- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
Upon receiving the Schedule K-1 forms for your adult sons and daughter who are beneficiaries of special needs trusts, you are faced with uncertainty on how to proceed with your tax filing. This situation has added unexpected complexity to what you thought was already a completed tax process.
## Situation Expansion
Your adult sons, who are on SSDI and living in group homes, do not have W2 forms due to their lack of traditional employment. Similarly, your daughter, who also has a special needs trust but is not on SSDI, also does not have a W2 form. Given that you claim all three of them as dependents on your taxes, each with a $500 deduction, you are now in a dilemma on whether to file taxes under their names or to amend your return.
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The AI Legalese Decoder can assist in deciphering the complex legal language and intricacies present in the tax forms such as Schedule K-1. By utilizing this tool, you can gain a clearer understanding of the tax implications for your adult sons and daughter, particularly in relation to their special needs trusts and their status as dependents. This can help you make informed decisions on whether to file taxes under their names or make amendments to your return, ensuring compliance with tax regulations while maximizing deductions for your family.
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You need to talk to a tax professional. There is not enough info here to know if they owe taxes or not. And it is not an SSA issue whether they owe taxes because the K1 is not for the SSA benefits.
If you claim them as dependents doesn’t that mean your paying over 50% of their monthly expenses? Would that be an issue?