Consider using IRS Direct Pay instead of waiting to include payment with your mailed 1040-X. You can pay the additional tax immediately, which will stop further interest accrual. When using Direct Pay, select "Amended Return" as the reason and "1040-X" as the form number. I did this last year when I had to amend, and it saved me exactly $87.42 in interest charges over the 18 weeks it took for my amendment to process. The IRS will match your payment to your amendment when it's processed.

I went through a very similar situation when I retired in 2022. Here's what worked for me: Since you filed with H&R Block originally, I'd recommend using their amendment service - it cost me about $75 but saved hours of work since they had all my original data. The key things to remember: 1) You'll need to mail the 1040-X (can't e-file amendments), 2) Include Form 2210 if you owe penalties, 3) Pay immediately through IRS Direct Pay to stop interest from accruing further. My amendment took 17 weeks to process, but paying upfront saved me about $200 in additional interest. Also, double-check if your state requires an amendment too - mine did, and I had to wait for the federal to complete first. The whole process was stressful but manageable if you stay organized. Good luck!

A quick tip that nobody mentioned yet - keep ALL of your rollover documentation forever! I did a rollover in 2013 and got questioned about it during an IRS review in 2020 because there was some discrepancy in how it was reported. Having all my original paperwork saved me from a huge headache.

Great advice from everyone here! I went through a similar situation last year and want to emphasize one thing that caught me off guard - timing matters for the reporting even though the transactions aren't taxable. I received my 1099-R in January for a rollover I completed in March of the previous tax year, but I didn't get the final confirmation paperwork from my new 401k provider until February. Make sure you have all the documentation from both the distributing and receiving institutions before you file, even if you're not paying taxes on the rollover itself. Also, if you're using tax software, don't skip entering the 1099-R information just because the taxable amount is zero. The software needs that info to properly report the rollover and avoid any IRS matching notices later on. I learned this the hard way when TurboTax kept asking me about "missing" retirement distributions that I thought I could ignore.

IMO the best approach is to check ur transcript weekly after filing. Most ppl in this sub have seen tax debts appear w/in 2-3 wks of processing, but system delays happen esp during peak season (Feb-Apr). If u filed electronically, check WMR first to confirm acceptance, then wait ~10 days b4 transcript should update. TC 150 = assessment posted. TC 971 = notice issued. If u see these but no balance, something's def wrong w/ the system. Pro tip: if u can't pay in full immediately, request payment plan ONLINE before they send the first bill - way easier process!

Based on my experience from 2023, tax debts typically show up on your account transcript within 10-14 days after your return is processed if you e-file. I had a similar situation with unexpected capital gains from selling some stock to cover emergency expenses. Filed on March 3rd, return was accepted March 5th, and the balance due (TC 150) appeared on my transcript March 18th. One thing I wish I'd known earlier - you can actually make payments toward your expected tax debt BEFORE it officially appears on your transcript using Form 1040V or EFTPS. This can help reduce interest accumulation since interest starts from the original due date regardless of when the debt posts to your account. Given your medical expenses situation, this might be worth considering if you want to minimize the total amount you'll owe.

Has anyone used TurboTax to prepare their S-Corp return with K-1? I'm in the same boat as OP and wondering if the software walks you through this properly or if I should use something else?

Just wanted to add my experience as someone who went through this exact situation last year. The key thing to remember is that even though you had no revenue/expenses, you still need to properly complete the K-1 because it establishes important records for future years. A few specific tips for your zero-activity K-1: - Box 1 (Ordinary business income/loss): Enter "0" not blank - Box 16 (Foreign transactions): Enter "N/A" if no foreign activity - Make sure to include your beginning and ending capital account balances Also, keep detailed records of any startup costs you personally paid for - these might not affect this year's return but could be important for future deductions. The IRS likes to see consistency in how S-Corps report, even in dormant years. Good luck with your first S-Corp filing! The learning curve is steep but gets easier each year.

My tax guy told me that if you're using the simplified home office deduction ($5 per square foot, up to 300 sq ft), you can't also separately deduct utilities like internet. But if you use the regular method where you calculate actual expenses, then you can deduct the business percentage of your internet. Worth considering which method gives you the better deduction.

As a videographer myself, I've found that tracking data usage is actually pretty easy. Most routers have tools to see which devices use how much data. My business computer uses about 85% of our total household data with those big video file uploads, so that's what I deduct. I also keep a spreadsheet showing file sizes of work uploads vs estimated personal usage to back up my claim if needed.