Has anyone considered that using a professional for the first year might actually save money in the long run? I used TurboTax for my LLC for 2 years and then had a CPA review things the third year. Turns out I'd been missing several deductions that would have saved me about $4k in taxes over those years! Sometimes paying for expertise pays off.

I'm in a very similar boat - partnership K-1 with losses and a single-member LLC that actually made some money this year. I ended up going with TurboTax Business and it handled everything pretty smoothly. A few things that helped me: First, make sure you understand whether your partnership losses are considered "passive" or not on your K-1 - this affects how much you can deduct against your other income. Second, for your LLC, keep really detailed records of business vs personal expenses since that's where the IRS tends to look closely during audits. One thing I wish I'd known earlier - if your LLC income is substantial, you might need to make quarterly estimated tax payments next year to avoid penalties. TurboTax will calculate what you owe for next year's estimates when you file. The software definitely saved me money compared to a CPA, but like others mentioned, having someone review it the first time isn't a bad idea if you can swing it financially.

Amended returns are processed completely differently than regular returns. While a standard return might take 21 days, amendments go through a specialized department that handles them in order received. Unlike regular e-filed returns that are largely automated, amendments require manual review - similar to how paper returns are processed vs. electronic ones. If you're counting on this money for your Q2 estimated taxes, you might want to make other arrangements. Most contractors I know who've amended returns had to wait 12+ weeks before seeing any movement.

I'm going through this exact same situation right now! Filed my 1040X electronically about 6 weeks ago after discovering I missed claiming my home office deduction and some business equipment purchases. The waiting is absolutely brutal, especially when you need that money for estimated taxes. I've been checking the WMAR tool religiously, but it still just shows "processing." From what I've read in various forums, the IRS prioritizes regular returns during filing season, so amendments get pushed to the back of the line. It's frustrating that in 2024 we still can't get faster processing for what should be straightforward corrections. Has anyone had luck calling the taxpayer advocate service if the delay impacts your ability to pay quarterly taxes?

One thing nobody's mentioned - check if Colorado and Nevada have a reciprocal tax agreement! Some states have these agreements where you only pay tax to your home state even if you work in the other. Would simplify things if they do.

The property purchase itself won't automatically change your tax home status, but it's definitely something to be strategic about. I've been through a similar situation between Texas and California. Here's what I learned: owning property in Colorado creates another tie to that state, but it's not determinative by itself. The key is the "facts and circumstances" test - where are your strongest connections? Since you already have 75% work time in Colorado, that's already a significant factor. My advice: before buying, document everything that ties you to Nevada. Get a letter from your Nevada bank confirming your account history, keep records of family visits, maintain your Nevada voter registration and driver's license. Consider joining a Nevada-based organization or club if you haven't already. Also, when you do buy in Colorado, be clear about your intent. Don't change your mailing address to the Colorado property, don't register to vote there, and keep referring to it as your "work residence" rather than your "home" in any documentation. One more tip: consult with a tax professional who specializes in multi-state issues before making the purchase. The upfront cost of good advice is way cheaper than dealing with residency disputes later.

Has anyone checked if this might be related to the IRS's new verification requirements for 2023? They changed how they handle joint filers with ITINs and SSNs.

This ITIN-to-SSN transition issue is exactly what happened to us! My wife got her SSN in 2021 after having an ITIN, and we've been dealing with these verification problems ever since. I just called the ITIN unit at 1-800-908-9982 that Jessica mentioned, and they were able to see both numbers in their system but confirmed they weren't properly linked for e-file verification. The representative said this is becoming a huge issue this year because of the new verification requirements. They can update your records over the phone to link the ITIN and SSN, but it takes 2-3 business days to reflect in the e-file system. Much faster than waiting for an IP PIN or mailing everything in again. For anyone else with this issue - have your spouse's ITIN, SSN, and a copy of the year you first filed with the SSN ready when you call. They need to verify the transition happened legitimately.

Hey have any of y'all had issues with using Form 4562 in TurboTax? Im trying to switch from smart asset tracking to manual entry but the software keeps giving me different depreciation amounts when I try to do it myself vs what it calculates automatically. Super frustrating!

I've dealt with this exact TurboTax depreciation error before! The problem is usually in how TurboTax handles the business use percentage calculation during its validation process. When you enter an asset with partial business use, the software sometimes gets confused between the total cost and the business portion during the Federal Review. Here's what worked for me: Go back to your asset entries and instead of entering the full purchase price with a business use percentage, calculate the business portion manually first. For your printer, that would be $1,600 × 80% = $1,280, then enter $1,280 as the cost with 100% business use. This bypasses TurboTax's percentage calculation that seems to be causing the validation error. Also double-check that both assets are set to the same depreciation method (MACRS) and property class (5-year for both laptop and printer). Inconsistent settings between similar assets can trigger those cryptic error messages that cut off mid-sentence.