Question for anyone who's been through this - do I need to file anything special with the final 1120-S to document the basis and loss calculation? Or just report the capital loss on my personal return?

Just went through this exact situation last month when I dissolved my S Corp. A few things to watch out for that I learned the hard way: 1. Make sure you're including ALL basis adjustments through the final year - not just your initial investment. This includes any additional capital contributions, loans you made to the business, and your share of business income/losses that flowed through to your personal returns. 2. The timing matters - you need to calculate your basis as of the date of dissolution, not the end of the previous tax year. Any final year losses will reduce your basis before you calculate the loss on dissolution. 3. Get documentation for everything. The IRS will want to see proof of your basis calculation, especially if it's a large loss. Keep records of all capital contributions, loan agreements, and previous K-1s. In my case, I had a similar situation - high basis but minimal assets left. Turned out my basis was legitimate because I had made several emergency cash infusions to keep the business afloat during tough periods. The loss was fully deductible as a capital loss (subject to the normal limitations). One last tip: if your business qualifies as "small business stock" under Section 1244, you might be able to treat part of the loss as ordinary instead of capital. Worth checking with a tax pro.

Hey! I went through this exact same situation when I started doing brand ambassador work for a different company. The advice here is spot on - you'll want to select "Individual/sole proprietorship" for the tax classification and leave the business name section blank since you're just working as yourself, not a registered business. One thing I wish someone had told me when I first started: keep track of all your earnings throughout the year, even if they're small amounts. I use a simple spreadsheet to log payments, dates, and what they were for. This makes tax time so much easier, especially if you end up doing ambassador work for multiple brands. Also, don't stress too much about "messing up" the W9 - it's pretty straightforward once you know which boxes to check. The main thing is getting your name and SSN correct. You've got this!

I just went through this exact process for a different campus ambassador program and wanted to add a few quick tips that really helped me: 1. Double-check that your Social Security Number is correct - this is the most important part and any mistakes here will cause headaches later. 2. Make sure you're using your legal name exactly as it appears on your Social Security card, not any nicknames or shortened versions you might go by. 3. For the address, use wherever you want to receive tax documents next year (probably January/February). If you're graduating soon or moving, consider using a more permanent address like your parents'. The whole process seems scarier than it actually is! Once you submit the W9, SHEIN will handle most of the tax reporting on their end. Just make sure to keep track of what they pay you throughout the year so you're prepared when tax season rolls around. Good luck with the ambassador program - it's actually pretty fun once you get the paperwork sorted out!

Has anyone else noticed how absurdly complex our tax system is for expats and people with foreign accounts? I literally have a basic savings account in Canada (I'm dual citizen) and I need to file FBAR, possibly Form 8938, and deal with FATCA. The compliance costs are insane compared to the actual tax owed (which is usually zero because of foreign tax credits)!

Just want to echo what others have said - you definitely need to file Form 8938 based on your $65K year-end balance. The "either/or" rule is really important to understand. One thing I'd add is that you should also double-check if you need to file an FBAR (FinCEN Form 114) since that has its own separate $10,000 threshold. With $65K in foreign accounts, you'd almost certainly need to file that too if you haven't already. Also, don't feel bad about your accountant's mistake - international tax rules are incredibly complex and many preparers who don't specialize in expat/international situations miss these nuances. The key is catching it now before you file. Good luck getting it sorted out!

As a tax professional, I can confirm everything mentioned here about state vs federal processing differences. One thing I'd add is that many people don't realize states also have different "acceptance dates" - when they actually start processing returns. While the IRS typically starts accepting returns in late January, some states don't begin processing until mid-February or even March, which adds to the delay. Also, if you're expecting a large state refund (over $1,000 in many states), it often gets additional scrutiny regardless of when you file. States have learned that identity thieves often file fake returns claiming large refunds early in the season, so they've built in extra verification steps. For future reference, you can usually find your state's current processing timeframes and any delays on their tax department website. Many states update these weekly during tax season. If you're past their stated timeframe by more than 2 weeks, that's when it's worth calling or using one of those callback services people mentioned.

This is such a common frustration! I've been dealing with the same thing for years. One thing that helped me manage expectations was learning that some states actually budget for the "float" interest they earn on refunds - essentially using our money as a short-term loan while they process returns. If you're really needing that $870 soon, you might consider adjusting your state withholdings for next year so you owe a small amount or break even instead of getting a large refund. I know it's not helpful for this year's situation, but it prevents the cash flow issue in the future. You could put what would have been overwitheld into a savings account and earn interest on it yourself rather than giving the state an interest-free loan. For immediate help with your current return, the services others mentioned (taxr.ai for status tracking or Claimyr for actually talking to someone) seem legit based on the follow-up posts from people who were initially skeptical. Five weeks does seem to be pushing the upper end of normal processing time, so it might be worth checking if there's a specific issue holding up your return.

I'm a tax preparer and I see this issue constantly with TurboTax Desktop. The software has a specific bug with Section 199A calculations for limited partners in real estate when only UBIA is provided on the K-1. Quick fix: In TurboTax, after entering your K-1, go to: 1. Forms mode (Ctrl+H) 2. Search for Form 8995 or 8995-A (depending on your income level) 3. Manually enter your QBI information and UBIA amount directly on this form TurboTax's interview mode often fails to properly handle this specific scenario, but entering it directly on the form works every time. This is especially important for real estate partnerships where the UBIA can significantly impact your QBI deduction limits.

This thread has been incredibly helpful! I was having the exact same issue with TurboTax Desktop not recognizing my UBIA from my real estate partnership K-1. After reading through all the suggestions here, I tried the forms mode approach that Eleanor mentioned and it worked perfectly. For anyone else struggling with this: go to Forms mode (Ctrl+H), find Form 8995, and manually enter your QBI and UBIA amounts directly. The interview mode in TurboTax just doesn't handle this scenario properly for limited partners. I also want to echo what others have said about the income thresholds - even if you're below the $191K/$382K limits where UBIA limitations don't apply, it's still worth entering the information to ensure TurboTax is calculating everything correctly. In my case, it added back about $3,200 in deductions that the software was missing. Thanks everyone for sharing your experiences and solutions!