Random question: Does anyone know if there's a maximum number of pages allowed for Form 8949? I have about 120 wash sales to report individually, and I'm wondering if there's a limit to how many continuation sheets I can attach.

I went through this exact same nightmare last year with about 800 trades and numerous wash sales. Here's what I learned after making several mistakes: The key thing to understand is that wash sales MUST be reported individually on Form 8949 - there's no way around this. You cannot include them in summary reporting. However, for your regular trades without adjustments, you can absolutely use the summary method. What worked for me was organizing everything in Excel first. I separated my trades into two categories: those with wash sale adjustments and those without. For the clean trades, I created a single line on Form 8949 that said "Various stocks - see attached statement" and attached a spreadsheet with the totals. For the wash sales, I had to list each one individually. Pro tip: Make sure you're tracking the disallowed loss amounts correctly. The wash sale rule doesn't just defer the loss - it adjusts your basis in the replacement shares. This gets complex when you have multiple wash sales in the same security. TurboTax Premier should handle most of this automatically once you resolve the import issues. The software is actually pretty good at identifying wash sales, but you need to review each flagged transaction to make sure the adjustments are correct. Don't just accept everything blindly. One more thing - keep detailed records of everything. With that many trades, the IRS might want to see supporting documentation if they have questions.

This is such a common situation that causes so much confusion! I went through this exact same thing with my son two years ago when he started college and got his first job. You're absolutely right that you can claim her as your dependent while she files her own return. Based on what you've described - you're covering tuition, housing, food, medical insurance, and other major expenses while she only makes $800-900/month - you're definitely providing more than half her support. One thing I wish someone had told me earlier: make sure your daughter understands she needs to check the "Someone can claim you as a dependent" box on her tax return. My son forgot to do this his first year, and it caused a delay in processing both our returns because the IRS flagged the discrepancy. Also, don't overlook the education tax credits! Since you're claiming her as your dependent and paying for her education expenses, you'll likely qualify for the American Opportunity Credit, which can be worth up to $2,500. That alone makes claiming her as a dependent incredibly valuable. The whole process is actually pretty straightforward once you understand the rules. Your daughter will still get back most of what was withheld from her paychecks, and you get the dependent deduction plus any education credits. It really does work out well for both of you!

I'm in almost exactly this situation with my 18-year-old! She's a freshman in college working part-time at a local coffee shop making about $700-800 a month. Like your daughter, I cover tuition, room and board, health insurance, car payment, and pretty much all major expenses while her earnings go toward personal stuff and gas money. What really helped me figure this out was doing the actual math on the support calculation. I added up everything I pay for her throughout the year (tuition, housing, food, insurance, etc.) versus what she pays for herself. Since I'm covering easily 80-90% of her total support, I definitely qualify to claim her as my dependent. One tip that saved us some hassle - when she filled out her W-4 at her job, we made sure she indicated she could be claimed as a dependent. This helped with her withholding so she doesn't end up owing taxes at the end of the year. She still gets most of her withholdings back as a refund, just not as much as if she were independent. The education credits make claiming her as a dependent really worth it too. Between the dependent deduction and the American Opportunity Credit, I save way more on my taxes than she loses on hers. It's definitely the right move financially when you're providing the majority of their support!

This is such valuable information for students! I'm currently in my final year and receiving Pell Grant refunds that I've been using for living expenses. Reading through this thread made me realize I need to start tracking this properly for my taxes this year rather than discovering the issue years later like many of you did. A few questions for those who've been through this process: 1. Should I be setting aside a certain percentage of my refunds now to prepare for the tax liability? 2. When the school refunds the Pell Grant money to me, is there any way to have taxes withheld from those refunds, or do I need to handle this entirely through quarterly estimated payments or year-end filing? 3. Are there any specific records I should be keeping beyond just the 1098-T form to make tax time easier? I really appreciate everyone sharing their experiences here - it's helping me avoid the stress of having to file amended returns later. Better to handle this correctly from the start!

