Search found 449 matches

by LK2012
Thu Dec 28, 2023 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

I have used TurboTax Business to file 1041 trust tax returns for many years, for trusts where I am trustee. I've purchased the California add on for at least 8 years, and the New Jersey add on for the previous 8 or 9 years. As others have said, there is not as much hand holding as TurboTax for personal income tax returns. But my 1041 return for the trust is pretty simple. On the other hand, I am trustee of my late mother's trust and I am having her regular accountant prepare her now irrevocable trust 1041 for the first and final year. The attorney handling her estate matters is comfortable with this. Good to know about your experience, thank you! Yes, it's weird how with different Estates/Trusts and different family situations one might be...
by LK2012
Thu Dec 28, 2023 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

bsteiner wrote: Thu Dec 28, 2023 8:17 am
LK2012 wrote: Wed Dec 27, 2023 11:40 pm ... Unfortunately, I'm finding that a lot of CPAs seem to lack knowledge about Estate income tax returns. ...

So I would need to find someone else that is proficient in Estate Income Tax Return matters in NJ. Any suggestions?
You are correct. Many accountants are not familiar with fiduciary income tax returns.

While the estate is open, we ask the accountant to send us drafts of the fiduciary income tax returns for our review before filing them.

The lawyer handling the estate should be able to suggest some accountants who can do these returns.
Thanks, yes, probably. I was looking for input from anyone else (e.g., BH'ers) with actual experience with NJ accountants on this front.
by LK2012
Thu Dec 28, 2023 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

Looking at the forest rather than the trees: 1. If estate planning has been done that means you likely have the money to pay a professional. 2. A good professional will ensure your planning remains intact and the IRS does not begin to question your planning. 3. Missteps can not only be costly but adversely change the lives of those involved. I think it is tough to go from using TT DIY pre-estate planning and post - while the numbers can be simple the filing aspects are not. You may want to just pay up. Thank you, nyclon, I appreciate your comments. This is a First and Final Estate Income Tax Return for an Estate that closed this year. So there is no planning. It's over. But I have zero interest in messing anything up or opening up issues w...
by LK2012
Thu Dec 28, 2023 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2023 software offer
Replies: 246
Views: 38124

Re: H&R Block 2023 software offer

ModifiedDuration wrote: Thu Dec 28, 2023 4:07 pm Just got Deluxe with State at Newegg for $19.99 using the promo code HRBDEC23
Wow, thanks for sharing this! Good deal.
by LK2012
Wed Dec 27, 2023 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

I used Turbo Tax Business for 15 years to file the federal and state tax returns for our consulting practice. Purchase the software for the federal return and you’ll be able to purchase the software for the state return for an additional cost when you’re in the software for the federal return. Brilliant, thank you, Fortitude. And thanks for the response in the other thread. It's hard to know what's in these different versions, so now I'm reassured. You’re welcome. As ncbill mentioned in the post above, Turbo Tax might not offer the business version for all states. I had assumed that they did. I don’t know what state you need, but for what it’s worth, my business was located in Pennsylvania so you know it’s available for that state. I don’t...
by LK2012
Wed Dec 27, 2023 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

Looking at the forest rather than the trees: 1. If estate planning has been done that means you likely have the money to pay a professional. 2. A good professional will ensure your planning remains intact and the IRS does not begin to question your planning. 3. Missteps can not only be costly but adversely change the lives of those involved. I think it is tough to go from using TT DIY pre-estate planning and post - while the numbers can be simple the filing aspects are not. You may want to just pay up. Thank you, nyclon, I appreciate your comments. This is a First and Final Estate Income Tax Return for an Estate that closed this year. So there is no planning. It's over. But I have zero interest in messing anything up or opening up issues w...
by LK2012
Wed Dec 27, 2023 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

bsteiner wrote: Wed Dec 27, 2023 7:38 pm H&R Block premium and business includes one state for individual returns ($40 extra for each additional state for individual returns), but it includes every state at no additional charge for estate and trust returns.
Thank you so much for the detailed information, bsteiner.
by LK2012
Wed Dec 27, 2023 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

