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$172 is definitely above the threshold you need to report. I work at a bank (not tax advice) and we send 1099-INTs to both customers AND the IRS for anything over $10. The IRS computer systems automatically match these documents against tax returns, so they'll know this income wasn't reported. Here's what typically happens: The IRS will eventually (6-9 months later) send you a CP2000 notice saying they found unreported income. They'll calculate the additional tax, add interest from the original due date, and possibly a small penalty. Then you'll have to respond and pay the amount. It's much simpler to just amend now before that happens. Plus it looks better if you correct the mistake voluntarily rather than waiting for them to find it.

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Emma Davis

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Based on the $76k income and California residency, what would the tax on $172 interest even be? Like $50 max?

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You absolutely should amend your return for the $172 interest income. I went through something similar last year and learned the hard way that the IRS automated matching system is very thorough. Here's the reality: Your bank already sent a 1099-INT to the IRS showing that $172 in interest income. When the IRS runs their matching program (usually 6-12 months after filing season), they'll compare what you reported against all the 1099s they received. The discrepancy will trigger an automated notice. At your income level ($76k), you're probably in the 22% federal bracket, so we're talking about maybe $38 in additional federal tax, plus California state tax (probably around 6-8% depending on your exact bracket). So total additional tax would likely be under $60. The key benefit of amending voluntarily is that you avoid the failure-to-report penalty and minimize interest charges. If you wait for the IRS to find it, you'll pay interest calculated from the original due date plus potential penalties. Form 1040-X isn't too complicated for a straightforward addition like this. Just report the additional interest income and pay the difference. Much better to handle it proactively than deal with IRS notices later.

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AstroExplorer

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This is really helpful breakdown of the actual numbers! I'm in a similar situation but with about $95 in interest from my Marcus account that I completely spaced on. Your calculation makes me feel better that we're not talking about huge amounts here - sounds like it's maybe $20-30 in additional tax for my situation. I keep going back and forth on whether to just wait and see if they even notice, but reading everyone's experiences here, it seems like they always do eventually catch it. Better to just bite the bullet and file the amendment now rather than deal with notices and penalties later. Thanks for the realistic perspective on what the actual cost would be!

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Sienna Gomez

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I'm dealing with a very similar situation right now! Inherited my grandmother's IRA in 2021 and just discovered I've been missing RMDs. Reading through everyone's experiences here has been incredibly helpful. One thing I wanted to add - when I called my IRA custodian (Fidelity), they were actually pretty helpful in calculating what my missed RMDs should have been for each year. They have worksheets and can walk you through the calculations based on your account balance and the IRS life expectancy tables. Also, something to keep in mind - if you're taking multiple years of RMDs all at once in 2024, you might want to consider spreading the withdrawals across a few months rather than taking it all in one lump sum. It won't change the tax implications, but it might help with managing the cash flow and any potential investment timing issues. The penalty waiver route seems to be working for people, especially given all the confusion around the SECURE Act changes. I'm planning to file Form 5329 for each missed year once I take my distributions.

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Thanks for mentioning the custodian help! I hadn't thought to call them directly. Did Fidelity also help you understand the difference between the old "stretch IRA" rules and the new 10-year rule? I'm still confused about whether I need to take annual RMDs during the 10-year period or if I can just empty it by year 10. Also, great point about spreading the withdrawals - I was planning to just take everything at once to get it over with, but you're right that it might be better to spread it out for cash flow purposes.

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One thing I'd add to all the great advice here is to be careful about the timing of when you take these missed distributions. Since you're taking multiple years' worth of RMDs all at once in 2024, this could potentially push you into a higher tax bracket for the year. You might want to consider doing some basic tax planning first - maybe run the numbers to see if it makes sense to take some distributions in December 2024 and the rest in January 2025 to spread the tax impact across two years. Obviously you want to get compliant as soon as possible, but a few weeks of timing difference could potentially save you significant money if it keeps you out of a higher bracket. Also, don't forget that you can have taxes withheld directly from the IRA distributions to help cover the tax bill. Most custodians can set this up easily when you request the withdrawals. Given that you'll likely owe more taxes than usual this year, having some withheld upfront can help avoid an underpayment penalty. The penalty waiver approach definitely seems to be the way to go based on what others have shared. The IRS has been pretty reasonable about these inherited IRA situations given all the rule changes.

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Khalid Howes

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This is really smart advice about the tax bracket implications! I hadn't even thought about how taking 3+ years of RMDs at once could bump me into a higher bracket. Quick question though - if I split the distributions between December 2024 and January 2025, do I still file all the Form 5329s for the missed years in 2024? Or do I need to wait until I've actually taken all the distributions before I can file the penalty waiver requests? Also, does anyone know if there's a deadline for when these missed RMDs need to be taken to qualify for the penalty waiver? I want to make sure I'm not running up against some cutoff date while I'm doing tax planning.

