Has anyone used TurboTax Self-Employed for their LLC? I'm wondering how picky it is about the comma in the business name field and if it matches that format to all the forms it generates.

I went through this exact same confusion when I first started my LLC! After dealing with multiple tax forms and even getting a notice from the IRS about a name mismatch (turned out to be unrelated), here's what I learned: The key is to use your business name exactly as it appears on your EIN confirmation letter from the IRS. This is the "official" version they have in their system. If your state registration has the comma but your EIN letter doesn't (or vice versa), go with the EIN letter format for all federal tax documents. I keep a copy of my EIN letter handy whenever I'm filling out tax forms so I can reference the exact spelling and punctuation. It's saved me from second-guessing myself every tax season. The IRS matching systems are looking for consistency with what's in their database, not necessarily what your state has on file. For what it's worth, I've never heard of anyone getting into trouble specifically over comma placement - it's usually bigger discrepancies like completely different business names or missing the LLC designation entirely.

This is a complex situation that highlights why SEP-IRA planning needs to consider your total business picture, not just individual entities. Since your combined self-employment income is negative ($675K - $985K = -$310K), you technically don't have eligible compensation to support any SEP contribution for this tax year. A few additional considerations that might help: 1. **Timing of contributions vs. business results**: If you made the SEP contribution early in the year before the second business losses materialized, this is an unfortunate but common planning mistake. Many business owners make retirement contributions based on projected income that later changes. 2. **Multiple business entity structures**: If these are separate business entities (LLCs, partnerships, etc.), make sure your tax professional reviews how the K-1s are being combined for SE tax purposes. Sometimes there are allocation or characterization issues that could affect the calculation. 3. **State tax implications**: Don't forget to consider how removing the excess SEP contribution might affect your state tax situation, as some states have different rules for retirement account deductions. Given the $69K amount involved, the potential 6% annual penalty ($4,140 per year) makes this a high-priority issue to resolve before your filing deadline. The consensus advice about removing the excess contribution is sound - you really don't want to let this drag into future years with ongoing penalties. Have you considered whether any of the business losses might be subject to limitation rules that could change your net SE income calculation?

This is exactly the kind of scenario that catches business owners off guard - making retirement contributions based on one business's strong performance only to have another venture crater later in the year. Your situation perfectly illustrates why SEP-IRA contributions need to be based on your total net self-employment picture. You're absolutely correct that with negative combined SE income (-$310K), the entire $69K contribution becomes excess. The key thing to understand is that SEP contributions aren't like traditional IRA contributions where you can have non-deductible basis - they must be supported by actual net earnings from self-employment in the contribution year. Here's what I'd recommend as your action plan: 1. **Have your CPA review the loss limitations first** - As Jamal mentioned, the at-risk rules, passive activity limitations, or debt basis issues could potentially limit some of those losses from the second business. This could improve your net SE income calculation. 2. **Calculate the exact excess amount** - Even if some losses are limited, you'll likely still need to remove a significant portion of the contribution. Your IRA custodian can help calculate the earnings/losses that need to come out with the excess. 3. **Act before October 15th** - If you filed an extension, that's your hard deadline to avoid the ongoing 6% penalty trap. The silver lining is that once you remove the excess, you can potentially redirect some of those funds to other retirement vehicles like a traditional IRA (up to the annual limit) or consider other tax-advantaged strategies for next year when your business picture hopefully stabilizes. Don't beat yourself up too much about the planning - this kind of business volatility is exactly why the IRS has these correction procedures in place.

As a newcomer to this community, I'm absolutely blown away by the wealth of practical knowledge shared in this thread! I've been hesitant to take on S Corp Election work specifically because of the Form 2553 signature nightmare stories I keep hearing, but this discussion has completely transformed my understanding and confidence. What really stands out to me is how the real-world practice has evolved so far beyond the outdated official IRS guidance. The consistent success stories with electronic signatures that visually appear handwritten - whether through DocuSign's draw feature, iPad with Apple Pencil, or even careful finger signatures - clearly demonstrate that visual authenticity trumps technical creation method every time. I'm definitely implementing the comprehensive systematic approach that everyone keeps emphasizing: - Highlighted signature areas with detailed instruction PDFs (William's brilliant strategy) - Proactive cover letter acknowledging electronic signatures (Oliver's template is perfect) - Video walkthroughs to eliminate client confusion (Lydia's genius addition) - Immediate verification upon receipt to catch errors before submission - Systematic documentation including signature execution dates The key revelation for me is that this really isn't about the wet vs. electronic signature debate anymore - it's about having robust quality controls to prevent those predictable client errors (wrong placement, typed names, inconsistent signatures) that cause most rejections. Reading the real success stories from Isabella, Zainab, and others gives me tremendous confidence that these strategies work in actual practice, not just theory. For fellow newcomers who might still be on the fence about S Corp elections - don't let signature anxiety hold you back! The IRS has shown remarkable flexibility with handwritten-looking electronic signatures when paired with proper documentation. Thanks to everyone who shared their hard-earned expertise. This is exactly why practitioner communities are invaluable - getting real-world insights that official publications simply can't provide!