I used Turbo Tax Business for 15 years to file the federal and state tax returns for our consulting practice. Purchase the software for the federal return and you’ll be able to purchase the software for the state return for an additional cost when you’re in the software for the federal return. Only if they offer it for your state. I used TT Business for years to file federal trust returns but it didn't have my state so I did that by hand based on the 1041. I tried the cheaper H&R Block product but couldn't make heads or tails of their approach to the 1041 so I switched back to TT Business. Thank you, ncbill. I'll see what's offered for NJ for sure once I get into the software, and the State forms are released next year. I haven't used ...
by LK2012
Wed Dec 27, 2023 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

I have used TurboTax Business for many years, first for 1120S [S-corp] returns and later for 1041 Trust returns. TurboTax Business looks and feels like TurboTax Deluxe, et al, but on-line support is limited for the business returns and especially for the state returns. The software assumes you know what you are doing. If you don't know what you are doing, be prepared to spend time and/or money to learn. The first year I had to file trust returns for an estate, I hired the CPA recommended be the estate attorney. It cost $4k. I asked a lot of questions. In subsequent years, I used TurboTax Business to file the 1041 returns. Thank you, doobiedoo. In an entirely separate matter, my siblings and I use a CPA recommended by the estate attorney to...
by LK2012
Wed Dec 27, 2023 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

Fortitude wrote: Wed Dec 27, 2023 5:05 pm I used Turbo Tax Business for 15 years to file the federal and state tax returns for our consulting practice.

Purchase the software for the federal return and you’ll be able to purchase the software for the state return for an additional cost when you’re in the software for the federal return.
Brilliant, thank you, Fortitude. And thanks for the response in the other thread. It's hard to know what's in these different versions, so now I'm reassured.
by LK2012
Wed Dec 27, 2023 9:31 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Re: Turbo Tax Business for an Estate Income Tax Return - State Support?

Last year I got the H&R individual plus business package. It was the first time in 20 plus years that I did not use TurboTax. The cost of the package was slightly more than I paid for turbo tax premium but it allowed me to do a 1041 that I had previously done by hand. It was a disaster. H&R does not have the backup, when I called the help line I got the wrong answers, I am still waiting to get the 1041 resolved with the IRS because of incorrect advice I got from the help line. On the personal return I had to do 5 forms by hand because H&R could not handle them, Turbo tax has handled those forms for as long as I have been doing them. Quite frankly, sometimes you get what you pay for. As for doing an estate income tax return, esp...
by LK2012
Wed Dec 27, 2023 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2023 offer
Replies: 282
Views: 50635

Re: TurboTax 2023 offer

Very happy that the Amazon deals are up! I'm getting my usual Deluxe Federal and State, PC download, with Gift Card. But this year I also need Business for filing a 2023 Estate income Tax Return (First and Final). Does anyone know if TurboTax Business supports State filing? I only see a Federal version. I need to file a Federal 1041 and NJ 1041 for this Estate. I can always do the Federal TurboTax, then figure out the NJ form, but it would be more convenient if State was included. I think H&R Block Premium and Business comes in a Federal/State version? And also handles personal 1040's? I'd rather use TurboTax b/c I'm familiar with it, but may end up with H&R Block (too). I used Turbo Tax Business for 15 years to file the federal an...
by LK2012
Wed Dec 27, 2023 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Business for an Estate Income Tax Return - State Support?
Replies: 21
Views: 1488

Turbo Tax Business for an Estate Income Tax Return - State Support?

Very happy that the Amazon deals are up today! I'm getting my usual Deluxe Federal and State, PC download, with Gift Card. But this year I also need to file a 2023 Estate income Tax Return (First and Final) for Federal and State (NJ). I'm picking up Turbo Tax Business as well. Does anyone know if Turbo Tax Business supports State filing? And if so, how well do they do it? I only see a Federal version. I need to file a Federal 1041 (and K-1) and NJ 1041 (and NJ K-1) for this Estate. I can always e-file the Federal forms through Turbo Tax, then complete the NJ forms myself, but it would be more convenient if State was included. Oh, wait, I think I found the info here https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotaxbus...
by LK2012
Wed Dec 27, 2023 10:45 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2023 offer
Replies: 282
Views: 50635

Re: TurboTax 2023 offer

Very happy that the Amazon deals are up! I'm getting my usual Deluxe Federal and State, PC download, with Gift Card.

