Great thread everyone! I've been dealing with the same frustration trying to find affordable 1065 filing options. Based on all the recommendations here, I'm leaning toward trying FreeTaxUSA or TaxAct for this year - the $60-80 range sounds much more reasonable than the $200 I paid last year. One question I haven't seen addressed yet: do any of these cheaper options offer good import features? Part of what made TurboTax expensive but convenient was being able to import data from QuickBooks and my bank accounts. If I have to manually enter everything, the time savings might not be worth the cost savings for me. Also really appreciate the tip about getting a CPA review after self-preparing - that's such a smart middle ground approach I never considered!

Just wanted to share my experience as someone who made the switch from expensive tax software last year! I ended up going with TaxAct for our LLC's 1065 return after reading similar discussions, and it saved us about $120 compared to what we were paying before. What really impressed me was their error-checking system - it caught a mistake I made with our office equipment depreciation that could have been costly down the road. The interface took a little getting used to compared to the more polished options, but honestly once you're in there working on your return, functionality matters way more than fancy graphics. One tip I'd add: if you're switching from TurboTax or another service, most of these alternatives can import your prior year return data, which saves a ton of time on the basic business information that doesn't change. Made the transition much smoother than I expected. For a straightforward two-person LLC like yours, any of the options mentioned in this thread should handle your needs well. The key is just making sure they support any specific forms or schedules your business might need before you get too far into the process!

My HR department told me that 125PL stands for "Section 125 Plan" and covers all the pre-tax deductions for benefits like health insurance, dental, vision, etc. The 125IN might be for disability insurance premiums maybe? These codes can vary by employer so it might be worth asking your HR or payroll department for a full list of their specific W-2 codes and what they mean.

I can help clarify these Box 14 codes for you! You're right to be confused - these employer-specific codes can be tricky. **125PL ($1,495.32)** - This is almost certainly your health insurance premiums paid through a Section 125 cafeteria plan (pre-tax). The "PL" likely stands for "Premium" or "Plan." This is NOT union dues - your tax software was probably just guessing based on common deductions. **125IN ($37.92)** - This is probably insurance-related as well, possibly supplemental insurance like life, disability, or vision coverage, also paid pre-tax through your Section 125 plan. **RET ($3,067.61)** - This represents your retirement plan contributions (401k, 403b, etc.). **Important:** All of these amounts have already been subtracted from your taxable wages shown in Box 1 of your W-2. You typically don't need to enter them separately when filing your taxes - they're just informational to show you what pre-tax deductions were taken. However, double-check your pay stubs for clearer descriptions of these codes, and if you're still unsure, contact your HR/payroll department for a definitive explanation of your employer's specific Box 14 codes. Better safe than sorry when it comes to taxes!

Great question about EPD! You're actually thinking about this correctly - the $65 in distributions you received likely aren't immediately taxable because they're classified as a return of capital that reduces your tax basis in the partnership. Here's what's happening: EPD typically generates significant depreciation and depletion deductions that flow through to partners, which is why your K-1 shows negative income. The distributions exceed your allocated share of taxable income, so the excess reduces your basis rather than creating a current tax liability. The key things to track going forward: 1. Your original purchase price (basis) 2. Each year's distributions (these reduce basis) 3. Any income/loss allocations from the K-1 4. Your adjusted basis = original basis - cumulative distributions + cumulative income allocations You'll need this information when you eventually sell to calculate your capital gain/loss. Also keep in mind that any suspended passive losses from the partnership can typically be used to offset gains when you dispose of your entire interest in EPD. So yes, you're being appropriately optimistic - no immediate tax liability for 2023 from your EPD investment!

As someone who's dealt with EPD and other MLPs for several years, I wanted to add a few practical tips that might help you going forward: First, EPD typically sends out their K-1s quite late in tax season (often March), so plan accordingly if you're eager to file early. Second, consider setting up a simple tracking system now - I use a basic Excel sheet with tabs for each MLP I own, tracking original basis, annual distributions, and K-1 income/losses. One thing that caught me off guard initially was that even though you're not paying tax on the distributions now, you'll want to consider the tax implications when you do eventually sell. Since your basis keeps getting reduced by the distributions, you might end up with a larger capital gain than you initially expect. Also, if you're planning to buy more EPD shares, be aware that additional purchases will have their own basis tracking requirements. Each lot purchased will have its own cost basis that gets reduced by the proportional share of distributions. The good news is that EPD has been pretty consistent with their distribution policy, so the tax treatment should remain fairly predictable year over year. Just keep good records and you'll be fine!

I went through almost the exact same situation last year! The frustrating thing about the ACA premium tax credit system is that it's designed to work on annual income, but life doesn't happen that way - people get new jobs, lose jobs, have income changes throughout the year. What you're experiencing is completely normal (though annoying). When you applied for marketplace coverage, you estimated $31K annual income and received advance premium tax credits based on that. But since your actual annual income was $52K, the IRS sees that you received more credits than you should have based on your final income level. The good news is that there are repayment caps based on your income level. At $52K annually, you're probably looking at a maximum repayment of around $1,500, which seems to match what you're seeing with your refund reduction. A few tips: - Don't ignore that IRS notice - they have your 1095-A from the marketplace and need to see proper reporting - Make sure you complete Form 8962 correctly, especially the monthly allocation section (Part III) which shows you only had marketplace coverage Jan-June - Consider having a tax pro review your 8962 form since you're already dealing with IRS correspondence It definitely feels unfair, but unfortunately this is how the system works. The important thing is to handle it properly now to avoid bigger issues later.

I went through this exact same situation two years ago and it's incredibly frustrating! The system really doesn't account for real-life income changes throughout the year. One thing that helped me was understanding that the IRS has a "safe harbor" provision for situations like yours. If you can demonstrate that your income estimate was reasonable at the time you applied (which it clearly was - you were making $15/hr), and that you promptly reported changes when they occurred (which you did by switching to employer coverage), it can sometimes help with the reconciliation process. Also, make sure you're taking advantage of the Alternative Calculation for Year of Marriage method on Form 8962, even though you didn't get married. This method can apply to significant income changes and might reduce your repayment. It's in Part V of the form and many people miss it. The key is being proactive with that IRS notice. Don't let it sit - respond with your documentation showing the coverage periods and income changes. Include a brief explanation of your situation. The IRS agents who handle these cases see income fluctuations all the time and are usually understanding when you provide clear documentation. Your situation is definitely not uncommon, especially in today's job market where people are making significant career moves. Hang in there!

Just wanted to mention that if you're overwhelmed by the DIY approach, look into the Volunteer Income Tax Assistance (VITA) program or Tax-Aide through AARP. They sometimes help with back tax returns, not just current year filing. Also, the IRS has a formal program called "First Time Penalty Abatement" where they'll often waive penalties for the first time you've had filing/payment issues if you've otherwise been compliant in prior years. Definitely worth asking about if this is your first time having tax troubles.

One thing I haven't seen mentioned yet is the importance of filing in the correct order - you'll want to file your oldest returns first and work your way forward to the most recent year. This is because each year's tax calculation can be affected by carryforwards from previous years (like capital losses, charitable contributions, or net operating losses). Also, if you had any estimated tax payments or extensions filed for any of those years, make sure to include that information on your returns. The IRS already has records of any payments you made, so you want to make sure you get credit for them. Another tip: when you do file all these back returns, send them via certified mail with return receipt requested. This gives you proof of when the IRS received them, which can be important for penalty calculations and establishing your "good faith" effort to come into compliance voluntarily. The process feels overwhelming now, but once you get started and have a system in place, it goes faster than you'd expect. You've got this!