Has anyone experienced Robinhood being late with their 1099s? Last year they said mid-February but I didn't get mine until almost March 1st!

I'm dealing with a similar situation and wanted to share what I learned from calling my tax preparer. They told me that crypto platforms like Robinhood often have slightly different cost basis calculations than what you might track manually, especially if you made multiple buys and sells of the same crypto. The 1099-B will show the "proceeds" (what you received when you sold) and the "cost basis" (what the platform calculated you originally paid). Sometimes their wash sale adjustments or FIFO/LIFO calculations can be different from your spreadsheet. My advice would be to wait for the official forms. I know it's tempting to file early, especially with all those TurboTax reminders, but the peace of mind is worth the extra few weeks. Plus, if you're getting a refund, the IRS processes returns pretty quickly once they start accepting them in late January anyway. One thing that might help - you can set up an account on the IRS website and check if Robinhood has already submitted your 1099 information electronically, even before you receive the physical/electronic copy.

Have you checked if you can still file electronically? As of February 15, 2024, the IRS opened electronic filing for Form 1040-X, which would process much faster than paper. I'd recommend filing the amendment by March 31st to ensure it's processed before the April tax deadline. If you wait until after April 15th, even though you're allowed to amend within 3 years, it could complicate matters if you have marketplace coverage for 2024 as well.

I went through something very similar last year! The key thing to remember is that receiving your 1095-A late is actually pretty common - the marketplace has until January 31st to send them out, but many arrive even later. Here's what I learned from my experience: First, don't panic about getting your refund already. The IRS won't claw it back immediately. You have time to file the amendment properly. For the amendment process, you'll need to: 1. Complete Form 8962 using all the information from your 1095-A 2. Calculate whether you're entitled to additional credit or need to repay some 3. File Form 1040-X with Form 8962 attached The $445 could go either way depending on your income and whether you received advance payments during 2023. At your income level mentioned in other comments, you're likely in a good position regardless. I'd definitely recommend filing electronically if possible - it's much faster than paper. My amendment last year took about 12 weeks to process when I filed it in March. Just make sure to keep copies of everything and don't stress too much about it!

Has anyone used TurboTax to report settlement income? I tried inputting mine from a similar environmental case but it kept categorizing everything as fully taxable even though part was for physical injuries.

I went through something very similar last year with a settlement from a water contamination case. One thing that really helped me was getting a letter from the attorney who handled the settlement case - they were able to provide a written breakdown of what portions were allocated to different types of damages (health impacts vs. property damage vs. punitive damages). Even if your settlement documentation doesn't clearly break this down, the law firm that handled the case usually has internal records showing how they calculated the different components. This documentation was crucial when I filed my taxes because it gave me a defensible basis for my allocation between taxable and non-taxable portions. Also, don't forget to check if your state has different rules for settlement taxation. Some states follow federal treatment but others have their own quirks. The interest portion that others mentioned is definitely taxable at both federal and state levels though. If you're still unsure after getting better documentation, consider filing for an extension to give yourself more time to research or consult with a professional. Better to get it right than rush and potentially face issues later.

8 Has anyone used TurboTax to handle a 1099-C situation? I got one too and have no idea where to even report this in the software.

This sounds really frustrating! I had a similar situation last year where I got a 1099-C that didn't make sense at first. A few things to check: First, look at the creditor name on the 1099-C - sometimes it's not the original credit card company but a debt buyer or collection agency that you might not recognize. The "medical" categorization could be because you used that credit card for medical expenses at some point, even if it wasn't exclusively for medical purposes. Also, double-check your records to make sure you paid the full original balance and not a settled amount. Sometimes people think they paid in full but actually accepted a settlement offer without realizing it. If you're certain you paid the debt in full, you'll want to dispute this with the issuing creditor. Get documentation of your payment and request they issue a corrected 1099-C. In the meantime, you might need to report it on your taxes but include a statement explaining the situation until you get it resolved. Keep all your payment records handy - you'll likely need them whether you're disputing with the creditor or explaining to the IRS.

Has anyone actually gotten audited over the transition from Schedule C to S-Corp with home office deductions? I'm in the same situation, had about $9k of accumulated Form 8829 depreciation, then formed an S-Corp last year. My tax guy says not to worry, but I keep hearing horror stories about S-Corp audits.

This is exactly the situation I went through two years ago! The $11k accumulated depreciation from your Schedule C years doesn't disappear, but it also doesn't transfer to your S-Corp. It stays "attached" to your personal property and will reduce your home's cost basis when you eventually sell. For your current S-Corp situation, I'd strongly recommend the accountable plan approach over the rental method. With an accountable plan, your S-Corp can reimburse you for actual home office expenses (utilities, insurance, repairs, etc.) based on the business percentage of your home. The reimbursements are tax-deductible to the S-Corp and not taxable income to you, as long as you follow proper documentation requirements. The key is to keep detailed records: calculate your office square footage percentage, track all home-related expenses, and maintain receipts. Your S-Corp should have a written accountable plan policy and reimburse you within a reasonable time frame. One thing your accountant should clarify - you can't depreciate the same space through both your personal return (from Sch C years) AND through S-Corp reimbursements. The IRS is very clear about avoiding double benefits. But you can definitely start fresh with current year expenses through the S-Corp structure.