But this year I also need Business for filing a 2023 Estate income Tax Return (First and Final).

Does anyone know if TurboTax Business supports State filing? I only see a Federal version. I need to file a Federal 1041 and NJ 1041 for this Estate. I can always do the Federal TurboTax, then figure out the NJ form, but it would be more convenient if State was included.

I think H&R Block Premium and Business comes in a Federal/State version? And also handles personal 1040's?

I'd rather use TurboTax b/c I'm familiar with it, but may end up with H&R Block (too).
by LK2012
Wed Dec 20, 2023 10:14 pm
Forum: Personal Investments
Topic: SGOV; alternatives?
Replies: 10
Views: 1170

Re: SGOV; alternatives?

SGOV and TFLO are both iShares ETFs and they have two distributions in December instead of one, so the sawtooth will drop lower for them b/c of the extra distribution.

SGOV has an Average Annual 1 year Total Return of 5.02% showing on the Blackrock web site (see link below) as of November 30.

https://www.blackrock.com/us/individual ... bond-etf#/

The bottom line is not the sawtooth, but how much your money is actually growing, with distributions.
by LK2012
Wed Nov 15, 2023 3:37 pm
Forum: Personal Investments
Topic: Life's too short to own VBTLX
Replies: 96
Views: 10890

Re: Life's too short to own VBTLX

The frustration is understandable. Anyone watching bond funds tank over the past few years feels it.

I have a couple inherited intermediate term core bond funds that have been sinking. The income is nice, and I've been trying to just hang on for several very good reasons. But, dang.

Then the (already big) losses doubled (!) in the past few months. Ouch. Okay, I was keeping an eye on some tax-loss harvesting this year.

Then ... wow, did they shoot up this week!

It's a roller coaster. Stay or go, just understand why and try not to "just do something" when maybe you should "just do nothing."
by LK2012
Fri Oct 27, 2023 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Should I ask my in-laws to change their trust?
Replies: 83
Views: 9925

Re: Should I ask my in-laws to change their trust?

There's nothing stopping you and your husband gifting your children how ever much you wish of the inheritance from your in-laws, when and if there is anything coming to him. My 2 cents is to leave this alone. I have learned the (very) hard way that even when people tell you their estate plan for decades, share investment statements with you, make you executor, etc., that does not mean they are open to actual questions, never mind suggestions that they change anything. Especially since your mother-in-law has already expressed great anxiety about the money lasting long enough to care for her needs, I'm pretty sure that any questioning on your part could trigger a surprisingly bad reaction. It seems reasonable, since they're sharing informatio...
by LK2012
Wed Oct 25, 2023 1:56 pm
Forum: Personal Investments
Topic: Should we fund, or cancel, this TIPS order by the end of the week? Portfolio details included for review.
Replies: 7
Views: 1142

Re: Should we fund, or cancel, this TIPS order by the end of the week? Portfolio details included for review.

rbd789 wrote: Wed Oct 25, 2023 11:45 am I'm a bit confused. If you bought in the auction on the 19th, you own the bonds now. You cannot cancel the order. You will need to fund the buy on or before the settlement date, which is what your brokerage was telling you. .
Same. My understanding is that you purchase on the October 19th auction date, and the (rather more than most) delayed settlement date is October 31st, but you are now already committed to fund this purchase. So, that may simplify your decisions!
by LK2012
Mon Oct 16, 2023 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Forgot 1099-INT Worth amending tax forms over?
Replies: 67
Views: 6422

Re: Forgot 1099-INT Worth amending tax forms over?

