If the original Roth owner had the account less than 5 years before passing away, things get more complicated. The earnings portion could be taxable while the contributions remain tax-free. Did your 1099-R break down how much was contributions vs earnings?

This is a really comprehensive discussion already! One additional point to consider - if you're working with a tax professional this year, make sure to bring both the 1099-R and any documentation from the bank showing the direct transfer to the inherited Roth IRA account. Even though this should be straightforward (especially with distribution code "Q"), having that paper trail can be invaluable if the IRS ever questions the transaction later. The bank statement or transfer confirmation showing the money went directly from one Roth account to another without touching your personal accounts helps establish that this was a proper trustee-to-trustee transfer. Also, since you mentioned this is your first time dealing with inherited retirement accounts, you might want to ask the bank if they have any educational materials about inherited Roth IRA rules. Many financial institutions have gotten much better about explaining the SECURE Act changes and what they mean for beneficiaries.

If you're dealing with AMT and Form 1116 regularly, I'd strongly recommend investing in professional tax software rather than consumer versions. I use Drake Software now after years of frustration with TurboTax and others. The professional versions have much better handling of complex situations like AMT foreign tax credit interactions. They also provide detailed worksheets showing their calculations so you can verify everything. For the specific issue you're asking about - the AMT Form 1116 calculations should definitely use your AMT-adjusted income figures. This is one area where consumer tax software often falls short because they don't always apply the AMT adjustments consistently across all related forms.

This is a really common issue that catches a lot of people off guard! You're absolutely right to be thorough by cross-checking between different programs - that level of diligence often reveals these kinds of discrepancies that can be costly if missed. From my experience dealing with similar AMT foreign tax credit situations, FreeTaxUSA appears to be handling this correctly. The key principle is that when you're computing AMT, you need to stay within the AMT "universe" for all related calculations. This means your Form 1116 limitation calculations should indeed use your AMT-adjusted income figures rather than your regular taxable income. The reason the IRS instructions aren't more explicit about this is because they assume you understand that AMT creates a parallel tax calculation system. When Form 6251 adjusts your income by adding back certain deductions and making other modifications, those adjusted figures should flow through to all related forms, including the AMT version of Form 1116. A $2,700 difference is significant enough that I'd definitely recommend getting this right rather than just picking the software that gives the bigger refund. If you want additional confirmation, you might consider reaching out to a tax professional who specializes in international tax issues, or even contacting the IRS directly for guidance on your specific situation. The good news is that once you understand how this works, future years become much easier to handle!

I went through this exact situation last year when a coffee shop gave me a 1099-NEC but treated me like an employee. Just one important warning: if you file that SS-8 form, be prepared for potential blowback from your employer. The IRS will contact them as part of the investigation, and some employers don't react well to this. I'd suggest having another job lined up before taking this step, especially if it's a small business where the owner might take it personally.

This is such a frustrating situation but unfortunately very common in the restaurant industry. What you're describing - scheduled shifts, wearing their uniform, manager setting your schedule - these are all clear indicators that you're an employee, not an independent contractor. The key difference is control. As an employee, your employer controls when, where, and how you work. Independent contractors have more autonomy over their work methods and schedules. From your description, you're definitely being treated as an employee. Here's what I'd recommend: First, try the gentle approach with your employer. Many small business owners genuinely don't understand the classification rules. If that doesn't work, you can file Form SS-8 to get an official IRS determination, though be aware this can take months and might create tension with your employer. In the meantime, if you have to file with the 1099-NEC, make sure you're claiming all possible business expenses to reduce your tax burden. And remember, even if classified as self-employed, you likely won't owe taxes on your $8,400 earnings since the standard deduction for 2024 is $14,600. The main concern would be the self-employment tax portion. Don't let this stress you out too much - there are solutions, and you have rights as a worker!

I've been through this nightmare too and finally got through last week! Here's what worked for me: I called the main number (1-800-829-1040) at 7:00 AM sharp on a Thursday using the button sequence everyone mentioned (1, 2, 1, 3, 2, skip SSN, 2, 4). The wait was still about 50 minutes, but I actually got through to a real person who was super helpful. A few things that made the difference: • Used a landline instead of my cell (seemed more stable) • Had literally everything spread out on my desk: tax returns, ID, Social Security card, bank statements, any IRS notices • Called on Thursday around 7 AM (avoided Monday/Tuesday chaos) • Stayed patient and polite with the agent - they deal with frustrated people all day The agent told me that March and early April are absolutely their worst times, so if your issue isn't urgent, waiting until mid-April might save you hours of hold time. But if you need to talk to someone now, the persistence really does pay off. Don't give up after just a few tries - it took me 6 attempts over two weeks, but that one successful call solved everything. Hang in there!

I've been dealing with IRS phone issues for months and finally found a method that works consistently! Try calling the Taxpayer Assistance Center line at 1-844-545-5640 instead of the main number. This line is specifically for people who need help navigating IRS services and they're usually much better staffed. When you get through (typically 15-30 minute wait), explain that you've tried the main line multiple times without success and they can either help you directly or transfer you to the right department with priority status. Also, if you have a smartphone, download the IRS2Go app and check if you can resolve your issue through their online services first - sometimes you can get transcripts, payment history, or status updates without needing to call at all. The app has gotten much better over the past year. One more tip: if you're dealing with a notice or letter, take a photo of it and have it ready on your phone. The agents can often resolve issues much faster when they can see exactly what correspondence you received. Good luck - the system is frustrating but you'll get through eventually!

One thing that helped me was keeping a simple daily log throughout the year instead of trying to reconstruct everything at tax time. I just noted the date, platform, amount wagered, and result for each session. For your specific situation with $12,000 in combined winnings from FanDuel and Fanatics, yes you'll need to report that as income. Even though you had losses on DraftKings, those losses can only offset your winnings if you itemize deductions on Schedule A. The key thing to remember is that each individual winning session counts as taxable income, regardless of your overall net position across all platforms. So if you won $100 on Monday but lost $150 on Tuesday, you still owe taxes on that $100 win. Make sure you download and save all your account statements now before the platforms potentially purge older data. Some sportsbooks only keep detailed records for a limited time, and you'll want that documentation if the IRS ever asks questions.

For tracking purposes, the IRS generally expects you to report gambling income based on sessions, not individual bets. A session is typically defined as your gambling activity at one location (or platform) during a continuous period of play. So if you sit down and make multiple bets on FanDuel over a few hours, that would be one session. If you win $200 overall during that session (even if you had some losing individual bets within it), you'd report $200 in gambling income for that session. You don't need to break it down to every single bet - that would be incredibly tedious and isn't what the IRS expects. Focus on daily or session-based net results per platform. For your statement downloads, I'd also recommend checking if any of the platforms offer annual tax summaries or win/loss statements specifically for tax purposes. These are often more useful than trying to parse through hundreds of individual transaction records. One more tip: if you're using multiple platforms, consider creating separate tracking sheets for each one. This makes it easier to reconcile your records against their official statements and helps if you ever need to explain your reporting to the IRS.