16 I'm in the exact same situation and my accountant advised something different than what others are saying here. He told me that since I own more than 2% of the S-Corp, health insurance has to be handled as additional compensation on my W-2, then I deduct it as self-employed health insurance on my personal taxes. He said S-Corps can't use QSEHRA for owners with >2% ownership. Is this right??

As someone who's been through this exact scenario, I can confirm what others have mentioned about the >2% shareholder rules. The key thing to remember is that even though the reimbursements have to go through your W-2 as taxable wages, you still get the tax benefit through the self-employed health insurance deduction on Line 16 of Schedule 1. One thing I'd add that hasn't been mentioned - make sure you keep detailed records of the actual premium amounts your spouse's employer deducts from their paychecks. The IRS may want to see that the reimbursements from your S-Corp don't exceed the actual premiums paid. Also, the reimbursement timing matters - you generally need to reimburse in the same tax year the premiums were paid. The formal plan documentation is absolutely critical. I learned this when helping a friend who got audited - the IRS disallowed all their health insurance deductions because they couldn't produce the required corporate resolutions and plan documents, even though they had been reporting everything correctly on their tax returns.

The 846 code with a 2/10 date is definitely a good sign! That's your official refund issued date. Since you mentioned having to amend paperwork earlier, I totally understand the extra anxiety - I went through something similar last year when I had to correct my filing status. A few things that might help ease your mind: • The 846 code is one of the most reliable indicators in the whole process • Most banks process IRS direct deposits overnight, so you'll likely see it early morning on 2/10 • Since your transcript already updated for cycle 3, you're past the major processing hurdles • Amended returns can cause delays, but once you see that 846 code, those delays are behind you I'd recommend setting up account alerts with your bank so you get notified the moment it hits. The waiting game is brutal, but you're basically at the finish line now. Keep an eye on your transcript for any new codes, but honestly, once you have that 846 with a date, it's pretty much a done deal!

The 846 code with 2/10 date is great news! That's your official refund issued date from the IRS. Since you filed on 1/31 and had to amend paperwork (which can definitely add stress), seeing that 846 code means you've cleared all the processing hurdles. Here's what to expect: • Your refund will be released by the IRS on 2/10 • Most banks process IRS deposits overnight, so you'll likely see it early morning on 2/10 • Some banks may hold it 1-2 business days, but many make IRS refunds available immediately • Keep checking your transcript until the money hits - just to be safe I totally get the anxiety after having to amend things! I went through something similar and was constantly second-guessing everything. But once you see that 846 code with a specific date, you're basically home free. The IRS is pretty reliable with those dates once they commit to them. Set up mobile alerts with your bank if you can - there's nothing like getting that notification that your refund has arrived! You're almost there!

This is exactly the kind of strategic thinking that can save thousands in taxes! Based on your timeline, I'd strongly recommend setting your fiscal year to end July 31st. This would capture that May expense and July income in the same tax year, then you can handle the post-October expenses in the following fiscal year. One additional consideration - since you're expecting more income after October, you might want to plan distributions to beneficiaries before your fiscal year ends (July 31st in this scenario) to shift the tax burden to their likely lower individual tax rates. Remember, estates hit the top 37% bracket at just $14,450 of income, while individuals don't reach that rate until much higher income levels. Also, don't forget to consider any state-specific estate tax requirements in addition to federal. Some states have their own rules that might affect your timing decisions. Have you calculated roughly how much taxable income the estate will have? That might help determine the optimal distribution strategy alongside your fiscal year choice.