A week after I filed my 2022 taxes, I realized I made a mistake when I calculated our I Bond interest, which we choose to report and pay taxes on annually. The correct number added another $500, and we then owed $60 more. The IRS has no idea (I don't think?) what our total I Bond collection entails, between paper and electronic bonds accumulated since 2001. When I used to paper file, I would detail them. But now I e-file. So, kind of, who would really know? I would, and I want to get it right. So I filed an amended return and paid the extra tax. I just got a notice from the IRS that they processed and accepted the amended return. They noted that there also was $0.17 interest (that I had not paid). But they stated that no additional balance ...
by LK2012
Fri Oct 13, 2023 5:42 pm
Forum: Personal Investments
Topic: Suddenly tasked with becoming an an Investments Guy for my 80 YR Old father
Replies: 28
Views: 4606

Re: Suddenly tasked with becoming an an Investments Guy for my 80 YR Old father

Hopefully you have access to account statements so you can figure out realized gains, dividends, capital gains, etc. for the past year for tax planning. If so, you should be able to see fees listed there too. Maybe your Dad had the ability to sign on and view his investments online? If so, even if the advisors pulled out, the online access should remain "live" for quite a while. One hopes.

Also, it looks like you - or the advisors before they flew the coop? - liquidated all the mutual funds? I didn't see any mention of capital gains incurred by this move.

That will also be something to consider for your Dad's 2023 taxes.
by LK2012
Sat Sep 30, 2023 6:50 pm
Forum: Investing - Theory, News & General
Topic: What’s So Bad About Cash (v. Buying a Bond Fund)?
Replies: 122
Views: 9811

Re: What’s So Bad About Cash (v. Buying a Bond Fund)?

Tamalak wrote: Sat Sep 30, 2023 6:36 pm Cash is better than bonds because if rates go up, you don't lose money

Bonds are better than cash because if rates go down, you make extra money.
Exactly! :happy
by LK2012
Sun Sep 03, 2023 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Procedure of moving from TD Ameritrade to Schwab
Replies: 18
Views: 1779

Re: Procedure of moving from TD Ameritrade to Schwab

student wrote: Sun Sep 03, 2023 12:27 pm
LK2012 wrote: Sun Sep 03, 2023 10:37 am
student wrote: Wed Aug 02, 2023 5:31 pm The way I parse the instruction is the following: If I am already a customer of Schwab, I don't have to do anything, the transferred account will show up magically.

Am I understanding this correctly?

Thanks.
My account moved Memorial Day weekend. I already had a Schwab account and did nothing. The TD Ameritrade account appeared as an additional account for me at Schwab. No muss, no fuss, it just showed up. They moved over some later dividends very quickly. It was pretty seamless.
Thanks for the info.
You're welcome
by LK2012
Sun Sep 03, 2023 5:35 pm
Forum: Personal Consumer Issues
Topic: SSA Payments and Stopping Payments after Death
Replies: 31
Views: 2845

Re: SSA Payments and Stopping Payments after Death

The funeral home did this for several relatives who passed away in 2021 and 2022. Social Security clawed back the checks so fast it made my head spin. It was maybe 2 weeks?

It sounds like the funeral home needs to resubmit. You definitely should not be having issues this many months later. If you can notify Social Security online, I would do so ASAP.
by LK2012
Sun Sep 03, 2023 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Procedure of moving from TD Ameritrade to Schwab
Replies: 18
Views: 1779

Re: Procedure of moving from TD Ameritrade to Schwab

Blister wrote: Sun Sep 03, 2023 10:06 am Just a Bump to this thread.

I know that the move is planned for this weekend but I have not even received a letter or email regarding when my account will be moved to Schwab. Are anyother TD Ameritrade customers still waiting?
I don't know if others are still waiting, but when my account moved Memorial Day weekend, I had received multiple emails over several months ahead of time.

You could always contact TD Ameritrade and see what they have scheduled for you.
by LK2012
Sun Sep 03, 2023 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Procedure of moving from TD Ameritrade to Schwab
Replies: 18
Views: 1779

Re: Procedure of moving from TD Ameritrade to Schwab

student wrote: Wed Aug 02, 2023 5:31 pm The way I parse the instruction is the following: If I am already a customer of Schwab, I don't have to do anything, the transferred account will show up magically.

Am I understanding this correctly?

