This has been an incredibly thorough and helpful discussion! As someone who's been dealing with international tax compliance issues for years, I wanted to add a few practical tips based on what I've learned from similar situations: First, for anyone still unsure about their specific requirements, consider reaching out to the IRS Taxpayer Advocate Service if you can't get clear guidance elsewhere. They're specifically designed to help with complex tax situations and can often provide definitive answers when regular IRS phone support falls short. Second, when shopping around for preparers, ask them to provide a detailed scope of work before you commit. A good preparer should be able to explain exactly why they're recommending specific procedures (like streamlined vs. simple amendment) and provide citations to relevant tax code sections or IRS guidance. Finally, keep in mind that the statute of limitations for Form 5471 assessments is generally 3 years from the due date of the return, but it can be extended to 6 years if there's substantial underreporting of income. For truly dormant entities with no unreported income, the 3-year period should apply, which means voluntary amendments filed within a reasonable timeframe (like the situations described here) are typically processed without penalties. The consensus in this thread about avoiding unnecessary streamlined procedures for dormant entities is absolutely correct. The key is finding preparers who understand the nuances of international tax law rather than those who default to the most expensive option.

As a newcomer to this community, I've been reading through this incredibly detailed discussion and wanted to thank everyone for sharing their experiences! I'm actually facing a very similar situation with a dormant UK limited company that I need to dissolve this year. What strikes me most about this thread is how many tax preparers seem to automatically recommend expensive "streamlined" procedures when a simple amendment would suffice for truly dormant entities. The price differences you've all shared ($275-350 vs $750+) are eye-opening and really highlight the importance of getting multiple quotes. I'm particularly grateful for the practical tips about: - Using Rev Proc 97-20 simplified procedures plus Schedule O for dissolution reporting - Getting certified translations for foreign dissolution documents - Including a brief explanation letter with the amendment - Asking preparers specifically about their experience with Form 5471 and international dissolutions Based on everyone's experiences here, I feel much more confident about approaching this process and know what questions to ask potential preparers. This thread should honestly be required reading for anyone dealing with foreign corporation dissolution issues! One quick question for the group - for UK dissolutions, I assume the Companies House dissolution certificate would be the equivalent of the official dissolution documentation that others have mentioned? I want to make sure I have the right paperwork ready when I start getting quotes from preparers. Thanks again to everyone who took the time to share such detailed and helpful information!

Reading through all these responses has been incredibly educational - I had no idea so many people go through this exact situation! It's reassuring to know I'm not the only one who made this mistake. Based on everyone's advice, here's my plan of attack: 1. Tonight I'm logging into Robinhood's website to download all my 1099 forms for 2021-2023 2. I'm going to look for a CPA who specializes in trading tax issues using the AICPA directory mentioned earlier 3. Once I have the 1099s, I'll schedule a consultation to discuss filing amended returns and penalty abatement options The point about wash sales really opened my eyes - I definitely bought and sold the same stocks multiple times, so that's going to be crucial to get right. And knowing that Robinhood's 1099s will show short-term vs long-term gains takes a huge weight off my shoulders. I'm also going to look into that first-time penalty abatement program since this really was an honest mistake based on not understanding the tax implications of reinvesting proceeds. Thanks to everyone who shared their experiences and advice. This community has turned what felt like an impossible situation into a manageable set of steps. I'll update once I get through the process in case it helps others in similar situations.

I wanted to add one more resource that might be helpful - the IRS has a really good publication called "Publication 550: Investment Income and Expenses" that explains all the rules around capital gains, wash sales, and reporting requirements for stock transactions. It's free on their website and written in plain English. Reading through it helped me understand WHY certain trades create taxable events, which made me feel more confident about my amended returns and future trading decisions. It covers things like how holding periods are calculated, what constitutes a wash sale, and the difference between qualified and non-qualified dividends. I know you're already planning to work with a CPA (which is smart), but having some background knowledge from this publication will help you ask better questions and understand their recommendations. Plus, it'll make you a much more informed trader going forward so you don't run into these issues again. The section on "Sales and Trades of Investment Property" is particularly relevant to your situation. It's about 30 pages but you can focus on just the parts that apply to stock trading. Definitely worth reading while you're waiting to get those 1099s and meet with a tax professional.

I see there's been some great discussion about the difference between deductions and credits! Just want to add one more important point that might help clarify things for anyone still confused. When you say you "normally owe around $13k in taxes" on $40k income, that seems quite high. For 2024, someone with $40k in income would typically owe much less than that in federal income tax after the standard deduction. Are you perhaps including estimated tax payments you need to make as a self-employed person, or are you thinking about total tax liability before withholding? This distinction matters because if you're talking about quarterly estimated payments, those include both income tax AND self-employment tax (Social Security/Medicare). Deductions can reduce the income tax portion, but they don't eliminate self-employment tax on earnings from self-employment. If you're a regular W-2 employee, your actual federal income tax on $40k (after standard deduction) would be much lower than $13k, so maximizing deductions could indeed get you close to zero federal income tax owed - though as others mentioned, you'd still have payroll taxes that were already withheld from your paychecks.

