Has anyone considered that they might be treating the holding period differently? I noticed that GainsKeeper and TradeLog sometimes differ in how they treat the holding period after a wash sale adjustment. GainsKeeper tends to restart the holding period for the entire position after a wash sale, which is generally correct per IRS rules. But TradeLog sometimes maintains separate lots with different holding periods which can affect how they allocate the adjustments across different lines on Form 8949. This becomes really important if you're straddling the line between short-term and long-term capital gains. Might explain why they're treating lines 4 and 5 differently if those involve positions with complicated holding period calculations.

Great to hear you figured it out! The $43 difference across 220+ trades is actually pretty impressive accuracy for both systems. That small variance is likely just rounding differences in how they handle fractional shares or timing calculations. You made the right choice going with GainsKeeper since it aligns with your 1099-B format. This is exactly why I always recommend starting with whatever matches your brokerage reporting - it makes everything so much cleaner if you ever get questioned by the IRS. For anyone else dealing with similar wash sale software discrepancies, Natasha's approach here is spot on: compare the bottom line totals first, then choose the method that best matches your actual brokerage statements. The IRS cares much more about the final numbers being economically accurate than the specific methodology used to get there. One last tip - keep both reports in your tax files even though you're only using one. If you ever get audited, having the alternative calculation that produced nearly identical results actually strengthens your position by showing you did your due diligence.

Something that hasn't been mentioned yet - don't forget to consider Section 179 expensing or bonus depreciation for these POS systems! Assuming your client has enough income, you might be able to write off the entire cost in year 1 anyway, making the 5 vs 7 year question less important for current tax savings. Just make sure to document your reasoning for the classification you choose in case it becomes relevant later on. I typically include a brief memo in the tax file explaining the rationale behind asset classifications that aren't explicitly covered in the IRS publications.

As someone who's dealt with this exact scenario multiple times, I can confirm that restaurant POS systems are definitely 5-year property. The confusion comes from that specific exclusion in Pub 946, but the key is understanding that they're still computer-based equipment at their core. One thing I'd add that hasn't been mentioned - make sure you're also considering any installation costs, training, and initial setup fees. These should typically be capitalized along with the equipment cost rather than expensed separately. I've seen preparers miss this and it can add up to a significant amount, especially for multi-location franchise operations. Also, if your client is planning to expand to additional locations, it might be worth having a conversation about establishing a consistent capitalization policy now. This will make future POS installations much cleaner from a tax perspective.

Question for anyone with experience: If I'm using two EFINs (one at work, one personally), do I need separate PTIN registrations too? Or is one PTIN sufficient since that's tied to me personally as a preparer?

Great question! I went through this exact same situation last year. You're absolutely allowed to use two different EFINs in the same tax year - it's actually pretty common for tax professionals who work for firms but also do some independent preparation work. For the income reporting, yes, anything you earn using your personal EFIN should be reported as self-employment income on Schedule C. Make sure to track all your business expenses like software costs, office supplies, and if you're working from home, potentially home office deductions. One thing I'd add that others haven't mentioned - consider getting your own errors and omissions (E&O) insurance for your personal EFIN work. Your employer's insurance likely won't cover returns you file independently. Also, keep really good records separating your two practices - separate client files, separate banking if possible, and clear engagement letters so there's no confusion about which capacity you're working in. The IRS actually expects this kind of arrangement and has procedures in place for it. Just make sure you're not violating any employment agreements with your firm!

This entire thread has been incredibly valuable! As someone who works in healthcare administration and sees these situations frequently, I wanted to add one more piece of practical advice for anyone dealing with ACA subsidy concerns. If you're in this situation where your income dropped significantly and you're worried about repayment, make sure to also consider whether you might be eligible for retroactive Medicaid coverage. Some states allow you to apply for Medicaid coverage for past months if you would have qualified, which can sometimes resolve the subsidy repayment issue entirely. Also, for those who mentioned using services like taxr.ai or Claimyr to get help - that's smart thinking. The ACA subsidy rules are genuinely complex and even many tax professionals don't fully understand all the protections and exemptions available. The original poster's fear is completely understandable because the system can seem punitive at first glance, but as everyone here has shown, there are significant safeguards for people whose income drops due to circumstances beyond their control. The key takeaway for anyone in similar situations: don't panic, gather your documentation, and make sure you understand which protections apply to your specific situation. The system has more built-in protections than it initially appears to have.

I'm so glad I found this thread! I've been dealing with a similar situation and was feeling completely overwhelmed until I read through everyone's experiences here. I estimated my 2024 income at $23,500 but ended up making only $17,200 due to a workplace injury that kept me out for several months. I'm in Georgia (non-expansion state) and have been absolutely dreading tax season because I was convinced I'd have to pay back over $4,000 in premium subsidies. After reading through all these responses, especially the explanations about the coverage gap protections and repayment caps, I feel like I can finally breathe again. It's incredible how much misinformation is out there - even the marketplace representative I spoke with couldn't give me clear answers about these protections. The point about keeping documentation of why your income changed really resonates with me. I have all my medical records and workers' compensation paperwork showing the injury wasn't something I could have predicted when I made my initial income estimate. Thank you to everyone who shared their real experiences and outcomes. This community has provided more helpful, accurate information than hours of trying to navigate government websites or reach the IRS. I'm going to file my Form 8962 with much more confidence now, knowing these protections exist for people in our situations.

People here are missing the biggest difference: liability. When you use TurboTax, YOU are responsible for any mistakes. When you use H&R Block or similar services, they have some level of liability for errors they make. Most H&R Block locations offer what they call a "Peace of Mind" guarantee, which means they'll pay penalties and interest (up to a certain amount) if they make a mistake. Some also offer audit support if you get audited. You don't get that with DIY software. That said, I agree many of their preparers are just using glorified software. If you want actual tax expertise, you need an Enrolled Agent or CPA, not just any random tax preparer.

Just wanted to add - there's a huge difference between: 1. H&R Block seasonal preparers 2. H&R Block Enrolled Agents 3. Independent CPAs Last year I went to H&R Block and got a first-year preparer who missed several deductions. This year I specifically requested an Enrolled Agent at the same office, and the difference was night and day. She found an additional $3,200 in deductions the previous preparer missed AND amended my prior year return. The EA explained that she had to pass rigorous IRS testing and does continuing education every year, while the basic preparers just do the company's training course. If you go to Block, Liberty, Jackson Hewitt, etc., ALWAYS ask for an EA specifically. It might cost a bit more but worth every penny.