Has anyone used TaxSlayer Pro? I'm seeing a lot of ads for it lately and the price point seems more reasonable than some of the others.

This is such great timing for your question! I actually made the jump from corporate accounting to tax prep about three years ago and it's been one of the best decisions I've made. A few things I wish I'd known starting out: First, don't underestimate how different individual tax prep is from what you're used to. The technical knowledge translates, but you'll be dealing with a completely different set of forms, credits, and client situations. I'd strongly recommend getting some formal training - even just a basic individual tax course will save you tons of time and potential headaches. For software, I started with TaxAct Professional and found it pretty user-friendly for beginners. It's less expensive than some of the bigger names but still handles most situations you'll encounter starting out. The key is picking something with good customer support since you'll have questions. One practical tip: Start charging appropriately from day one, even with friends and family. I made the mistake of doing returns too cheaply at first, and it was hard to raise prices later. Even if you're learning, your CPA credentials have value. You're definitely not too late for the 2025 season - I'd say you have the perfect amount of time to get trained and set up. The busy season doesn't really start until late January anyway. Good luck!

Has anyone used the IRS withholding calculator on their website? I found it super helpful for making sure I'm withholding the right amount. You need your last paystub and last year's tax return to use it effectively.

I've been in a similar situation with payroll provider changes messing up withholding amounts. One thing that helped me was double-checking that my new payroll system correctly imported all my W-4 information from the old system. Sometimes when companies switch providers, certain fields don't transfer properly. For your specific situation - $143k married filing jointly with semi-monthly pay - the withholding amounts others mentioned ($700-900 range) sound about right, but your $610 might not be drastically off depending on your exact W-4 setup. The key thing is making sure you don't owe a big chunk at tax time. I'd recommend running your numbers through the IRS withholding calculator mid-year to make sure you're on track, especially since you mentioned the payroll change. Better to catch any issues now than get surprised next April!

Also make sure you're using the correct year's TurboTax software! If you accidentally started your return in last year's version (2023), it might be telling you to wait until "next year" (meaning 2024) because the withdrawal date you entered is in 2024. The version of TurboTax you should be using right now for a 2024 1099-R is the 2024 version (which would typically be labeled as TurboTax 2024, for filing in 2025).

Based on what you've described, you definitely need to report this 1099-R on your 2024 tax return. The key rule is that retirement distributions are reported in the tax year shown on the 1099-R form, regardless of when you requested the withdrawal. Since you mentioned this was a complete cash-out (not a rollover) and the form is dated 2024 with distribution code 7, this is a straightforward taxable distribution that belongs on your 2024 return. The TurboTax issue is likely one of two things: either you accidentally answered a question suggesting it was a rollover, or there's a glitch in the software's interview process. I'd recommend deleting the entry completely and re-entering it from scratch, being very careful to indicate that you kept the money rather than rolling it over. If the software continues to give you the wrong guidance after re-entering, that's definitely a software error and you should contact TurboTax support. Don't let the software convince you to delay reporting this - the IRS expects to see this 1099-R on your 2024 return since that's what your financial institution reported to them.

Just wanted to add my experience since I went through this exact situation last year with my daughter. I paid her $425 for social media help with my consulting business. I ended up putting it on line 48 (Other expenses) with the description "Contract services - family member" after consulting with a CPA. The reasoning was that it provides clearer documentation for the IRS about the nature of the payment, especially since no 1099 was issued. One thing I learned that might help others - make sure you and your daughter are consistent about how you both report this. I reported it as a contractor payment on my Schedule C, so she needed to report it as self-employment income on her Schedule C (even though it was under $600). The IRS can cross-reference these if they want to, so consistency is key. Also, even without a formal contract, I created a simple written record of what work she did and when, along with copies of her deliverables (social media posts, graphics she made, etc.). This gave me solid backup documentation in case of questions later. The amount doesn't matter for deduction purposes - you get the same $387 deduction whether it goes on line 11 or line 48. It's really just about clear documentation and making sure both parties report consistently.

I've been dealing with similar questions about family member payments for my home-based business. One thing that helped me was understanding that the IRS doesn't really care which line you use (11 vs 48) as long as the expense is legitimate and properly documented. What I found most important was creating a clear paper trail. Even for small amounts like your $387, I recommend: 1. Write up a simple agreement or work order describing what your daughter did 2. Keep records of when the work was performed 3. Document how you paid her (check, Venmo, etc.) 4. Have her create basic invoices for the work The "Other expenses" approach on line 48 with a description like "Contract services - family member" or "Freelance work - under $600" seems to be the preferred method among tax professionals I've spoken with. It's more transparent and less likely to raise questions since you're clearly indicating this was a small contractor payment that didn't require a 1099. Just make sure your daughter reports it correctly on her return. If this was her only freelance income and she's not running a regular business, she might be able to report it as "Other income" instead of setting up a whole Schedule C, which could save her from self-employment taxes.

Quick tip: If you do decide to amend, make copies of EVERYTHING before sending it in. I had an amended return get "lost" by the IRS last year and had to resend the whole package. Also, if you mail it, use certified mail with tracking so you have proof it was delivered!

Just wanted to chime in as someone who went through this exact situation a couple years ago! I missed claiming about $400 in student loan interest and ended up amending to get back around $85. Here's my honest take: Yes, absolutely do it! Not just for the money (though $69 is definitely worth it), but also because it's great practice for understanding the tax system better. The amendment process taught me so much about how deductions actually work. One thing I'd add to the great advice already here - when you're filling out the 1040-X, the form asks you to explain the changes you're making. Be specific but concise. I wrote something like "Adding previously unreported student loan interest deduction of $381 per Form 1098-E" and attached a copy of my 1098-E form. Also, don't stress too much about making it perfect. The IRS will contact you if they need clarification on anything. Good luck with your first amendment - you've got this! 😊