Non-Typical Solutions Report post Posted March 16, 2010 So, I do my taxes on turbo tax every year. We got our W-2 forms and shipped everything off e-file. Got a small return. Now two weeks later I get a K-1 Form 1041 because of inheritance money recieved after my folks passed away. Not a bunch but enough for uncle Sam to throw up a red flag. So, after waiting for 30 minutes on the IRS phone I got transfered to another line and waited another 15 minutes. At this point they told me how to amend my taxes, what forms I needed and that the deadline was still April 15. I have three years to submit my amend if I am getting money back, but I will be penalized if my amend is late after April 15 of this year. If I do get money back, which I won't, it could be 14-16 weeks before I would expect a refund. Wish my folks were back and they would have spent their money on themselves...........frustrated Share this post Link to post Share on other sites
Snapshot Report post Posted March 16, 2010 Sorry for your troubles bro. I am supposed to get a decent refund this year, and I hope there are no red flags. Considering our federal budget deficits you know dang well big brother IRS is going to be looking at any way possible to pay as little as possible. Share this post Link to post Share on other sites
joeybari Report post Posted March 16, 2010 +1 all the way Share this post Link to post Share on other sites
TAM Report post Posted March 18, 2010 Taxes suck! I am no tax guy, but didn't they just pass a law that says you don't get double taxed on inheritence money? If your parents earned the money and paid their taxes on it once why should you have to pay taxes on it again just because the money changed hands due to inheritence? I guess the crooked politicians and dirty buggars in the IRS would take your last penny if they thought that someone else needed it more than you did. Maybe they didn't already pass the new law I'm thinking of and they are still trying to get it passed? Either way, Best of luck! Share this post Link to post Share on other sites
wetmule Report post Posted March 18, 2010 This is the year to die if you want to leave your life's work to your family and kids. If you want to leave half of your life's work to the Federal Govt., that by the way, has already been taxed - just wait till after Jan. 1, 2011. The death tax is the most ridiculous and punitive tax known to man. More Hope and Change from our current leaders that unfortunately will leave us all with just that, minus the hope. Good luck Redneck. Share this post Link to post Share on other sites
Non-Typical Solutions Report post Posted March 18, 2010 Taxes suck! I am no tax guy, but didn't they just pass a law that says you don't get double taxed on inheritence money? If your parents earned the money and paid their taxes on it once why should you have to pay taxes on it again just because the money changed hands due to inheritence? I guess the crooked politicians and dirty buggars in the IRS would take your last penny if they thought that someone else needed it more than you did. Maybe they didn't already pass the new law I'm thinking of and they are still trying to get it passed? Either way, Best of luck! Dad thought he had things pretty lined out and he did bless his heart. Didn't owe a dime on anything. What we are getting dinged for is money market accounts that he had active. Dinged is being kind. So it isn't like I am having to pull money out of my pocket to cover it, just using up all his money to pay for his money. What I mostly displeased with is the IRS service. They want my money now, but they can take their sweet time getting money back to me!!! Wetmule is correct as I have learned alot in the past few months with the passing of my folks. There is no incentive left to saving money for yourself or your posterity, it is going to Uncle Obama. Share this post Link to post Share on other sites
Chef Report post Posted March 19, 2010 I absolutely hate everything that remotely relates to doing taxes. Thank goodness for my accountant. Totally worth the money. Share this post Link to post Share on other sites
billrquimby Report post Posted March 19, 2010 Inheritance taxes are not the only thing that comes into play when someone dies. My mother died of cancer in late January 2003. I had power of attorney of attorney while she was alive, and was the administrator of her estate after her death. Two days before she died in a hospice, I transfered her checking and savings accounts into a new account earmarked for paying her bills. We hadn't even had her memorial service when I discovered that more than $1,000 was missing from the estate's account. When I called the bank I was told that the IRS had grabbed it! The government apparently does not pro-rate its Social Security payment during the last days of a taxpayer's life -- it takes back everything it sent the taxpayer that month. To this day, her estate and its administrator (me) have never been officially informed of what the IRS did. Bill Quimby Share this post Link to post Share on other sites
firstcoueswas80 Report post Posted March 19, 2010 I bought a house this past year... I LOVED this past tax season!!! Share this post Link to post Share on other sites
az4life Report post Posted March 22, 2010 Oh yeah, taxes are wonderful. With Oba-massacre the government is now going to take control of at least 20% of the entire US economy because they can manage your health care it better than free enterprise. Pray for Obama to get a soul, and the congress to get a Brain, Just one brain between them all would see the evil in the socialism coming our way. Sorry to jack the thread but I just lost 40% of a bonus to Omabaturd and his IRS in addition to paying taxes a few weeks ago! Share this post Link to post Share on other sites
