trustee, administering the trust in the immediate aftermath of the grantor's death. Thanks. Option 1 and 4 both take me through the path of ...
by geobrick
Sun Feb 24, 2019 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)
Replies: 16
Views: 991

Re: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)

I entered the house sale transaction in TurboTax Business 2017 and it seems to handle it like a stock transaction by entering it on the 8949 as a transaction where the cost basis has not been reported to the IRS. The gain/loss is then entered into line 10 on schedule D resulting in the gain loss on ...
by geobrick
Fri Feb 22, 2019 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)
Replies: 16
Views: 991

Re: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)

I found this related to TurboTax business: https://ttlc.intuit.com/questions/3898894-where-do-i-enter-1099-s-for-sale-of-inherited-land-from-a-trust-in-turbotax-business I have a copy of TT Business for 2017 so I'll go through the steps to see where the sale and cost basis details show up on the 104...
by geobrick
Fri Feb 22, 2019 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)
Replies: 16
Views: 991

Re: Tax Reporting for House titled to Revocable Living Trust

I just looked at our joint revocable trust. It's formal title is the John A. and Jane B. Doe Trust. You would not know it is a revocable trust until the fourth section, which discusses "Rights During Our Lifetime and Irrevocability Upon Death". When we opened a Vanguard account in the name of the t...
by geobrick
Thu Feb 21, 2019 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)
Replies: 16
Views: 991

Re: Tax Reporting for House titled to Revocable Living Trust

I thought Revocable Living Trusts are invisible for taxation until the Grantor dies and it becomes irrevocable. In other words, shouldn’t the trustee (usually the Grantor) be filing Form 1040 and recognizing the trust income as his/her own income? Reported under the Grantor’s Social Security number...
by geobrick
Thu Feb 21, 2019 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)
Replies: 16
Views: 991

Re: Tax Reporting for House titled to Revocable Living Trust

I thought Revocable Living Trusts are invisible for taxation until the Grantor dies and it becomes irrevocable. In other words, shouldn’t the trustee (usually the Grantor) be filing Form 1040 and recognizing the trust income as his/her own income? Reported under the Grantor’s Social Security number...
by geobrick
Thu Feb 21, 2019 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)
Replies: 16
Views: 991

Re: Tax Reporting for House titled to Revocable Living Trust

From the 1041 instructions Line 4—Capital Gain or (Loss) Enter the gain from Schedule D (Form 1041), Part III, line 19, column (3) or the loss from Part IV, line 20. OK. So it seems TaxAct doesn't have a specific Q&A that leads me through the sale of a property (or maybe I'm just missing it). I cou...
by geobrick
Sun Feb 17, 2019 2:41 am
Forum: Personal Finance (Not Investing)
Topic: Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)
Replies: 16
Views: 991

Tax Reporting for House titled to Revocable Living Trust (after grantor's death - Form 1041)

Where on a 1041 do I report the income (or loss) from the sale of a house titled in the name of a Revocable Living Trust (RLT). I'm the Trustee and have already used TaxAct (Estates and Trusts) to file the initial 1041 in 2017 but the house wasn't sold until 2018 so I need to file the final 1041 for...
by geobrick
Sun Oct 28, 2018 4:08 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

If your pension is going to cover your living expenses and pay for taxes on the Traditional to Roth conversion, agree it might make sense to pay taxes for your heirs on the Traditional account and leave them money in a Roth IRA. You would want to leave it as Roth IRA not as Roth TSP so they don't h...
by geobrick
Sun Oct 28, 2018 2:51 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

Here's an update of where I am with my plan to convert a portion of the TSP to a Roth IRA. I dug a little deeper into the effects of the NIIT on the ORP recommended transfer amounts. NIIT is the additional 3.8% tax on MAGI above $250k (in my case). ORP is recommending I convert ~$220k per year from ...
by geobrick
Sat Sep 22, 2018 6:52 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

It should. I’ll check it out. That would help. Update: FiveK, You are correct. You can turn off the rIRA conversions on the extended ORP. Very simple. Overall, turning off the conversion reduces my spending by $2000 a year. I think that's enough difference to justify converting to an rIRA because if...
by geobrick
Sat Sep 22, 2018 4:39 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

Also, the essential version doesn't ask for the cost basis of non-retirement accounts so the taxes calculated can't be right. Perhaps Cost Basis of the After-tax Account Initial Balance is what you seek? Yes but that doesn't exist in the essential I-ORP. It's only in the extended I-ORP. That affect...
by geobrick
Sat Sep 22, 2018 4:31 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

I know this is a taxable event (at the marginal tax rate) but since I'm not 59.5 yet, is it subject to an early withdrawal penalty? No. Roth conversions are not subject to penalty regardless of age. Thanks. So the 2 step process won't be an issue for someone under 59.5. With the upcoming changes, I...
by geobrick
Sat Sep 22, 2018 1:33 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

Can the i-ORP show a comparison between following their recomended transfers vs not doing it? I'd like to see a big improvement before risking such a big move. I need to start looking at I-ORP threads. Yes. Use the "Essential ORP" version and it won't do any Roth conversions. In the extended ORP yo...
by geobrick
Sat Sep 22, 2018 12:55 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

