Archive for January, 2010
January 13th, 2010 | 
Author: 
maxcat2005 asked:
I live in a state where when the estate taxes were paid and submitted in Feb 2009 a verbal statement was made by someone in the tax department that everything was submitted and paid correctly. A couple of months later the estate laws changed in the same state where the original taxes were submitted and signed into law. Are the estate taxes going to have to be redone because the laws are diffrent now? Will this hold up the distribution of the estate money?
Sarah Fry
I live in a state where when the estate taxes were paid and submitted in Feb 2009 a verbal statement was made by someone in the tax department that everything was submitted and paid correctly. A couple of months later the estate laws changed in the same state where the original taxes were submitted and signed into law. Are the estate taxes going to have to be redone because the laws are diffrent now? Will this hold up the distribution of the estate money?
Sarah Fry
copley asked:
In the processing of doing an estate and gift tax return where the decedent’s spouse is not a US citizen. There was no QDOT set up before the death and therefore the executor or the surviving spouse is going to have to set it up before the estate tax return is filed. However, I am wondering whether or not this should be a QTIP. Am I correct in thinking that in order for the non-citizen surviving spouse to make this irrevocable election it must be set up as a QTIP? The surviving non-citizen spouse is also the executor of the estate. Thanks.
Gaston Deibler
In the processing of doing an estate and gift tax return where the decedent’s spouse is not a US citizen. There was no QDOT set up before the death and therefore the executor or the surviving spouse is going to have to set it up before the estate tax return is filed. However, I am wondering whether or not this should be a QTIP. Am I correct in thinking that in order for the non-citizen surviving spouse to make this irrevocable election it must be set up as a QTIP? The surviving non-citizen spouse is also the executor of the estate. Thanks.
Gaston Deibler
Alisabeaubisa asked:
My brother died a little over a year ago and his 3 surviving siblings and 2 nieces received his 401k. We turned over all paperwork to our probate lawyer who went through it and told us there would be no taxes due. The money was paid out pretty quickly after his death with each of us receiving $25,000. The money is almost gone and the lawyer says “sorry I goofed, you do owe because it was a tax deferred account”. The estate held back $16,000 to pay the lawyer and any expenses that may have come up. $10,000 is left. My question is how much can we expect to pay on $116,000 in taxes and is there anything we can do to the lawyer for screwing up. He apologized and admitted he screwed up but his ***** up is going to be a real hardship on each of us if we have to come up with more than the $10,000 the estate held back.
Sherika Wallschlaeger
My brother died a little over a year ago and his 3 surviving siblings and 2 nieces received his 401k. We turned over all paperwork to our probate lawyer who went through it and told us there would be no taxes due. The money was paid out pretty quickly after his death with each of us receiving $25,000. The money is almost gone and the lawyer says “sorry I goofed, you do owe because it was a tax deferred account”. The estate held back $16,000 to pay the lawyer and any expenses that may have come up. $10,000 is left. My question is how much can we expect to pay on $116,000 in taxes and is there anything we can do to the lawyer for screwing up. He apologized and admitted he screwed up but his ***** up is going to be a real hardship on each of us if we have to come up with more than the $10,000 the estate held back.
Sherika Wallschlaeger
Lilywhite asked:
The government of Pakistan has introduced tax in real estate market in recently presented budget of 2009-10. In your view what will be the effect of taxation in this sector?
Phil Ganibe
The government of Pakistan has introduced tax in real estate market in recently presented budget of 2009-10. In your view what will be the effect of taxation in this sector?
Phil Ganibe
itsyourworld_changeit asked:
CTJ’s recent figures on the estate tax show that it affected less than one percent of estates during 2005 and 2006. And those estates were subject to an exemption of $1.5 million per spouse. Now the exemption is $2 million and in 2009 it will be $3.5 million.
Why do they call it the “Death Tax”?
Is it because everyone dies, but only rich people have Estates and they want to make average Americans fear paying it? Don’t we deserve better from out politicians than misleading names and misinformation such as this?
Just WHO are the Republicans looking out for anyway? Clearly, it’s not people like you and me.
CTJ’s recent figures on the estate tax show that it affected less than one percent of estates during 2005 and 2006. And those estates were subject to an exemption of $1.5 million per spouse. Now the exemption is $2 million and in 2009 it will be $3.5 million.
Why do they call it the “Death Tax”?
Is it because everyone dies, but only rich people have Estates and they want to make average Americans fear paying it? Don’t we deserve better from out politicians than misleading names and misinformation such as this?
Just WHO are the Republicans looking out for anyway? Clearly, it’s not people like you and me.
Your Thoughts?
Look at those exemption levels! They’re not being cheated, they’re cheating their way out of paying what they didn’t earn in the first place.
Bubbles, the evidence put forth by the Republican agenda shows that they heavily favor the wealthy in this country. Look at Bush’s tax cuts that went disproportionately to the RICHEST 1% of ALL Americans. Coincidence? Not at all.
Tamara
Posted in Other - Politics & Government | 
Tags: Coincidence, Misleading Names, People | 
6 Comments »
Charles asked:
This was from an annuity that was liquidated and the payer withheld about 25% of the taxable proceeds. Can this be passed through to the estate’s beneficiaries on Form K-1? The IRS instructions are unclear and I’ve gotten different answers each time I call the IRS!
Jasper Danns
This was from an annuity that was liquidated and the payer withheld about 25% of the taxable proceeds. Can this be passed through to the estate’s beneficiaries on Form K-1? The IRS instructions are unclear and I’ve gotten different answers each time I call the IRS!
Jasper Danns
Nir S asked:
if I have a company, for the sake of the matter lets use a LLC, that LLC is taxed as a cooperation and not a partnership or a sole proprietor. How much income tax would I pay on Rental Income that the company generated?
Hertha Congdon
if I have a company, for the sake of the matter lets use a LLC, that LLC is taxed as a cooperation and not a partnership or a sole proprietor. How much income tax would I pay on Rental Income that the company generated?
Hertha Congdon
Brian113 asked:
The federal guidelines state that the tax credit is not available for those who buy from a relative. However, they don’t address the issue of buying from the estate of a deceased relative, which is a slightly different scenario. Does anyone know for certain if this purchase would be ineligible for the tax incentive?
Jewel Kingery
The federal guidelines state that the tax credit is not available for those who buy from a relative. However, they don’t address the issue of buying from the estate of a deceased relative, which is a slightly different scenario. Does anyone know for certain if this purchase would be ineligible for the tax incentive?
Jewel Kingery
Yiati asked:
What is the highest marginal estate tax rate??
Lilli Zaidi
What is the highest marginal estate tax rate??
Lilli Zaidi