Has anyone actually filed Form 990-T for their IRA? My self-directed IRA invested in a real estate LLC last year that reported about $2,300 of UBTI to me, and I'm totally confused about how to handle the filing. My regular tax guy said he doesn't do 990-T forms and I'd need a specialist.

Great thread! I've been dealing with similar UBTI questions for my self-directed IRA. One thing I'd add is to be really careful about the "regularly carried on" test that was mentioned. The IRS looks at whether business activities are conducted with the frequency and continuity of a commercial enterprise. For partnerships and LLCs, this can get tricky because even if YOU'RE not actively managing the business, if the partnership itself is regularly conducting business activities (like frequent property transactions, active trading, or providing services), that income flows through to your IRA as UBTI. I learned this the hard way when I invested in what I thought was a "passive" real estate LLC, but they were doing frequent fix-and-flip activities. Even though I had zero management involvement, the income was still considered UBTI because the LLC's activities were regular and continuous. Also worth noting - if you're looking at multiple partnership/LLC investments, the UBTI from different sources can aggregate. So even if each individual investment stays under the $1,000 threshold, combined they might push you over and trigger the filing requirement. The debt-financing issue Miguel mentioned is huge too. Even a small amount of leverage in the partnership can create UBTI exposure for your entire proportional share of the debt-financed income.

I just wanted to jump in here as someone who recently went through this exact situation! My former employer (a small marketing firm that laid off half their staff) never sent me my W2, and I was honestly panicking about the filing deadline. The wage transcript from the IRS is absolutely legitimate and contains everything you need. What really helped me was understanding that the transcript is actually MORE accurate than what your employer might send you directly, since it reflects exactly what they reported to the IRS. One thing that made the process smoother for me was calling the IRS transcript line (1-800-908-9946) rather than trying to get it online - I had trouble with their identity verification system, but the phone service was straightforward and I received my transcript in about 7 business days. When I filed using the transcript information, everything went through perfectly. My refund was processed normally and I didn't receive any follow-up questions. The key is just being careful when transferring the numbers from the transcript format to your tax software, since the layout is different from a standard W2. Don't stress about this - you're definitely doing the right thing by using the transcript, and it's way more common than you might think!

I'm going through this exact same situation right now! My former employer from a small retail store closed down unexpectedly and I never received my W2. I was really worried about how to handle this until I read through all these responses. It's incredibly reassuring to see so many people who have successfully used wage transcripts from the IRS. I had no idea this was even an option until a few days ago. The fact that multiple tax professionals in this thread have confirmed that transcripts are legitimate and actually more reliable than employer-provided W2s really puts my mind at ease. I'm planning to call the IRS transcript line tomorrow using the number that Yuki shared (1-800-908-9946) since I'm also having trouble with their online verification system. Based on everyone's experiences here, it sounds like the phone route is much more reliable. One thing that's been really helpful reading through all these comments is understanding that this situation is way more common than I thought. I was feeling like I was the only person dealing with a missing W2, but clearly this happens to a lot of people every tax season. Thanks to everyone who shared their stories and advice - this community has been incredibly helpful for someone who was completely lost about what to do!

Another angle to consider is checking if you received any notices from the IRS over the years that you might have missed or ignored. Sometimes people move and don't update their address, so important IRS correspondence gets lost. The IRS is required to send notices before taking collection actions, so if you never received anything about those older unfiled years, it might indicate they either don't have records requiring those returns or the amounts were too small to pursue. You can also request a copy of your "Individual Master File" (IMF) transcript, which shows a complete history of all IRS actions on your account. This is more comprehensive than the standard account transcript and will show if there were any automated assessments, notices sent, or collection activities you weren't aware of. One more thing - if you do find out the IRS created substitute returns for any of those older years, don't panic. You typically have time to file your own returns to replace them, and as others mentioned, your actual tax liability will almost certainly be lower than what they calculated. The key is addressing it proactively rather than waiting for them to contact you.

I went through almost the exact same situation a couple years ago - filed several years of back returns and was stressed about some really old ones I couldn't file due to missing documentation. Here's what I learned from the process: First, definitely get your tax account transcripts as others mentioned, but also request your "Record of Account" which combines multiple transcript types. This gives you the clearest picture of what the IRS actually has on file for each year. For those really old years where you didn't make much money, there's a decent chance you weren't required to file at all. The filing thresholds have changed over time, but if you were making close to minimum wage in retail, you might have been below the requirement. The IRS wage and income transcripts will show exactly what income was reported under your SSN for those years. One thing that really helped me was calling the IRS during the first week of March around 7 AM - way shorter hold times than later in tax season. The agent was able to tell me which years they were actually concerned about versus which ones were essentially "dormant" in their system. Don't stress too much about the older unfiled returns if your income was low. The IRS tends to focus their limited resources on cases where significant tax is actually owed. If you weren't making much money and likely didn't owe anything substantial, you're probably not high on their priority list for those ancient years. The key is just getting that definitive answer so you can stop worrying about it!

