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Post by Juli on Apr 5, 2022 11:28:52 GMT -5
My deductible expenses are less than the standard deduction, but when I say I own a house, the program starts the schedule, so I pay more for filing. This year, I'm going to lie and say no.
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Post by martycanuck on Apr 5, 2022 11:43:23 GMT -5
My cousin worked for Liberty Tax for years as a programmer. Think he had shares too? I don’t know much about what they offer but seemed pretty successful.
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Stan
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Post by Stan on Apr 5, 2022 11:51:14 GMT -5
Does anybody have any experience with filing a form 1041 for taxes for a trust after a parent passes? I've been putting it off and I read through it yesterday and needless to say I'm confused. There's only a 1099-R that needs to be reported but man I'm lost. Edit to add: I've always done my own taxes, even when we had multiple rental homes. I've always used Turbo Tax and have never had a problem. The issue is that turbo tax (online version) doesn't do these. You have to buy the desktop business version at $170. Trying not to do that. I used the Deluxe version to do mine and my dad's taxes. The $50 "Deluxe" edition of TurboTax worked for me with 1099-R(s). He had a trust; but it's use was minimal and I never saw or dealt with a 1041. I figured I'd use TurboTax and it would at least indicate what documentation I needed to acquire for an accountant; but I got to the end and it seemed complete to me.
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Gimpy
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Post by Gimpy on Apr 5, 2022 11:56:37 GMT -5
She said buying Turbo was $170. I need the purchased version for the same reason you do and I've found Block is more user friendly than Turbo. I've bought both and prefer Block.
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Post by Jeannette on Apr 5, 2022 13:50:18 GMT -5
Just to clarify, I've used the paid online version of TurboTax (deluxe I think). It doesn't handle the filing of a 1041 for a trust.
My Dad had an revocable trust and the trust was named the beneficiary of the investment/ira that he had. Once he passed, that trust then had to get a EIN which happened in Jan 2021. The investment/ira then sent a 1099-R to me under the trust name after the investment account was distributed to the beneficiaries of the trust (me and my sister). This is where/why we have to file a 1041.
It's honestly either buy the software (either turbotax or another) to do it myself or try and get an appointment with a tax person (2 weeks before the deadline, not feeling good about that - my fault for waiting so long).
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mank
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Post by mank on Apr 6, 2022 10:08:22 GMT -5
Jeanette,
I always wait until the last minute since I generally have to pay a lot of money for federal taxes and state taxes since my investments make quite a bit of money every year. I know first world problem.
I wonder if you have deluxe version will they cut you a break on the Business version?
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Stan
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Post by Stan on Apr 6, 2022 11:36:47 GMT -5
Just to clarify, I've used the paid online version of TurboTax (deluxe I think). It doesn't handle the filing of a 1041 for a trust. My Dad had an revocable trust and the trust was named the beneficiary of the investment/ira that he had. Once he passed, that trust then had to get a EIN which happened in Jan 2021. The investment/ira then sent a 1099-R to me under the trust name after the investment account was distributed to the beneficiaries of the trust (me and my sister). This is where/why we have to file a 1041. It's honestly either buy the software (either turbotax or another) to do it myself or try and get an appointment with a tax person (2 weeks before the deadline, not feeling good about that - my fault for waiting so long). Interesting, my dad's 1099s were directed to him, rather than the trust. Got lucky, I guess. I had to do an EIN, as well, what a pain. At some point in time, TurboTax didn't work with Windows7, so I used HR Block. Fast forward a few years and HR Block wouldn't work with Windows10, so I swapped back. No big difference, I do taxes early, I'm the one that will find any incompatibility. Personal preference, I'd rather do em myself, it feels like I know what's going on.
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Post by Jeannette on Apr 6, 2022 11:43:25 GMT -5
Jeanette, I always wait until the last minute since I generally have to pay a lot of money for federal taxes and state taxes since my investments make quite a bit of money every year. I know first world problem. I wonder if you have deluxe version will they cut you a break on the Business version? lol - no they didn't.
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frodi
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Post by frodi on Apr 6, 2022 15:48:06 GMT -5
My round this? I cut a deal with the pharmacy's accountant that he does our taxes (we file jointly) as part of the deal. It's all tax deductible as a business expense. We always end up in a refund situation every year.
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Post by Jeannette on Apr 17, 2022 17:18:24 GMT -5
So opinions needed. Scott got into a fender bender today. Front bumper, hood are all pretty damaged on the Lexus. Do I turn it into insurance and risk the rates going up or do I just pay for it upfront? He's 17.
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Gimpy
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Post by Gimpy on Apr 17, 2022 17:46:29 GMT -5
If the cop filled out a report of the accident notification may go to the insurance company anyway. I'm sure you had to prove that you had insurance??
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Post by martycanuck on Apr 17, 2022 19:50:06 GMT -5
If police were on scene might be hard to avoid it. Also counts on the other party not to file a claim doesn’t it? (Assuming it was with another car)
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Post by Jeannette on Apr 18, 2022 6:22:47 GMT -5
Yes there is a police report filed on it, I didn't think of that.
We're in a no-fault state so the other party can't really claim anything on my insurance.
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MalcolmR
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Post by MalcolmR on Apr 18, 2022 7:22:08 GMT -5
The cops filed a report for a no-injury crash? No chance of that over here. Probably wouldn't even turn up.
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Post by Jeannette on Apr 18, 2022 10:03:44 GMT -5
Yep because they were called out they have to file a report but we're very lucky in that no ticket was issued.
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MalcolmR
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Post by MalcolmR on Apr 18, 2022 10:58:45 GMT -5
In the UK there is no requirement to call the cops if no-one is injured and there is no third-party damage, for example a fence or wall demolished. If you can't swap details with the other driver, then you are required to call the cops.