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Lucy Taylor

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Don't forget to look at your state taxes too. Some states are more generous with deductions for educators and self-employed individuals than the federal government. For example, my state allows additional deductions for educational professionals beyond what federal allows. Also, if you're self-employed even part-time, don't forget you can deduct health insurance premiums as well! I always missed that one until my accountant pointed it out.

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The health insurance premium deduction for self-employed people is so underutilized! Saved me hundreds last year. Does the health insurance need to be purchased specifically for the self-employment business or can it be any health insurance you pay for?

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Based on your situation, here are the key points for your tax filing: **For your private tutoring income ($560):** - Report this on Schedule C as self-employment income - You can deduct business expenses, but only the portion used for business **Equipment allocation is crucial:** Since you use the same equipment for both your W-2 job (learning center) and private tutoring, you need to split the costs. If you estimate 40% private tutoring use, you can deduct 40% of the $1,140 ($456) on Schedule C. **You have two depreciation options:** 1. Regular depreciation over 5-7 years 2. Section 179 election to deduct the full business portion immediately (since your amount is small, this might be simpler) **Important considerations:** - Keep detailed records of your usage percentage calculation - The educator expense deduction doesn't apply to private tutoring - Make sure your Schedule C deductions don't exceed your self-employment income - Consider quarterly estimated payments if you continue tutoring regularly **Documentation tip:** Create a simple log showing hours worked for each type of tutoring to support your allocation percentage. This will be valuable if the IRS ever questions your deduction. The equipment purchases right when you started private tutoring actually supports your business use claim, so keep those receipts and purchase dates well documented!

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Carmen Ortiz

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This is such a comprehensive breakdown, thank you! I'm new to handling self-employment taxes and was really confused about the allocation part. One follow-up question - when you mention keeping a log of hours worked for each type of tutoring, should I track this going forward or try to recreate it for last year? I didn't keep detailed records initially but I could probably estimate based on my calendar and payment records.

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Malik Johnson

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For your first year of self-employment, the IRS generally accepts reasonable estimates if you don't have perfect records. I'd recommend recreating what you can based on your calendar, payment records, and memory for this tax year. Look at when you received payments, cross-reference with your calendar if you kept any tutoring appointments noted, and make your best reasonable estimate. Going forward though, definitely start tracking hours prospectively. A simple spreadsheet with date, hours worked, and type of work (private vs. learning center) will make next year's filing much smoother. The IRS likes to see that you're making a good faith effort to maintain accurate business records. Also consider tracking any business-related travel (mileage to tutoring locations), supplies you purchase specifically for tutoring, and professional development costs - these can add up to meaningful deductions over time!

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What are the key LLC & S Corp Operating Agreement Differences when making the tax election?

Hey tax folks, I'm planning to set up a single-member LLC and immediately elect S corporation status for tax purposes. From what I've read online and in business groups, it seemed pretty straightforward - form the LLC then file Form 2553 with the IRS to make the S corp election. But now I'm confused after finding several articles saying that standard LLC operating agreement templates often conflict with S corp requirements. For example, S corps require shareholders to receive distributions proportionate to their ownership percentage, while LLCs can distribute profits disproportionately. Also, S corps need annual meetings, but many LLC operating agreements specifically state no meetings are needed. I understand corporations typically have more extensive documentation (Articles of Incorporation, Bylaws, Shareholder Agreements) compared to an LLC's simpler setup (Articles of Organization and Operating Agreement). What's throwing me off is whether I need all these corporate documents for an S corp election since it's technically just a tax classification, not a legal entity type. Everyone online makes the LLC-to-S-corp process sound super easy, but nobody mentions needing to create all these additional documents. If I need to draft special documents or hire an attorney, that doesn't seem as simple as people claim. Am I missing something here? When people say it's "easy," do they mean you can just find corporate document templates online? Or are they oversimplifying a more complex process?

LongPeri

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This thread has been incredibly helpful! I'm in a similar situation and was getting overwhelmed by conflicting information online. One thing I want to add based on my research: make sure you understand the state-level implications too, not just federal. Some states don't recognize the S corp election for state tax purposes, which means you might be taxed as an LLC at the state level and an S corp at the federal level. This creates additional complexity for tax filings and record-keeping that most online guides don't mention. I found this out when I called my state's department of revenue, and it completely changed my timeline. In my state (California), LLCs pay an annual franchise tax regardless of the S corp election, plus they have different filing requirements. So while the federal side might be "easy," the state side added unexpected costs and compliance requirements. Before finalizing your operating agreement modifications, I'd recommend checking with your state tax authority to understand how they treat LLC-to-S corp elections. It might influence some of the provisions you include in your agreement, especially around distributions and member responsibilities. Has anyone else run into state-specific complications with their LLC S corp elections?

