For organizing your K-1 records over multiple years, I'd recommend creating a master folder for the entire investment, then subfolders by tax year. Each year's folder should include your K-1, any supplemental statements, correspondence with the syndication, and copies of the relevant pages from your tax return where you reported the K-1 items. Also keep a running spreadsheet tracking your basis in the investment - this starts with your initial investment amount and gets adjusted each year by your share of income, losses, and distributions. You'll need this basis information when the property eventually sells to calculate your gain/loss correctly. For apartment building investments like yours, you should definitely qualify for the QBI deduction under the rental activity rules. Just make sure the syndication provides you with the qualified business income amount and the allocable W-2 wages in their Section 199A information (Code Z). One more thing - if your syndication issues any corrected K-1s later (which unfortunately happens sometimes), don't panic. Just amend your return again with the corrected information. The IRS understands that partnership tax reporting can be complex and corrections are common.

Regarding corrected K-1s, they typically come out within 30-60 days after the original K-1s if there are going to be corrections. Most well-organized syndications get it right the first time, but corrections can happen due to late-arriving information from property managers, final audit adjustments, or errors in calculations. Given that you're already running late on your amendment, I'd suggest reaching out to your syndication one more time (via email if phone isn't working) to ask specifically if they expect any corrections to the K-1s they've already issued. If they say no or don't respond within a few days, go ahead and file your amendment with what you have. The IRS understands that partnership investors are often at the mercy of when they receive their K-1s, and filing an amended return due to a corrected K-1 is a legitimate reason that won't cause any penalties. It's better to get your amendment filed than to keep waiting indefinitely. Also, since this is your first real estate syndication, you might want to consider working with a tax professional who has experience with partnership returns, at least for this first year. The complexity can be overwhelming, and having someone guide you through it can save you time and ensure you're not missing any deductions or making costly mistakes. Many CPAs offer consultation services specifically for K-1 issues during tax season.

Hey, just wanted to chime in with real numbers from my experience switching from W-2 ($75k) to 1099 ($103k) last year. After all the math, I'm taking home about $4,200 more per year as a 1099, but I'm working way more hours and don't have paid vacation anymore. For me, the biggest advantages were: 1. I can contribute over $30k to my Solo 401k vs the $20.5k limit I had as an employee 2. Being able to deduct my home office, new computer, software, and even part of my cell phone bill 3. Having more control over my schedule The biggest downsides: 1. Paying quarterly estimated taxes (easy to mess up) 2. No employer health insurance (I'm paying $487/month now on the marketplace) 3. Unpaid vacation and sick days 4. Constantly worrying about documentation for deductions

One thing to consider that hasn't been fully addressed is the stability factor. As a W-2 employee, you have some job protection and unemployment benefits if things go south. As a 1099 contractor, you can be let go at any time with zero notice and no unemployment safety net. I'd also recommend getting a solid contract in place that clearly defines the scope of work, payment terms, and termination clauses. Make sure you understand whether this is truly a contractor role or if you're just being misclassified to save the company money on benefits and payroll taxes. The $24k difference ($92k vs $68k) sounds attractive, but remember you'll lose employer-paid benefits like health insurance, 401k matching, paid time off, and potentially other perks. When I made a similar switch, I calculated that my employer benefits were worth about $18k annually, so factor that into your comparison. If you do decide to go the 1099 route, definitely set aside 25-30% of each payment for taxes immediately. Open a separate business checking account and treat it like it's not your money - because it's not, it belongs to the IRS!

Check your AGI too! I had this exact problem and discovered TurboTax was incorrectly applying a phase-out to my mortgage interest deduction because my income was over a certain threshold. The software was calculating it wrong though. If your Adjusted Gross Income is over $250,000 (married) or $125,000 (single), TurboTax sometimes incorrectly applies limitations. That might explain why it's disappearing when you add the second mortgage - the combined amount might be triggering some faulty logic in their calculations.

I'm a tax professional and I see this TurboTax issue frequently with clients who own multiple properties in the same year. The software often has trouble handling the transition from one primary residence to another, especially when there's overlap with mortgage interest reporting. Here's what I recommend: Go to the "Forms" view in TurboTax and look at your Schedule A directly. Check if both mortgage interest amounts are showing up there. If they are, but your total deduction is wrong, there might be an issue with how TurboTax is calculating the limitation based on your loan amounts or dates. Also, make sure you're not accidentally double-entering information. Sometimes people enter mortgage interest in both the "Home Mortgage Interest" section AND the "Investment Interest" section, which can cause the software to remove deductions to avoid double-counting. If all else fails, you can manually override the mortgage interest deduction on Schedule A. Just make sure you have proper documentation (your 1098 forms) to support the amounts you're claiming.

Has anyone asked their advisor about this issue? When I started my PhD program, my advisor warned me that I'd need to save about 20% of each stipend check for taxes because the university doesn't withhold on graduate fellowships.

This is a really common issue for grad students! Your university is likely classifying your teaching fellowship as a qualified scholarship or fellowship rather than wages, which is why there's no automatic withholding. However, the taxable portion of your stipend (anything above qualified educational expenses like tuition) is definitely still subject to income tax. Since you earned about $32k and only worked September-December, you probably had around $10-12k in taxable income for last year. You'll definitely want to set aside money for taxes on that amount. A few practical tips: 1. Ask your payroll department about voluntary withholding - most universities will let you request additional withholding even on fellowship payments 2. For this year, start making quarterly estimated payments using Form 1040-ES to avoid underpayment penalties 3. Keep detailed records of any qualified educational expenses (tuition, required fees, books) as these can reduce your taxable income 4. Look into the Lifetime Learning Credit - you might qualify even as a graduate student The good news is that since you have withholding from your previous job, you might not face penalties for last year if that withholding covers a significant portion of your total tax liability. But definitely get ahead of this for the current tax year!

Check your transcript for code 570 - that means a hold on your account. If you see code 971, that means they sent you a notice explaining whats happening. The combination usually means they're holding your refund for some reason. Pretty common during OIC.

I'm going through something similar right now - filed my OIC about 4 months ago and they've been holding my refund the entire time. What I learned from calling the OIC unit is that they automatically place a "freeze" on any refunds while your offer is being reviewed. The good news is that if your OIC gets accepted, those held refunds do count toward reducing your overall settlement amount, so you're not losing that money completely. If your OIC gets rejected, they should release the refund unless you have other tax debts they can apply it to. The waiting is brutal though - I totally get the desperation! Hang in there and definitely try calling that OIC number someone mentioned earlier to get a status update on your package.