Thanks.
My account moved Memorial Day weekend. I already had a Schwab account and did nothing. The TD Ameritrade account appeared as an additional account for me at Schwab. No muss, no fuss, it just showed up. They moved over some later dividends very quickly. It was pretty seamless.
by LK2012
Sun Jul 16, 2023 12:04 pm
Forum: Personal Consumer Issues
Topic: Earplugs for sleeping
Replies: 50
Views: 4763

Re: Earplugs for sleeping

We use a fan or white noise machine. I also use these ear plugs at times. I've used them for years, love them.

I can hear my phone alarm through them so I'm able to use them but still get up for work. So I very much doubt I would sleep through a fire alarm.

https://www.amazon.com/Honeywell-Visibi ... B0007XJOLG
by LK2012
Fri May 19, 2023 7:44 pm
Forum: Personal Investments
Topic: Vanguard Transition to Brokerage Issue
Replies: 12
Views: 1252

Re: Vanguard Transition to Brokerage Issue

I’m not sure if anyone else had issues with transitioning their Vanguard account from Mutual fund to Brokerage. My wife recently made this transition on her inherited IRA and, due to some system issue, her sister showed up on her account. Her sister was not on the account prior to the transition. After the transition, we noticed her sister’s name appear in the account name. When we contacted Vanguard via secure email, they originally denied her sister was on the account; however, after subsequent emails with screenshots, we found out that her sister is now listed as a joint owner with view access to the account. We called Vanguard and they are working on correcting it, but the damage is done and I’m sure her sister was notified and viewed ...
by LK2012
Fri May 12, 2023 6:19 pm
Forum: Investing - Theory, News & General
Topic: Can you cancel a treasury purchase after the auction?
Replies: 17
Views: 2324

Re: Can you cancel a treasury purchase after the auction?

The Treasury Bill interest rates have been more unpredictable lately. The shorter side has done better, and this was a rather surprising illustration of that. The 13-week has been higher than the 26-week, so I've been staying with 13-week. The 4-week and 8-week bills jumped recently. But the debt ceiling issue has made things weird. Still, I bought some 4-week bills this week and threw in an 8-week bill. I was surprised at how low it dropped and that it was almost a full 1% below the 4-week. But for me, it was one $1,000 bill so it's not worth getting stressed over. A 4.793% Investment Rate is not terrible. So I'll ride it out for 8 weeks :happy
by LK2012
Sun Apr 30, 2023 1:49 am
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6651
Views: 1202622

Re: I Bonds Mega Thread (I Bond Heads Rejoice!)

mall0c wrote: Fri Apr 28, 2023 6:27 pm Kicking myself for buying all $20k in February. I really did not think we'd get better than 0.4% this year.
No kicking here. I bought our $20K in April, and I'm still happy about it.

We can do the gift box in October to lock in the 0.9% Fixed Rate. if we don't have spare cash then, we can sell some old 0% Fixed Rate I Bonds, but currently planning to use new cash.

In the meantime we have another 20K at work at 6.89% and future I Bond cash is in MMF earning 4.8% or Treasuries earning >5%.
by LK2012
Sun Apr 30, 2023 1:41 am
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6651
Views: 1202622

Re: I Bonds Mega Thread (I Bond Heads Rejoice!)

Cheez-It Guy wrote: Sat Apr 29, 2023 12:05 pm
MBB_Boy wrote: Sat Apr 29, 2023 9:40 am
Cheez-It Guy wrote: Fri Apr 28, 2023 11:10 am Interesting. Is it typical for them to announce the new fixed rates and official variable rates (which I know can be calculated) before the actual changeover date, or is this a new thing they're trying out?
It doesn't matter, when they announced it was too late to buy at the old rate anyway
Yes, I know, but I still didn't recall previous new rate announcements before the first effective business day.
I don't believe it has ever happened before.
by LK2012
Fri Apr 28, 2023 6:06 pm
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6651
Views: 1202622

Re: I Bonds Mega Thread (I Bond Heads Rejoice!)

rockstar wrote: Fri Apr 28, 2023 3:33 pm
LK2012 wrote: Fri Apr 28, 2023 3:25 pm FYI, not only did Treasury Direct post the May 2023 Fixed Rate early (!!!), but ... the site says that they will soon be retiring the virtual keyboard.

