As someone who recently passed all three parts of the SEE exam, I wanted to add a few thoughts to this great discussion. The advice here is spot-on, especially about the importance of practice questions and understanding the "why" behind tax rules rather than just memorizing. One thing I'd emphasize that hasn't been mentioned much is the value of creating your own study schedule and sticking to it religiously. I found that consistency was more important than intensity - studying 1-2 hours daily for 8 weeks worked better for me than cramming for 4 weeks. Regarding which part to start with, I'd actually recommend Part 1 first since it covers individual taxation concepts that form the foundation for understanding business and representation topics in Parts 2 and 3. Plus, getting that first pass under your belt builds tremendous confidence. For timing between parts, I spaced mine about 6-8 weeks apart to allow proper preparation time without losing momentum. The entire process took me about 7 months from start to finish, including one retake on Part 2. Don't get too caught up in finding the "perfect" study materials - whether it's Gleim, Surgent, or Fast Forward Academy, they're all solid. The key is picking one comprehensive system and committing to it fully rather than jumping between resources. Best of luck to everyone on this journey - becoming an EA is absolutely worth the effort!

Coming from someone who just scheduled my Part 1 exam for next month, I want to thank everyone for this incredibly comprehensive discussion! The range of study approaches and resources mentioned here has been eye-opening. I've been using Surgent as my main course and found their adaptive learning technology really helpful for identifying my weak areas. But reading about the supplemental resources like taxr.ai and the specific IRS publications Dylan listed has me thinking I should diversify my approach a bit. One strategy that's been working well for me is creating flashcards for the trickier concepts (like the various AGI thresholds and phase-out ranges) using Anki. The spaced repetition really helps cement those details that are easy to mix up under exam pressure. For anyone just starting out, I'd also recommend taking a diagnostic test early on to see where you stand. Most of the major prep courses offer them, and it really helped me understand the scope of what I needed to learn. Don't be discouraged if you bomb it - I scored a 32% on my first diagnostic and now I'm consistently hitting 75-80% on practice exams. The journey is definitely challenging but this community makes it feel much less overwhelming. Thanks for sharing all your experiences and insights!

Just curious - does anyone know what the threshold is for when banks/credit unions have to send a 1099-INT? I have accounts at multiple banks and only got forms from some of them.

Just to add another perspective - if you're worried about making mistakes with tax forms like the 1099-INT, you might want to consider using a tax professional for this year, especially since it's your first time dealing with investment income. Many CPAs offer reasonably priced services for straightforward returns, and they can walk you through what to expect in future years. That said, if you're comfortable with TurboTax, it really does make adding 1099-INT information pretty foolproof. The software will ask you simple questions and guide you through entering the information exactly as it appears on the form. Just make sure you have the form handy when you're doing your taxes so you can enter all the numbers accurately.

For your Schedule K-1 (1065) adjusted basis, I think you're getting confused between capital account and outside basis. They're different things! Your capital account can go negative (as yours has) but your basis can never go below zero. Since you got your interest as a bonus, your initial basis was probably the value included in your income. If that was zero, then your starting basis was zero. Since your basis starts at zero, you can't deduct any of the partnership losses now. They get suspended and carry forward until you get more basis (either by contributing money/property to the LLC or by the LLC generating income that's allocated to you). For the tax software, you're correct to enter zero as your starting basis if it was already zero last year. Make sure you track your suspended losses somewhere though - those are important for future years!

Dealing with Schedule K-1 (1065) adjusted basis calculations can be a nightmare! I'm a partner in 3 different LLCs and finally figured out how to handle negative capital accounts. The key thing to understand: your adjusted basis and your capital account are calculated differently. Your capital account can go negative, but your tax basis cannot. When you receive a partnership interest as compensation (like you did), your initial basis equals the amount included in your income. If you didn't include any amount in income, your initial basis was zero. With a starting basis of zero and no additional contributions, you can't claim any of the $3,800 loss this year. But those losses aren't gone! They're suspended and can be used in future years when you have basis. For tax software, enter zero as your beginning basis, then show your share of loss, but the software should limit your loss deduction to zero.

Just wanted to add some additional context about IRS mail processing. I used to work for a tax firm, and this ZIP code discrepancy happens ALL THE TIME with the Ogden service center. The 84201 is the main facility ZIP, while 84409 and others are internal routing codes. Your Form 3520 is definitely in the right place. The USPS system just shows the main facility delivery. The IRS has internal mail routing that gets it to the right department. As long as you addressed it to the specific PO Box for Form 3520, you're good!

Pro tip: Always send these international information forms via CERTIFIED mail with return receipt! I learned this lesson the hard way with my FBAR filing a few years back. Also keep a copy of everything you send, including proof of mailing. The penalties for late filing Form 3520 are insane (either $10,000 or 35% of the gross value of the trust distributions, whichever is greater).

Has anyone actually confirmed if the W9 requirement always means they'll send a 1099? I received $1200 from a data breach settlement last year, filled out a W9, but never got any tax forms. I called the settlement administrator and they said they only send 1099s for certain types of payments and mine didn't qualify. Still reported it to be safe but was confused.

Great thread with lots of helpful information! I'm dealing with a similar situation from a pharmaceutical class action settlement. One thing I learned from my tax preparer is that you should also check if your state has different rules for reporting settlement income. In my state, even though the settlement wasn't federally taxable (it was reimbursement for medical expenses), I still had to report it on my state return because they don't automatically follow federal exclusions. The state ended up not taxing it either, but I had to include a worksheet explaining why. Also, if you paid for the original repairs with a credit card and claimed any purchase protection or warranty benefits, that could potentially affect the tax treatment since you might have already received some reimbursement. Just something to consider when determining your actual out-of-pocket costs that the settlement is covering.