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#7
04-12-2005, 09:14 PM
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 Re: Surviving spouse Tony Lima wrote: - quote - > Larry" <larryamitchell[at]hotmail.com> wrote:
THEIRS (The IRS) sympathy may depend on several factors.> > Taxpayer's husband died in January 2005. Surviving spouse > > is now trying to file the 2004 tax return. However, in > > doing so, she discovers that husband withdrew all of the > > funds out of his IRA accounts (> $100,000). If she prepares > > the return correctly the return will show a tax liability in > > excess of $30,000 which she does not have. What does she do? > Look into the IRS "innocent spouse tax relief" program. I > believe they'll be pretty sympathetic. Usual disclaimers. - I would certainly advocate exploring the innocent spouse possibility, (even though privately I question the concept of 'innocent spouse'!) however if in Kahl...eeee fornyia" (Did I pronounce that right, Ahnald?), might common ... community property laws be a factor? I just don't know. Stu? ChEAr$$$, Harlan Lunsford, EA n LA 11 Apr 2005 4 days and counting...... down.....\ << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
04-12-2005, 08:16 PM
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| Re: Surviving spouse bsteiner[at]att.net wrote: - quote - > Larry wrote:
Unless they were domiciled in a community property state and> > Taxpayer's husband died in January 2005. Surviving spouse > > is now trying to file the 2004 tax return. However, in > > doing so, she discovers that husband withdrew all of the > > funds out of his IRA accounts (> $100,000). If she prepares > > the return correctly the return will show a tax liability in > > excess of $30,000 which she does not have. What does she do? > She could file a separate return, in which case she won't be > liable for the tax on his income. she had a community property interest in the IRA. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
04-11-2005, 09:08 PM
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| Re: Surviving spouse Larry wrote: - quote - > Taxpayer's husband died in January 2005. Surviving spouse
She still files the return on time, if possible. Filing and> is now trying to file the 2004 tax return. However, in > doing so, she discovers that husband withdrew all of the > funds out of his IRA accounts (> $100,000). If she prepares > the return correctly the return will show a tax liability in > excess of $30,000 which she does not have. What does she do? paying are separate issues. Penalties for late payment are much less than for late filing (as any extension would be invalidated for not paying an estimate that would cover the tax). << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
04-11-2005, 08:30 PM
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| Surviving spouse Larry wrote: - quote - > Taxpayer's husband died in January 2005. Surviving spouse
She could file a separate return, in which case she won't be> is now trying to file the 2004 tax return. However, in > doing so, she discovers that husband withdrew all of the > funds out of his IRA accounts (> $100,000). If she prepares > the return correctly the return will show a tax liability in > excess of $30,000 which she does not have. What does she do? liable for the tax on his income. She might also look at whether it might be possible to apply for a waiver of the 60-day deadline for an IRA rollover, which might allow his IRA to be restored. She should consult with the lawyer handling her husband's estate, or with other competent tax counsel. Bruce Steiner, attorney NYC also admitted in NJ and FL << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
04-11-2005, 08:30 PM
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| Re: Surviving spouse Larry" <larryamitchell[at]hotmail.com> wrote: - quote - > Taxpayer's husband died in January 2005. Surviving spouse
Look into the IRS "innocent spouse tax relief" program. I> is now trying to file the 2004 tax return. However, in > doing so, she discovers that husband withdrew all of the > funds out of his IRA accounts (> $100,000). If she prepares > the return correctly the return will show a tax liability in > excess of $30,000 which she does not have. What does she do? believe they'll be pretty sympathetic. Usual disclaimers. - Tony Lima -- Prof. Tony Lima Dept. of Economics California State University, East Bay tlima[at]csuhayward.edu (510) 885-3889 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
04-11-2005, 04:57 PM
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| Re: Surviving spouse Larry wrote: - quote - > Taxpayer's husband died in January 2005. Surviving spouse
Provided she is the personal representative of her husband,> is now trying to file the 2004 tax return. However, in > doing so, she discovers that husband withdrew all of the > funds out of his IRA accounts (> $100,000). If she prepares > the return correctly the return will show a tax liability in > excess of $30,000 which she does not have. What does she do? i.e. either executor or administrator of his estate and not some other party, she has option of filing his separate return. Then the IRS could look only to any assets of his estate for payments. Of course if she IS the executor,........she had better know or find out where the money went. Might need some local professional help on this one. See an EA or CPA in local area. ChEAr$$$, Harlan Lunsford, EA n LA 7 Apr 2005 8 days and counting..... << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-11-2005, 04:38 PM
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| Re: Surviving spouse Larry wrote: - quote - > Taxpayer's husband died in January 2005. Surviving spouse
File separate returns for each spouse. Give the cemetery lot> is now trying to file the 2004 tax return. However, in > doing so, she discovers that husband withdrew all of the > funds out of his IRA accounts (> $100,000). If she prepares > the return correctly the return will show a tax liability in > excess of $30,000 which she does not have. What does she do? number for the husbands current address. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 Moderator: This makes the list for 2005 Tax Humor inspite of it being an excellent response. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-11-2005, 04:18 PM
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| Re: Surviving spouse "Larry" <larryamitchell[at]hotmail.com> wrote: - quote - > Taxpayer's husband died in January 2005. Surviving spouse
I would definitely investigate filing married, filing> is now trying to file the 2004 tax return. However, in > doing so, she discovers that husband withdrew all of the > funds out of his IRA accounts (> $100,000). If she prepares > the return correctly the return will show a tax liability in > excess of $30,000 which she does not have. What does she do? separately and letting the husband's personal representative do likewise. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-07-2005, 06:17 AM
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| Surviving spouse Taxpayer's husband died in January 2005. Surviving spouse is now trying to file the 2004 tax return. However, in doing so, she discovers that husband withdrew all of the funds out of his IRA accounts (> $100,000). If she prepares the return correctly the return will show a tax liability in excess of $30,000 which she does not have. What does she do? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| spouse, surviving |
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