I'm dealing with a similar situation after my grandmother passed three months ago, and I wanted to share what I've learned that might help. The estate has been generating income from her rental property and some stock dividends, and I was initially terrified about the quarterly payment requirements. First, don't panic about missing the April deadline - there are several penalty relief options available, especially for first-year estates. I was able to get penalties waived by demonstrating that as a first-time executor, I had reasonable cause for the delay while learning about these requirements. One thing that really helped me was understanding that you have options for calculating the payments. The safe harbor method (paying 100% of current year liability or 100%/110% of prior year) gives you certainty, but if your uncle had little to no tax liability in his final year, the annualized income method might work better given the uneven nature of estate income. Also, make sure you're properly distinguishing between income that belongs to the estate versus income that should be reported by beneficiaries. This was a major source of confusion for me initially. Rental income from properties still held by the estate definitely counts, but the treatment of dividends depends on several factors including when they were declared and paid. I'd strongly suggest getting at least a consultation with a CPA who specializes in estate taxes. Even if you handle some of the legwork yourself, having someone review your approach can prevent costly mistakes. The quarterly payment system continues as long as the estate remains open, so getting it right from the start is crucial.

I'm sorry for your loss, Paolo. Dealing with estate taxes while grieving is incredibly stressful, but you're asking the right questions and there's definitely help available. Based on what you've described - $4,500 monthly rental income plus dividends - the estate will almost certainly need to make quarterly estimated payments. The good news is that since this appears to be the first tax year for your uncle's estate, you have several options for penalty relief even if you've missed the April 15 deadline. Here's what I'd focus on immediately: 1. **Calculate your next payment**: The June 16, 2025 deadline is coming up. You can use the safe harbor method - pay either 90% of this year's expected tax liability or 100% of last year's liability (110% if estate income exceeds $150,000). 2. **Consider penalty relief**: First-time executors often qualify for reasonable cause penalty waivers. Document that you're new to this role and were unaware of the requirements while learning your duties. 3. **Get organized quickly**: Start tracking all estate income and expenses monthly. You'll need this for both quarterly payments and the annual Form 1041. The rental income definitely belongs to the estate until you distribute those properties. For the dividends, it depends on when they were declared and paid relative to your uncle's passing. I know it feels overwhelming, but thousands of people navigate this successfully every year. Consider getting at least a consultation with a CPA who specializes in estate taxes - they can review your specific situation and help you avoid costly mistakes going forward. You've got this!

Just wanted to share my experience since I had this exact same question a few months ago! In my case, "Medical EE - SR" stood for "Medical Employee - Standard Rate" which was my contribution to the company health insurance plan. What really helped me was requesting a detailed breakdown of all deductions from payroll. Most companies are required to provide this if you ask, even if it takes them a while to respond. They sent me a document that explained every single code on my pay stub, which was super helpful for understanding not just the medical deduction but also things like life insurance, disability, and other benefits I didn't even know I had. The $87.50 biweekly amount sounds about right for employee-only standard tier coverage. One thing I'd suggest is making sure you're actually using the benefits you're paying for - I discovered I was paying for dental coverage that I never used because I already had dental through my spouse's plan. Saved me about $30 per paycheck once I dropped the duplicate coverage during open enrollment. If your HR is slow to respond via email, try calling them directly or stopping by in person if possible. Sometimes a quick 5-minute conversation can clear up what might take weeks of back-and-forth emails to resolve.

I had this exact same confusion when I first started working! "Medical EE - SR" typically means "Medical Employee - Standard Rate" and represents your portion of the health insurance premium that gets deducted from your paycheck. The "EE" definitely stands for "Employee" to distinguish it from employer contributions. One thing that really helped me understand all my deductions was downloading my pay stub and looking at it alongside my benefits enrollment materials. Most companies provide a benefits guide during onboarding that breaks down all the different plan options and their costs. If you can't find yours, definitely ask HR for a copy - it should show exactly what "SR" means at your specific company (could be Standard Rate, Senior Rate, or even Single Rate depending on your employer). The $87.50 biweekly amount seems very reasonable for employee-only health coverage. That works out to about $2,275 annually, which is actually on the lower end for decent health insurance these days. Just make sure you're enrolled in the plan that makes the most sense for your healthcare needs - sometimes people pick the middle-tier option without really comparing what they'd actually use versus the cost savings of a basic plan. If HR is being slow, try giving them a call directly rather than email. In my experience, a quick phone conversation often resolves these questions much faster than waiting for email responses!