Somebody is sprucing things up over there.
I like the virtual keyboard.
I like it too
by LK2012
Fri Apr 28, 2023 3:25 pm
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6651
Views: 1202622

Re: I Bonds Mega Thread (I Bond Heads Rejoice!)

FYI, not only did Treasury Direct post the May 2023 Fixed Rate early (!!!), but ... the site says that they will soon be retiring the virtual keyboard.

Somebody is sprucing things up over there.
by LK2012
Tue Apr 25, 2023 8:51 pm
Forum: Personal Investments
Topic: Anybody successfully submit a purchase request to TreasuryDirect lately?
Replies: 15
Views: 1789

Re: Anybody successfully submit a purchase request to TreasuryDirect lately?

I've done a couple purchases in the last few days - one on Friday 4/21 and one today 4/25 - no issues so far.
by LK2012
Sat Apr 01, 2023 7:40 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax handling of Foreign Tax Credit for Final Trust K-1 1041
Replies: 4
Views: 486

Re: Turbotax handling of Foreign Tax Credit for Final Trust K-1 1041

fabdog wrote: Sat Apr 01, 2023 5:04 pm If the FTC is passed to you on the K1, it's available to take. Whether you get all of it depends on the normal factors such as are you under the exclusion limit, so it just drops to Schedule 3, or does it have to go thru 1116.. it should pass you the income along with the FTC for the 1116.

And yes, you are correct. any FTC carryovers left in the trust won't flow out

Mike
That's great. Thank you so much for your response!
by LK2012
Sat Apr 01, 2023 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax handling of Foreign Tax Credit for Final Trust K-1 1041
Replies: 4
Views: 486

Re: Turbotax handling of Foreign Tax Credit for Final Trust K-1 1041

Still waiting for a reply from TurboTax, but I think I'm going to trust TT and take the credit. Now I'm thinking the chart I referenced actually refers to expiration of carryover amounts, rather than the actual credit. See below: https://support.cch.com/kb/solution/000213005/1041-2017-Complex-Final-year-foreign-tax-credit-carryover-Why-is-it-not-showing-on-the-beneficiaries-Sch-K-1?IsNewArticle=true&language=en 1041: 2017: Complex - Final year foreign tax credit carryover - Why is it not showing on the beneficiaries Sch. K-1? Unused foreign tax credit carryovers expire unused in the final year of the trust per IRC Section 27. Does not pass to remainderman and is not a deduction. I have not been able to find the specific passage that dea...
by LK2012
Fri Mar 31, 2023 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax handling of Foreign Tax Credit for Final Trust K-1 1041
Replies: 4
Views: 486

Re: Turbotax handling of Foreign Tax Credit for Final Trust K-1 1041

I'll post this question to the online TurboTax community.
by LK2012
Fri Mar 31, 2023 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax handling of Foreign Tax Credit for Final Trust K-1 1041
Replies: 4
Views: 486

Turbotax handling of Foreign Tax Credit for Final Trust K-1 1041

Hi - I'm using TurboTax Deluxe for only the 2nd time. I usually do my taxes by hand, submit by paper or more recently using the Free File Fillable Forms to e-file. But last year I tried TurboTax. It was convenient and seemed a good check on everything so I bought it again this year. This year I have two K-1 1041 forms for the Final year of a Trust. Each has a small Foreign Tax Credit (Box 14 B). When I enter this into TurboTax, it shoots the numbers over to Schedule 3 and adds them in as a credit. However, I've read that the Foreign Tax Credit in the Final year is supposed to expire unused and does not pass to the remainderman. https://support.cch.com/kb/solution/000220868/sw33530?IsNewArticle=True I don't know if this is correct. I can't f...
by LK2012
Wed Mar 22, 2023 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: How to handle deceased parent's credit card bills
Replies: 11
Views: 2136

Re: How to handle deceased parent's credit card bills

When my mother-in-law died, we paid her bills (minimal). When my father died, we did the same. Right or wrong, it simplified things. Plus she and my Dad always paid their bills and we just did it to honor them. We needed to move on to a lot of other issues, and didn't want to revisit this particular one.
by LK2012
Fri Mar 17, 2023 11:45 am
Forum: Personal Investments
Topic: T-bill maturity at Fidelity - what happens by default?
Replies: 14
Views: 2101

Re: T-bill maturity at Fidelity - what happens by default?

