Just a heads up that you'll want to pay attention to basis calculations too. Your basis in your S-Corp will be increased by the K-1 income flowing in, which affects how much you can take out as distributions without triggering tax consequences.

For basis tracking with your S-Corp receiving K-1 income, I'd recommend creating a simple spreadsheet that tracks your beginning basis, additions (like the K-1 income flowing through), and subtractions (distributions you take). Your beginning basis in the S-Corp starts with your initial investment plus any loans you've made to the corporation. Then you add your share of S-Corp income (including that K-1 income from the partnership) and subtract any distributions you receive. The key thing to remember is that the partnership K-1 income will flow through your S-Corp and increase your S-Corp stock basis, not your basis in the partnership itself. This is different from if you held the partnership interest personally. Since your accountant hasn't mentioned basis tracking yet, it might be worth bringing this up proactively. Many practitioners get focused on the current year tax return and sometimes overlook the ongoing basis calculations that become crucial when you want to take distributions or if you eventually sell your S-Corp interest.

Has anyone dealt with Edward Jones specifically for estate accounts? They rejected my EIN too initially because I had selected "Estate" on the SS-4 form but apparently there was some additional coding they needed. Had to call the IRS back to get it adjusted.

I'm going through almost the exact same situation right now with my father's estate. After reading all these responses, I applied for the EIN online using Form SS-4 and made sure to select "Decedent's Estate" specifically (not just "Estate"). Got the number immediately. However, I'm still waiting on the official letters testamentary from probate court - our attorney said it could take another 2-3 weeks. In the meantime, I've been using the EIN to set up a basic estate checking account at our local bank, which has been helpful for paying ongoing bills like utilities and property taxes. One thing I learned is that some financial institutions are more familiar with estate procedures than others. The smaller local bank was much more helpful than the big national one I initially tried. They walked me through exactly what documents they needed and even gave me a checklist for dealing with other institutions. @Xan Dae - definitely get that EIN application in ASAP even while you're waiting for other paperwork. It's free and you'll need it for pretty much everything moving forward.

Can someone explain how CashApp Taxes handles wash sales on 1099-B forms? I have a similar merger situation but some of my trades might fall under wash sale rules.

I'm dealing with a very similar situation! My merger stocks also don't have acquisition dates on the 1099-B. Based on what everyone's saying here, it sounds like "Various" is the way to go, but I'm still nervous about getting it wrong. One thing I discovered that might help others - if you still have your original brokerage statements from before the merger, those sometimes show the original purchase dates of the stocks that got converted. I found mine buried in old PDF statements and was able to piece together the holding periods that way. Also worth noting that some mergers are tax-free reorganizations where your holding period carries over from the original stock, while others might create a new acquisition date. The type of merger matters for tax purposes, so if you're unsure, it's definitely worth getting clarification rather than guessing.

Thanks everyone for this incredibly helpful discussion! As someone who's been paralyzed by this decision for weeks, reading through all these experiences has been a huge relief. I'm in a very similar situation to the original poster - used standard mileage for my first three years, and this year had some major repairs that would make actual expenses more beneficial. I was terrified that I'd be "locked in" to whatever method I chose, but it's clear now that since I started with standard mileage, I have the flexibility to optimize each year. The key insight about tracking the "deemed depreciation" from standard mileage years is something I never would have thought of on my own. I'm definitely going to create a spreadsheet to track my vehicle's adjusted basis going forward so I don't run into problems later. One follow-up question - for those who have switched methods multiple times, do you find that tax software handles the basis calculations automatically, or do you have to manually input the adjustments? I'm using TurboTax and want to make sure I'm doing this correctly.

I've been following this discussion closely as I'm in almost the exact same boat as the OP. Used standard mileage for my consulting business for the past two years, and this year I had a $3,200 engine repair that would make actual expenses much more advantageous. What really helped clarify things for me was finding the specific IRS Revenue Procedure that addresses this - Rev. Proc. 2010-51. It explicitly states that if you use the standard mileage rate in the first year you place the vehicle in service for business use, you can choose to use either the standard mileage rate or actual expenses in any subsequent year. The key calculation everyone's mentioning about "deemed depreciation" is found in the annual IRS notices that update the standard mileage rates. For example, for 2023 the depreciation component was 28 cents per mile, 2022 was 27 cents per mile, etc. You multiply your business miles for each year by that year's depreciation component to get your total deemed depreciation. One thing I learned from my tax preparer is to document your reasoning for switching methods each year. While not required, having a brief note in your files explaining why actual expenses were more beneficial (major repairs, lower mileage year, etc.) can be helpful if the IRS ever questions the frequent method changes. Thanks to everyone who shared their experiences - it's made this decision much less stressful!

I'm in the exact same situation and this thread has been such a relief to read! I filed my return on February 14th using my old SunTrust routing number and have been worried sick about whether my refund would make it through the banking merger chaos. It's so reassuring to hear from so many people who have successfully received their refunds with no issues. The fact that Truist has set up automatic forwarding through the end of 2024 really shows they've planned for this transition well. I'm definitely going to call Truist tomorrow to confirm everything is set up correctly on my account. The mobile alert tip is genius - I've been driving myself crazy refreshing my account multiple times a day. Setting up notifications will save my sanity! One thing I'm curious about - for those who have received their refunds already, were the processing times pretty much the same as previous years? I'm hoping the automatic routing redirect doesn't add any delays to the usual IRS timeline. Thank you all for sharing your experiences and advice. This community is incredibly helpful during tax season stress!

I'm dealing with this exact same situation and honestly, reading through everyone's experiences here has been incredibly reassuring! I filed my return on February 10th using my old SunTrust routing number and have been anxiously checking my account every day wondering if my refund would just disappear into the banking void. It's so helpful to see multiple people confirming that their refunds went through smoothly with the old routing number. The fact that Truist has set up automatic forwarding through the entire 2024 tax season really shows they've prepared well for this transition. I'm definitely going to call Truist customer service tomorrow to double-check my account status and get that peace of mind. The mobile alert suggestion that several people mentioned is brilliant - I'm setting that up right now to stop my obsessive manual checking! For anyone else in the same boat, it sounds like we really don't need to worry. The banking systems are designed to handle these merger transitions, and from what everyone has shared, the redirect process is working seamlessly behind the scenes. Tax season is stressful enough without adding unnecessary banking anxiety! Thanks to everyone for sharing their timelines and experiences - this community is such a lifesaver during tax season stress!