Great question! I was in a similar spot a few years ago. Here's what worked for me: **Free Practice Options:** - **IRS VITA Training Materials**: The IRS has free online training modules that walk through different tax scenarios. Search for "VITA training" on the IRS website - it's designed to train volunteers but perfect for learning. - **Khan Academy**: They have a personal finance section with tax basics that's really well explained. - **Tax software "practice runs"**: Like others mentioned, you can go through TurboTax, H&R Block, etc. without filing. I'd recommend trying 2-3 different ones to see how they explain things differently. **Pro tip**: Start with your actual tax situation from last year (if your parents saved the documents). Go through the process with real numbers to see what you would have gotten, then try "what if" scenarios - what if you had student loan interest, charitable donations, etc. The key is understanding the "why" behind each question the software asks. Don't just click through - read the explanations and help sections. Tax concepts start making sense once you see how they connect to your actual life situation. You're being smart getting ahead of this! Most people wing it their first time and miss out on money.

This is such a smart approach to learning taxes! I wish I had been this proactive when I started filing. One resource I haven't seen mentioned yet is the **IRS Interactive Tax Assistant (ITA)** on their website. It's like a decision tree that walks you through tax questions with yes/no answers and gives you personalized guidance based on your situation. Really helpful for understanding what applies to you specifically. Also, since you mentioned wanting to understand deductions and credits, try looking up **Publication 17** (Your Federal Income Tax) on the IRS website. I know it sounds boring, but it's actually written in pretty plain English and covers all the common scenarios. You can search for specific topics like "student loan interest" or "standard deduction" to get official explanations. Another practice idea: grab a tax scenario worksheet online (lots of accounting teachers post these) and work through it manually before using software. It really helps you understand the math behind what the apps are doing automatically. You're going to feel so much more confident come tax season! Taking control of your finances at 22 is going to pay off big time in the long run.

One additional tip that saved me some headaches - when you have your mom create that invoice, make sure she keeps a copy for her own records and consider having her send it from an email address rather than just handing you a paper copy. Some FSA administrators prefer electronic documentation, and having an email trail can help establish the date the invoice was created if there are any timing questions later. Also, since you mentioned this is mid-year and you're trying to use up remaining FSA funds, double-check with your FSA administrator about their specific reimbursement timeline. Some take 2-3 weeks to process claims, especially near year-end when everyone's rushing to use their funds. You'll want to make sure you submit everything with enough time for processing before any plan deadlines. The arrangement you've described is totally legitimate and common - lots of families make similar switches when daycare situations change. Just keep good records and you should be all set!

This is such a helpful thread! I'm dealing with a similar situation where we had to pull our daughter out of daycare due to some issues, and my mother-in-law has been helping out. I was worried we'd lose our FSA money, but reading through all these responses has given me confidence that we can make this work. One question I have that I don't think was fully addressed - what happens if the care arrangement is somewhat irregular? My MIL doesn't watch our daughter every single day, just when both my husband and I have important meetings or deadlines. So it might be 2-3 days one week, then maybe just 1 day the next week. Can I still use FSA funds for this type of irregular care schedule, or do FSA administrators expect more consistent, regular childcare arrangements? I've got about $800 left to use by year-end, and I want to make sure I structure this correctly. Also, should the invoice break down each individual day of care with specific dates, or is it okay to do a monthly summary like "childcare services provided as needed during November 2025 to enable both parents to work - total 8 days at $X per day"? Thanks to everyone who's shared their experiences here - this is exactly the kind of real-world guidance that's so hard to find elsewhere!

I went through this exact same situation last year when applying for an SBA loan! One thing that really helped me was creating a comprehensive packet for the lender that included not just the 940/941 forms, but also the payment confirmations and bank statements showing the actual tax deposits. If you're still having trouble accessing the forms in QuickBooks Pro, check if you have QuickBooks Enhanced Payroll or Basic Payroll enabled. Without the payroll service active, QuickBooks won't store the actual tax forms - it just tracks the data. In that case, you'll need to either contact whoever prepared your taxes during those years or go directly to the IRS as others mentioned. Also, pro tip: most lenders will accept IRS transcripts instead of the actual forms, and transcripts are often easier to obtain. Good luck with your expansion loan - having that documentation ready shows you're serious about your business growth!

