Thanks for this! I just checked Box 11F and there's nothing there. The only box with any significant number is the cost basis. So it sounds like I do need to amend, but it's not a huge rush?

That's right - with nothing in Box 11F, and if there's no income reported in Boxes 1-3, you're mainly just dealing with basis adjustments which won't likely change your tax due by much, if at all. You should definitely file an amendment when you can, but this isn't an emergency situation. The IRS generally expects K-1s to come in late, especially from these types of funds. Just make sure when you do amend that you include Form 8949 to report any adjustments to your basis in the investment.

This is actually really smart. I'm going to do this next year instead of filing and then having to amend when the inevitable late K-1 shows up.

Wouldn't hiring someone just for this purpose seem suspicious to the IRS? Like you're just trying to create a loophole? I wonder if that would hold up in an audit.

It's not about creating a loophole - it's about satisfying the specific requirements of the tax code. The IRS doesn't require that the presenter be a long-term employee. The key is proper documentation and following the letter of the law. The award must be for a legitimate business achievement, the presentation must be meaningful, and everything must be documented in corporate records. Having a third party involved actually strengthens the legitimacy since it creates the arm's-length transaction the IRS is looking for. My accountant has had several clients use this approach successfully through audits. Remember - tax avoidance (legal) is different from tax evasion (illegal).

The benefit can actually be up to $1,600 if it's part of a qualified plan, not just $400. Plus, remember this is completely tax-free to you as the recipient too, so you're saving both corporate and personal income taxes. That makes it more valuable than just the corporate tax savings. But I agree there are bigger fish to fry in C corp tax planning.

Thanks for suggesting this! I didn't know about the Taxpayer Advocate Service. Did you have to prove financial hardship, or is the identity theft itself enough reason for them to help?

The identity theft alone may not be enough - you need to demonstrate some kind of significant hardship. In your case, the home purchase being jeopardized should qualify. Make sure to include documentation about your pending home purchase and any deadlines you're facing when you submit Form 911. Include a copy of your purchase agreement or a letter from your lender explaining that the mortgage approval is contingent on resolving the tax situation. Be very specific about dates and financial consequences if your tax situation isn't resolved in time.

I second this approach. I worked for a congressional office years ago, and constituent services for federal agencies (especially IRS issues) was a big part of our work. The IRS has liaisons specifically for congressional inquiries, and they can often move things along much faster than going through normal channels.

Thanks for the clear explanation! That helps a lot. I was worried I'd have to fill out twice as many forms or something. One more question - does having two jobs ever push you into a higher tax bracket and make you owe more?

You're welcome! And yes, having two jobs can potentially push your total income into a higher tax bracket. This is because tax brackets are based on your total income from all sources combined. For example, if your first job paid $20,000 and your second job paid $15,000, your total taxable income would be $35,000 (minus deductions). The tax system would calculate your taxes based on that combined amount, which might put some of your income into a higher bracket than if you only had one job.

This!!! My roommate just got slapped with a $900 tax bill because of this exact situation. Both her jobs were withholding taxes as if they were her only income, so not enough was taken out overall. Now she's scrambling to find the money to pay the IRS.

Ugh, this is exactly what I'm worried about! I don't think either job knew about the other one. Is there any way to check if I'm going to owe money before I actually file? I definitely don't have extra cash sitting around right now for a surprise tax bill.

Wait seriously?? I just moved to California and started my business last year. Is this $800 tax for all business types or just certain ones? I'm a single-member LLC.

Yes, unfortunately California charges an $800 annual tax for LLCs, corporations, and partnerships regardless of whether you make a profit or not. Single-member LLCs are included. It's called the "minimum franchise tax" and it's basically the cost of doing business in California. If you're a sole proprietor (no formal business entity) then you don't have to pay it. But as soon as you form an LLC or corporation, you're on the hook for $800 annually. TurboTax should catch it during the state filing portion, but sometimes it's easy to miss if you're not looking for it.

I did both TurboTax and FreeTaxUSA this year just to compare. The federal tax amount was within $50 between the two, but TurboTax found more state deductions for me. The self-employment calculation was identical though - they all use the same IRS formulas for that part.