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StarSailor
I went through this exact situation last year. What I learned is that the Premium Tax Credit (PTC) is generally more valuable than the self-employed health insurance deduction for most people. The PTC directly reduces your tax bill dollar-for-dollar, while the deduction just reduces your taxable income (so its value depends on your tax bracket). That said, I did a calculation both ways. I figured out what my taxes would be if I: 1) Took the full PTC and no deduction, and 2) Took no PTC and the full deduction. Option 1 saved me about $1,700 more than option 2. But your situation might be different depending on your income level and premium amounts. That's why I recommend running the numbers both ways.
Don't you still have to report and reconcile the Advance Premium Tax Credit though? I don't think skipping it is even an option if you received APTC during the year, is it?
StarSailor
ā¢You're absolutely right. If you received advance payments of the premium tax credit (APTC) during the year, you must file Form 8962 to reconcile those payments regardless of which approach you take. What I meant was calculating your taxes both ways - taking the full PTC you're entitled to and deducting only premiums not covered by the PTC, versus repaying the APTC you received and deducting your full premiums as self-employed health insurance. But reconciling the APTC is mandatory either way.
Ava Garcia
Does anyone know if TaxSlayer handles this correctly? I'm stuck at the same screen as OP. My health insurance premiums were $8,450 for the year, and my APTC was $5,210. So I paid $3,240 out of pocket. But TaxSlayer is asking me to choose between premium tax credit or self-employed health insurance deduction and I don't know which to pick!
Miguel Silva
ā¢I used TaxSlayer last year with a similar situation. You need to first complete the entire ACA/1095-A section with all your information from the Marketplace. Then when you get to the self-employed health insurance section, only enter the amount you actually paid out-of-pocket ($3,240 in your case). TaxSlayer isn't super clear about this but it does work correctly if you enter it that way.
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Aisha Khan
There's another important consideration here beyond just the basis. When you contribute property to a partnership without receiving additional partnership interest, it's technically treated as a "disguised sale" unless it meets certain exceptions. If the partner is being relieved of debt or getting some other benefit, that could change how this contribution is viewed by the IRS. You should check Section 707 of the tax code to make sure this contribution isn't inadvertently treated as a sale rather than a contribution.
Diego Vargas
ā¢I don't think there's any debt involved with this laptop - he paid for it outright when he bought it. Are there other "benefits" besides debt relief that could make this look like a disguised sale to the IRS? The partnership would just be using the laptop, not paying him anything or giving him extra equity.
Aisha Khan
ā¢There are a few other scenarios that could trigger disguised sale treatment. If the partnership is going to make distributions to the contributing partner within a short period after the contribution, the IRS might view these as connected transactions. Another issue would be if the partnership is assuming any obligations related to the laptop (like a service contract). In your case, it sounds straightforward with no debt, no distributions, and no additional equity, so you're likely fine. But it's always good to document the business purpose for the contribution in your records to show it's not part of a disguised sale arrangement.
Ethan Taylor
Has anyone used TurboTax Business to handle partnership asset contributions? We're a small partnership and do our own taxes, but I'm not sure if the software asks the right questions to handle this properly.
Yuki Ito
ā¢I used TurboTax Business last year and it did walk through contributed assets. Make sure you enter the original cost basis of the property when prompted, not the current fair market value. The software should guide you through Section 704 compliance and creating the right asset entries.
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Vera Visnjic
Quick tip - I've used CashApp Taxes for two years now and sometimes the main summary screen doesn't show every detail even when the calculations are correct. If you're worried, you might want to check the actual tax forms it generates in the "preview" or "review" section before filing. That should show Form 1040 Schedule 1 and will indicate how the 1099-K was handled.
Does CashApp Taxes have an option to include a written explanation with your tax return? I have a similar issue but with Etsy sending me a 1099-K for personal items I sold at a loss.
Vera Visnjic
ā¢Yes, CashApp Taxes does have an option to add explanations or notes to your return. When you're in the final review stage before filing, there should be a section for "Additional Information" or "Notes" where you can add explanations for unique situations. For your Etsy situation, you'd want to note that these were personal items sold at a loss, not a business activity, which is similar to the original poster's reimbursement scenario. CashApp Taxes isn't as robust as some paid options, but it handles most common situations pretty well if you know where to look for these features.
Has anyone compared how different tax software handles 1099-K corrections? I'm in a similar situation but using TurboTax and wondering if I should switch.
Honorah King
ā¢I've tried both TurboTax and H&R Block for this exact issue. TurboTax actually has a clearer interface for handling incorrect 1099-Ks. It lets you specifically mark personal payments vs business income. H&R Block works too but requires more clicking around to find the right options.
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Has anyone compared the returns between stable value funds and treasury bills for cash parking in retirement accounts? I'm currently using my 401k's stable value option (yielding about 3.1%) but wondering if treasuries would be better since rates have gone up.
In my 401k I've been using a treasury fund for cash parking and it's currently yielding about 3.8% which beats most stable value funds I've seen. The advantage of treasuries in the current environment is they respond faster to rate changes. The downside is there can be some minor NAV fluctuation vs stable value funds which maintain stable principal.
Thanks for that insight! Do you see much day-to-day fluctuation in the NAV with your treasury fund? I'm pretty conservative with this portion of my savings so stability is important, but that extra 0.7% yield is pretty significant too. I'm guessing the stable value fund will eventually catch up to current rates, but seems like they lag quite a bit based on what you're saying.
I'm curious what everyone thinks about just using a traditional money market fund inside a 401k for cash parking. My plan offers one yielding about 4.2% right now which seems pretty competitive. Is there any reason NOT to use this approach?
Ethan Scott
ā¢Money market funds are solid for cash parking in retirement accounts. The 4.2% yield is quite good actually. The main thing to check is the expense ratio - some 401k plans offer money market funds with ridiculous fees that eat into that headline yield. Also, if you don't mind sharing, which fund is offering 4.2%? Most I've seen are in the 3.5-3.8% range.
LunarEclipse
I work in real estate and deal with tax liens regularly. One option nobody's mentioned is asking your title company if they can facilitate a partial release through escrow. Many title companies have relationships with the IRS and can handle this as part of closing. Essentially, they'll work with the IRS to agree that a specific amount of the proceeds will go directly to satisfy the tax debt, and the remainder can go to you. This is sometimes easier than trying to get the discharge yourself, as the title company does this routinely. Ask your realtor to connect you with their preferred title company and specifically ask if they have experience with IRS lien releases. Not all do, but the larger companies usually have a specialist.
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Yara Khalil
ā¢Our title company refused to handle this when we had a lien. They required a full release before closing. Maybe it varies by state or company?
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Keisha Brown
One thing to watch out for - make sure you're addressing BOTH your federal and state tax liens. People often focus on the IRS lien and forget that the state lien needs separate handling. Each state has different procedures for releasing their liens. I learned this the hard way when my closing was delayed because we'd handled the federal lien but overlooked the state lien process. In my case (California), the state actually required full payment before they'd release anything, while the IRS was more flexible. You might need to contact your state tax agency directly to find out their specific requirements for releasing a lien for a property sale.
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