Has anyone tried calling USO directly? I had a similar issue with Enterprise Products Partners last year, and when I called their investor relations department, they were able to email me a preliminary tax worksheet that had most of the numbers I needed.

I went through this exact situation last year with my USO shares! After hours of research and calling around, here's what I learned: USO typically releases their tax package (preliminary K-1 info) on their investor relations website around late March/early April, but the official K-1 doesn't come until September or October. I ended up using their preliminary numbers to file on time, and when the actual K-1 arrived, the differences were minimal - mostly just rounding differences and some minor adjustments. The key is to check their website frequently in the coming weeks. One thing that really helped me was keeping detailed records of all my USO distributions throughout 2024, because those numbers usually match pretty closely with what ends up on the K-1. If you have your brokerage statements, you can use those distribution amounts as a starting point for estimates. The $10k penalty your wife mentioned is likely related to foreign partnership reporting (Form 8865), but USO is a US partnership, so that shouldn't apply here. The penalties for incorrect partnership reporting are usually much smaller and based on actual tax underpayment. My recommendation: Check USO's investor relations page daily, use any preliminary info they provide to file by the deadline, and amend if needed when the final K-1 arrives. It's way less stressful than dealing with extensions every year!

No one's mentioned the Streamlined Sales Tax Agreement! 24 states participate in this program to simplify sales tax compliance for remote sellers. It standardizes definitions, provides centralized registration, and offers amnesty options. If you register through the SSUTA, you can collect for all member states through one simplified system. Still need to deal with non-member states separately though.

This is such a timely discussion! I've been dealing with similar issues with my print-on-demand business. One thing that helped me was understanding that you need to look at your sales volume in each state first before panicking about conflicting rules. Most states have economic nexus thresholds around $100,000 in sales OR 200 transactions per year. If you're not hitting these numbers in a particular state, you likely don't have nexus there and don't need to collect their sales tax at all - regardless of whether they're origin or destination based. For Texas sellers specifically, you only need to apply Texas origin-based rules to sales within Texas. For out-of-state sales, you follow the destination state's rules IF you have nexus there. If you don't have nexus in the destination state, you typically don't collect any sales tax on that transaction. I'd recommend doing a nexus analysis first to see which states you actually need to worry about. It's probably fewer than you think! Then you can focus your energy on getting compliant in just those states rather than trying to figure out rules for everywhere.

The IRS is so broken this year istg. Everyone I know is having issues with their returns 🤮

This transcript pattern is actually quite common and not something to panic about. The "Head of Household" filing status showing up with blank financial fields is the IRS system's way of maintaining a record structure even when no return data has been processed yet. A few things to check: 1. Verify with TurboTax that your return was successfully transmitted (you should have received a confirmation email) 2. Check if you had any rejection notices that might have been missed 3. Make sure all your personal info (SSN, name, address) matches exactly what the IRS has on file The $0.00 balances everywhere are normal for this situation - it's essentially a placeholder account. If you e-filed recently and it's been less than 21 days, I'd wait a bit longer. The IRS is still catching up from the holidays and early filing season rush. If it's been more than 3 weeks since you got your acceptance confirmation from TurboTax, then definitely call the IRS. But honestly, this looks like a standard "return in processing" transcript to me.

Has anyone else noticed that TurboTax seems to handle the basis calculation differently than H&R Block software? When I had almost this exact same situation last year (contribution then loss before conversion), TurboTax carried forward the basis correctly, but when my brother used H&R Block, it seemed to miscalculate the basis after the loss. Just wondering if others have seen this?

I went through this exact same situation two years ago and it was so confusing at first! Your tax software is correct - that $200 on line 14 of Form 8606 represents your remaining basis in Traditional IRAs that carries forward to future years. Think of it this way: you put $7,000 of after-tax money into the Traditional IRA, but only converted $6,800 worth of value. The IRS recognizes that you still have $200 of "basis" (money you already paid taxes on) that wasn't converted yet. This $200 doesn't disappear - it's like a credit that reduces the taxable portion of any future Traditional IRA distributions or conversions. So if you do another backdoor Roth next year, that $200 will be added to your new contribution for basis calculation purposes. It's actually a small silver lining to the investment loss since it means less taxable income on future conversions. Just make sure to keep good records of your Form 8606 each year so you can track this basis properly!

Doesn't this also depend on whether the medical practice is an S-corp or sole proprietorship? I thought the rules were different.

Just want to add that timing matters a lot here too. Since your sister just purchased the building last year, she needs to be careful about how she handles the transition. If she's been using it for business since purchase, she should have been taking depreciation deductions on her Schedule C already. If she decides to go the separate entity route (like the LLC approach mentioned above), there could be tax implications for transferring the property from personal ownership to the LLC. This might trigger capital gains or other issues depending on how much the property has appreciated. Also, make sure she's aware of the passive activity loss rules if she goes with rental income - these can limit her ability to deduct losses from the rental property against her active medical practice income. The rules are pretty complex and depend on her level of participation in managing the property. Definitely worth getting professional advice before making any structural changes, especially since she's doing well financially. The wrong move could end up costing more than the potential tax savings.