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One thing nobody has mentioned yet - make sure you're tracking the currency conversion rates for each payment! The IRS wants all amounts reported in USD, so you need to use the conversion rate from the date each payment was made. I learned this the hard way when I was audited for my Schedule C with international contractor expenses. I had just used an average conversion rate for the year, and that was a big no-no. Had to recalculate everything and ended up owing more due to conversion rate fluctuations.
Maya Patel
ā¢Oh wow, I hadn't even thought about the currency conversion documentation! Most of my payments have been through PayPal - do you know if their conversion rates are acceptable for IRS purposes? Or should I be using some official government conversion rate?
PayPal conversion rates should be fine as long as you have the documentation showing the actual USD amount that was charged to your account. The key is having records showing the exact USD amount paid on specific dates. If PayPal doesn't clearly show this (sometimes their reporting can be confusing), you can use the Treasury Department's official exchange rates or another reputable source like OANDA or XE. Just be consistent with whichever source you choose and keep documentation of the rates you used along with the dates of payment.
I disagree with some advice here. I've been commissioning international artists for years for my business, and I've never collected W-8BENs from them. My accountant told me it's only necessary if you're withholding taxes, which typically isn't required for services performed entirely outside the US. I just categorize them under "Contract Labor" on Schedule C and keep detailed payment records. No issues with audits so far.
Dangerous advice! The W-8BEN requirement isn't just about withholding - it's about properly documenting the status of who you're paying. Without it, you technically can't verify they're foreign persons exempt from US reporting requirements. Your accountant is taking a risk that might have worked out so far, but the IRS is increasing scrutiny of international payments. Just because you haven't been audited doesn't mean the approach is compliant.
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Has anyone tried filing for trader status themselves or do most people use a CPA? I use tax software for everything else but not sure it can handle this.
Mei Chen
ā¢I tried doing it myself with TurboTax and it was a disaster. Ended up hiring a CPA midway through. The software doesn't really guide you through the election process properly, and there are a ton of forms and schedules involved.
I actually did it successfully with H&R Block's premium online version. It was tricky, but they have a section specifically for business income that worked for reporting trader status. You need to file Schedule C for your trading business expenses and then make the Section 475(f) election with a separate written statement. The key is reporting it as a business, not just investment income.
If you're options trading, make sure you understand the special tax treatment for different types of options. Cash-settled index options (like SPX) are taxed as 60% long-term/40% short-term regardless of holding period under Section 1256. Regular equity options don't get this treatment. Some traders actually use a mix of Section 1256 contracts and regular options specifically for tax advantages. Might be worth looking into alongside the trader status election.
This is super important! I trade both SPX options and individual stock options, and the tax difference is huge. My SPX gains automatically get preferential tax treatment. Saved me about $11,000 last year by shifting more of my trading to index options.
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Amy Fleming
Credit Karma Tax has a bunch of limitations with certain forms. I switched to FreeTaxUSA this year and it automatically generated Form 5329 when I entered my 1099-R with distribution code 1. Much better experience and only cost $15 for state filing.
Alice Pierce
ā¢Did FreeTaxUSA help you identify any potential exceptions to the 10% penalty? Or did you have to figure that out yourself?
Amy Fleming
ā¢FreeTaxUSA actually walks you through all the possible exceptions during the interview process. It asks specific questions about how you used the money (education, first home purchase, medical expenses, etc.) and then determines if any exceptions apply. It also explains each exception with examples so you can better understand if your situation qualifies. I found it much more user-friendly than trying to interpret the IRS language on my own.
Esteban Tate
Just to clarify, Form 5329 has multiple parts and isn't just for early distributions. It's also used for excess contributions to IRAs, excess accumulations (not taking RMDs), etc. So depending on your situation, you might need different parts filled out.
That's a really important point! Last year I had both an early distribution AND I over-contributed to my Roth IRA. Had to fill out different parts of the same form.
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I'm a little late to this thread, but I wanted to add something important - there's a statute of limitations on requesting penalty abatement. You generally need to do it within 2-3 years of the penalty assessment. So definitely don't wait around if you're considering challenging this. Also, make sure you're working with the correct IRS department. Partnership penalties should be addressed to the "Pass-Through Entity" division, not just the general IRS address. This can speed up processing significantly.
Thanks for this info! Do you know if there's a specific form I should use for the abatement request? I've seen some mentions of Form 843 but I'm not sure if that's the right one for partnership penalties.
Yes, Form 843 "Claim for Refund and Request for Abatement" is the correct form for requesting abatement of partnership penalties. Be sure to fill out sections 1, 2, 3a, and 5 completely. In section 5, you'll want to clearly explain your reasonable cause or first-time abatement qualification. Attach any supporting documentation that backs up your explanation. This might include communications with your tax preparer showing they led you to believe they had filed an extension, or any other evidence that shows you acted in good faith. Send it certified mail so you have proof of submission.
Justin Chang
Has anyone had success getting these penalties reduced rather than fully abated? I'm in basically the same situation but I missed the deadline by only 2 months. I've heard the IRS sometimes will reduce rather than eliminate if they don't accept your full abatement request.
Grace Thomas
ā¢Yes! We had a $3,600 partnership penalty reduced to $1,200. Our situation was that we had filed 3 months late because our accountant had health issues. The IRS didn't fully accept our reasonable cause argument but did reduce it by 2/3. Make sure to ask specifically about partial abatement if they push back on a full waiver.
Ella Lewis
Random tax tip that might help others: Always round UP to the nearest dollar when making tax payments. The IRS allows this on forms, and it ensures you're never underpaid by cents. I've been doing this for 15 years and never had an underpayment issue.
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Andrew Pinnock
ā¢Does this actually work for electronic payments too? I always pay exact amounts when I do direct debit through tax software.
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Brianna Schmidt
What's even more ridiculous is that it probably cost the IRS more than $85 in employee time and resources to process this notice and handle your call. Talk about government inefficiency!
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