This has been such an eye-opening thread! I'm a current graduate student who's been receiving both Pell Grants and state grants that exceed my tuition costs. After reading everyone's experiences, I realize I've probably been making the same mistake for the past two years. What's really helpful is seeing the specific steps people have taken to fix this - from filing Form 1040X to keeping detailed records of qualified expenses. I'm going to start documenting everything now and probably need to file amendments for 2022 and 2023. One thing I'm curious about: has anyone dealt with state grants in addition to federal Pell Grants? I receive both, and I'm wondering if the same tax rules apply to state education grants when they exceed qualified expenses. My state grant refunds have been about $1,800 each semester that I've used for rent and groceries. Also, for those who used the tax analysis tools mentioned earlier - did they handle multiple types of grants, or did you need to calculate state grants separately? I want to make sure I'm addressing everything correctly rather than just focusing on the federal Pell Grants. Thanks to everyone for being so open about their experiences. It's really helpful to see that the IRS is reasonable when people voluntarily correct these honest mistakes!

This thread has been absolutely invaluable! I've been sitting on some precious metals for over two years but was terrified to sell because I couldn't get a straight answer about the tax implications anywhere else. What really helped me was seeing how many people went through the exact same confusion I did. I kept seeing that "up to 28%" language and assumed it meant there were multiple collectible tax brackets or some complex calculation. Understanding that it's simply your ordinary income tax rate (with the 28% cap for high earners) makes everything so much clearer. I'm in the 12% tax bracket, so reading confirmation from others in similar situations that I'd pay 12% on my gains (not automatically 28%) has given me the confidence to finally develop a selling strategy. One thing I want to add for other newcomers - don't let the tax implications scare you away from precious metals investing like I almost did. Once you understand that it's really just your normal tax rate with a ceiling, it becomes much more manageable to factor into your investment planning. Thanks everyone for sharing your real experiences and making this complex topic so much more accessible!

As someone who was in the exact same boat a few months ago, I can completely relate to the confusion around collectible tax rates! I spent weeks trying to decipher conflicting information online before finally getting clarity. The key breakthrough for me was understanding that the "up to 28%" language simply means your ordinary income tax rate applies, but it's capped at 28% maximum. So if you're in the 10%, 12%, 22%, or 24% brackets, you pay exactly those rates on your collectible gains. Only people in the higher brackets (32%, 35%, 37%) get "capped" at the 28% collectible rate. I'm in the 22% bracket myself, and when I sold some silver eagles last year, I paid exactly 22% on the gains - not 28%. What helped me most was keeping meticulous records of purchase dates and costs for each transaction, especially since I had bought coins over several months. The relief of finally understanding this was huge! I had been hesitant to sell any of my precious metals because I thought I'd automatically owe 28% regardless of my income level. Once I realized it was just my normal tax rate, it made planning my sales strategy so much easier. Don't let the tax confusion hold you back from making good investment decisions - it's really more straightforward than it initially appears!

One thing that helped me tremendously during my C-Corp dissolution was creating a comprehensive checklist of all the requirements. Beyond the final 1120 and Form 966 that others mentioned, don't forget about: - Canceling your EIN with the IRS (though you can't reuse it, proper cancellation helps avoid future correspondence) - Notifying any states where you were registered to do business - Final sales tax returns if applicable - Canceling business licenses and permits - Properly handling any remaining contracts or leases For the tax law changes question, I found that most changes between years are published in IRS Publication 542 (Corporations) updates. The IRS typically highlights significant changes that would affect final returns. In my experience, the changes were minimal and mostly related to standard deduction amounts and depreciation schedules. Also, keep detailed records of everything - the dissolution process, asset distributions, final filings. The IRS sometimes follows up years later with questions about dissolved corporations, especially if there were significant assets involved.

I went through this exact situation with my C-Corp dissolution in early 2024, and I can confirm that using the previous year's form is completely normal and accepted by the IRS. The key is being thorough with your documentation. When they mention "taking into account tax law changes," they're primarily referring to major changes like tax rates, significant deduction modifications, or new reporting requirements. For 2025, the changes affecting most small C-Corps are relatively minor. You don't need to become a tax law researcher - focus on the obvious changes that would affect your specific situation. Here's what worked for me: 1. Clearly write "2025 TAX YEAR" at the top of the 2024 form 2. Check the "Final Return" box 3. Include a brief statement: "Using 2024 Form 1120 for 2025 tax year due to unavailability of current year form as permitted by IRS instructions" 4. Attach your dissolution documentation and any required schedules The IRS processes thousands of these final returns using prior year forms, especially early in the year. They understand the timing issues and have procedures in place to handle it. Just make sure all your asset distributions and final calculations are accurate, and you'll be fine. Don't let the technical language intimidate you - this is a routine filing situation that the IRS deals with regularly.