As a newcomer to this community, I have to say this thread has been absolutely incredible! I've been avoiding S Corp Election work specifically because of all the Form 2553 signature rejection horror stories, but reading everyone's real-world experiences has completely changed my perspective. What gives me the most confidence is seeing how the IRS has quietly evolved to accept electronic signatures that visually look handwritten, even though their official guidance hasn't caught up. The success stories with DocuSign's draw feature, iPad signatures with Apple Pencil, and even careful finger signatures on phones really demonstrate that visual authenticity matters more than the technical creation method. I'm planning to implement the systematic approach that keeps coming up throughout this discussion: - Highlighted signature areas with clear instruction PDFs to prevent client confusion - Cover letter template proactively acknowledging electronic signatures - Video walkthrough to eliminate common client mistakes - Immediate verification upon receipt before submission - Proper documentation including signature execution dates What really resonates with me is understanding that most rejections aren't actually about wet vs. electronic signatures - they're about preventable client errors like wrong placement, typed names instead of drawn signatures, or inconsistent signatures across pages. Having robust quality controls seems way more important than the signature technology itself. The real-world success stories from Isabella, Zainab, and others prove these strategies work in actual practice. For other newcomers who might be hesitant about S Corp elections - don't let signature anxiety hold you back! The flexibility the IRS has shown with handwritten-looking electronic signatures, combined with proper systematic processes, makes this very manageable work. Thanks to everyone for sharing such practical, actionable wisdom. This is exactly why practitioner communities are so valuable - getting insights that work in the real world, not just theory!

I tracked 3 years of state refunds with exact dates: 2022: DDD was April 18, received April 19 (Chase) 2023: DDD was March 27, received March 27 (Chase) 2024: DDD was February 12, received February 10 (switched to Capital One) The only variable that changed was the bank. When I switched to Capital One this year, I got it 2 days early. My federal refund followed the exact same pattern. Some banks front the money once they see the pending deposit from IRS/State.

This data tracking is incredibly helpful! I'm with Navy Federal Credit Union and have been wondering if I should expect early deposits like some people are reporting. The pattern you're showing with Capital One vs Chase really makes me think it's worth researching which banks tend to release funds early. Has anyone else switched banks specifically for faster refund processing? I'm considering it for next year since I always end up needing that money for bills right around the DDD timeframe.

I'm in a very similar situation and have been researching this extensively! Just wanted to confirm what others have said - yes, you can absolutely both file as Head of Household from the same address. The IRS doesn't have any rule limiting HOH status by address. The key is that you each need to independently meet the three main requirements: 1. Be unmarried (or considered unmarried) at the end of the tax year ✓ 2. Pay more than half the cost of keeping up a home ✓ 3. Have a qualifying person (your children) live with you for more than half the year ✓ Since you're splitting household expenses and each claiming a different child, you should be fine. Just make sure to keep good records of how you divide expenses in case you ever need to justify your filing status. One tip: consider documenting your expense split in writing (even just a simple spreadsheet) showing who pays what percentage of rent, utilities, groceries, etc. This way if there are ever questions, you can clearly show that you each pay more than 50% of the household maintenance costs. Good luck with your filing! The HOH status will definitely save you both money compared to filing as single.

Just wanted to jump in here as someone who went through this exact situation last year! You're absolutely right to look into both filing as Head of Household - it can save you a significant amount compared to filing as single. The good news is that the IRS does allow two people at the same address to both claim HOH status, as long as you each meet the requirements independently. Since you have two children and are splitting household responsibilities, you should be fine. One thing I'd recommend is being very clear about how you're dividing expenses. Even though you contribute "equally," make sure you can each show that you're paying more than half of the household costs for yourself and your qualifying dependent. This might mean one of you pays a bit more toward rent while the other covers more utilities and groceries - just ensure the split works out mathematically. Also, keep detailed records! Bank statements, receipts, rent payments, utility bills, etc. The IRS rarely questions HOH status, but if they do, you'll want to be able to clearly demonstrate your expense split and that each child primarily lives with their respective parent. The tax savings from HOH vs. single status is definitely worth getting this right. You're smart to research it thoroughly before filing!