Here's my experience with several options for filing Form 1065: TaxSlayer Business: $55-75, decent interface, gets the job done TaxAct Business: $70-90, slightly more features DIY with IRS forms: Free but time-consuming Local CPA: $350+ in my area, probably overkill for your situation For a dormant business waiting on ERC, I'd personally go with TaxSlayer since it's the cheapest option that still offers some guidance. Their interface is a bit dated but perfectly functional for simple returns.

I'm in a very similar situation - small partnership that's been mostly dormant while waiting for our ERC to process. Based on all the responses here, I think I'm going to try TaxSlayer Business for around $70 since it seems like the most affordable option that still provides some guidance. The DIY route is tempting to save money, but I'm honestly worried about making mistakes on a partnership return, even a simple one. And while the taxr.ai recommendations are interesting, I'd rather stick with something more established for my first time doing this myself. Thanks everyone for the detailed breakdown of options - this thread has been incredibly helpful! It's reassuring to know there are affordable alternatives to the $200+ software packages.

I'm wondering if there are any special considerations for recent immigrants when updating information with the IRS? I've heard that some notifications are really important not to miss, especially if you're still establishing your status. Does anyone know if there's a way to set up email notifications instead of just relying on physical mail?

As someone who's been through this process multiple times, I'd recommend starting with Form 8822 right away since you mentioned you recently moved. The 4-6 week processing time is pretty standard, but don't wait - mail forwarding with USPS typically only lasts 12 months for first-class mail, and some IRS correspondence may not be forwardable. For your bank account updates, you're right that this is separate from address changes. If you're expecting a refund this year, you can still update your direct deposit info through the "Where's My Refund" tool on irs.gov, but only if your return is still being processed. One thing I learned the hard way: keep copies of everything you submit to the IRS, including the certified mail receipt if you choose to send Form 8822 via certified mail. This gives you proof of when you submitted the change request, which can be helpful if there are any delays or issues later. Since you mentioned being newer to the US system, don't hesitate to call the IRS line at 800-829-1040 about a week after mailing your form to confirm they received it. The wait times can be long, but it's worth it for peace of mind!

Make sure your in-laws check if they can deduct losses against the capital gains! They've been renting the property, right? If they've been depreciating the property (which they should have been), they'll need to recapture that depreciation as ordinary income. But if they have other passive losses from rental properties, they might be able to offset some of the gains. Just something to consider!

One thing I haven't seen mentioned yet is the importance of getting the appraisal documentation right. Since your lender is requiring the sale price to be listed at $650,000, make sure you get an independent appraisal that actually supports that value. The IRS could potentially challenge the gift of equity amount if the stated fair market value seems inflated. If the property truly appraises for $650,000, you're golden. But if it only appraises for, say, $500,000, then the actual gift would be $110,000 ($500k - $390k), not $260,000. This affects both the gift tax reporting for your in-laws and ensures the IRS doesn't question the transaction later. I'd recommend getting the appraisal done early in the process so you can adjust the numbers if needed before closing.

For a super simple return with just an HSA, I've been using H&R Block's free online version for years. They still include HSA Form 8889 in their free tier unlike TurboTax. Their interface isn't as slick but it gets the job done without the surprise fees.

I went through this exact same frustration last year! TurboTax definitely changed their policy on HSAs - it used to be included in the free version. The $120 total cost is outrageous for such a simple return. I ended up switching to FreeTaxUSA and it's been great. HSAs are handled completely free on the federal return, and state filing is only $15. The interface isn't as flashy as TurboTax but it walks you through everything clearly. I've used it for two years now with my HSA and haven't had any issues. The IRS Free File program is also worth checking if your AGI is under $73K - several participating companies offer completely free filing including HSA support. Don't let TurboTax's marketing fool you into thinking you need their overpriced service for something this basic!

Has anyone used TurboTax Self-Employed for this kind of stipend situation? Wondering if it's worth the extra cost compared to the regular version.

Great question, Ravi! I went through something very similar with a research stipend a couple years ago. Here are the key things I learned: 1. **You'll get a 1099-NEC** - The organization will send you (and the IRS) a 1099-NEC form showing the $4,000 as non-employee compensation. 2. **Self-employment tax applies** - You'll owe the full 15.3% self-employment tax (normally split between employer/employee), plus regular income tax on top of that. 3. **Quarterly payments** - With $4,000, you'll likely owe around $600-800 in self-employment tax alone, plus income tax depending on your bracket. Since this could easily put you over the $1,000 threshold, I'd recommend making quarterly estimated payments to avoid penalties. 4. **Track expenses** - Keep receipts for anything directly related to your internship - supplies, travel, home office space if you work remotely, etc. These can reduce your taxable income. 5. **File Schedule C** - You'll report this income and any deductions on Schedule C (Profit or Loss from Business) with your regular tax return. My advice: Set aside 30% of each stipend payment immediately. Better to have too much saved than scramble to pay a big tax bill later! The IRS doesn't mess around with self-employment tax. Good luck with the internship!