Has anyone considered the middle ground option of filing Schedule E? If you and your dad formed a partnership (even informally), you might be able to report this on Schedule E as partnership income rather than Schedule C. This could potentially avoid self-employment tax while still allowing for expense deductions. Though this depends on the specific nature of your agreement and involvement.

I went through this exact same situation two years ago with my brother-in-law. We flipped one house together and I was torn between Schedule C and Schedule D treatment. What ultimately helped me decide was documenting the actual hours I spent on the project. I kept a simple log showing I worked about 25-30 hours per week for 4 months on renovation, coordinating with contractors, picking materials, etc. That level of time investment clearly pushed it into "business activity" territory. The IRS has a general rule that if you're materially participating in the activity (more than 500 hours annually OR substantially all the participation in the activity), it's likely a business rather than an investment. Your 5 months of regular weekend and evening work probably puts you well over that threshold. One thing to consider: even though Schedule C means self-employment tax, you can also deduct business expenses that wouldn't be allowed on Schedule D. In my case, the additional deductions (including mileage, tools, some meals with contractors, etc.) more than made up for the SE tax difference. My advice: document your actual involvement and hours if you can reconstruct them. That will give you the strongest position if you ever need to defend the Schedule C treatment.

As someone who's been doing content creation for several years now, I can confirm that 711510 "Independent Artists, Writers, and Performers" is the go-to code for most YouTubers and content creators working with MCNs. I've used it consistently and my CPA has never had any concerns about it. One thing I'd add is that you should also make sure you're properly categorizing your income on Schedule C. Since you're getting a 1099-MISC, you'll likely report this under "Other income" rather than as traditional freelance work. The business code helps the IRS understand your industry, but the income categorization is equally important. Also, don't let the business code choice stress you out too much - as long as it reasonably represents what you do (creating entertainment content), you're fine. The IRS isn't going to penalize you for choosing between similar codes like 711510 vs 519130, especially when content creation is still a relatively new field that doesn't always fit perfectly into traditional business categories.

I've been in the same boat with my content creation business! After years of uncertainty, I finally consulted with a tax professional who specializes in digital creators, and they confirmed that 711510 "Independent Artists, Writers, and Performers" is indeed the most appropriate code for YouTube/content creators receiving 1099-MISC from MCNs. What really helped me was understanding that the IRS recognizes content creation as a legitimate form of entertainment performance, even if it's digital. Your gaming content, commentary, and audience engagement all fall under "performing" in the modern sense. One tip that saved me a lot of stress: I now use the same business code consistently every year and keep a simple document explaining why I chose it (creates entertainment content for online audiences). This way, if there are ever any questions, I have a clear rationale ready. The consistency also makes filing so much smoother year after year. Don't let this part of your taxes stress you out anymore - you're doing legitimate creative work and 711510 perfectly captures that!

Just want to add that you should double-check which specific investment account generated this K-1 by looking at the EIN (Employer Identification Number) on the form. You can then cross-reference that EIN with your investment statements or call your brokers directly. I had a similar situation where I got a K-1 from a company I'd never heard of, and it turned out to be buried deep in one of my target-date funds. The fund held a small position in an MLP that I had no idea about. Once I figured out which account it came from, everything made sense. Also, keep in mind that some investment platforms will send you a consolidated 1099 that includes K-1 information, while others send the actual K-1 forms separately. If you're getting the actual K-1 directly from Cedar Point, it means one of your funds likely has a significant enough position that they're required to pass through the partnership reporting to individual investors. Don't stress too much - this is just part of having a diversified investment portfolio! The tax software should handle it fine once you know what you're dealing with.

Hey Angel! I went through almost the exact same thing last year and it was so confusing at first. What everyone else said is spot-on - you're getting that K-1 because one of your investment accounts holds shares in Cedar Point Amusement Group (which is structured as a partnership for tax purposes). Since you mentioned inheriting investments through National Investment Fund that's managed by a broker, that's probably where the connection is. A lot of managed accounts and funds include MLPs (Master Limited Partnerships) in their portfolios without investors realizing it, especially in diversified funds or income-focused strategies. Here's what I wish someone had told me: definitely call that broker managing your inherited account and ask them specifically about the Cedar Point position. They can tell you exactly how much you own and help you understand how it fits into your overall portfolio. They should also be able to help you with the tax reporting since they deal with K-1s all the time. Also, don't panic about the complexity - most modern tax software handles K-1s pretty well now. Just make sure to use a version that supports Schedule E reporting (which is where K-1 income goes). The good news is once you understand it this first year, future years will be much easier!

Has anyone done this conversion recently? Considering making this change for my marketing agency (also an LLP currently) but worried about the backlog at the IRS processing these elections.

I've been through this exact conversion process twice in the past year, and the key thing that trips people up is the timing between state and federal filings. One critical detail that hasn't been mentioned yet - make sure you check your state's specific requirements for LLP to corporation conversions. Some states require publication notices or have waiting periods that can delay the process significantly. In my experience, California required a 30-day waiting period after filing Articles of Conversion before the corporation was officially recognized. Also, regarding the Form 2553 deadline - remember that you have 75 days from the date of incorporation (not conversion) to file for S-Corp status. If you miss this window, you'll have to wait until the following tax year or request a late election relief, which is a whole other headache. One more tip: keep detailed records of all the conversion steps and dates. The IRS may ask for documentation showing the exact sequence of events, especially if there are any timing questions later. I always create a conversion timeline for my files that includes state filing dates, acceptance confirmations, and federal form submissions.

I completely understand your stress about this situation! I went through something very similar last year when I accidentally made two payments through different systems because I was worried about missing the deadline. The good news is that you absolutely will get your money back. The IRS has established procedures for handling overpayments, and they're legally required to return excess payments to taxpayers. Here's what you should do: 1. Check your IRS account transcript online at irs.gov to confirm both payments were applied to your account for the correct tax year 2. If you haven't filed your return yet, just report your actual tax liability and the IRS will automatically calculate the overpayment 3. If you've already filed, the IRS should detect the overpayment during processing and issue a refund The timeline can vary - typically 3-4 weeks after processing, but it can be longer during busy periods. You can track your refund status using the "Where's My Refund" tool on the IRS website. If you need to speak to someone urgently, I'd recommend trying early in the morning (around 7 AM) when call volumes are typically lower. You can also contact your local Taxpayer Advocate Service if you're experiencing financial hardship due to the double payment. Don't panic - this happens more often than you think, and the IRS has processes to handle it. You'll get your $2,874 back!

I can definitely relate to your panic - the same thing happened to me two years ago when I got nervous about the payment processing and ended up submitting through both TurboTax and the IRS Direct Pay system. I was worried sick about that money just disappearing into the void! Here's what actually happened in my case and what you can expect: The IRS processed both payments correctly and applied them to my tax account. When I filed my return about a week later, their system automatically calculated that I had overpaid and issued me a refund for the excess amount. The whole process took about 5 weeks from when I filed to when the refund hit my bank account. A couple of practical tips based on my experience: - Create an online account at irs.gov if you haven't already and check your "Account Transcript" - this will show both payments and confirm they were applied to the right tax year - Don't file an amended return or try to "fix" anything - just file normally and report your actual tax liability. The IRS system will handle the overpayment automatically - If you're really anxious (like I was), you can call the IRS, but honestly the online account transcript gave me all the peace of mind I needed The IRS deals with duplicate payments all the time, especially during tax season when people get nervous about deadlines. You're definitely not the first person this has happened to, and you absolutely will get your money back. Try not to stress too much about it!