I'm glad you're feeling more confident about this! Reading through everyone's experiences here has been really educational. As someone who's dealt with similar anxiety about legitimate financial transactions, I can totally relate to the overthinking aspect. One small addition to all the great advice - if you do decide to call your banks ahead of time, you might also ask about their mobile deposit limits. Some banks have lower limits for mobile deposits versus in-person deposits for large checks. If these checks exceed those limits, you'll need to go in person anyway, which actually gives you a chance to briefly mention the source if any questions come up naturally. Your plan really does sound solid. The fact that you have proper documentation and the money is going exactly where you need it (expenses and investments) shows this is just good financial management. Best of luck with everything!

Just wanted to add my perspective as someone who recently went through this exact situation. I had two checks from a estate settlement, both around $12k each, and I was stressing about the same things you mentioned. I ended up doing exactly what you're planning - deposited one in my regular checking and the other directly into my investment account at a different institution. The whole process was completely routine. No questions asked, no holds placed, no drama whatsoever. The only thing I'd suggest is having your documentation ready (which it sounds like you already do). I brought copies of the estate paperwork with me just in case, though neither bank asked for it. Having it gave me confidence to walk in there knowing I had nothing to hide. Your anxiety about this is totally understandable but honestly unnecessary. Banks handle large legitimate deposits all the time. The reporting thresholds and compliance measures are designed to catch actual suspicious activity, not people properly managing inherited money or property sale proceeds. Go with your gut - your original plan makes perfect financial sense and there's absolutely nothing suspicious about it.

I'm dealing with a similar situation and this thread has been super helpful! I use Zelle constantly for splitting utilities with roommates, paying my share of group gifts, and getting reimbursed when I pick up groceries for friends. I was getting really anxious thinking I'd have to track and report every single transaction. From what everyone's saying here, it sounds like the key is just being able to distinguish between actual business income versus personal transfers and reimbursements. For those computer builds you mentioned, as long as you're truly just getting reimbursed for parts costs without making a profit, that shouldn't be taxable income. I think I'm going to start keeping better records of my Zelle transactions just in case - maybe screenshots of the transaction descriptions or quick notes about what each payment was for. That way if I ever do get a 1099-K or have questions from the IRS, I can easily show that these were legitimate personal transfers and not unreported business income.

Just wanted to add another perspective as someone who's been through this exact worry! I had a mini panic attack when I realized how much I use payment apps and thought I'd have to report thousands of dollars in "income" that was really just money moving between friends and family. After doing a ton of research and talking to a tax professional, here's what helped me understand the situation: The IRS cares about PROFIT and BUSINESS ACTIVITY, not just money moving through your accounts. When you split rent with roommates or get reimbursed for dinner, you're not making money - you're just getting back what you already spent. For your computer building hobby, the fact that you're not making a profit is key. Keep receipts showing what you paid for parts versus what friends paid you. If it's truly break-even or close to it, that's not taxable income. The whole $600 reporting threshold thing is really about catching people who are running businesses through payment apps but not reporting that income properly. It's not meant to tax your normal personal financial life. The media coverage has definitely made this seem scarier than it actually is for most people!

Another approach that worked well for me was asking potential CPAs about their data security practices upfront. I created a simple checklist of questions like: "Do you use encrypted email for sensitive documents?", "How do you store client files?", "What happens to my documents after tax season?", and "Do you have cyber liability insurance?" You'd be surprised how much this conversation revealed about each firm's professionalism and security awareness. The CPAs who took these questions seriously and had good answers made me much more comfortable sharing my information with them eventually. I also found that many established firms have secure client portals specifically designed for sharing tax documents safely. These portals typically have better security than regular email and give you more control over who can access your files and when. One last tip: if you do decide to share redacted returns, consider using a service like DocuSign or Adobe Sign that lets you track when and how many times the document has been viewed. It's a small thing, but it gave me peace of mind knowing I could monitor access to my information.

This is such a common concern and you're absolutely right to be cautious! I went through this same dilemma last year and found a middle-ground approach that worked well. What I did was create a "tax profile" document that included: - List of all forms and schedules from my previous return - General categories of income (W-2, 1099, business, rental, etc.) without specific amounts - Types of deductions I typically claim - Any unusual tax situations or complications This gave CPAs enough information to understand my tax complexity and provide reasonably accurate quotes without exposing my actual financial details. Most were perfectly fine with this approach for initial consultations. I also made it clear upfront that I'd only share complete returns with the CPA I ultimately selected, and after we'd signed an engagement letter. Any firm that pushed back on this or insisted on full returns just for quoting purposes wasn't the right fit for me. The CPA I eventually chose actually complimented me on being thoughtful about data security - they said it showed I understood the importance of protecting sensitive information, which is exactly the kind of client they prefer working with. Trust your instincts here. There are plenty of ways to get accurate quotes while protecting your privacy until you're ready to commit to someone.

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.

Hey Benjamin! I totally understand your confusion - I went through the exact same thing last year with my Schwab account. The "basis not reported to IRS" checkbox with all zeros had me panicking that I was going to get audited or something. After doing a ton of research and even talking to a tax professional, I learned that this is incredibly common. Brokers are required to send you a 1099-B even if there was no taxable activity in your account. The "basis not reported" box is just their way of covering themselves legally - it doesn't mean anything suspicious happened. Your TurboTax is definitely handling this correctly. When all the dollar amounts are zero, there's literally no gain or loss to report, so no taxes owed. The software recognizes these as "placeholder" forms that don't affect your tax liability. Don't stress about tax fraud - you're doing everything right by entering the form exactly as it appears. The IRS sees millions of these zero-value 1099-B forms every year and they're completely normal. You're being a responsible taxpayer by double-checking, but you can rest easy knowing your return is accurate!

I've been following this thread and wanted to add my perspective as someone who's dealt with these confusing 1099-B forms for several years now. The consensus here is absolutely correct - when you see "basis not reported to IRS" with all $0 values, it's typically just a placeholder form that brokers are required to send. One thing I'd add is that you should keep a copy of this form with your tax records even though it doesn't affect your current return. If you have securities in that account that you eventually sell in future years, having this documentation can help establish a paper trail showing when the "basis not reported" designation first appeared for those holdings. Also, don't be surprised if you get similar forms in future years if you continue holding the same securities. Some of my older stock purchases (from before 2011 when basis reporting rules changed) generate these placeholder 1099-B forms annually even when I don't trade them. It's just part of the broker's compliance process. Your instinct to double-check was smart, but you can definitely trust TurboTax on this one. These software programs have seen millions of these exact scenarios and handle them correctly.