This thread has been incredibly helpful! I'm in a similar situation with Energy Transfer and have been struggling with the same confusion about whether to enter the partnerships separately or combined. One thing I wanted to add that might help others - I found that keeping a simple Excel spreadsheet with columns for each tax year has made tracking my basis much easier. I have columns for: Starting Basis, Box 19A (return of capital), Taxable Income Allocated, and Ending Basis. It takes a few minutes each year but saves hours of reconstruction later. For anyone still confused about the partnership breakdown, I called Energy Transfer's investor relations line (1-800-248-4536) last year and they were actually pretty helpful in explaining how their K-1 structure works. They confirmed that yes, you should enter each entity separately using the breakdown information, not the combined totals. The representative also mentioned that they've been working on making their K-1 forms clearer because they get a lot of calls about this exact confusion. Hopefully future years will be less confusing for all of us!

As a tax professional who deals with MLP K-1s regularly, I want to emphasize a few critical points that haven't been fully covered: First, regarding the Energy Transfer structure - you're absolutely correct to enter ET, USAC, and SUN as separate partnerships. However, make sure you're allocating the income and deductions proportionally based on ET's ownership percentages in each subsidiary, not just copying the breakdown amounts directly. Second, be extremely careful with passive activity loss rules. Energy Transfer activities are generally considered passive for individual investors, which means any losses can only offset other passive income or be carried forward. This is particularly important if you have losses from any of the three entities. Third, for state tax purposes, you may need to file returns in multiple states where these partnerships conduct business. Energy Transfer operates across many states, and some states require non-resident returns even for small amounts of income allocation. Finally, I strongly recommend keeping detailed records of all your MLP investments beyond just basis tracking. The IRS has been increasing scrutiny of MLP reporting, and having comprehensive documentation is essential if you're ever audited. The complexity is real, but with proper attention to detail, MLP investments can be very tax-efficient over the long term.

Does anyone know if Sprintax specifically has a bulk import option for Fidelity? I'm in the same boat but with about 15 transactions, and I really don't want to enter them all manually if I don't have to.

For your specific situation with just 2 stock sales and a $0.26 loss, I'd recommend entering them separately to be completely compliant. Since it's only 2 transactions, the extra work is minimal compared to the peace of mind. However, I want to address something important that others touched on - Sprintax is generally designed for non-resident tax filing and may not be the best choice if you're a U.S. resident with investment income. Most major tax software like TurboTax, FreeTaxUSA, or H&R Block have much better investment reporting features including direct imports from Fidelity. If you're stuck with Sprintax for other reasons, you'll likely need to enter each transaction manually with the sale date, purchase date, proceeds, and cost basis for each stock. Make sure the total matches exactly what's on your 1099-B to avoid any automated matching issues with the IRS. The $0.26 loss will carry forward to future years if you can't use it this year, so it's worth reporting correctly even though the amount is small.

The IRS has definitely made progress, but you're right that it still feels clunky compared to modern websites. One thing that helped me navigate their site better was using the search function instead of trying to follow their menu structure - it actually works pretty well now. For what it's worth, the IRS did invest heavily in modernizing their systems over the past few years, but they're dealing with decades of legacy infrastructure. The Direct File program Sofia mentioned is actually a sign they're moving in the right direction - it has a much more intuitive interface than the main IRS site. If you do end up needing to use their tools, I'd recommend bookmarking the specific pages you need (like Where's My Refund) rather than trying to navigate there from the homepage each time. It's not perfect, but it's definitely better than the old site that looked like it was built with HTML tables!

I completely understand your frustration! I was in the exact same boat until this year. The good news is that 2025 has actually brought some major improvements to electronic filing options that weren't available before. First, definitely check out the IRS Direct File program that others mentioned - it's genuinely free and covers way more situations than the old Free File options. I was skeptical at first, but it handled my return (including some investment income) without any issues or hidden fees. For the signature issue specifically - most e-filed returns now use electronic PINs instead of physical signatures. You create a secure PIN during the filing process that serves as your legal signature. The only time you really need a wet signature anymore is for certain amended returns or very specific forms. If you do have forms that absolutely must be mailed, here's a pro tip: send them certified mail with return receipt requested. It costs a few extra dollars but you'll have proof they received it and won't be left wondering if your return got lost in the mail. The IRS processes certified mail faster too since it goes to a different queue. The whole system is definitely still more complicated than it should be, but we're finally moving away from the paper-heavy process. Don't give up on electronic options - they really have improved dramatically in just the past year!

Is anyone familiar with the "prior year tax safe harbor" rule? I heard if you paid at least 100% of your previous year's tax liability, you can avoid the penalty regardless of your current year situation?

I went through this exact same situation when I transitioned from W-2 to freelance work two years ago! The income jump and confusion about estimated payments is so common for new self-employed folks. Based on your numbers, you might actually have a few options to reduce or eliminate that $420 penalty: 1. **Annualized Income Method** - Since you mentioned most of your income came from contracts that started last summer, your income wasn't evenly distributed throughout the year. Form 2210 Schedule AI can calculate penalties based on when you actually earned the income, which often results in lower penalties. 2. **Reasonable Cause Waiver** - Your transition to self-employment combined with the significant income increase ($65K to $98K) could qualify. The IRS does consider first-time situations more favorably. 3. **Prior Year Safe Harbor** - Check if your combined withholdings and estimated payments ($12K) equal at least 100% of last year's total tax liability. If so, you might already be protected under the safe harbor rule. I'd definitely recommend completing Form 2210 and requesting a waiver with a detailed explanation of your situation. The worst they can say is no, but given your circumstances, you have a solid case. Document everything about your career transition and income timing - the IRS appreciates thoroughness when reviewing penalty waivers. Don't stress too much about this - it's a learning experience that most of us self-employed folks go through!

Just wanted to add something that helped me tremendously when I was in a similar situation - make sure to check if your brokerage offers tax-loss harvesting opportunities when you're selling. Sometimes you might have other positions that are currently at a loss that you could sell simultaneously to offset some of your capital gains. For example, if you're going to realize a $3,000 gain from selling your profitable stocks for the home repairs, but you have another stock that's currently down $1,500, you could sell both and only pay taxes on the net $1,500 gain. Just be careful about the wash sale rule - you can't buy back the same security within 30 days or the loss won't count. This strategy can significantly reduce your tax burden, especially if you have a diversified portfolio with some winners and losers. Your brokerage might even have tools to help identify these opportunities automatically. Worth exploring before you make your sale!

One thing that might be worth mentioning for your situation - since you've been investing since 2013 and building your portfolio gradually, you're in a pretty good position tax-wise! The fact that you've held most of these investments for over a year means you'll qualify for long-term capital gains rates, which are significantly lower than short-term rates. For your $6,700 withdrawal, here's a simple way to think about it: if your portfolio has roughly doubled from $13,500 to $26,800, then about half of any sale represents your original investment (not taxable) and half represents gains (taxable). So on a $6,700 sale, you'd be looking at roughly $3,350 in taxable gains. However, the exact calculation depends on which shares you sell and when you bought them. If you have flexibility in timing, you might want to check if you have any positions that are currently at a small loss that you could sell alongside your profitable ones to reduce your overall tax burden. Your brokerage will handle the detailed calculations and provide you with a 1099-B showing the exact cost basis and gains. Just make sure they have accurate records of all your purchases over the years, including any dividend reinvestments!