However, if the other driver considers he wasn't to blame, then his insurance will contact your insurance, so a claim is advisable. They don't like finding these things out from someone else.
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Bomber
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Post by Bomber on Apr 18, 2022 11:31:44 GMT -5
Yes there is a police report filed on it, I didn't think of that. We're in a no-fault state so the other party can't really claim anything on my insurance. Many people confuse what "no-fault" state means. It only applies to injuries, not damage to the cars. Whether or not you can go through your insurance depends on if you have collision coverage and, if you do, what is your deductible. If you go through your insurance, your company will try to get their money back from the other driver. That still depends on who is considered to have caused the accident. As far as your rates going up, that depends more an whether you previously told them about your son. This would have more of an effect than the crash itself. Most insurance companies will only increase the premium if the accident is your fault. If the other driver caused the accident, your premium won't be affected.
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MalcolmR
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Post by MalcolmR on Apr 18, 2022 11:43:09 GMT -5
that depends more an whether you previously told them about your son. So the car is covered no matter who is driving? That's an expensive option over here. Most policies are "named drivers only". And if you aren't named, not only will the insurance not pay out, but the police will be inviting you to have a word, empty your wallet and stick 6 penalty points on your licence.
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frodi
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Post by frodi on Apr 18, 2022 12:02:45 GMT -5
We have the option of what is called here of "No Claims Bonus "protection. You get a discount on your insurance every year for no claims up to a maximum of 5 years. You can take out an extra premium to protect this so if you do have a crash you do not lose your no claims bonus. This can be sizable. For instance we both have full no claims bonus which cuts our premium in half. An extra €30 or so per year is worth it. When B wrote off her car a few years ago it didn't cost us anything in extra insurance.
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MalcolmR
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Post by MalcolmR on Apr 18, 2022 12:07:37 GMT -5
Yes, frodi, we used to have that too, but the insurance companies started to take the piss. If you had a crash, they would protect your No Claims Bonus, but your premium next year would double. And if you didn't renew with the same company, you lost all your discount. Bastards.
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Post by martycanuck on Apr 18, 2022 12:25:37 GMT -5
Yes there is a police report filed on it, I didn't think of that. We're in a no-fault state so the other party can't really claim anything on my insurance. So in Ontario the two (or more) drivers are required to report if the damage exceeds $1,000 (I think it’s that amount). If one driver reports and the other does not the non-reporting driver is going to be in trouble. If the cars are still driveable you don’t have to have the police come to you. There are reporting centers you can go to. Gets cars off the roads quicker. I’m not fully certain but pretty sure that if a police report is filed here the insurance companies will then be aware of the accident. ETA - Also here the body shops are not supposed to work on vehicles if the accident is not reported if the damage does exceed the threshold.
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Post by Jeannette on Apr 18, 2022 14:04:38 GMT -5
Yes there is a police report filed on it, I didn't think of that. We're in a no-fault state so the other party can't really claim anything on my insurance. Many people confuse what "no-fault" state means. It only applies to injuries, not damage to the cars. Whether or not you can go through your insurance depends on if you have collision coverage and, if you do, what is your deductible. If you go through your insurance, your company will try to get their money back from the other driver. That still depends on who is considered to have caused the accident. As far as your rates going up, that depends more an whether you previously told them about your son. This would have more of an effect than the crash itself. Most insurance companies will only increase the premium if the accident is your fault. If the other driver caused the accident, your premium won't be affected. Scott is listed as a driver on my insurance and we have collision coverage with a deductible. He was at fault in the accident, just no ticket given.
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Bomber
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Post by Bomber on Apr 19, 2022 13:08:54 GMT -5
Since he is listed, a possible rate increase depends on your company, the policy and how long you have had the coverage. Some policies will "forgive" the first accident.
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Jim
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Post by Jim on May 12, 2022 16:34:12 GMT -5
Way back when my step dad set up his pension, he set it up as a singlan and never updated it. Now, the company that manages it wants to freeze my mom out. Can that be done?
There was no will.
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Gimpy
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Post by Gimpy on May 12, 2022 17:53:21 GMT -5
Jim, sad to say, yes. Survivor pension is covered by a 10% reduction in amount of the pension. Usually, it can't be changed even if the dependent spouse dies. I chose survivor and got divorced and knew that I wouldn't get my 10% back.
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Jim
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Post by Jim on May 13, 2022 5:58:32 GMT -5
A reduction is one thing, but, she made it sound like they want to freeze her out completely. Thankfully, she can still collect his Social Security but the whole reason they finally married was because he wanted to make sure she could collect his pension.
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Gimpy
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Post by Gimpy on May 13, 2022 8:47:03 GMT -5
Bill would have had to declare his intentions before he retired. If he did, it's time for a lawyer.
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MalcolmR
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Post by MalcolmR on May 22, 2022 12:58:08 GMT -5
A quick question for you left ponders.
There is a bar called 12. Chez Quis in Ferris Bueller's Day Off.
Do you know how it was pronounced? The French "Shay Kwee" or an American "Chez Kwis"?
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Post by Juli on May 22, 2022 19:40:38 GMT -5
A quick question for you left ponders. There is a bar called 12. Chez Quis in Ferris Bueller's Day Off. Do you know how it was pronounced? The French "Shay Kwee" or an American "Chez Kwis"? According to findanyanswer.com/is-chez-quis-a-restaurant-in-chicago, The French Restaurant in "Ferris Bueller's Day Off" is called "Chez Quis" which means "house of whom" in French, but if said aloud is pronounced "Shakey's", a pun referring to the pizza chain.
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MalcolmR
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Post by MalcolmR on May 23, 2022 2:35:25 GMT -5
Thanks, Juli, I hadn't heard of "Shakey's".
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