25 Has anyone here dealt with filing a final 1120 when you still had ongoing litigation against the corporation? My situation is similar to the original poster, but we have a pending lawsuit that might not be resolved for another year or more.

Just went through this exact situation last year with my dissolved S-Corp. Definitely use your personal address on the final Form 1120 - the IRS needs to be able to reach you for any follow-up questions or notices, and using an inaccessible business address will only create headaches later. One thing I'd add that hasn't been mentioned yet - make sure you also file Form 966 (Corporate Dissolution or Liquidation) within 30 days of adopting the plan of dissolution if you haven't already. Since you dissolved in December 2023, you may have missed this deadline, but it's still worth filing even if late to properly notify the IRS of the dissolution. Also, keep copies of your state dissolution paperwork with your tax records. The IRS sometimes requests this documentation to verify the dissolution date and process. Using your home address ensures you'll actually receive any such requests.

This is absolutely identity theft and you need to act fast! I went through something similar when someone used my SSN for Instacart. Here's what worked for me: 1. Contact Walmart's payroll department immediately - don't just call their general customer service. The 1099-NEC should have a specific contact number for tax questions. Demand they provide you with the W-9 form that was submitted with your information. 2. File a police report right away, even if they say it's "not a local matter." You need that report number for everything else you'll do. 3. Contact all three credit bureaus and place fraud alerts, then freeze your credit completely. Someone clearly has enough of your info to get hired somewhere. 4. When you file your taxes, DO NOT include that $4,800. Instead, attach a statement explaining the fraudulent 1099-NEC and include copies of your police report and correspondence with Walmart. The key is documenting everything and acting quickly. The IRS is actually pretty good about handling these cases when you have proper documentation. Don't let anyone pressure you into just "paying the taxes and sorting it out later" - that's terrible advice that will cost you way more in the long run.

I'm really sorry this happened to you! Identity theft for gig work is unfortunately becoming more common. Here's what I'd recommend based on what others have shared: First, definitely contact Walmart's tax/payroll department using the number on the 1099-NEC form - don't use their general customer service line. Ask them to investigate and provide documentation that you never worked for them or submitted a W-9. Second, file a police report for identity theft even if they say it's "not local" - you need that report number for everything else. Also file with the FTC at IdentityTheft.gov. Third, contact the IRS Identity Theft Hotline at 800-908-4490 and consider filing Form 14039. This gets your account flagged before you even file your return. Most importantly - when you file your taxes, DO NOT report that $4,800 income. Instead, file normally and attach a statement explaining the fraudulent 1099-NEC with copies of your police report and Walmart correspondence. Also check your wage and income transcript through your IRS online account to see if there are other fraudulent tax documents you haven't received yet. Sometimes identity thieves hit multiple gig platforms at once. Document everything - dates, times, names, reference numbers. You'll be dealing with multiple agencies and good records will save you tons of headaches. This is definitely resolvable with proper documentation!

From my experience with both H&R Block and TurboTax over the years, their software sometimes forces you into certain pathways that don't always align with every tax situation. For Form 5329 specifically, I've found that some tax software treats the waiver request process differently, not because the IRS rules changed, but because of how they've programmed their workflow. One workaround if you want to stick with H&R Block is to complete your return in their software but then print and mail it instead of e-filing. This allows you to manually enter "RC" in the penalty box and attach your waiver statement without the software forcing you to include the penalty in your payment.

Just an FYI - I'm an enrolled agent and we've seen this exact issue with multiple tax software packages this year. It seems to be a software implementation problem rather than an actual change in IRS policy. The Form 5329 instructions (even the 2023 version) still clearly state you can request a waiver by entering "RC" and attaching an explanation. Nothing in SECURE Act 2.0 changed this procedure. If you're using tax software that won't let you properly code the waiver, you might consider switching software or as someone else suggested, paper filing with the appropriate modifications.

This is a common issue. Prepaid cards aren't designed for large deposits. They're for unbanked people. Most cap at $10k. Some lower. Read your cardholder agreement. Check the fine print. Consider Form 8888. Split your refund. Use multiple accounts. Don't risk delays. Tax season is stressful enough.

I appreciate everyone's detailed responses here. As someone who's been dealing with similar banking transitions, I'd like to add that you should also consider the customer service quality of your chosen prepaid card provider. Beyond just the deposit limits, some cards have terrible dispute resolution processes if something goes wrong with your refund deposit. I learned this the hard way when my prepaid card froze my account for "suspicious activity" after receiving a $8,000 refund - it took 3 weeks to resolve. For what it's worth, I've found that credit union accounts often provide a good middle ground between traditional banks and prepaid options, with higher deposit limits and better customer protection than most prepaid cards.

Just to add something that hasn't been mentioned yet - don't forget about the potential benefit of tax-loss harvesting with your futures positions at year-end. Since futures are marked-to-market on December 31st regardless of whether you close the position, you might want to strategically realize some losses to offset gains. Also, futures trading has another big advantage - no wash sale rules! So unlike stocks, you can sell a futures contract at a loss and immediately rebuy it without having to wait 30 days to claim the tax loss. With your income level, maximizing the 60% long-term treatment while strategically harvesting losses can make a significant difference in your after-tax returns.

One thing that helped me understand futures taxes was tracking everything throughout the year rather than trying to figure it all out in April. I use a spreadsheet to track each trade and calculate the potential tax impact based on my current income. Futures taxation is actually one of the main reasons I switched from day trading stocks to futures. Between the 60/40 split, mark-to-market treatment, and no wash sale rules, the tax advantages are significant if you're an active trader. I would also suggest looking at your overall tax situation. If you have a lot of futures gains this year, you might consider increasing your 401k contributions at your day job to reduce your taxable income, which could potentially keep more of your gains in a lower tax bracket.