Has anyone successfully amended prior returns to add Form 8594 after the fact? I'm in the exact same situation (bought a business in 2022, didn't file 8594) and I'm terrified of triggering an audit by submitting an amendment now.

I went through something very similar last year with an intangible asset purchase. One thing that really helped me was creating a detailed spreadsheet breaking down exactly what I was purchasing and how to classify each asset type before tackling Form 8594. For intangible assets, you'll typically be dealing with Class VI (goodwill and going concern value) and Class VII (Section 197 intangibles like customer lists, trademarks, etc.). The key is being able to justify your allocation if the IRS ever asks. Since you're doing seller financing, definitely make sure you understand the interest imputation rules mentioned by others. Even if your agreement doesn't explicitly state an interest rate, the IRS will assume one based on applicable federal rates. This affects both your deductible interest expense and the seller's taxable interest income. I ended up using a CPA for the first year just to make sure everything was set up correctly, then handled subsequent years myself once I understood the framework. The peace of mind was worth the extra cost, especially since asset purchases have multi-year tax implications through depreciation and amortization schedules.

Dont forget to consider the pro-rata rule if you have both pre-tax and after-tax money in your IRA's. Thats the whole point of the reverse rollover strategy - to get the pre-tax money out of your IRA's so you can do a clean backdoor Roth contribution without triggering pro-rata calculations.

Great question about reverse rollovers! Just to add some clarity to the excellent advice already given - when you do a reverse rollover from IRA to 401(k), you're essentially moving money from one pre-tax retirement account to another, so there's no immediate tax consequence. However, reporting is still required. You'll receive Form 1099-R from your IRA custodian showing the distribution. The key is making sure Box 7 shows the correct distribution code (should be "G" for direct rollover to qualified plan). You'll report this on your Form 1040, and if you had any non-deductible contributions in your IRA, you'll also need Form 8606. The good news is that your strategy worked perfectly - by clearing out the pre-tax IRA money, you've eliminated the pro-rata rule complications for your backdoor Roth conversion. Just make sure all your tax forms reflect the transactions correctly, and you should be all set!

Has anyone had this situation where the supplemental info on a zero 1099G actually DID affect their taxes? My tax software is asking me to enter this information even though the main fields are zero.

I've seen this exact scenario with my clients before. When your 1099-G shows zeros in all the main payment boxes but has data in the supplemental tax information section, it's typically showing adjustments or corrections that were processed in 2022 but relate to benefits from previous years. Since you didn't receive any unemployment compensation in 2022, you don't need to report any unemployment income on your 2022 tax return. The supplemental information is more for documentation and tracking purposes - it might show things like overpayment recoveries, interest adjustments, or corrections to previously reported amounts. You should definitely keep this form with your tax records, but it shouldn't impact your actual tax filing for 2022. If you want absolute certainty about what those specific numbers mean, you can contact your state unemployment office, but from a tax preparation standpoint, zero benefits received means zero to report on your return.

Has anyone actually had their QBI deduction flagged or questioned by the IRS? I'm wondering how closely they scrutinize this, especially for consultants who are right below the threshold.

I can share some insight from my experience as a tax preparer. The QBI deduction for consultants below the income threshold is generally straightforward, but there are a few nuances worth mentioning: First, make sure you're calculating your taxable income correctly when determining if you're below the threshold. This includes all income sources minus your standard/itemized deduction - not just your business income. Second, keep detailed records of your consulting activities. While the IRS doesn't typically challenge QBI deductions for income below the threshold, having documentation that clearly shows you're operating a legitimate business (contracts, invoices, business expenses) is always wise. Finally, if you're planning to grow your consulting income, consider the timing of income recognition. Once you approach the threshold levels, the SSTB limitations become very punitive very quickly. Sometimes it makes sense to defer income to the following year or accelerate deductible expenses to stay below the phase-out range. Your $65k situation should definitely qualify for the full 20% deduction assuming your total taxable income stays below the threshold. Just make sure your tax software or preparer is properly identifying the QBI on your K-1.

This whole thread has been incredibly helpful! I'm in a similar situation with TurboTax Desktop telling me to mail Form 8453 with my stock transaction attachments. After reading everyone's experiences, it seems like the consensus is that for most standard stock transactions where brokers report cost basis to the IRS, the paper mailing isn't actually necessary. What really caught my attention was the point about the IRS processing returns before mailed documents could even arrive - that's exactly what happened to me last year too! It makes sense now that they're getting the data electronically from brokers. I'm curious though - has anyone here actually been contacted by the IRS later asking for documentation they didn't mail with Form 8453? I want to make sure I'm not setting myself up for problems down the road, even if the return gets processed initially. Also planning to switch to FreeTaxUSA next year since being able to upload PDFs sounds so much more convenient than the whole printing and mailing routine!

Reading through all these responses has been really enlightening! I've been in the same boat with TurboTax Desktop for years, dutifully printing and mailing Form 8453 with all my 1099-B attachments because that's what the software told me to do. What strikes me most is how many people have had the exact same experience - the IRS processes the return and issues refunds long before any mailed documents could possibly arrive. This really reinforces the point that for most standard stock transactions, they're already getting the data they need electronically from brokers. I think the key takeaway here is understanding which transactions actually require the paper documentation versus which ones are just TurboTax being overly cautious. It sounds like transactions with unreported cost basis, wash sales, or complex adjustments are the ones that truly need the Form 8453 attachments. The recommendations for FreeTaxUSA are really compelling - being able to upload PDFs directly when e-filing sounds like it would eliminate all this confusion and uncertainty. No more wondering whether the IRS actually needs those mailed documents or if they're just sitting in a pile somewhere. I'm definitely going to reconsider my approach this year and look into switching software for next year. Thanks everyone for sharing your experiences - it's clear this is a common frustration that has much better solutions available!