Has anyone here used QuickBooks Self-Employed instead of TurboTax Business for handling a partner buyout? I'm in a similar situation but use QuickBooks for my tax prep.

I went through a similar LLC partnership buyout situation about 18 months ago and can share some practical insights from my experience. The key thing I learned is that timing matters a lot for the tax implications. One issue that caught me off guard was the allocation of partnership income for the partial year before the buyout. Make sure you're clear on how to prorate the departing partner's share of income/losses up to their exit date. This affects their final K-1 and can get complicated if you have varying income throughout the year. Also, don't forget about the potential for "hot assets" (unrealized receivables, inventory, depreciation recapture) that could trigger ordinary income treatment rather than capital gains for the departing partner. This is especially important if your LLC has been claiming depreciation on equipment or other assets. For the mechanics, I found that creating a clear timeline of events helped enormously when filling out the forms. Document the exact date of the buyout, the valuation method used, and how the payment was structured. The IRS wants to see that everything was done at arm's length with proper documentation. TurboTax Business can definitely handle this, but make sure you have all your partnership records organized before you start. The software will walk you through most of it, but having a clear understanding of what happened and when will save you hours of confusion.

I tried claiming trader tax status for my crypto trading in 2023 (was doing 50+ trades daily) and got audited. The IRS initially rejected my TTS claim, but I appealed with documentation showing: 1. My trading schedule (8+ hours daily) 2. Analysis software I purchased 3. Separate business accounts for trading 4. Trading journal with strategies They eventually accepted my TTS claim! Key points from my experience: - Documentation is EVERYTHING - They scrutinized my holding periods (anything held >30 days counted against me) - Having a formal business structure helped (I had an LLC) - They wanted to see I was trying to profit from short-term market movements, not just buying dips Hope this helps someone! The tax savings were substantial, but be prepared to defend your position.

As someone who's been through the TTS qualification process for crypto trading, I want to add a few important points that might help clarify things for you: First, the IRS has been increasingly scrutinizing crypto TTS claims, so documentation is absolutely critical. You'll want to track not just your trades, but also the time you spend on market analysis, research, and strategy development. I keep a detailed log showing 4+ hours daily spent on trading-related activities. Regarding your specific questions: 1. Yes, Schedule C deductions are one of the biggest benefits of TTS - you can deduct trading software, data feeds, home office expenses, computer equipment, and even educational courses related to trading. 2. The self-employment tax is the trade-off - your trading profits will be subject to SE tax (15.3%), which can be significant. You'll need to calculate whether the deductions outweigh this additional tax burden. 3. Crypto traders can qualify, but the bar seems higher than for traditional securities. The IRS looks more closely at crypto TTS claims, so your documentation needs to be bulletproof. One tip: consider keeping separate crypto wallets/accounts exclusively for day trading versus any long-term holdings. This helps clearly demonstrate your trading versus investment activities if you're ever audited. Also, don't forget about the mark-to-market election deadline if you're planning to go the TTS route - it can be a game-changer for active traders but must be elected on time.

I've been through this exact same frustrating situation with a 570 hold that dragged on for weeks! Those transcript dates are absolutely confusing and don't give you any real insight into what's actually happening. From my experience, the "AS OF" date is basically meaningless - it's just when their system last touched your account and it can jump around randomly. The "RECEIVED DATE" showing March 3rd is likely when their internal processing system picked up your e-filed return, which often differs from when you actually submitted it. A 570 code without a accompanying 971 notice code typically means it's just a routine review - they could be verifying your income against W-2s/1099s, checking math, or validating credits like EIC or Child Tax Credit. Since you filed jointly, they might be cross-referencing both your and your spouse's income documents. The brutal truth is there's really nothing you can do except wait it out. Most 570 holds resolve automatically within 4-8 weeks, and since yours started around February 20th, you're still within that normal timeframe (even though it feels like an eternity when it's your money). Keep checking your transcript weekly for codes 571 (hold released) and 846 (refund issued). I know the waiting game is absolutely maddening, but try to hang in there - most people do eventually get through this!

