Has anyone experienced Robinhood being late with their 1099s? Last year they said mid-February but I didn't get mine until almost March 1st!

I'm dealing with a similar situation and wanted to share what I learned from calling my tax preparer. They told me that crypto platforms like Robinhood often have slightly different cost basis calculations than what you might track manually, especially if you made multiple buys and sells of the same crypto. The 1099-B will show the "proceeds" (what you received when you sold) and the "cost basis" (what the platform calculated you originally paid). Sometimes their wash sale adjustments or FIFO/LIFO calculations can be different from your spreadsheet. My advice would be to wait for the official forms. I know it's tempting to file early, especially with all those TurboTax reminders, but the peace of mind is worth the extra few weeks. Plus, if you're getting a refund, the IRS processes returns pretty quickly once they start accepting them in late January anyway. One thing that might help - you can set up an account on the IRS website and check if Robinhood has already submitted your 1099 information electronically, even before you receive the physical/electronic copy.

8 Has anyone used TurboTax to handle a 1099-C situation? I got one too and have no idea where to even report this in the software.

This sounds really frustrating! I had a similar situation last year where I got a 1099-C that didn't make sense at first. A few things to check: First, look at the creditor name on the 1099-C - sometimes it's not the original credit card company but a debt buyer or collection agency that you might not recognize. The "medical" categorization could be because you used that credit card for medical expenses at some point, even if it wasn't exclusively for medical purposes. Also, double-check your records to make sure you paid the full original balance and not a settled amount. Sometimes people think they paid in full but actually accepted a settlement offer without realizing it. If you're certain you paid the debt in full, you'll want to dispute this with the issuing creditor. Get documentation of your payment and request they issue a corrected 1099-C. In the meantime, you might need to report it on your taxes but include a statement explaining the situation until you get it resolved. Keep all your payment records handy - you'll likely need them whether you're disputing with the creditor or explaining to the IRS.

Have you checked if you can still file electronically? As of February 15, 2024, the IRS opened electronic filing for Form 1040-X, which would process much faster than paper. I'd recommend filing the amendment by March 31st to ensure it's processed before the April tax deadline. If you wait until after April 15th, even though you're allowed to amend within 3 years, it could complicate matters if you have marketplace coverage for 2024 as well.

I went through something very similar last year! The key thing to remember is that receiving your 1095-A late is actually pretty common - the marketplace has until January 31st to send them out, but many arrive even later. Here's what I learned from my experience: First, don't panic about getting your refund already. The IRS won't claw it back immediately. You have time to file the amendment properly. For the amendment process, you'll need to: 1. Complete Form 8962 using all the information from your 1095-A 2. Calculate whether you're entitled to additional credit or need to repay some 3. File Form 1040-X with Form 8962 attached The $445 could go either way depending on your income and whether you received advance payments during 2023. At your income level mentioned in other comments, you're likely in a good position regardless. I'd definitely recommend filing electronically if possible - it's much faster than paper. My amendment last year took about 12 weeks to process when I filed it in March. Just make sure to keep copies of everything and don't stress too much about it!

Been thru this twice now. IMO the key is keeping good records. If u have a healthcare.gov acct, login and download a fresh copy of ur 1095-A. The IRS is usually just checking that the APTC (advance premium tax credit) matches what the marketplace reported. Btw if there's a mismatch, don't panic - sometimes the marketplace issues corrected forms in Feb/March that u might have missed.

I handle these verifications for clients regularly. Here's what you need to know: • The 1095-A verification is standard procedure when you claim Premium Tax Credits • You can submit a copy (not original) of the form • The marketplace (healthcare.gov or state exchange) can provide a replacement • Submit via IRS online account for fastest processing • Include your notice number on all correspondence • Keep proof of submission (confirmation number or delivery receipt) The IRS is primarily checking that Box 33A (monthly premium amounts) matches their records.

One thing nobody's mentioned - if you think you might want to do a Roth conversion ladder in the future, you might want some of your money to be employee contributions. Employer contributions are always traditional (pre-tax), but employee contributions can be either traditional or Roth. Just something to think about for long-term planning.

This is such a common question for single-member LLCs! I went through this exact same decision process last year. Here's what I learned after consulting with both my CPA and a retirement plan specialist: The key insight is that as a single-member LLC, you're actually subject to self-employment tax (15.3%) on your net business income. Employee deferrals reduce your income tax but NOT the self-employment tax. Employer contributions reduce BOTH income tax AND self-employment tax. So if you're planning to contribute around $15k total this year, doing it all as employer contributions would likely save you more money overall - potentially an extra $2,295 in self-employment tax savings (15.3% of $15k). However, there's one timing consideration: employer contributions must be based on your actual net self-employment earnings for the year, and you can't contribute more than 25% of that amount. Employee deferrals give you more flexibility to contribute throughout the year regardless of how your business performs. My recommendation: if your business income is relatively predictable and you're confident you'll have enough net earnings to support the employer contribution percentage, go that route for maximum tax savings.