We are at estate tax level. There is no refund, actually K1s will be sent out from this. The accountant wants to know when the estate was closed, but the attorney says it can't be closed until the return comes back.
Random Thoughts 14: I can see clearly now 2020 edition
- Thread starter Cybirdy
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We are at estate tax level. There is no refund, actually K1s will be sent out from this. The accountant wants to know when the estate was closed, but the attorney says it can't be closed until the return comes back.
The estate tax is a Federal tax (the return is a 706) which is currently in play for decedents who die with taxable estates in excess of $11.58 million ( $11.4 million for those dying in 2019). Both Fed and State 1041's returns are filed for what is technically called Fiduciary Income Tax. Are you talking estate tax or fiduciary income tax for her estate?
Ah, you mentioned K-1s. You mean the estate's income tax returns. One of the conditions precedent to closing an estate with administration in Iowa is the filing of an Iowa income tax acquuttance. You can't get the acquittance until you file the final 1041 for the estate. I navigate that by having a final Order entered that says that the Exexutor is discharged, but that the Estate will be considered formally closed upon filing of the acquittance. Not sure if they let that pass in your judicial district.
Not 100% positive. All I know is I understand why some people now take a executor fee from doing all this stuff.
The way I understood it we had to wait for my mothers final tax return to be completed. She made quarterly payments and apparently paid in more than she owed.
After that we had to file a final return for the trust (as everything was in the trust) as it was now being dissolved. It was no where even close to the $11.4 million mark.
As I said earlier, I'm glad my sister was dealing with all that.
Ok, purple gatorade is grape, orange is orange, red is fruit punch. Call them as their flavors. When someone says what flavor you want at a concession stand, red or purple is not a flavor. FIGURE IT OUT!!!
Right. They waited to process the refund from your mother's final 1040 (and to make sure nothing was owed) and then filed a 1041 for the Trust once all the business was wrapped up. The final return for the Trust was a fiduciary income tax return. I'm just being a damned pedant.
I was pretty proud of myself, because the attorney told me it was one of the lower bills they had presented on an estate like my moms since I had done so much of the work. Saved a bunch of money. Then that feeling went away when my wife told me that I can only count a third since my siblings (who helped with nothing) will get the other part.
Being that my sister was dealing with the tax stuff I made sure I dealt with arranging getting the house cleaned out and ready to sell. She had plenty to deal with and making a few extra trips out to Virginia was the least I could do.
Truth. Of course, if you took a fee, it would be subject to income tax, so at least there's that.
These are all the Gatorade flavors.
- Fruit Punch
- Rain Berry
- Lemonade
- Cool Blue
- Citrus Cooler
- Tangerine
- Watermelon Citrus
- Lemon-Lime
- Melon
- Frost: Glacier Freeze
- Mango Extremo
- Orange
- Fierce: Green Apple
- Frost: Glacier Cherry
- Fierce: Blue Cherry
- Frost: Arctic Blitz
- Frost: Icy Charge
- Strawberry Watermelon
- Strawberry
- Frost: Tropical Mango
- Berry
- Fierce: Grape
- Lime Cucumber
- Frost: Riptide Rush
- Frost: Cascade Crash
- Strawberry Lemonade
- Low Calorie: Strawberry Lemonade
- Rain Lime
- Rain Strawberry Kiwi
Currently, there are sixteen flavors of Powerade available in the United States:[12]
- Mountain Berry Blast (blue, Initially titled Mountain Blast)
- Orange (orange)
- Fruit Punch (red)
- Grape (purple)
- Lemon Lime (lime green)
- Blackberry (red-violet, Twisted)
- Melon (green, Initially titled Green Squall, renamed and re-released after being discontinued)
- White Cherry (white, Initially titled Arctic Shatter)
- Strawberry Lemonade (pink)
- Tropical Mango (yellow-orange)
- Lemonade (light yellow)
- Watermelon Strawberry Wave (reddish pink)
- Citrus Passionfruit (dark orange)[13]
- Kiwi Pineapple (green yellow) [13]
- Blue Raspberry Cherry (dark blue)[14]
- Watermelon Lime (green) (exclusive to 7-Eleven)[15]
- Mixed Berry (blue)
- Grape (purple)
- Orange (orange)
- Fruit Punch (red)
- Strawberry (pink)
- White Cherry (white)
I feel kind silly at a concession stand/food vendor asking for Mountain Berry Powerade though. Quicker and easier to find by color. What is a Mountain Berry anyway?It’s like saying their all different flavors.
I have sent him several emails over the years. He has responded to each of them, even the ones that were negative. If people don't get responses from him, I would posit that they are abusive, and are not really looking for a response or dialogue; they are simply venting.
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