If you are buying a New Issue you have the option to auto-roll. If you are buying on the secondary market, perhaps you do not.
by LK2012
Wed Mar 15, 2023 12:35 pm
Forum: Personal Consumer Issues
Topic: Best Business Casual Pants (men)
Replies: 57
Views: 5817

Re: Best Business Casual Pants (men)

Pretty soon the pleated Dockers will be back in style and those who had them in the 80s and 90s can bring them out of their closets. They have been out of style for at least 25 years so its time for a new generation to discover extra, pouffy fabric around their lower torso and thighs. I have pleats on my trousers. The dressier the trouser, the more likely they are pleated. Suit trousers? Yes. Flannel wool trousers? Yes. Cotton-blend chinos? Sometimes. (They might even be cuffed, too) Pleats are not poofy. They are no more about providing room, than ties are about keeping your shirt collar cinched. Pleats (and creases) visually reinforce the verticality of trousers. Cuffs adds weight so they hang better. Both give a sharper appearance. Here...
by LK2012
Wed Mar 01, 2023 4:42 pm
Forum: Personal Investments
Topic: Purposes I Bonds are used for -
Replies: 49
Views: 4707

Re: Purposes I Bonds are used for -

H-Town wrote: Wed Mar 01, 2023 3:18 pm
Rajsx wrote: Wed Mar 01, 2023 1:24 pm We wonder what other people use the I Bond funds for ?? -

We have about $90 k which can be withdrawn as they are 1 year old already.
I understand that there can be a multitude uses as Money is fungible, have heard about being used for Emergency Fund, a Car Fund, a Vacation Fund & so on......

What have you used the I Bond money for ?

Thanks
It's cash. What do you use cash for? Either spend now, spend later, or give it away. Right? Does it matter if you give it a label Emergency Fund, a Car Fund, a Vacation Fund? We just call it a pile of cash.
Yes, this is how I view it too. A pile of cash that's even better because it's growing, inflation-protected, and can never go down. I especially like that last bit.
by LK2012
Wed Jan 25, 2023 4:59 pm
Forum: US Chapters
Topic: 🎊Happy 99th Birthday to Taylor Larimore🎉
Replies: 247
Views: 15707

Re: 🎊Happy 99th Birthday to Taylor Larimore🎉

Happy 99th Birthday, Taylor Larimore!!! May your day be filled with joy, and may you treasure every day of this wonderful life! Many returns!
by LK2012
Wed Jan 11, 2023 12:01 pm
Forum: Investing - Theory, News & General
Topic: IRS error in my favor
Replies: 30
Views: 5658

Re: IRS error in my favor

Very frustrating, and potentially costly. Just remember that when/if the IRS figures out a mistake, they will charge you interest. I found this out the hard way In 2019, I cashed a check for around $100 when New Jersey sent me an unexpected tax refund for 2018 with no explanation. I figured I made a small mistake. However, fast-forward to late 2021, and NJ is asking my spouse to refund a $600+ Homestead Rebate issued based on our 2018 NJ return. NJ had suddenly decided my spouse is no longer disabled. What? Then we got an additional incorrect refund check in the mail in 2022 for 2018! It took many phone calls, and hours of being on hold, to discover that in 2019 NJ had erroneously changed the status of my spouse from Disabled to Veteran on ...
by LK2012
Fri Dec 30, 2022 1:01 am
Forum: Investing - Theory, News & General
Topic: 60 day rule for qualified...BEFORE and AFTER?
Replies: 10
Views: 1318

Re: 60 day rule for qualified...BEFORE and AFTER?

