How do I complete a final tax return (Form 1041) for a revocable living trust where the estate cash assets were less than $4,000, and the only significant asset, a home, was sold with proceeds of $106,000 each distributed to the new grantors, Pamela and Jeffery, according to the trust instructions? Specifically, how should the sale of the property be reported on the 1041, and does the trust need to report the financial distribution to the grantors on a K-1?
July 7th, 2023
I received a letter from the FTB stating I made 50% more income in 2021 and owe $3k, and they can't confirm my State income tax. I filed married-filing-separate and may have incorrectly entered my spouse's SSN on my TurboTax form. What should I do?
December 13th, 2024
I own 25% of a business from which I receive W-2 wages. Does Social Security consider me as self-employed, and how does this affect my Social Security benefits if I apply for them before reaching full retirement age?
March 2nd, 2024
If I claim my adult children as dependents for 2021 taxes, would they be required to return the third stimulus payment received in 2021, which was based on their 2020 eligibility but technically for 2021?
August 7th, 2024
Why can't I get my $600 stimulus check? I received my $1,200 and $1,400 stimulus payments in the past, but I've been trying to get the $600 one for two years.
April 9th, 2024
What is the income tax amount for a 76-year-old with $22,000 in Social Security income and $14,000 in traditional IRA distributions, filing as a single person with no dependents and living alone?
November 21st, 2024