Great thread on S-Corp partnership accounting! I've been wrestling with this exact issue for my own S-Corp that has investments in two different LLCs. One thing I'd add is the importance of maintaining detailed records of your basis calculations throughout the year, not just at year-end. I learned this the hard way when I had a large distribution in Q3 that exceeded my basis at that point, but by year-end the K-1 income had restored my basis. The timing matters for whether you need to recognize gain on the distribution. Also, don't forget about the at-risk rules and passive activity limitations that can apply to S-Corp owners. If your LLC investment generates passive losses, they might be limited on your personal return even though they flow through the S-Corp properly. I had to file Form 8582 to track these limitations, which was an unpleasant surprise. For anyone using QBO, I'd recommend setting up a separate "memo" account to track your running basis calculation outside of the main investment account. This helps you monitor your position throughout the year and avoid any nasty surprises at distribution time.

This is such a comprehensive discussion on S-Corp partnership accounting! As someone who's been managing these complexities for several years, I'd like to add a few practical tips that have helped me streamline the process. First, I highly recommend creating a quarterly reconciliation schedule that tracks your K-1 income estimates versus actual distributions received. Most partnerships provide quarterly estimates, and tracking these helps you anticipate year-end adjustments and plan for any tax distributions needed. Second, don't overlook the importance of understanding your partnership's distribution policy. Some partnerships distribute based on current year income, while others may distribute prior year earnings or even return capital. Understanding this policy helps you predict cash flow and avoid basis surprises. Finally, for QBO users, I suggest creating a dedicated class or location code for all partnership-related transactions. This makes it much easier to pull reports showing all activity related to your LLC investments when it's time to prepare your 1120S or when your CPA needs supporting documentation. One last note - if your S-Corp has significant partnership investments, consider whether quarterly estimated tax payments are necessary. The timing differences between K-1 income and distributions can create cash flow challenges when personal tax bills come due, especially if the partnership retains most of its earnings.

Just a quick tip - when you make partial payments to the IRS, make sure you classify them correctly. When I did this last year, I made the mistake of marking one payment as an "estimated tax payment" instead of "tax return payment" and it caused some confusion. Double check that you're selecting the right tax year and payment type!

Great question! I went through this exact same situation a few years back. Yes, you can absolutely make split payments - the IRS doesn't require one lump sum payment as long as everything is paid by the deadline. A few practical tips from my experience: - Use IRS Direct Pay (it's free and you can schedule multiple payments) - Keep a simple spreadsheet or note tracking each payment amount and date - Consider spacing them about 1-2 weeks apart so you have time to ensure each payment clears before making the next one - Make sure your final payment is at least a few days before the deadline, not on the last day With only $563 owed, splitting it into 2-3 payments should be very manageable and won't trigger any issues with the IRS. Much better than stressing your budget with one big payment!

Just want to share my experience dealing with this issue: E*Trade's supplemental tax info actually does contain the information needed, but it's not formatted in an obvious way. If you look at the "Other Adjustments" column on the supplemental statement, the amounts there are typically your original RSU value at vesting. For sell-to-cover transactions, you can usually identify them because they happen on the exact same day as vesting. Compare the transaction dates on your 1099-B with your vesting schedule from your employer's equity portal.

I went through this exact same nightmare last year with my RSUs from work! What helped me was creating a spreadsheet to track everything. I listed all my vesting dates, the FMV on each date, which shares were sold to cover taxes, and which ones I sold myself. The key insight that finally clicked for me: your RSU income on your W2 already includes the value of ALL vested shares, including the ones automatically sold for taxes. So when TurboTax imports your 1099-B with $0 cost basis, it's trying to tax you again on money you already paid taxes on. Here's what I did: I went through each transaction in TurboTax after the import and manually entered the FMV from vesting date as the cost basis. For sell-to-cover transactions, this usually results in little to no capital gain since they're typically sold immediately at vesting. For shares you held and sold later, you'll have either a gain or loss based on the difference between sale price and vesting day value. It's tedious but once you get the hang of it, it goes pretty quickly. The $5k difference you're seeing between your W2/1099-B and actual cash received is probably exactly those sell-to-cover transactions.

I've been through this exact thing with my parents in Brazil. I ended up using Form 2555 (Foreign Earned Income) and was able to offset some costs, but it was super complicated. Make sure your parents qualify as dependents under the IRS rules before you go through all the trouble.

The residency test is indeed a major hurdle that many people overlook. Since your parents are in Thailand, you're unfortunately correct that you likely can't claim them as dependents due to the residency requirement. However, don't give up entirely on tax relief. As Mateo mentioned, you might still be able to deduct medical expenses if you pay providers directly. This means instead of sending money to your parents who then pay the doctors, you would need to pay the Thai medical facilities directly from your US bank account. Keep detailed records of these direct payments. Another option to explore is whether any of the medical care qualifies as qualified medical expenses that you could pay with a Health Savings Account (HSA) if you have one. While the dependency rules are strict, HSA rules for medical expenses can sometimes be more flexible. I'd strongly recommend consulting with a tax professional who specializes in international tax situations before your next filing. The rules around foreign medical expenses and dependencies are complex and change frequently, so getting expert guidance could save you from costly mistakes.

Capital One user here for about 3 years. They're solid for refunds - usually process them within hours of IRS releasing, sometimes even faster than the big banks. One tip: make sure you have notifications turned on in their app so you know right away when it hits. Also double-check that your account type matches what you put on your tax return (checking vs savings). Good luck with your refund!

Capital One has been great for my tax refunds! I've used them for the past 2 years and they typically process IRS deposits same day or within 24 hours of release. Way faster than my old bank (Bank of America) which used to hold deposits for 2-3 business days. Just make sure your direct deposit info is exactly right - account number, routing number, and account type. You can double check everything in the Capital One app under account details. Once it hits, you'll get an instant notification. You made a good choice switching from Wells Fargo!