Death And Taxes

Gary R Wheeler

I've always used TurboTax. They basically have three versions. The middle level version supports 1099 reporting, and typically runs $50, compared to $35 for the bottom version. The top-level version is for folks with significant investment income, real estate assets, or business ownership issues. IMO the mid-level version (usually called 'Deluxe') is well worth the money.

Software Zen: delete this;

Jorgen Andersson

I read the title as "Death and Texas", and wondered, what is he up to now?

Wrong is evil and must be defeated. - Jeff Ello

Daniel Pfeffer

Marc Clifton wrote:

There is no exemption because of death! :rolleyes:

I'm spending a year dead, for tax purposes. :D Stolen unashamedly from the Hitchhiker's Guide to the Galaxy

Freedom is the freedom to say that two plus two make four. If that is granted, all else follows. -- 6079 Smith W.

Craftsmandan44077

You can do free file thru Irs website or use the basic HRBlock or TurboTax software.

rjmoses

I've been rich and I've been poor. Poor is better--nobody taxes it, nobody steals it, nobody tries to take it away from you, nobody says you owe them more poorness.

honey the codewitch

Me too, and I agree.

hack everything.

agolddog

First, I assume from the use of 1099 you're in USA. I've used TurboTax online for years. Super simple to use, guides you through the process as much (or as little) as you like. I want to say that you don't have to pick your price level til the end based on how complex your return is, but not 100% sure on that. Year-over-year it's nice too. Carries info forward, reminds you if you (for example) had income from source X last year, but not this year--"did you forget X?".

agolddog

Daniel Pfeffer wrote:

Marc Clifton wrote:

There is no exemption because of death! :rolleyes:

I'm spending a year dead, for tax purposes. :-D Stolen unashamedly from the Hitchhiker's Guide to the Galaxy

Nice steal. 2) Well, kind of, Marc (in USA at least). Your estate is liable for debts owed, including income taxes. I believe that's limited to the value of the estate, that not even the IRS can go after heirs' assets. However, capital gains on investments are calculated from the investments' price at the decendent's date of death, not from the original purchase price. Hopefully, that's better for the heirs, and certainly a lot less hassle. 3) For those single people out there, make sure that your assets are what's called "transfer on death". This means the asset transfers to the designated person without going through the probate process. Thus, they're more immediately available, and the local government doesn't get a cut. All of this is based on my experiences being the representative of a few estates in the midwest USA, and I am not a lawyer, so take these statements with a grain of salt.

Slow Eddie

I am a lawyer in Louisiana, who no longer practices law. You have never seen such naked greed or bitter in-fighting as when it is a large estate. Coming in second is the sale of a house because of a divorce.

Never trust a dog with red eyebrows!

MSBassSinger

I use TurboTax online and just pay the fee. It is well worth it.

matblue25

I've been using H&R Block for several years. Cheaper than TurboTax, which I used previously. Beware - you have to pay $20 to e-file the State, although you do get the tax module for one State with the purchase. If you need more than one State, have to purchase it separately. Your situation actually sounds pretty simple. Wouldn't be hard to do it yourself. Hope you either had Fed tax withheld on the 1099 gig or already paid estimated tax.

Joe Woodbury

I used TaxAct for years and then one year, after filling everything out, it announced I owed them $70 or so to file. (Did the same thing to my oldest son last year only because he deducted his student loan interest.) I switched to OLT. Unfortunately, it went really downhill last year. (Before TaxAct and electronic filing, I used H&R Block's program and really liked it. My taxes are so simple this year, I may go back to H&R Block or just file with paper.)

John Wellbelove

One ultra meager W2 source One regularly meager W2 Source One 1099 gig I have no idea what any of those are?! I assume they must be terms local to the USA?