How should the family trust created by the decedent's predeceased spouse be reported on the decedent's estate tax return (Form 706), specifically on Schedule F, given that the decedent was only entitled to income and principal distributions under an ascertainable standard?

March 10th, 2023

I am eligible for a voluntary termination package at my company and have questions about how the lump sum payment affects my taxes. Specifically, I want to know how rolling the lump sum into an IRA or taking it as a cash distribution impacts my tax situation, including any potential penalties.

August 23rd, 2024

I have a question about 1099-B. I'm trying to complete my taxes for the tax extension that's due today. I have a statement from Scottrade, my old investment broker. I'm trying to figure out how to input the 1099-B information into my TurboTax. It's very confusing as opposed to the other items in my other taxes. FYI, I'm an independent contractor. 1) Do I need to include a copy of the 1099-B statement that Scottrade provided to me, along with my Form 1040 to the IRS? 2) On my form 1099-B worksheet, I'm not sure what to fill out here. I have a net loss of -454, but I'm not sure what row to add that into. Also under Form 8949 type from Scottrade, there's a cost basis that's been reported to the IRS of 4,319. But again, not sure where to add that. 3) Other than that, there's a lot of check boxes on my 1099-B Worksheet that I don't know what to check off. Any help you can provide would be appreciated.

February 18th, 2023

Can I claim the Head of Household exemption if my brother lives permanently in the house I own, is my dependent, but I do not reside there?

September 18th, 2024

We lived in Wisconsin until 2012, when we lost our job and our house went into foreclosure. We moved back to Minnesota and filed appropriate taxes for both states in 2012 and just Minnesota taxes in 2013. Our house was sold at sheriff's auction in March 2013. In August of this year, we received a letter stating that as nonresidents, the sale of our house must be reported on a Wisconsin income tax return. We sent a letter to the Wisconsin Dept of Revenue explaining why we do not need to file but received a notice estimating individual tax owed for 2013. We contacted the Dept of Revenue, who told us this is an error and to disregard the notice. Can/should we disregard this notice, and what should we do at this point?

June 4th, 2023