Anyone know how Cash App handles retirement contributions? I have a SEP IRA and traditional IRA and want to make sure it calculates my deductions correctly.

I've been using Cash App Taxes for two years now and overall it's been solid for my situation. The biggest advantage is obviously that it's completely free - no hidden fees or upsells like you get with other services. The interface is pretty intuitive and it imported my W-2 and 1099 info without issues. One thing to consider is the customer support limitation that others mentioned. Last year I had a question about reporting some freelance income and it took forever to get help. The FAQ section covers basics but if you run into anything unusual, you're pretty much on your own. Also worth noting - if you're used to TurboTax's extensive error checking and advice features, Cash App is more bare-bones. It'll catch obvious mistakes but doesn't provide the same level of guidance on tax optimization strategies. For straightforward returns though, it gets the job done and saves you a good chunk of money.

Has anyone tried the Drake tax prep training course? I've heard mixed things but it's cheaper than some of the other options.

Great question! I was in your exact situation two years ago - no degree, tight budget, but determined to break into tax prep. Here's what worked for me: 1. Start with the IRS PTIN registration (about $50/year) - you'll need this regardless of which path you choose. 2. I highly recommend starting with VITA training as someone else mentioned. It's completely free and gives you hands-on experience. I volunteered at a local community center and prepared about 50 returns my first season. The experience was invaluable. 3. While doing VITA, I simultaneously took an online tax course through Penn Foster (around $800) which was self-paced and covered everything from basic individual returns to small business taxes. Way more affordable than traditional college. 4. After my first tax season, I applied for the AFSP and started working part-time at a local CPA office during off-season doing bookkeeping and basic prep work. 5. Now I'm studying for the EA exam using Gleim materials (expensive but thorough) and should have my credential by next year. The key is gaining practical experience while building your knowledge. Don't feel pressured to get everything at once - build gradually and let each step fund the next one. Most clients care more about your competence and communication skills than your educational background. Feel free to ask if you want specifics about any of these steps!

Something nobody's talking about - did you sell the house within a year of inheriting it? If not, make sure you're looking at the long-term capital gains rate for the house sale, which is usually more favorable. And don't forget to adjust your basis for any improvements you made before selling!

Just to add another perspective - if you're worried about documentation for the furniture sales, consider creating a simple spreadsheet now while the details are still fresh in your memory. List each item (or group of similar items), approximate date sold, sale price, and your best estimate of fair market value at inheritance. For regular household furniture that's been used, the fair market value is typically much lower than original purchase price. Think about what someone would reasonably pay for used furniture at a garage sale or on Facebook Marketplace - that's probably close to the stepped-up basis value you inherited. Since you mentioned getting around $3,800 total and it was all regular household items, you almost certainly sold everything at or below the stepped-up basis values, meaning no taxable gains to report. But having that documentation organized will give you peace of mind and be helpful if you ever need to reference it later.

Has anyone actually received IRS confirmation after paper filing a 1065? We sent ours certified mail 5 weeks ago to the Ogden address and the tracking shows it was delivered, but I'm paranoid that we'll somehow get hit with "you never filed" penalties later.

Just wanted to add that the IRS actually does process paper Form 1065s much slower than electronic filings - typically 8-12 weeks versus 2-3 weeks for e-filed returns. So don't panic if you don't hear anything for a while after mailing. One tip I learned the hard way: make sure you sign and date the form in blue ink, not black. The IRS scanning equipment apparently has trouble distinguishing black ink signatures from photocopied signatures, which can delay processing. Also double-check that you've included Form 8832 if you're electing partnership tax treatment for your LLC - that's a common oversight that can cause headaches later. Good luck with your filing! Paper filing definitely works, it just takes patience.

Anyone else have this weird situation where the addition to basis from WHFIT is actually HIGHER than the dividends you received? My Schwab S&P fund paid like $340 in dividends but then had a $412 addition to basis. Seems odd.

I had this exact same thing happen with my Vanguard index fund this year! The "Addition to basis from WHFIT reporting" caught me completely off guard too. After doing some research, I found out that WHFIT (Widely Held Fixed Investment Trust) is just a tax classification that many mutual funds and ETFs fall under. What's happening is that your fund had certain expenses or undistributed income that gets added to your cost basis instead of being paid out as a taxable distribution. This is actually beneficial because it increases your basis without creating a current tax liability. When you eventually sell your shares, you'll calculate your capital gain using this higher adjusted basis, which means less taxable gain. You definitely don't need to amend previous returns - this adjustment only affects your basis going forward. Just make sure to keep good records of these basis adjustments for when you file in future years. Most tax software like TurboTax should handle this correctly when you input the information from your 1099-COMPOSITE form.