You typically don't need to wait for the K-3 if you're a domestic taxpayer with no foreign income or activities. The K-3 form is primarily for international tax reporting requirements, and since you mentioned you don't receive income from foreign entities, you should be able to file your return with just the main K-1 form. Most domestic individual taxpayers can safely file their returns using the information on the standard K-1 without the K-3 attachment. The "limited number of unitholders" language in the instructions specifically refers to those with foreign reporting obligations or complex international structures. That said, if you're concerned about filing without it, you could always file for an extension to October to give yourself more time. But based on what you've described about your situation, the K-3 likely contains information that doesn't apply to your tax return anyway. You might want to call Enterprise Products' investor relations line to confirm, but in most cases domestic retail investors can proceed with just the main K-1. The important thing is that you're actually reporting your K-1 income (unlike many of us in this thread who missed it entirely!), so you're already ahead of the game there.

I like the information in this thread. I received my K-1 for Energy Transfer this week. In their supplemental K-1 it lists 2 other LP (USA Compression Partners, LP and Sunoco LP). I have amounts under Sunoco for line 20AG Gross Receipts for section 448(c) and 20ZZ7 Gross Income from Operation. Do I need to enter those amounts and where do I enter those amounts? Or should I not worry about them. I don't own that many units of ET. Thinking about selling them. I do my own taxes on turbo tax and this is a pain.

If nothing else works, I ended up using a free screen recording tool (OBS Studio) to scroll through all my entries slowly, then typed them up while watching the recording. Not elegant but worked for me when I had a similar problem with 43 trades last year.

I've dealt with this exact frustration before! Here's what worked for me with H&R Block Desktop: Try using the "Print Preview" function first - sometimes this unlocks the ability to select text that you can't normally copy from the main interface. From Print Preview, you can often highlight and copy the transaction data. Also, check if your version has a "Data Export" or "Export to Accountant" feature under the File menu. Some versions hide this option but it can export your entire return including Schedule D details to various formats. One workaround I discovered is to use the "Interview Notes" or "Tax Summary" view instead of the forms view - the data is often presented in a more copy-friendly format there. You might find it under View > Interview or similar. With 53 transactions, manual entry would be brutal, so definitely worth trying all the automated options first. If you do find the hidden export feature that others mentioned, make sure to double-check the wash sale calculations since those can get tricky when moving data between systems.

One more thing to consider - if you had a loss instead of a gain on your excess contribution (which can happen in down markets), the reporting is slightly different. If your excess contribution actually lost value between when you contributed and when you withdrew it, you unfortunately cannot claim that loss on your tax return when making a same-year correction. You would simply withdraw the reduced amount and report nothing on your tax return. However, if you're correcting a prior year excess contribution and experience a loss, there are specific rules about how you can claim that loss (typically as a miscellaneous itemized deduction subject to the 2% AGI floor - though this is currently suspended through 2025). Just mentioning this for completeness since the market has been volatile!

Dylan, I just went through almost the exact same situation last month! The married filing separately while living with spouse issue really caught me off guard too - it's such an easy thing to miss when you're focused on the income limits. One additional tip that helped me: when you call your brokerage for the earnings calculation, ask them to email you a breakdown showing exactly how they calculated the "net income attributable" to your excess contribution. Different brokerages use slightly different methods, and having that documentation saved me from having to call back multiple times. Also, double-check that your brokerage coded the withdrawal correctly in their system. Mine initially processed it as a regular distribution rather than an excess contribution removal, which would have generated an incorrect 1099-R next year. I had to specifically request that they recode it as an "excess contribution removal" to avoid future headaches. The good news is you're handling this quickly and in the same tax year, so you're avoiding both the 6% excess contribution penalty and the complications that come with cross-year corrections. Just make sure to keep all the documentation from your brokerage - the IRS loves paper trails for retirement account transactions!

One thing that caught me off guard my first year was the self-employment tax savings aspect of S corps. Unlike sole proprietorships where you pay self-employment tax on all business income, with an S corp you only pay payroll taxes (Social Security/Medicare) on your salary, not on distributions. This can result in significant tax savings, but only if you're paying yourself that "reasonable salary" everyone's mentioned. For quarterly estimated taxes, I use Form 1040-ES and base my payments on my expected total income for the year - both the salary from my S corp and the anticipated distributions. Don't forget to account for any tax withholdings from your S corp salary when calculating how much you need to pay in estimates. Also, since you mentioned this is your first year, make sure you understand the different deadlines: your S corp payroll tax deposits (if you have employees), quarterly personal estimated taxes (4/15, 6/15, 9/15, 1/15), and the annual S corp return (Form 1120-S due 3/15). It can feel overwhelming at first, but once you get into the rhythm it becomes much more manageable!

This thread has been incredibly helpful! I'm in a similar situation - just formed my S corp last month and feeling overwhelmed by all the tax requirements. Based on what everyone's shared, it sounds like the key points are: 1. The S corp itself doesn't pay federal estimated taxes on profits 2. I need to make personal quarterly estimated payments based on my total expected income 3. I must pay myself a reasonable salary through payroll (with payroll taxes) 4. Remaining profits can be taken as distributions (income tax only, no payroll taxes) 5. Don't forget the annual Form 1120-S filing due March 15th One follow-up question - for those who mentioned working with tax professionals, how did you find someone who really understands S corp requirements? I've called a few local CPAs and gotten conflicting advice about the reasonable salary issue. Some say 50% of profits, others say it depends entirely on market rates. I want to make sure I'm working with someone who really knows S corp tax law inside and out. Also, has anyone here ever been audited on their S corp salary? I'm curious what that process looks like and what documentation the IRS typically wants to see to justify your compensation level.

I went through this exact same confusion last month when switching from TaxSlayer to FreeTaxUSA for my rental duplex! The terminology is so misleading - when they say "Prior-Year Depreciation" it really should say "Total Accumulated Depreciation Through Prior Years" to be clear. What helped me was thinking of it this way: FreeTaxUSA needs to know your property's adjusted basis to calculate this year's depreciation correctly. Your adjusted basis = original cost basis minus all the depreciation you've claimed over the years. So they need that cumulative depreciation total to do the math. Form 4562 Part IV Box 22 from your 2024 return showing $15,730 is exactly what you need, Sean. Don't second-guess it! I made the mistake of trying to calculate it manually by adding up individual years and ended up with a completely different (wrong) number that messed up my entire return.

I just wanted to thank everyone in this thread for the incredibly helpful explanations! As someone who's been intimidated by the prospect of switching from a full-service tax preparer to DIY software, reading through all these detailed responses about Form 4562 Box 22 and cumulative depreciation has been a real education. The distinction between "prior-year" meaning cumulative vs. just last year's amount is something I never would have figured out on my own. It's reassuring to see both regular taxpayers and tax professionals confirming the same information. For anyone else reading this who might be hesitant about making the switch to self-filing - this community seems like an amazing resource for getting through the confusing parts. Definitely bookmarking this thread for future reference!