I completely understand your frustration with the 570 hold - I've been dealing with the exact same situation since late February and it's been driving me absolutely crazy trying to figure out what all these dates mean! From what I've learned through this whole ordeal, the "AS OF" date (March 10th in your case) is basically just a system timestamp that shows when the IRS last processed or updated your account. It doesn't actually indicate when your return will be completed, and it can jump around randomly which is why you might see it appearing twice on your transcript. The "RECEIVED DATE" showing March 3rd is likely when their internal processing system picked up your e-filed return, which often differs from when you actually submitted it in early February. There can be delays between when you file and when it enters their processing queue. A 570 code without any accompanying notice codes (like 971) usually means it's a routine review - could be income verification where they're matching your W-2s/1099s, math checks, or credit eligibility verification. Since you filed jointly, they might be cross-referencing both your and your spouse's income documents. The waiting is absolutely brutal, but most 570 holds resolve automatically within 4-8 weeks. Since yours started around February 20th, you're still within the normal processing window. Keep checking your transcript weekly for code 571 (hold released) followed by 846 (refund issued). Hang in there - we'll get through this!

Thanks for sharing your situation! I was in almost the exact same boat last year - got a 1095-C from my employer even though I was covered under my spouse's plan the entire time. I completely understand the initial panic! The good news is that everyone here has given you solid advice. The form is really just your employer's way of documenting that they offered you ACA-compliant coverage, which they're required to do for all full-time employees regardless of whether you actually enrolled. One thing I'd add is to double-check that your employer didn't accidentally mark you as enrolled in Part III of the form. If they did, definitely reach out to HR to get it corrected. But if it's just Parts I and II filled out (showing what was offered), then you're all set - just file it away with your tax records and don't stress about it. The codes in your boxes should tell the whole story. Sounds like yours are probably filled out correctly showing you were offered coverage but declined it. These forms can be confusing but they're really more for the government's record-keeping than anything you need to worry about!

I went through this exact same confusion a couple years ago! Got my 1095-C in the mail and immediately thought there was some kind of mistake since I've been on my wife's insurance plan through her job for years. What I learned is that the IRS requires employers to send these forms to ALL full-time employees, even if you never signed up for their health plan. It's basically their way of proving to the government that they offered you compliant health coverage as required by the ACA. The key is to look at the specific codes on your form. In Box 14, you'll probably see a code like 1A, 1B, or 1E which just indicates what type of coverage they offered you. In Box 16, there might be a code like 2C or 2G showing that you weren't enrolled because you had other coverage. As long as Part III of the form isn't filled out (which would indicate you actually enrolled in their plan), you're totally fine. You don't need to include this form when filing your taxes - it's just for record keeping. Keep it with your other tax documents in case the IRS ever has questions, but otherwise you can just file it away and forget about it!

I'm dealing with a similar situation but for my elderly father's 403(b) account. He missed his 2023 RMD of $2,400 and we just caught it last month. We've already taken the distribution to correct it. One thing I learned from our tax preparer is that you should also keep documentation showing when you took the corrective distribution - bank statements, 1099-R forms, etc. The IRS may ask for proof that you actually corrected the mistake, especially if there's a gap between when you missed the RMD and when you took it. Also, if your RMD was calculated based on December 31, 2022 account balance, make sure that calculation was correct in the first place. Sometimes people think they missed an RMD when actually their calculation was wrong and they didn't owe one. Worth double-checking the IRS life expectancy tables to be sure. The $67.50 penalty you calculated sounds right (10% of the shortfall), but definitely go with the $0 on Line 55 approach that others have mentioned. First-time missed RMDs with reasonable cause explanations get approved for waivers most of the time.

I had this exact same confusion when I missed my 2022 RMD. The key thing to understand is that Line 55 on Form 5329 serves two purposes depending on whether you're requesting a waiver or not. If you're NOT requesting a waiver, you calculate and enter the 10% penalty amount ($67.50 in your case) and pay it with your return. If you ARE requesting a waiver (which you should since you've corrected the mistake), you enter $0 on Line 55, write "RC" next to it, and attach your explanation letter. You don't pay anything upfront. Your calculation is correct - the penalty would be $67.50 if you had to pay it. But since you've already taken the corrective distribution and have reasonable cause, you should request the waiver by putting $0 on Line 55. Make sure your explanation letter mentions that this was an honest oversight, you corrected it as soon as you realized the mistake, and you've put systems in place to prevent it from happening again. The IRS is generally very reasonable with first-time RMD penalty waivers when people show good faith by correcting the situation promptly. Don't stress too much about this - it's a very common mistake and the IRS processes thousands of these waiver requests successfully every year.