I tried that but I'm confused about which numbers to enter exactly. The form has so many different sections and I'm worried about double-reporting income or missing something. Does anyone have a simple guide for which boxes from the TD Ameritrade form correspond to which fields in TurboTax?

Look for the summary section on your TD Ameritrade 1099 that specifically mentions Section 1256 contracts. You'll need the "Profit or (Loss)" amount, which will be further divided into the 60% long-term and 40% short-term split. In TurboTax desktop, go to Federal → Income → Investment Income → Futures and 1256 Contracts. There will be fields specifically for entering these amounts. Make sure you're looking at the right tax year's form, and don't include any amounts that might have been reported elsewhere (like regular capital gains). TD Ameritrade usually provides good summaries at the beginning of each section that make it clear what goes where.

100% agree! I've used TurboTax for 7 years and every year it's like learning a new software. The desktop version is even worse - completely different workflow than the online version. I switched to FreeTaxUSA this year and it was way more straightforward with investment reporting, including Section 1256 contracts.

Thanks for the FreeTaxUSA suggestion, I might check that out next year. Did it handle the 60/40 split for Section 1256 contracts correctly? That's always been the trickiest part for me, making sure the long-term/short-term treatment is applied properly.

Thank you for this explanation! I think this is exactly what happened - we each used our own accounts thinking TurboTax would somehow combine them. So if we amend, should we just use my wife's account since her return was already accepted?

Yes, since your wife's return was already accepted, you should use her TurboTax account to prepare the amended return. You'll log into her account, locate her accepted return, and then select the option to amend it. When amending, you'll need to add all your income information, deductions, and credits to create a complete joint return. Make sure you have all your tax documents ready, including your W-2s, 1099s, and anything else relevant to your tax situation. TurboTax will guide you through the amendment process, but just remember you're essentially creating a new joint return that includes both of your information.

This! My husband and I accidentally filed separately last year and were about to amend until we realized we'd actually save about $1800 by staying with separate returns due to his income-based student loan situation. Definitely worth checking both scenarios.

I didn't even know tax court mediation was an option! How do you request it? Is there a specific form or process? And does it delay your actual court date if you try mediation first?

You can request mediation by contacting the IRS attorney assigned to your case. There's a form (can't remember the number offhand) that you submit to formally request it. Usually, they're pretty open to mediation because it saves them time and resources too. It typically doesn't delay your court date significantly because they'll schedule mediation well before your hearing. If mediation fails, your court case proceeds as planned. In my experience, the IRS attorney will reach out to you before your court date anyway to discuss possible settlement, so you might as well be proactive and suggest mediation yourself.

This is such good advice. My friend lost her case not because she was wrong, but because she couldn't find the right documents during the hearing and came across as unprepared. The judge even commented on it in his ruling.

Yeah, presentation makes a huge difference. Another tip: practice explaining your case out loud beforehand. My brother said he froze up initially because it's intimidating, but he'd practiced his explanations so much that he was able to get back on track. Also, be respectful and never interrupt the judge or IRS attorney. My brother said the judge was actually quite helpful in guiding him through the process, but he saw another self-represented person get on the judge's bad side by being argumentative and disorganized. That case did not end well for them.

I know credit card debt isn't ideal, but it happened after some medical expenses that weren't fully covered by insurance. I've actually been looking into balance transfer offers like you suggested. Do you have any recommendations for specific cards that have good 0% offers right now?

I don't want to recommend specific cards since offers change frequently, but look for cards offering at least 15 months at 0% APR on balance transfers. Pay attention to the balance transfer fee (usually 3-5% of the transferred amount) and factor that into your calculations. Credit unions often have personal loan rates significantly lower than credit card interest rates if the balance transfer doesn't cover everything. The key is to make a plan to pay off the debt during the 0% period, or you'll just end up back in the same situation when the promotional rate expires.

This is actually a really good point that I never thought about. The tax code is basically a list of things the government wants to encourage.

Exactly. Once you understand that the tax code is more about shaping behavior than being "fair," you can make more strategic financial decisions. If you're going to borrow money anyway, might as well do it in ways that come with tax advantages when possible.

4 Do you think coaching books or online courses would count as deductions? I've spent around $200 on coaching materials this year that help me plan practices.

9 Absolutely! Coaching books, online courses, and training materials that help you in your coaching role are typically deductible as ordinary and necessary business expenses. They're considered professional development expenses that directly relate to your work. Just keep receipts and documentation that shows what the materials were and how they relate to your coaching business. Digital receipts work fine too, just make sure you have a system to keep track of them.

12 Where on the forms do you deduct the 50% of self-employment tax? I've been filing 1099 income for 3 years and never knew about this!