Rolling a portion of your TSP tax-deferred balance into a traditional IRA will incur no taxes nor any penalties unless you take a distribution from the tIRA before age 59.5. OK. That part is clear. Converting a portion of your tIRA to a Roth IRA will be a taxable event. The amount converted will be...
by geobrick
Sat Sep 22, 2018 1:49 am
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

I know I can start withdrawing funds from my TSP now (at age 58) without a penalty but If I transfer to a Roth IRA in 2 steps by first transferring to a traditional IRA, do I need to be worried about penalties when I transfer funds from the traditional to the Roth because I'm below 59.5 or is it not...
by geobrick
Fri Sep 21, 2018 4:56 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

trueblueky wrote:
Fri Sep 21, 2018 3:36 pm
Not allowed.
Makes sense. I see why that would be restricted. When someone inherits a Roth IRA and the estate is under the estate tax threashold his it passed on compleatly tax free to the beneficiaries?
by geobrick
Fri Sep 21, 2018 2:12 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

From a pure "traditional" to "Roth" point of view the math is the same and I'd say i-ORP is your best bet. I just ran some initial numbers in I-ORP and assuming I entered the numbers properly, it seems to be in the ballpark of my own rough calculations on disposable income however I'm surprised at ...
by geobrick
Tue Sep 18, 2018 12:29 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

I'm also wondering whether we should focus on effective tax rates vs the marginal tax rates. For example, if with deductions, the federal effective tax is only 10% and transferring $20,000 in a year results in the overall effective rate moving up to 12.5% should we consider that effective rate attr...
by geobrick
Tue Sep 18, 2018 12:24 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

The Federal Retirement Thrift Investment Board announced a few months ago that it expected to implement the liberalized withdrawal rules in September 2019, about one year from now. I’m trying to wait until then before I begin making Roth conversions from my TSP account. In the meantime, we’re makin...
by geobrick
Tue Sep 18, 2018 11:39 am
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

I-ORP is a great resource. Made for exactly this question. But be sure to select the "extended" tab and use the more detailed worksheet. And put in a more modest return than its default. You will also need to find the little pull down window that will allow for "unlimited conversions" if you want t...
by geobrick
Tue Sep 18, 2018 2:49 am
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

Re: TSP to Roth IRA Tax Strategy (Post Retirement)

Thanks. I'll check out the i-ORP and the other link provided. I've read there are changes coming to the TSP withdrawal options I just don't know when they'll be implemented. I'm thinking a good time to start the transfer in my case is when the FERS Supplement (the SS supplement) payments stop at age...
by geobrick
Mon Sep 17, 2018 4:57 pm
Forum: Personal Investments
Topic: TSP to Roth IRA Tax Strategy (Post Retirement)
Replies: 31
Views: 2421

TSP to Roth IRA Tax Strategy (Post Retirement)

Has anyone developed a calculator that could help with planning the best windows opportunity to transfer TSP funds into a Roth IRA? It could help show what transfer amounts would push us into a higher tax bracket and could show the break-even point for when the tax free growth of the transferred amo...
by geobrick
Wed Apr 11, 2018 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Tax Questions Concerning Trust and Net Operating Losses
Replies: 8
Views: 1168

Re: Tax Questions Concerning Trust and Net Operating Losses

Thanks for the reference. Based on section 172(d)(4) I see exclusions for income from Capital Gains of depreciable property but no other type of income is mentioned. So if a Trust made $50 in interest and had $9,000 in expenses, it seems there could be an NOL. What is the defined as "Trade or Busine...
by geobrick
Tue Apr 10, 2018 3:09 am
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 74
Views: 16156

TaxAct Desktop allowed filing more than one Trust return

Thanks. I have posted my question about the Distributions issue and have gotten a quick reply (though the initial reply missed the main point of my question). We'll see if they reply to my follow-up. Does the TaxAct restriction apply to the downloadable desktop version or only the web version? I'm ...
by geobrick
Tue Apr 10, 2018 1:55 am
Forum: Personal Finance (Not Investing)
Topic: Trustees of Special Need Trusts - Who Files your Beneficiary's 1040?
Replies: 9
Views: 801

Re: Trustees of Special Need Trusts - Who Files your Beneficiary's 1040?

I don't want to tell you to do something illegal, but if your beneficiary is willing you can e-file without his/her signature the way I did it. Obviously you need to know about other income and deductions. Best wishes. I do that for my 19 and 23 year old kids but I have their full cooperation. I ru...
by geobrick
Tue Apr 10, 2018 1:29 am
Forum: Personal Finance (Not Investing)
Topic: Trustees of Special Need Trusts - Who Files your Beneficiary's 1040?
Replies: 9
Views: 801

Re: Trustees of Special Need Trusts - Who Files your Beneficiary's 1040?