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Great point about state-level complications! I went through this in New York and ran into similar issues. NY doesn't automatically recognize the federal S corp election for state purposes - you have to file a separate state-level election form (Form CT-6). What really caught me off guard was that NY also requires LLCs with S corp elections to file both the standard LLC return (Form IT-204-LL) AND the S corp return (Form CT-3-S), which doubles the filing requirements and costs. My accountant warned me that missing either filing could jeopardize the tax benefits. I ended up having to modify my operating agreement to include specific language about state tax compliance responsibilities, since the federal template I originally used didn't address these dual-filing requirements. It's definitely something that should be researched early in the process rather than discovered at tax time! Each state seems to handle this differently, so checking with your specific state tax authority (like you did) is absolutely essential. The "easy" federal process can become quite complex once you factor in state requirements.

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This is such a comprehensive discussion! As someone who recently went through this exact process, I want to emphasize how important it is to get the operating agreement modifications right from the start. One thing I learned the hard way: even though you're still legally an LLC, the IRS can revoke your S corp election if your operating agreement contains provisions that violate S corp requirements. I initially used a standard LLC template and almost lost my election status because it included language allowing different classes of membership interests. The key modifications I had to make were: 1) Removing any language about special allocations or disproportionate distributions, 2) Adding provisions requiring reasonable salary before distributions, 3) Including language about maintaining single-class-of-stock equivalent structure, and 4) Adding annual compliance review requirements. What saved me was working with an attorney who specialized in S corp elections for LLCs. Yes, it cost more upfront than using a template, but considering that losing S corp status could cost thousands in additional taxes, it was worth the investment. The attorney also helped me understand ongoing compliance requirements that most online guides don't cover. For anyone considering this route: the federal election might be "easy to file," but maintaining S corp status requires ongoing attention to both your operating agreement provisions and your actual business practices. Don't just file the election and forget about it!

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Sophia Clark

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Quick heads up - if your trust distribution was large (over $15,000 in 2022/2023), make sure the trustee isn't confusing the 65-day rule with gift tax reporting. I've seen this happen where trustees think the beneficiary needs to report large distributions as gifts, but trust distributions aren't considered gifts for tax purposes (the original transfer to the trust may have been). Trust distributions are generally reported as income by the beneficiary (unless they're distributions of principal, which usually aren't taxable). The gift tax annual exclusion amount ($17,000 for 2023) isn't relevant to trust distributions.

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Thanks for mentioning this! I've been confused because my trustee kept talking about the "annual exclusion" when discussing my distribution timing. So to clarify, the trust reports distributions on Form 1041, and I report the income on my 1040 based on the K-1 I receive, correct? No gift tax forms involved?

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That's correct! Trust distributions are completely separate from gift tax reporting. The trust files Form 1041 and provides you with a Schedule K-1 showing your share of income. You then report that income on your Form 1040 - no gift tax forms needed from your end. The trustee may be thinking about the original transfer that funded the trust (which could have involved gift tax considerations), but once assets are in the trust, distributions to beneficiaries are handled through the income tax system, not the gift tax system. The "annual exclusion" your trustee mentioned isn't relevant to how you report trust distributions on your personal return. Just make sure you receive your K-1 and report the income in the year you actually received the distribution (2023 in your case if that's when you got the money), regardless of the trust's 65-day election.

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GalacticGuru

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I'm dealing with a similar situation and wanted to share what I learned from my CPA. One thing that hasn't been mentioned here is the importance of checking whether your trust made a "distributable net income" (DNI) election. This can affect how much of your distribution is actually taxable income versus a return of principal. In my case, the trust distributed $35,000 to me in February 2023 under the 65-day rule, but only about $22,000 of it was actually taxable income - the rest was a distribution of trust principal (which isn't taxable to me). This shows up clearly on the K-1, but I almost missed it and was preparing to pay taxes on the full amount. The timing rule everyone discussed is absolutely correct - you report in the year you receive the money regardless of the trust's election. But don't forget to look at the character and taxability of the distribution itself. Sometimes trustees don't explain this distinction clearly.

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Zainab Ahmed

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This is such an important point that I wish someone had explained to me earlier! I just went through something similar and initially panicked thinking I owed taxes on my entire $40,000 distribution. When I finally got my K-1, it showed that only $18,000 was actually taxable income - the rest was principal that had already been taxed when it originally went into the trust. My trustee never explained the difference between income distributions and principal distributions, so I was completely caught off guard. It really emphasizes how important it is to wait for the actual K-1 before making any assumptions about your tax liability. The gross distribution amount the trustee tells you about is just the starting point, not necessarily what you'll owe taxes on. Thanks for highlighting the DNI concept - I had never heard that term before but it makes so much sense now that I understand it!

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