As someone who just went through estate administration myself, I can't stress enough how important it is to get this fiscal year decision right from the start. You're absolutely on the right track thinking strategically about this. One thing I learned the hard way - document everything meticulously when you make your fiscal year election. Keep records of when each income item was received and when expenses were incurred. The IRS can be very particular about the timing, especially if they ever audit the estate return. Also, since you mentioned expecting more income after October, consider whether any of that income might be recurring (like rental income, dividend payments, etc.). If so, you'll want to factor that into your long-term tax planning strategy beyond just this first fiscal year. Have you considered consulting with a CPA who specializes in estate taxation? Given the complexity of balancing the fiscal year choice with distribution timing and the relatively compressed estate tax brackets, the cost of professional advice often pays for itself in tax savings. Plus, they can help ensure you're not missing any deductions that estates are entitled to claim.

I just went through this exact situation this past tax season and wanted to share my experience. Like you, I received several W-2Gs throughout the year but was net negative overall from my casino visits. The most important thing I learned is that the win/loss statement is NOT what determines your tax liability - it's purely supporting documentation. You must report every dollar from your W-2Gs as income, period. The IRS already has copies of those forms, so there's no way around it. Here's what really helped me: I calculated whether itemizing my deductions (including gambling losses) would be more beneficial than taking the standard deduction. In my case, I had mortgage interest and charitable donations that, combined with my gambling losses, pushed me well over the standard deduction threshold. This allowed me to offset my gambling winnings with my losses. However, if you don't have enough other itemized deductions, you could end up in the unfortunate situation of paying taxes on winnings while being unable to deduct your losses. This is why keeping detailed session logs throughout the year is crucial - not just for substantiating your losses, but for making informed decisions about your gambling activity from a tax perspective. My advice: Start keeping meticulous records now for next year, and definitely consult with a tax professional who understands gambling taxes. The rules are more complex than most people realize.

I went through this exact same confusion when I started gambling more frequently and getting W-2Gs. The biggest misconception I had was thinking the win/loss statement somehow "netted out" my taxes - it doesn't work that way at all. Here's the reality: Every W-2G you received must be reported as income on your tax return, even if you're down overall for the year. The IRS already has copies of those forms, so they know about every jackpot you hit. Your win/loss statement showing you're down $3,800 doesn't change the fact that you still have taxable income from those W-2Gs. The good news is you can potentially deduct your gambling losses, but only if you itemize deductions on Schedule A, and only up to the amount of your gambling winnings. So if your W-2Gs total $2,000 and you lost $3,800 overall, you can deduct up to $2,000 in losses - but only if itemizing makes sense for your overall tax situation. This is where it gets tricky for casual gamblers. If your total itemized deductions (including gambling losses, mortgage interest, charitable donations, etc.) don't exceed the standard deduction, you're better off taking the standard deduction. But that means you pay tax on your gambling winnings with no offset for losses. My advice: Add up all your potential itemized deductions first to see if it's worth it, and definitely start keeping detailed session logs going forward. The win/loss statement helps, but the IRS wants to see your own contemporaneous records of each gambling session.

This is an incredibly useful guide! As someone who's relatively new to dealing with IRS issues, I really appreciate having these step-by-step navigation instructions laid out so clearly. I've been putting off calling about a question regarding my tax withholdings because the thought of getting lost in their phone system was so intimidating. One quick question - for the main customer service line, after you enter your SSN, does the system typically ask for any additional verification information like your filing status or AGI from your last return? I want to make sure I have all my documents ready before I call. Also, does anyone know if there are particular days of the week that tend to have shorter wait times, or is it pretty much always going to be a long hold regardless of when you call during tax season?

This is exactly what I needed! I've been struggling to reach the IRS about my 2023 tax return that shows a processing delay. The step-by-step navigation for the main customer service line is incredibly helpful - I've been making the mistake of not knowing which prompts to select and ending up in the wrong department. One thing I'd add is to have your Individual Taxpayer Identification Number (ITIN) ready if you don't have an SSN, as they'll accept that for verification too. Also, for anyone dealing with tax transcript requests, you can sometimes get faster service by calling 800-908-9946 directly rather than going through the main line. The automated system there can often provide transcript information without needing to speak to a representative, which saves time during peak season. Thanks for compiling this resource - it's going to save me so much frustration!