Margaret A. Munro

Margaret Atkins Munro, EA, has more than 30 years of experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at its volunteer tax preparer programs.

Articles & Books From Margaret A. Munro

529 & Education Savings Plans For Dummies
Don’t let money get in the way of your kids’ best education 529 & Education Savings Plans For Dummies helps you sort through the vast amount of information about education savings accounts and choose the plans that are best for you and your family. A college or private K-12 education is generally parents’ single largest expense for their children.
Taxes For Dummies
Cut your tax bill down to size with year-round tips and tricks Taxes For Dummies is the antidote to the annual headache that is the U.S. tax system. This book paves the way for you to file a return that maximizes all the deductions and credits available to you. It also provides insight on making smart financial decisions that help minimize your tax burden.
Cheat Sheet / Updated 11-21-2023
Taxes are a part of life. Love them or hate them (okay, no one loves paying them!), everyone has to deal with them. The Taxes For Dummies: 2024 Edition Cheat Sheet is here to help guide you through tax challenges with some straightforward strategies.Important IRS informationIRS Tax Forms and Publications. Only the most commonly used forms come with your annual IRS 1040 booklet.
Estate & Trust Administration For Dummies
Estate and Trust Administration For Dummies, 2nd Edition (9781119543879) was previously published as Estate and Trust Administration For Dummies, 2nd Edition (9781118412251). While this version features a new Dummies cover and design, the content is the same as the prior release and should not be considered a new or updated product.
Cheat Sheet / Updated 02-25-2022
As the fiduciary of an estate or trust, you have many duties, beginning immediately upon the decedent’s (deceased person’s) passing. You’re also guaranteed to become intimately familiar with a host of tax forms you may not have known existed.Tax forms to know as the fiduciary of an estate or trustWhen you’re administering an estate or trust, you may have to prepare a seemingly endless array of tax returns.
Cheat Sheet / Updated 04-11-2023
When you're ready to start saving for college, check out the different savings plans available so you pick the one best for you. Find out how you can cut wasteful spending from the budget to contribute more to your college saving plans, and be aware of provisions affecting the conditions of the 529 and Coverdell accounts.
Step by Step / Updated 03-10-2017
When you’re asked to administer a trust or estate for a relative or friend (especially if that person didn’t have a will), this important responsibility can feel overwhelming during an already difficult time. Here are ten pitfalls that often trip up unwary administrators — and that you should avoid:Don't fail to terminate an existing real estate purchase and sale agreement.
Article / Updated 03-26-2016
Lines 9–17 of the Estate Form 706 are to remind you of other property that may be includible in the decedent’s estate. If you aren’t including it, the IRS wants an explanation. Line 9: If any insurance on the decedent’s life isn’t included on the return, answer “yes” on line 9a, complete Schedule D, and attach as an exhibit Form 712, Life Insurance Statement, together with an explanation of why the policy isn’t includible in the estate.
Article / Updated 03-26-2016
Sometimes, even when the trust or estate doesn’t have to file Form 1041, you still receive tax information from other sources. When you won’t be preparing a 1041 (perhaps the trust or estate has terminated), there won’t be a Schedule K-1 either. Instead, pass along any tax information you receive via a Form 1099 for income earned by property formerly owned by the trust or estate to the property’s new owners by issuing them a nominee Form 1099.
Article / Updated 03-26-2016
You may have realized that many of the deductions available on the Form 706 look familiar, and you may be wondering if you can have it both ways, deducting them the first time on the 706 and then again on the 1041. Well, you can’t. In fact, the IRS refers to this practice as double-dipping and seriously frowns upon it.