Anyone know if TurboTax handles the cash basis inventory situation better than Tax Act? I'm having the exact same issue and wondering if switching software would help. I sell handmade jewelry and have about $4,000 in materials inventory at any given time. Definitely under the $25M threshold lol but still confused about how to report it.

This is exactly the confusion I ran into last year! The key thing to understand is that even as a cash basis business, the IRS still wants you to track inventory if it's "material" to your business operations. What helped me was realizing that Tax Act (and most software) is just following the standard Schedule C format, but there are options buried in the settings. Look for something like "inventory accounting method" or "simplified inventory method" - it's usually not on the main inventory screen but in an advanced settings area. Since you're clearly under the $25M threshold, you should be able to elect the simplified method. This lets you treat your inventory purchases more like regular business expenses. The software will still ask for beginning/ending inventory values because the form requires it, but it will calculate your COGS differently based on the method you select. One tip: make sure you're consistently applying whichever method you choose. The IRS doesn't like when businesses flip back and forth between inventory accounting methods without proper justification. If you've been expensing inventory purchases in previous years and it worked, you might want to stick with that approach or consult with a tax professional about making a formal accounting method change.

I went through this exact same nightmare last year! The frustration is real when you're trying to do everything yourself and can't find forms that don't actually exist as standalone documents. Just to add to what others have said - when you create your Statement A-QBI, make sure you're clear about what type of business you have. If you're in a service business like consulting, law, accounting, etc., there are income limits that affect how much QBI deduction your shareholders can claim. This impacts what information you need to include on the statement. Also, that "other form" you mentioned forgetting about - it might be Schedule K-1 preparation. The QBI information from your Statement A flows to the K-1s you give your shareholders, so they're connected. Just a thought in case that helps jog your memory! Don't give up - once you understand that it's not a form to download but information to compile, it gets much more manageable.

I'm glad to see this thread helped so many people! As someone who's dealt with S-corp filings for several years, I wanted to add one more tip that might save others some headaches. When you're preparing your Statement A-QBI, double-check that your "qualified business income" calculation excludes things like guaranteed payments to partners, Section 179 deductions, and any investment income. I see a lot of small business owners accidentally include items that shouldn't be part of QBI, which can cause issues down the line. Also, if you have employees, make sure your W-2 wages calculation only includes wages paid for work related to the qualified business income activities. If you have non-QBI activities, you might need to allocate the wages appropriately. The IRS has some decent worksheets in the Instructions for Form 8995 that can help you organize the information even if you're not using that specific form. Sometimes looking at related forms' instructions can clarify what needs to go in your statements.

Has anyone tried using the IRS form 4852 as a substitute for a missing 1099? I read somewhere that's what you're supposed to do if a company doesn't send required tax forms.

I went through almost the exact same situation last year with DoorDash! What finally worked for me was calling their driver support line and specifically asking to speak with someone from their "1099 department" or "tax forms department." Regular customer service reps don't handle these requests properly. When you get the right department, they can usually resolve the Stripe email issue on the spot. In my case, they had my email address wrong by one letter in their system. Once they corrected it, I got the Stripe invitation within a few hours and had my official 1099-NEC the same day. If that doesn't work, you're absolutely right that you can file with just the payment information they provided. Just make sure you report it as self-employment income on Schedule C and keep that spreadsheet as your documentation. The IRS cares more about you reporting all your income than having the perfect forms. Also, don't forget to track your mileage and other delivery expenses - those deductions can really add up and offset some of the tax burden from that $4,950 in income!

This happened to me! It was driving me crazy. For anyone else with this problem - you literally need to clear your browser cookies COMPLETELY and then create a new account with a different email. I thought I was going crazy because I kept getting the same error even though I was going through the IRS site. Turns out FreeTaxUSA's system had somehow "remembered" me even though I'd never completed filing with them before. It was some cookie tracking thing.

I had this exact same issue last month! What worked for me was going into incognito/private browsing mode, then going directly to the IRS Free File page and starting completely fresh. Don't use any saved passwords or auto-fill - manually type everything. The problem seems to be that FreeTaxUSA's system can get confused between their Free File portal and their regular commercial site, especially if you've ever browsed their main website before (even just looking at it). Their cookies and tracking can flag your browser as having accessed their paid services. If that doesn't work, try using a completely different device or browser that you've never used to visit any tax sites before. It's annoying but it should bypass whatever is causing the eligibility confusion in their system.

Just so you know, you might want to look at alternatives to TurboTax too. I used H&R Block Premium last year for a very similar situation (3 rental properties, side business, backdoor Roth) and found it handled everything well for a lower price than TurboTax Self-Employed.

Based on your complex tax situation, you definitely need TurboTax Self-Employed. Here's why: Your rental properties in multiple states require multi-state tax filing capabilities that only Premier/Self-Employed versions handle well. The Self-Employed version is better for this since you also have 1099 consulting income. For your Canadian accounts ($80k CAD retirement + $35k CAD checking/savings = $115k CAD total), you'll need to file FBAR (FinCEN Form 114) since you exceed the $10,000 USD threshold. Self-Employed includes guidance for these foreign account reporting requirements. The backdoor Roth IRAs (both regular and mega) require careful Form 8606 reporting to avoid double taxation, and Self-Employed has better guidance for these transactions. Your Airbnb STR situation using the 14-day rule needs proper reporting to avoid audit flags - Self-Employed handles short-term rental income better than lower tiers. The consulting work from home likely qualifies for home office deductions, which Self-Employed specializes in calculating correctly. Given all these moving parts (multiple income streams, multi-state rentals, foreign accounts, complex retirement contributions), the Self-Employed version will save you more in properly claimed deductions than the extra cost over Premier. The specialized guidance alone is worth it for your situation.