Gill wrote:
Sun Apr 08, 2018 8:51 pm
We have signed as agent or trustee for the taxpayer, not as preparer. For years I filed for my infant daughter by signing her name as parent.
Gill
Maybe I'm overthinking it.
by geobrick
Tue Apr 10, 2018 12:04 am
Forum: Personal Finance (Not Investing)
Topic: Tax Questions Concerning Trust and Net Operating Losses
Replies: 8
Views: 1168

Re: Tax Questions Concerning Trust and Net Operating Losses

Is this topic considered resolved? I have a very similar situation and want to know if I can claim a Net Operating Loss. I know everyone is pointing towards NOL being related to 'business' income and expenses but isn't a Trust treated as an entity with income and expenses just like any other entity ...
by geobrick
Sun Apr 08, 2018 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Trustees of Special Need Trusts - Who Files your Beneficiary's 1040?
Replies: 9
Views: 801

Re: Trustees of Special Need Trusts - Who Files your Beneficiary's 1040?

Thanks for the replies. JBTX, Hopefully we'll get some good information. The link you provided discussed how the Trustee is responsible for filing the Trust Tax return but I didn't see anything about who will file for the beneficiary. In most cases a Trustee wouldn't even be aware of other possible ...
by geobrick
Sun Apr 08, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Trustees of Special Need Trusts - Who Files your Beneficiary's 1040?
Replies: 9
Views: 801

Trustees of Special Need Trusts - Who Files your Beneficiary's 1040?

I'm trying to learn what other Trustees of Special Needs Trusts are doing when it comes to filing the individual tax returns of the Trust's beneficiaries (especially when a beneficiary is uncooperative). I suppose if the beneficiary is able to and cooperative, they can file it themselves but what ab...
by geobrick
Thu Apr 05, 2018 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Apparent TaxAct Estates and Trusts Flaw (State Return - CA)
Replies: 4
Views: 649

Re: Apparent TaxAct Estates and Trusts Flaw (State Return - CA)

Here's an update so the thread has a conclusion (for the 3 other people who may be in the same situation). TaxAct support has gotten back to me (their email support has gotten much better as we get closer to the filing deadline). They acknowledge the flaw but it won't get fixed in this version. Thei...
by geobrick
Sun Apr 01, 2018 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Apparent TaxAct Estates and Trusts Flaw (State Return - CA)
Replies: 4
Views: 649

Re: Apparent TaxAct Estates and Trusts Flaw (State Return - CA)

Just an update to say I actually got a reply from TaxAct support on this. I also updated the original post to put a more concise version of the problem up front. Their initial reply gave me instruction on how to upload my return to them so they can review the situation. I did that and they got back ...
by geobrick
Sat Mar 31, 2018 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Tax deductions for costs of planner for setting up special needs trust
Replies: 11
Views: 1014

Re: Tax deductions for costs of planner for setting up special needs trust

This may not be deductible against your personal taxes, but might be deductible against the trust's income. If I recall correctly there is no 2% floor on deductible legal expenses on the 1041 trust tax return. Cadreamer is correct. You can deduct the legal expenses from the Trusts income when you f...
by geobrick
Mon Mar 26, 2018 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 74
Views: 16156

Re: Review of tax software for trusts and estates

Simple trusts get $300 exemptions Complex trusts get $100 exemptions What kind of trusts get $4,050 exemptions? plannerman Qualified Disability Trusts get a $4,050 exemption. If you're using Turbo Tax, you have to be in the 'Federal Taxes' Section under the 'Other' tab to select 'Type of Trust' and...
by geobrick
Mon Mar 26, 2018 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 74
Views: 16156

Re: Review of tax software for trusts and estates

I just wanted to update my thoughts so far on switching to TaxAct from TurboTax this year. I downloaded TaxAct Plus for filing five 1040 returns and four CA state returns. I like it fine. I also downloaded TaxAct Estates and Trusts for two special needs trusts I manage. I'm still not sure if TaxAct ...
by geobrick
Sun Mar 25, 2018 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust Taxes and Distributions
Replies: 15
Views: 1642

Re: Special Needs Trust Taxes and Distributions

The ABLE account is a great option. I saw that other family members can contribute as well. If CA makes the contributions tax deductible it would be an added incentive for relatives to contribute. Growing tax free is also a great benefit. So just to clarify, if I use Trust funds to supplement my bro...
by geobrick
Sun Mar 25, 2018 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Special Needs Trust Taxes and Distributions
Replies: 15
Views: 1642

Re: Special Needs Trust Taxes and Distributions

Mrsbetsy, Thanks for the updated response. I still haven't gotten the book but I will. It's perfect for my situation. I did read a little more about the ABLE accounts. It seems like it's designed for situations where there wasn't already a Special Needs Trust or to be used as a low cost alternative ...
by geobrick
Sat Mar 24, 2018 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Apparent TaxAct Estates and Trusts Flaw (State Return - CA)
Replies: 4
Views: 649

Re: Apparent TaxAct Estates and Trusts Flaw

I used TurboTax last year and the way it handled a Qualified Disability Trust (QDT) once I made sure QDT stayed selected (see my other posts last year) resulted in the correct income amounts populating lines 1 through 7 on the CA541. The resulting tax was also correct and it properly includes the hi...