Just wrote a check to the US Treasury for $xx,xxx.xx. [View all]
I'm still shaking as I'm used to self-filing my returns in early February and receiving a modest refund. I'm retired and get Social Security. Here's the reason for sending the IRS enough to cover a modest salary.
My brother-in-law passed away in 2014 and my sister died in 2017. They had set up a revocable trust and I was named trustee. Spend 2017 until July 2018 converting assets and distributing funds to 12 named entities: 9 charitable organizations and 3 live people, including myself. The problem was their IRA. Somebody had to pay the taxes on it which occurred in 2018. That responsibility fell on the 3 people. My share of the asset about tripled my income. What pissed me off is I had to pay a penalty for under withholding. How does one withhold taxes on something you don't know you'll receive?
I'm just ranting because I'm upset. I know this is a one time thing, but you'd think the IRS could wave the penalty in such a situation. Also had to have 3 sets of taxes done for 2018: the final set for the trust, a set for my 'new' trust, and my personal ones and now thanks to the GOP, the cost of the CPA isn't even deductible!