Has anyone tried the free fillable forms directly from the IRS website for 1120-S? I'm wondering if that's a viable option to save on software costs while still getting the calculation help.

One thing I haven't seen mentioned yet - if you're mailing your 1120-S, make sure you're aware of the March 15th deadline (or September 15th if you filed an extension). The IRS considers it timely filed if it's postmarked by the deadline, not when they receive it. This is different from some other tax situations where actual receipt date matters. Also, double-check that you're using the most current forms for tax year 2024. The IRS sometimes makes small changes to forms between years, and using an outdated version can cause processing delays. You can download the latest versions directly from irs.gov to make sure you have the right ones. One last tip - if your S-Corp had any unusual transactions during the year (like asset purchases, loans, or changes in ownership), you might want to consider at least getting a consultation with a tax professional even if you prepare the return yourself. The basic 1120-S isn't too complicated for simple situations, but certain transactions can have tricky reporting requirements that aren't obvious.

I'm also an F1 student. Last year I only had my W-2 and no 1042-S because I only worked off campus under CPT, no scholarships or anything. Sprintax worked fine but it kept asking me for a 1042-S i didnt have??

Great question about the 1042-S! As others have mentioned, you likely don't need it if you only have off-campus employment income (which should be on your W-2). The 1042-S is mainly for scholarship/fellowship income or treaty benefits. Since you're using Sprintax, it will guide you through this during the interview process. When it asks about scholarships, fellowships, or treaty benefits, just answer "No" if you don't have any. The software is pretty good at determining which forms you actually need based on your specific situation. One tip: make sure you have all your documents ready before starting Sprintax, including any state tax documents if you need to file state returns. The process is much smoother when you're not stopping to hunt for paperwork halfway through. You've got this - don't stress too much about the deadline, you still have time!

I'm self-employed and I've noticed that some of my 1099s show up on the wage and income transcript earlier than others. Usually the bigger companies (like payment processors) get their reporting in faster, while smaller clients sometimes take longer or occasionally miss the reporting entirely. If you're dealing with gig work or multiple income sources, I'd highly recommend keeping your own detailed records rather than relying solely on what the IRS has. In my experience, it's not uncommon for there to be discrepancies, and it's way easier to sort them out if you have your own documentation.

Just to add another perspective - if you're really concerned about accuracy before filing, you could also consider filing an extension to give yourself more time. Form 4868 extends your filing deadline to October 15th, which would give you access to those May wage and income transcripts before you have to submit your return. Keep in mind that an extension to file is NOT an extension to pay - you'd still need to estimate and pay any taxes owed by April 15th to avoid penalties. But if you're dealing with multiple income sources and potential reporting issues, the extra time might be worth it for peace of mind. I did this a couple years ago when I had a similar situation with missing 1099s from freelance work. Being able to cross-reference the official IRS transcript with my records before filing saved me from having to do an amended return later.

I'm dealing with almost the exact same situation! My spouse and I co-own a rental property that we inherited, and we've been getting conflicting advice about whether we need to form a partnership or can just handle it as co-owners. From what I've researched, the IRS Publication 541 specifically addresses this. It states that "a joint undertaking merely to share expenses does not create a partnership." Since you're just collecting rent and sharing expenses (not providing substantial services like property management beyond basic maintenance), you should qualify for simple co-ownership treatment. The approach that @MoonlightSonata described sounds solid - having one person report the full 1099-K income then deducting the co-owner's share as an expense. This way the numbers match exactly what the IRS receives from the platform, but each owner only pays tax on their actual share. One thing to consider: make sure you keep detailed records of how expenses are split and document your ownership agreement somewhere (even if it's just an informal written agreement between you and your sister). This will be helpful if the IRS ever has questions about the arrangement. Have you considered asking the rental platform if they can at least put both names on the account, even if the 1099-K can only go to one person? That might help establish the co-ownership paper trail.

I've been dealing with a similar situation for the past two years with my mother-in-law on a duplex we co-own. We started out really overthinking it and almost went the partnership route, but our tax preparer convinced us to keep it simple. What we ended up doing is exactly what several people have mentioned here - I receive the 1099-K since I handle most of the tenant communications, then report 100% of the rental income on my Schedule E. But then I take a line item deduction for "Co-owner's share of rental income" for exactly 50%. This nets me down to my actual 50% share while keeping the IRS matching system happy. My mother-in-law reports her 50% share on her Schedule E with a statement explaining she's reporting her portion of rental income from our co-owned property, referencing the full amount on the 1099-K that went to me. One tip that our preparer emphasized: be consistent every year. Don't switch who receives the 1099-K or change your reporting method, because that could trigger questions. We've stuck with this approach for two years now without any issues. The key insight for us was realizing that the IRS cares more about the total tax being paid correctly than about which specific person initially receives the 1099-K. As long as 100% of the income is being reported somewhere across both returns, and it's clearly documented, you should be fine.

Something no one's mentioned yet - make sure you're taking advantage of all your photography business deductions to lower your taxable income in the first place! Equipment, studio space (even home office), software subscriptions, website costs, travel to shoots, professional development courses, etc. The less profit you show, the less you'll owe in quarterly payments.

One thing that helped me when I was starting out - consider making your quarterly payments slightly higher than the minimum required if your cash flow allows it. I know it sounds counterintuitive when money is tight, but hear me out. If your business grows throughout the year (which hopefully it will!), you'll avoid underpayment penalties and won't get hit with a massive tax bill in April. Plus, any overpayment gets refunded or can be applied to next year's taxes. I learned this the hard way when my freelance income doubled mid-year and I suddenly owed way more than expected. The safe harbor rule (paying 100% of last year's tax or 110% if your AGI was over $150k) can be a lifesaver for new businesses with unpredictable income.