Is it possible theres legit extra work for your K-1s that would justify additional fees? Like if you have complex allocations or multiple classes of stock or something? Just playing devils advocate here

This is definitely not standard practice and you're absolutely right to question it. I've been through this exact situation with my S-Corp and it's frustrating when accountants try to unbundle services that should naturally go together. The Form 1120S is essentially meaningless without the accompanying K-1s - it's like preparing half a tax return. The whole point of S-Corp taxation is the pass-through treatment, which requires the K-1s to properly allocate income, deductions, and credits to shareholders. Your accountant already has all the information needed to prepare the K-1s from completing the 1120S. I'd suggest having a direct conversation with your accountant about why they consider this a separate service. If they can't provide a compelling reason (like unusually complex allocations), you might want to shop around. Most reputable tax professionals include K-1 preparation as part of their S-Corp package because they understand it's a required component, not an optional add-on. Don't let them nickel and dime you on what should be standard service. Your car analogy is spot-on.

I'm dealing with a very similar situation with my rental property from 2017-2018! One thing I learned through this process is that you should also check if you qualify for any exceptions to the passive loss rules. If your adjusted gross income was under $100,000 and you actively participated in managing the rental property, you might have been able to deduct up to $25,000 in losses each year even without carryovers from previous years. Also, when you file your amended returns, make sure to include a detailed explanation of the error and attach copies of your original Schedule E and Form 8582 from 2016 showing the unallowed losses. The IRS wants to see the paper trail of where these losses originated and why they weren't carried forward originally. Good luck with your amendments - it's definitely worth pursuing since you're still within the 3-year window for both 2017 and 2018!

I just went through this exact situation last year! One thing that really helped me was creating a spreadsheet to track all my rental losses year by year before filing the amendments. I listed out each year's losses, what was allowed vs. suspended, and how much should have carried forward to subsequent years. This made it much easier to complete Form 8582 for each amended year and gave me confidence that my calculations were correct. The IRS also appreciated having clear documentation when they processed my amendments. Also, don't forget to calculate interest on any refunds you're owed - the IRS will pay interest from the original due date of each return to when they issue your refund. In my case, this added several hundred dollars to what I got back. One last tip: if your situation is complex with multiple properties or significant dollar amounts, consider getting a tax professional to review everything before you submit. The cost of a consultation could save you from potential errors that might delay your refunds or trigger additional questions from the IRS.

I went through this exact situation with Chime back in February. The verification process took 13 business days for me, and like others mentioned, the lack of updates during that time was really frustrating. One thing I learned - if you call the IRS practitioner priority line (if you have a tax pro help you), they can sometimes give you more specific information about what's causing the delay. In my case, it was a simple address mismatch between my return and Chime account that added extra review time. The funds did eventually come through, but definitely plan for it taking the full 2-3 weeks just to be safe for your quarterly payment planning.

I'm currently going through this same verification process with Chime right now - submitted my documents 3 days ago and the waiting is nerve-wracking! Reading everyone's experiences here is really helpful. It sounds like 7-14 business days is the typical range, which aligns with what the IRS phone rep told me when I called yesterday (after being on hold for 90 minutes). One thing I noticed is that my "Where's My Refund" status changed from "Being Processed" to "Additional Information Required" the day after I submitted everything, so at least there's some movement in their system. Fingers crossed it doesn't take the full 21 days since I also have quarterly payments due soon. Will update this thread once I hear something!

Has anyone actually calculated what the tax difference would be? I mean, even if you wrongly put it on Schedule C, the self-employment tax on $0.01 would be like $0.0015 (15.3%). Is this really worth stressing over?

I went through this exact same situation last year with TD Ameritrade and it was so frustrating! The $0.01 turned out to be from their stock lending program too. What really helped me was calling my brokerage directly to get a clear explanation of what generated that penny. They were able to confirm it was substitute payment income from securities lending, which gave me confidence to override TurboTax's default suggestion and put it on Schedule 1 instead of Schedule C. The key thing I learned is that just because it's on a 1099-MISC doesn't automatically mean it's business income. Box 3 can contain various types of "other income" that aren't necessarily self-employment related. Once I understood that, I felt much more comfortable making the correction in my tax software. Don't let that one penny drive you crazy - it's way more common than you'd think!

I went through this exact situation last year and learned a few hard lessons that might help you avoid my mistakes. First, when you amend your return, make sure you also calculate and pay any penalties for late payment since the IRS considers fellowship income as earned throughout the year, not just when you file. For entering it in TurboTax, go to Federal > Income & Expenses > Less Common Income > Other Reportable Income. Look for "Other Income Types" and select "Other Income Not Already Reported." Enter your fellowship stipend amount and put "Fellowship" in the description field. One thing nobody mentioned yet - if your fellowship is over $600 and you didn't receive a 1099, you technically should file Form 1099-MISC for yourself (weird, I know). Not everyone does this, but it's technically required. Also, don't forget that you'll owe self-employment tax on the fellowship income since it's not subject to payroll taxes. The quarterly estimated payments you're planning are smart, but calculate them based on your total expected tax liability, not just the fellowship portion. Use Form 1040-ES and remember the safe harbor rule - if you pay 100% of last year's tax liability through quarterlies, you won't owe penalties even if you end up owing more.

I went through this exact same situation during my first year of grad school! You're definitely not alone in being confused - fellowship income is one of those weird tax situations that most software and support staff don't handle well. For TurboTax specifically, here's what worked for me: Go to Federal > Income & Expenses > Less Common Income, then look for "Other Income" or "Miscellaneous Income." There should be an option for scholarship/fellowship income that wasn't reported on a tax form. Enter just the stipend portion (living expenses) as taxable income - not the tuition or fees that went directly to the school. One tip that saved me a lot of headache: contact your graduate school's financial aid office and ask for a "fellowship tax allocation letter." They can break down exactly what portion went to qualified education expenses (tuition, fees, required books) versus your taxable stipend. Most schools can provide this even if they don't automatically issue tax forms. Also, you're absolutely right to plan quarterly payments for 2024! Fellowship recipients are technically considered self-employed for estimated tax purposes, so you'll want to use Form 1040-ES to calculate those payments. It's much easier than dealing with amendments later. The good news is that fellowship stipends are only subject to regular income tax, not self-employment tax, so at least you don't have to worry about that additional 15.3%!