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Thx, no one else lives in household. I have to see what he did in 2020. I assume he filed HOH since he used same preparer. That will be two years. 2019 should be ok since daughter was 24. He has not been contacted by IRS yet but I assume it would be an easy cross check since his daughter files...

Looks like I am the only one asking questions on this sub-forum. Here is my latest question. I asked my nephew to see his 2021 1040 to better understand how to help with his modest inheritance. His return was prepared by a reputable CPA. I was surprised to see he filed as HOH. He is single...

Got it, thx.

I am not asking for advice, I am asking for clarification of the IRS code.

Thanks for confirming that. As a designated beneficiary (as opposed to an eligible designated beneficiary) my nephew will take distributions under the 10 year rule, right? That means he can take distributions anytime he wants or take no periodic distributions as long as the inherited IRA is...

My sister recently passed and bequeathed her IRA equally to her two sons. One nephew asked me for advice on how he should handle his inheritance. I believe his options are straightforward but I do have one question. If nephew decides to put money in an inherited IRA, he has 10 years to take it...

Thanks, I was only using the same language that Pa does, or at least did when answering a question on their website. I agree about amending my 2021 Pa return. Pa is often very different than the Feds. Thanks very much for your help.

i did study including FAQ’s on Pa Dept of Rev website. Pa considers cashing CD a disposition of capital asset. Interest lost due to early withdrawal csn offset interest on that CD in the year of disposition. If early withdrawal penalties exceed interest, you can deduct that excess as a capital...

Right, but I can only offset 2022 interest. I can treat 2021 interest as a capital loss in 2022 but it will only offset capital gains which I will not have. Pa does not allow deductions for a net capital loss.

Thank-you. That is what I gathered for the IRS. For Pa I think I am out of luck.

I always have 6-8 CD’s. The interest is never distributed until the CD matures. It stays with the CD and collects compound interest. However, I still have to pay pax. The banks send 1099-int. Maybe it is just semantics. The interest is technically realized…I just elect to let the bank keep it...

I reported interest from a CD in 2021. That was accrued interest which was not distributed to me. In 2022 I cashed the CD before maturity and forfeited the 2021 accrued interest. I asked my bank for a corrected 2021 1099-int but they said they will only give me a 2022 1099- int. Not sure if this...

Thx again! I pay electronically and it does show on my account transcript. All is good. My only concern was my former employer hired a new company to issue W2 for imputed income on group term life insurance. I got my W2 very late but in time to include it with my return. However, I assume the...

Thx. No refund for me. I always make sure I owe at least a couple hundred bucks.

Interesting response. I thought giving free legal advice is what this forum was all about. From the home page: Ask Legal Questions TheLaw.com has provided free legal help, legal forms, advice and assistance from attorneys and the community since 1995.

Does anyone know when the IRS plans to have all 2020 returns processed? I can find articles talking about millions of unprocessed 2020 returns, but none give a scheduled completion date. Thanks.

You are getting the wrong impression. I have paid these uncollected FICA amounts faithfully for at least 25+ years. I have been retired 22 years. I will pay the last amount on my 2021 return since my former employer no longer group term life insurance. I was just curious since my official IRS...

My former employer terminated group term insurance for retires 12/31/2021. So, this is my last year of messing around with the IRS’s constantly changing forms to report uncollected FICA taxes. Anyhow, I was looking at my wage transcripts for prior years and noticed the IRS does not document...

Every week with Macrium Reflect. One new image on portable harddrive and another on salvaged harddrive I put in an enclosure. Sunday morning ritual.

Thx. Actually I do have the disclosure scanned into my desktop. Other docs are in paper files. I was getting organized for tax season and came across the file. I am a little OCD when it comes to getting rid of clutter and other unnecessary stuff. Seems like every time I chuck something I have...