Stupid question maybe but is this the same for crypto transactions? My 1099-B from Coinbase has some transactions marked as "noncovered" but has cost basis for most of them.

This is a really common source of confusion, and you're definitely not alone in wondering about this! The key thing to understand is that "noncovered security" refers to the broker's reporting obligation to the IRS, not what appears on your copy of the 1099-B. Even though your broker filled in the basis amount on your form, because it's marked as "noncovered," they are NOT required to (and likely did not) report that basis information to the IRS. This typically happens with securities acquired before 2011 or transferred between brokers without proper basis tracking. You'll need to report the basis yourself on Form 8949. Use code "B" in column (f) for short-term gains/losses or code "E" for long-term. This tells the IRS you're providing basis information for a noncovered security. Since you mentioned these were stocks from your grandpa, make sure you're using the correct basis. If they were gifted to you while he was alive, you generally use his original cost basis. The basis amount your broker shows might not be accurate for gifted securities, so you may need to do some research to find the correct amount. Keep all your documentation - gift records, any basis information you can find, etc. - in case you need to substantiate your basis calculation later.

Has anyone used TurboTax for this kind of simple 1099-MISC situation? Does it make the Schedule C stuff easier or is it still confusing?

I went through this exact same situation two years ago with some temporary EMT work that generated a 1099-MISC. The confusion is totally understandable! Yes, you do need to file Schedule C even for temporary work like this. The IRS doesn't distinguish between "real businesses" and one-off gigs when it comes to 1099 income reporting. Here's what made it easier for me: For business name, just use your full name. For the business code, since you're doing paramedic work, you can use 621910 (Ambulance Services) or 621399 (All Other Miscellaneous Health Practitioners). Your business address is just your home address. Don't forget about potential deductions! Even for temporary work, you might be able to deduct: - Mileage driving to/from the work location - Any supplies you purchased for the job - Professional licensing fees (prorated if you use the license for other work too) The self-employment tax does sting a bit at 15.3%, but remember you get to deduct half of it on your main 1040 form. For $1,200 of income, you're looking at roughly $184 in SE tax, minus whatever deductions you can claim. It's definitely more complicated than regular W-2 income, but once you do it once, it becomes much clearer for future situations!

Military families sometimes get priority processing. Did you indicate military status? Check box 1d on Form 1040. Might help. Also check DFAS info matches W-2. Common error point. Military spouse relief provisions might apply. Worth looking into. Processing centers have different timelines too. Where was your return filed from?

I'm going through something very similar right now! Filed on 2/18 and my transcript still shows N/A while my neighbor who filed later already got her refund. The waiting is driving me crazy, especially since I have some unexpected medical bills to pay. Reading through these comments is actually really helpful - it sounds like the N/A status is more common than I thought. I had no idea that different types of income and credits could cause such different processing times. Going to try to be more patient and stop checking the transcript every single day (easier said than done though!).

Ok I think I have a stupid question, but I'm confused about something basic. If I'm buying directly from the partner, not from the partnership itself, why does the partnership's 754 election even matter? Isn't this just between me and the selling partner?

Just wanted to add something that might be helpful - make sure you get a written breakdown of exactly what you're buying for that $175k. In accounting firms specifically, a lot of the value is often in client relationships and work-in-progress, which can have different tax treatment. I'd also strongly recommend getting the partnership agreement reviewed before you commit. Some partnerships have "clawback" provisions where if you leave within a certain period, you might have to restore negative capital account balances or forfeit certain distributions. Since you mentioned the managing partner brought up negative capital accounts, there might be some partners in that situation already. One more thing - ask about any pending Section 199A deductions or suspended passive losses that might transfer with the interest. These can be valuable but are easy to overlook in the purchase negotiations.

Just wanted to add some clarification on the FBAR penalties since they were mentioned earlier - the IRS takes these seriously. The penalty for non-willful failure to file can be up to $12,921 per account per year (as of 2024), and willful violations can be much higher - up to 50% of the account balance or $129,210, whichever is greater. The good news is that if you realize you need to file FBAR for previous years, there are procedures like the Streamlined Filing Compliance Procedures that can help you get caught up with reduced penalties if you weren't willfully non-compliant. For your Solium Shareworks account specifically, make sure you're tracking the maximum balance throughout the year, not just the year-end value. Stock prices can fluctuate significantly, so your peak balance might be higher than what you see at year-end. Keep records of monthly statements or take screenshots of your account balance periodically to make sure you capture the highest value.

I just want to emphasize how important it is to get this right with Solium Shareworks accounts. I made the mistake of not filing FBAR for two years when my account was over $10k, thinking that since Morgan Stanley owned Solium it was somehow a "US account." When I finally discovered my error and used the Streamlined Filing procedures to get compliant, I had to pay penalties even though it was non-willful. The process took months and required hiring a tax professional to help navigate the paperwork. For anyone reading this thread who thinks they might have missed filing FBAR in previous years - don't wait. The longer you delay, the more complicated it gets. The IRS has access to foreign account information through various reporting agreements, so they may eventually discover unreported accounts even if it takes a few years. Also, make sure you're using the correct exchange rates when reporting your Canadian-held account values in USD on the FBAR. The Treasury Department publishes official exchange rates that you should use, not just whatever rate you find on Google. These details matter if you ever get audited.