I think everyone's covered the basics really well, but let me add a practical example that might help visualize this better. Let's say you have that $40k income. After the standard deduction (~$14,600 for 2024), your taxable income would be about $25,400. The federal income tax on that would be roughly $2,740 - nowhere near the $13k you mentioned. If you then contribute $6,000 to a traditional IRA (above-the-line deduction), your AGI drops to $34k, and your taxable income becomes $19,400. Your federal income tax would then be about $1,940. So that $6k IRA contribution saved you roughly $800 in taxes, not $6k. The key insight is that deductions save you money at your marginal tax rate (probably 12% in your case), not dollar-for-dollar. A $1,000 deduction saves you about $120 in taxes if you're in the 12% bracket. This is why it's worth double-checking what that $13k figure represents in your situation - it might include other taxes or be calculated differently than you think!

I'm in exactly the same situation and have been researching this extensively since finding out about the TurboTax desktop discontinuation. What really helped me was creating a checklist of all the specific forms and schedules I use each year (Schedule C, Schedule E, Form 8582 for rental losses, etc.) and then systematically checking which software supports each one. For your situation with self-employment, rental property, and investments, I'd particularly recommend looking at the desktop versions of H&R Block and TaxAct. Both handle the complex scenarios you mentioned, but there are some key differences in how they approach certain calculations. One thing I discovered that might be helpful - before making the switch, consider calling the customer support lines of your top 2-3 candidates and asking specific questions about your tax situation. I called H&R Block and asked about importing multi-year depreciation schedules from TurboTax, and they walked me through exactly how their import process works and what to expect. It gave me much more confidence in making the switch. Also, if you have a tax professional you trust, it might be worth getting their input on which software they recommend for situations like yours. Some have experience with multiple platforms and can give you insights on which ones handle complex returns most reliably. The transition is definitely annoying, but at least we still have solid desktop options that don't force everything into the cloud.

I completely understand your frustration with TurboTax discontinuing the desktop CD version. I was in the exact same situation and felt really lost at first, especially with my complex return involving rental properties and self-employment income. After researching and testing several alternatives, I ended up going with H&R Block's desktop version and it's been a solid replacement. The transition wasn't as scary as I initially thought it would be. Their import tool pulled in about 95% of my TurboTax data correctly, including all my depreciation schedules and business expense categories. A few practical tips based on my experience: 1. Download trial versions of both H&R Block and TaxAct desktop before deciding - they let you import your data and see how it looks without purchasing 2. Pay special attention to Schedule E during the import process - rental property data sometimes needs manual review, but the core numbers transfer correctly 3. Both alternatives handle Schedule C just as well as TurboTax did, including the self-employment tax calculations The biggest adjustment was getting used to a different interface, but functionally everything I needed was there. H&R Block's estimated tax payment calculator actually works better than TurboTax's old one in my opinion. I know it's frustrating being forced to change, but there are still good desktop options that don't require cloud storage of your sensitive financial information.

Nina, I can really relate to your situation! I organized a charity auction for local food banks last year and hit the exact same roadblock with tax receipts. The waiting period when you're ready to move forward is incredibly frustrating. Here's what worked for me: When you call the charity tomorrow, also ask if they participate in any charity auction platforms or have partnerships with fundraising software companies. Many established charities have relationships with services that can handle the entire tax documentation process automatically once you have their basic authorization. Also, don't underestimate the power of explaining your timeline urgency. When I called and mentioned that I had businesses ready to commit but was stuck on paperwork, they prioritized getting me the documentation I needed. Frame it as "I have donors ready to contribute to your cause, but I need these documents to move forward" rather than just asking for general information. One more tip: if you do end up collecting preliminary commitments while waiting for the official paperwork, send a simple email confirming their interest but explicitly state that official donation paperwork will follow once you have authorization from the charity. This protects everyone and shows you're handling things properly. Your wildfire recovery auction sounds like it's going to make a real difference - don't let the administrative stuff discourage you from this important work!

Nina, I went through almost the exact same situation when I organized a charity auction for our local homeless shelter two years ago. The tax receipt maze can definitely feel overwhelming when you're trying to move quickly! One thing that really helped me was creating a simple one-page document outlining my event plan, timeline, and expected fundraising goals to share with the charity when I called. Having something concrete to reference made the conversation much more productive and showed them I was serious and organized. Also, when you do get through to them, ask specifically about their "fiscal sponsorship" or "third-party fundraising" policies. Some charities are more comfortable with certain arrangements than others - for example, some prefer to handle all payments directly through their merchant accounts, while others are fine with you collecting funds and then writing one large check at the end. Don't forget to ask about their preferred method for donor recognition too. Some organizations have specific ways they like to acknowledge supporters, and incorporating that into your auction can strengthen your relationship with them. Your web app for managing the auction sounds really professional - that level of organization will definitely impress potential donors and the charity. Keep pushing forward with this important cause. Wildfire recovery efforts need all the support they can get, and your systematic approach is going to make a real difference!