I'm going through a very similar situation right now as a first-time executor, and I wanted to share something that really helped clarify the timeline for me. The key thing I learned is that there are actually two separate deadlines you're dealing with: 1. Your father's final personal tax return (Form 1040) - due April 15, 2023 for his 2022 tax year 2. The trust's tax return (Form 1041) - due April 15, 2024 for the 2023 tax year when you sell the house What really helped me was understanding that the trust becomes a separate taxpaying entity the moment it becomes irrevocable (when your father passed). So even though there was no income in 2022 after he died, you'll still want to get that EIN for the trust as soon as possible since you'll need it for the house sale and eventual 1041 filing. One thing that caught me off guard was learning about Form 706 (estate tax return). If your father's total estate (including the house value) exceeds $12.92 million for 2023, you'd also need to file this by 9 months after death (with possible 6-month extension). Most people don't hit this threshold, but it's worth checking. Also, don't forget that as executor, you have some flexibility with timing. If you need more time to get everything organized for the 1041 when the time comes, trusts can get an automatic 5-month extension by filing Form 7004. The whole process feels overwhelming at first, but breaking it down into these separate filing requirements and deadlines really helped me create a manageable timeline. You've got this!

As someone who just went through this process last year, I completely understand the overwhelm you're feeling! The good news is that you're asking the right questions and being proactive about deadlines. One thing I wish I had known earlier - consider whether your father's trust qualifies as a "grantor trust" for tax purposes. If it does, this could affect how you handle the capital gains exclusion on the house sale. Since your father lived in the home and it was his primary residence, the trust might still be eligible for the $250,000 capital gains exclusion if certain conditions are met. Also, I'd strongly recommend getting organized with a simple spreadsheet tracking all dates, deadlines, and required forms. Here's what helped me: - Date of death: September 2022 - Final 1040 due: April 15, 2023 - EIN application for trust: ASAP - Form 56 filing: Within 10 days of qualification as fiduciary - 2023 Form 1041 due: April 15, 2024 (for year of house sale) Don't forget that as executor, you can also deduct reasonable executor fees as an estate administration expense if the trust document allows it. This includes time spent on tax preparation and property management. The stepped-up basis everyone mentioned is huge - make sure you get solid documentation of the home's fair market value as of your father's date of death. This alone could save thousands in capital gains taxes. You're doing great navigating this complex situation. Take it one step at a time!

I'm wondering if I should be worried. I made about $1800 babysitting last year and didn't report it... is the IRS gonna come after me now?

As someone who's been through this exact situation, I can confirm you're on the right track! Yes, you absolutely need to report that $2700 as self-employment income on Schedule C, even without a 1099. The IRS considers all income taxable regardless of whether you receive forms. A few tips from my experience: - Keep detailed records of all your babysitting-related expenses (mileage, supplies, etc.) - they add up quickly - You'll owe self-employment tax (about 15.3%) on your net profit after expenses - Since you earned over $600, you should consider making quarterly estimated tax payments going forward to avoid underpayment penalties next year - The family should have given you a 1099-NEC since they paid you over $600, but their oversight doesn't change your reporting obligation Don't stress too much - this is a common situation and as long as you report everything honestly, you'll be fine. The IRS actually appreciates when people proactively report income that might otherwise go unreported!

Chime user here! Just FYI, I got my refund about 2 days faster with Chime than my wife did with her traditional bank. We filed on the same day (married filing separately for specific reasons). Mine showed up on Wednesday, hers on Friday. Not a huge difference but still nice!

Yes, Chime does send push notifications when you have a pending deposit! You'll typically get notified as soon as the deposit is initiated by the sender (in this case, the IRS). The notification will show the amount and expected availability date. In my experience with tax refunds specifically, Chime usually shows the pending deposit about 1-2 business days before it becomes available, similar to what you described with your credit union. You can also check pending deposits in the app under your account balance - it'll show "Pending" with the amount and expected date. The nice thing about Chime's early direct deposit feature is that once they receive the deposit information from the IRS, they often make it available up to 2 days sooner than the official settlement date. So you might see your refund hit your account on a Wednesday when other banks wouldn't release it until Friday.

This is exactly the kind of question I had when I first started getting serious about retirement planning! You're definitely not alone in feeling overwhelmed by all the paperwork. The consensus here is absolutely correct - for most retirement accounts, you only need to track contributions and distributions, not individual investment performance within the accounts. I learned this the hard way after keeping every single trade confirmation for years thinking I needed them for taxes. One thing I'd add that hasn't been mentioned yet: if you're considering consolidating some of your old accounts, now might be a good time while you're organizing everything. I had three different 401(k)s from previous employers just sitting there, and rolling them into a single IRA made my record-keeping so much simpler. Just make sure to do direct rollovers to avoid any tax complications. For your self-directed 401(k) question - go for it! The investment flexibility is amazing and as others have confirmed, it doesn't create any additional tax paperwork burden. You'll still just track money in and money out, regardless of whether you're picking individual stocks or just buying index funds. The key insight that changed everything for me was realizing that the account TYPE determines the tax treatment, not what's inside the account. Once you get that, retirement account taxes become so much more manageable.

As someone who went through this exact same confusion a few years ago, I can definitely relate to feeling overwhelmed by all the retirement account paperwork! The advice everyone has given here is spot on - you really don't need to track individual investment basis within your retirement accounts. I made the mistake of keeping detailed records of every single mutual fund purchase, dividend reinvestment, and rebalancing transaction for YEARS before I learned that it was completely unnecessary. The IRS only cares about the money flowing into and out of these tax-advantaged accounts, not what happens inside them. For your self-directed 401(k) question specifically - I've had one for about 3 years now and the record-keeping is identical to a regular 401(k). Whether I'm buying individual stocks, REITs, or just index funds, I only track my total contributions each year and any distributions I take. The self-directed feature gives you amazing investment flexibility without any additional tax complexity. The one thing I'd emphasize that some others touched on: make sure you understand whether any of your traditional IRA contributions were non-deductible (this happens if your income exceeded the deduction limits in certain years). Those do require Form 8606 to track your basis in the IRA overall. But even then, you're tracking the account-level basis, not individual investments within it. You're definitely not overcomplicating things by asking - this is one of the most common misconceptions about retirement account taxes!

I work at a bank (not saying which one), and we're required to notify customers when we receive legal requests for their account information. The IRS typically issues what's called a "third-party summons" to request bank records. By law, the IRS is generally supposed to give you advance notice when they issue a summons to your bank, BUT there are exceptions if they have reason to believe notification might lead to attempts to conceal information, transfer assets, etc. Don't panic though - these exceptions are rare. Most requests we see are verification checks, especially for self-employed people where the IRS is comparing reported income to deposits. It rarely leads to full audits unless there are major discrepancies.

This situation happened to me about 6 months ago and I understand how stressful it can be! In my case, Chase called me about an IRS request for my account records. I was initially panicked because like you, I'm self-employed (freelance web developer) and thought I was being audited. After calling the IRS directly (took forever to get through), I learned it was just a routine verification because I had some large client payments that came in late December but I reported the income in the following tax year. The IRS was just making sure the deposits matched up with my reported income timing. My advice: First, definitely verify with your bank that the call was legitimate using their official number. Then try to reach the IRS to understand what's happening. Keep good records of all your business transactions and be prepared to explain any timing differences between when payments were received versus when income was reported on your tax returns. In most cases, these requests are just verification procedures, especially for self-employed folks. The fact that you've been diligent about reporting income and paying estimated taxes works in your favor.