Just to add some reassurance to what others have said - you're absolutely right to be confused about this! The 1040-V situation is one of those quirks where the tax software doesn't have enough context to know you've already overpaid. I went through something very similar two years ago with a backdoor Roth conversion that got reported incorrectly. Had already paid way more than I owed, filed an amended return, and got that same 1040-V telling me to send more money. I ignored it completely and everything worked out fine - got my refund about 4.5 months later. The key thing to remember is that the IRS systems will reconcile everything when they process your amended return. They can see your original payment and will automatically issue the refund for the overpayment. No need to send additional money or paperwork beyond what you've already e-filed. One tip: keep good records of your original payment confirmation and the acceptance confirmation for your amended return. If there are any delays or questions later, having those documents handy will make resolving issues much easier.

I'm dealing with almost the exact same situation right now! Filed my original return through FreeTaxUSA and had issues with my HSA contributions being double-counted, which led to me overpaying by about $800. When I filed the amended return electronically, it also generated a payment voucher that made no sense since I'd already paid way more than I actually owe. Reading through all these responses has been incredibly helpful - especially knowing that others have successfully ignored the 1040-V when they've already overpaid. I was really worried about messing something up in the IRS system, but it sounds like their computers are smart enough to figure out the overpayment situation when they process the amendment. One question for those who've been through this: did you get any kind of confirmation or notice from the IRS before the refund showed up? Or did the money just appear in your account one day? I'm trying to figure out if I should expect any paperwork explaining the refund amount.

Guys, the IRS website has free calculators that can help with this! Check out the Tax Withholding Estimator tool. You put in your gross income, deductions, and withholdings, and it gives you an estimate of your refund or amount owed. It's at irs.gov - way better than trying to do the math yourself and getting confused between net and gross.

Based on your numbers, you should definitely be using your $97,000 gross income as your starting point. Here's a rough calculation for your situation: Gross income: $97,000 Less standard deduction (2024): $14,600 (assuming you're single) Less your other deductions: $6,300 Taxable income: ~$76,100 For someone with $76,100 in taxable income, the federal tax would be roughly $12,000-13,000 depending on your filing status. Since you paid $9,400 in withholdings, you might actually owe a bit more rather than getting a refund. Of course, this is just a rough estimate and doesn't account for credits, state taxes, or other factors that could significantly change the outcome. But it gives you a ballpark idea of where you stand. The key thing to remember is always start with that gross income figure from your W-2!

I'm a tax professional who's dealt with many partnership buyout situations like this. Given that we're so close to the filing deadline and you still don't have your K-1, here's my recommendation: File Form 4868 for an automatic extension immediately. This gives you until October 15th to file your return. However, you still need to pay any estimated taxes owed by April 15th to avoid penalties. For estimating your tax liability on the $175k payout, look at your purchase agreement carefully. Partnership interest sales are generally treated as capital gains, but there can be ordinary income components (Section 751 assets like unrealized receivables, inventory, or depreciation recapture). A conservative approach would be to assume 20-25% might be ordinary income and the rest long-term capital gains. While waiting for the K-1, send one final certified letter to the company's registered agent demanding the form and citing their legal obligation under IRC Section 6031. Reference any specific timelines in your partnership agreement. If that doesn't work within 2 weeks, consider having an attorney send a demand letter. Document everything for potential penalty abatement requests later. The IRS is generally reasonable about delays caused by partnerships not providing required documents, especially when you can prove good faith efforts to obtain them. Don't try to file without the K-1 - partnership taxation is too complex for estimates on this amount.

I've been following this thread and wanted to share what worked for me in a similar situation last year. I was in almost identical circumstances - left a consulting partnership before an acquisition but still had equity, and the K-1 was severely delayed. What finally broke the logjam was finding out who the acquiring company's tax director was (not just the old firm's CFO) and explaining that the delay was preventing me from filing my personal return on time. The acquiring company had taken over all tax compliance obligations as part of the deal, but the old firm's accounting department didn't seem to understand this. I also discovered that partnerships are required to provide K-1s to all partners by the 15th day of the third month after the partnership's year-end (usually March 15 for calendar year partnerships). When I mentioned this specific deadline and IRC Section 6031 in my communications, suddenly everyone became much more responsive. For your $175k situation, I'd strongly recommend the extension route at this point. But keep pushing hard for that K-1 because partnership taxation has nuances that are really difficult to estimate accurately. In my case, there were depreciation recapture amounts and guaranteed payment components that I never would have guessed correctly. The key is persistence with the right people - don't let lower-level accounting staff keep giving you the runaround when you're dealing with six-figure tax implications.

Don't forget about the self-employment tax on top of income tax! That's an extra 15.3% on your net profit that catches a lot of first-time gig workers by surprise. Make sure you're setting aside enough to cover both income tax and SE tax.

You should also consider tracking your "office in home" deduction possibilities. Since your car is functioning as both your business vehicle AND your home office (where you manage your Uber business, handle paperwork, etc.), you might be able to deduct a portion of your car-related expenses as home office expenses on Form 8829. This is a gray area that many tax professionals disagree on, but some argue that if you're using part of your vehicle space exclusively for business administration (keeping records, communicating with passengers, managing your driver account), you could potentially qualify for a home office deduction. This would be separate from your vehicle expense deduction. I'd strongly recommend consulting with a tax professional who has experience with unconventional living situations before claiming this, as it could trigger additional scrutiny. But it's worth exploring since traditional home office rules don't really account for people whose "home" is their business vehicle. Also, make sure you're tracking all your Uber-related expenses beyond just the car rental - phone bills, cleaning supplies for the car, phone chargers, etc. These small expenses add up and are legitimate business deductions.

I went through something very similar a few years back - owed about $72k to the IRS and it felt completely overwhelming. The fact that you're already on a payment plan and making consistent payments is huge, so don't underestimate that progress you've made. One thing that really helped me was requesting a Collection Information Statement review. Even though I was on a payment plan, my financial situation had changed since I first set it up, and I was able to get my monthly payment reduced from $2,100 to $1,400 based on updated income and necessary expenses. The IRS is more flexible than people think if you can document legitimate financial hardship. Also, definitely look into penalty abatement if you haven't already. I got first-time penalty abatement for some years and reasonable cause abatement for others, which knocked about $8,000 off my total balance. Even if you've had issues in the past, there might be specific circumstances that qualify for relief. Keep making those payments and stay in communication with the IRS - you're on the right track even though it feels like a mountain to climb right now.

I'm currently dealing with about $45k in IRS debt myself, so I really feel for your situation. One thing that's been a game-changer for me is setting up automatic payments for slightly more than my required amount - even an extra $50-100 per month makes a noticeable difference in how quickly the balance goes down, especially with all the interest that accumulates. Also, if you haven't already, make sure you're taking advantage of every possible tax credit and deduction going forward. I started working with a CPA who specializes in tax resolution, and they found several things I was missing that resulted in larger refunds which get applied directly to my debt. Last year alone, my refund was $4,200 more than I expected, which felt like a huge win when it went straight toward my balance. One more tip - if you ever face a genuine financial emergency that makes it impossible to make your payment, contact the IRS immediately rather than just missing payments. They're surprisingly willing to work with you if you communicate proactively rather than reactively. I had to do this once when I had unexpected medical bills, and they temporarily reduced my payment without penalizing me. Hang in there - you're already doing the hardest part by staying consistent with payments!