The Tax Man Cometh

[TANSTAAFL]

No problem! You gave me a little scare there. I thought I might have missed something.


Yeah, she should have caught it. The IRS may not help at all. They're often not helpful if it's not just a textbook problem you can answer off the website. And I still think the 1099 was mis-issued. It should have been a MISC, not an INT.
Best of luck turkeyrun. Let us know how it turns out.

In an aside, the rule that I was thinking of concerned Qualified Dollars (401K, IRA, SEP's, 457 plans) not Life Insurance Benefits going into trusts. I highly recommend if you ever receive a large some of money, don't start spending, contact a CPA or qualified tax preparation professional.

 

[TinkerTanker]

In an aside, the rule that I was thinking of concerned Qualified Dollars (401K, IRA, SEP's, 457 plans) not Life Insurance Benefits going into trusts. I highly recommend if you ever receive a large some of money, don't start spending, contact a CPA or qualified tax preparation professional.

I wholeheartedly agree.

And if your CPA doesn't have any plans to bypass a large portion of the taxes you should find a new CPA. Many, many of them today are only as good as TurboTax. They're form fillers. Buyer beware.

 

[TANSTAAFL]

I wholeheartedly agree. And if your CPA doesn't have any plans to bypass a large portion of the taxes you should find a new CPA. Many, many of them today are only as good as TurboTax. They're form fillers. Buyer beware.

Good attorneys are hard to find as well! If you have enough money to worry about passing on or if it "life changing money" for children or family get referrals.

 

[HarryBear]

Heard taxes are voluntary, said the IRS, once, recently...

 

[TerryMiller]

Good attorneys are hard to find as well! If you have enough money to worry about passing on or if it "life changing money" for children or family get referrals.

Yeppers...

....back many years ago, my wife's father discussed trusts with an accountant in Guymon, OK. This guy told him that he worked with an excellent lawyer there in town that was very knowledgeable about trusts and had never had one broken before. Father-in-law set up two trusts through these two guys.

Some years later, some of his grandkids from his son (long since passed away) got the F-I-L and took him to Guymon to visit with the accountant. They had all these ideas of how they could "break the trust." As they promoted their ideas to the accountant, at every turn, he informed them that their idea would never be able to do the deed.

We found out about their attempt when we went to visit the accountant for other matters. He told us that as the grandkids were told each time that their idea couldn't break the trust, my F-I-L just sat there grinning. Father-in-law dang sure got his money's worth.