let me RE-STATE that: E.g. I own 50 shares of stock xyz, bought at different times over a 5 year period. The last 5-share lot was bought July 1, 2022. (previous lots were bought 3 months ago). Ex dividend date is August 29th, 2022. When that August dividend is distributed, those 5 shares will be taxed as ORDINARY rather than qualified. Correct? Take a look at 2021 IRS Publication 550, Page 19, and read the section entitled "Holding Period." The key is "You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date." There are other details noted, and there are several examples. https://www.irs.gov/pub/irs-pdf/p550.pdf The answer to your question about the 5-s...
by LK2012
Wed Dec 28, 2022 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2022 [purchase discount thread]
Replies: 394
Views: 51911

Re: TurboTax 2022 [purchase discount thread]

Thank you everyone for the heads up on the Amazon deal. I got Deluxe Federal + State and almost missed it b/c I thought it would be less. $34+ after the $10 gift card, I think last year it was $29.99 in the end. Everything is going up. Still a comparatively nice deal.
by LK2012
Wed Dec 28, 2022 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2022 [purchase discount thread]
Replies: 394
Views: 51911

Re: TurboTax 2022 [purchase discount thread]

tlveik wrote: Wed Dec 28, 2022 4:25 pm
rivercrosser wrote: Wed Dec 28, 2022 3:18 pm
rivercrosser wrote: Wed Dec 28, 2022 10:39 am Did they raise the fee for state e-filing? When I filed my 2021 return this past February it was $20.00 each. I use the desktop version Deluxe w/state.
Edit: Found on TurboTax web site. Looks like it's still $20.00 for the state e-file fee.
I think they told me $20 too last year but what they actually charged me was $25.
State e-file was $25 last year for me. I remember it well because I thought it was included. Surprise!
by LK2012
Sat Nov 26, 2022 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Holiday Offer - $150 for $50 deposit
Replies: 408
Views: 58307

Re: Fidelity Holiday Offer - $150 for $50 deposit

This offer is great, but also super annoying because I just opened TWO new Fidelity accounts in the past month, a Joint Account and a Roth IRA! I already had a brokerage account. Rats!
by LK2012
Fri Nov 25, 2022 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2022 [purchase discount thread]
Replies: 394
Views: 51911

Re: TurboTax 2022 [purchase discount thread]

Tubes wrote: Fri Nov 25, 2022 7:50 pm I didn't like it either. But it is convenient.

And this year I made a stupid mistake requiring an amended form. THAT'S where the fee paid for itself. Amending both fed and state and filing the amendment electronically didn't cost extra, and was a complete breeze.
Well, that's certainly good to know! Thanks.
by LK2012
Fri Nov 25, 2022 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2022 [purchase discount thread]
Replies: 394
Views: 51911

Re: TurboTax 2022 [purchase discount thread]

Last year I bought TT Deluxe Federal + State (Software Download) on 12/29/2021 on Amazon for $39.99 with the $10 Amazon gift card, for a total of $31.97. That's the deal I'll look for this year. I've always done my returns on paper, but since 2019 Federal 1040 took forever to process, I went to e-file for my 2020 Federal taxes and used Federal Freefile Fillable Forms. For 2021, I wanted to try TT to see how it handled tax-exempt interest and some other things. It was my first time using TT, and altogether it was a smooth experience. Once I had everything set up in TT, it was easier to just e-file through that, even though I also did mock-ups on paper and on Federal Freefile Fillable. I figured I would just use it for my State return too, s...
by LK2012
Fri Nov 25, 2022 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2022 [purchase discount thread]
Replies: 394
Views: 51911

Re: TurboTax 2022 [purchase discount thread]

I figured I would just use it for my State return too, since I was already there. However, I was very surprised to find a $25 fee to e-file the 2021 State return. I thought that was included. I paid it, but I felt kind of ripped off. I certainly could have printed out the return and mailed it, but it was late at night, and everything was set to go, so I decided to just do it. But it felt misleading to buy something that said, "+ State" but ... really, now pay us more. Since I already do a paper return as part of my preparation, for me there's not much point in buying the State portion of the software if they're just going to ALSO tack on another fee to actually file it. I usually end up printing my state return. If you got the Fe...