I just went through this same process a few months ago for my equipment financing application! One thing that saved me time was calling my CPA first to see if they had copies on file. Most accounting professionals keep client tax documents for several years, and they often have both the filed forms and any correspondence with the IRS. If your CPA doesn't have them or if you prepared the forms yourself, I'd recommend trying the IRS transcript route that others mentioned. The online system at irs.gov worked great for me - I was able to download my 940/941 transcripts immediately, and my lender accepted them without any issues. Also, don't stress too much about the Friday deadline. Most lenders understand that gathering historical tax documents takes time, especially when dealing with the IRS. If you explain the situation and show that you're actively working to obtain the documents, they'll usually give you a reasonable extension. The key is communicating proactively rather than waiting until the last minute. Best of luck with your warehouse expansion - it sounds like your business is really thriving!

This is such a timely question! I actually work as a tax preparer and see this situation more often now with all the social media giveaways. The key distinction everyone's touching on is whether it's truly a "gift" versus compensation for services. The IRS has pretty strict criteria for what qualifies as a gift - it has to be made out of "detached and disinterested generosity" with no expectation of benefit to the giver. The moment you appear in a video, even briefly, you're providing promotional value to the creator, which disqualifies it from being a gift. One thing I'd add that I haven't seen mentioned - if you win a large amount (like $100k), you might want to consider making quarterly estimated tax payments instead of waiting until next year's filing. The IRS can charge underpayment penalties if you owe more than $1,000 when you file, especially on a large windfall like that. Also, state taxes vary widely on prize winnings - some states don't tax them at all, others treat them as regular income. Definitely worth checking your state's specific rules too!

One thing I haven't seen mentioned is what happens if you're under 18 when you win. My 16-year-old cousin won $8,000 from a TikTok challenge last year and we had no idea how to handle it tax-wise since minors usually don't file their own returns. Turns out that prize winnings are still taxable income for minors, and if it's over the standard deduction threshold, they need to file their own return (or their parents can include it on theirs in some cases). The creator actually required a parent to sign all the paperwork before releasing the money, which was smart on their part. Also learned that minors can't enter into legal contracts in most states, so technically a lot of these giveaways might not even be legally binding if the winner is under 18. But most creators just require parental consent to avoid issues. Just something to keep in mind for anyone with kids who might win these things!

A lot of good advice here but something important is being missed - the SECURE Act changed the RMD age from 70½ to 72, and then SECURE 2.0 changed it again to 73 for people born 1951-1959. Your father being 79 now (born around 1945?) would have hit RMD age under the old rules. Also, depending on how small the Simple IRA is, you might want to consider a full withdrawal to simplify things going forward, especially if managing annual RMDs will be challenging with his condition.

This is a challenging situation but you're taking the right steps to get your father back into compliance. Based on my experience helping elderly clients with similar issues, here are a few additional considerations: 1. **Documentation timing is crucial** - Get a letter from his doctor that specifically states when his cognitive decline began affecting his ability to manage financial affairs. This will be key for the penalty waiver requests. 2. **Consider the timing of distributions** - Rather than taking all missed RMDs immediately, you might want to spread them across 2024-2025 to manage the tax impact, while still filing the 5329 forms for each missed year. 3. **State tax implications** - Don't forget to check if your state has any additional requirements or penalties for missed RMDs. 4. **Future planning** - Once you get this resolved, consider setting up automatic distributions from the IRA to prevent future missed RMDs, especially given his condition. The IRS really is understanding in these situations when there's documented medical cause. Focus on getting that medical documentation first, then work through each year systematically. A tax professional experienced with elder financial issues would be a good investment here given the complexity and multiple years involved.