As someone who's been through this exact confusion with our 24-unit association, I can share what we learned after extensive research and consultation with our CPA. The key distinction is between "federal tax deposits" (which require EFTPS) and annual tax payments. Small condo associations filing 1120-H typically fall into a gray area because we're not making regular quarterly deposits like larger entities. Here's what we discovered: If your association owes less than $1,000 in taxes annually and doesn't have employees (no payroll taxes), you technically have more flexibility. However, the IRS has been moving toward requiring electronic payments across the board, and their enforcement seems inconsistent for small associations. Our solution was to set up EFTPS despite not being strictly required. The registration took about 10 days to receive the PIN by mail, but now we have peace of mind knowing our payments are immediately confirmed and properly credited. For your immediate situation, if you're close to your filing deadline and haven't set up EFTPS yet, you can still send a check with Form 8109-B to the address specified in the 1120-H instructions. Just make sure your EIN and "Form 1120-H" are clearly written on the check. But definitely consider setting up EFTPS for next year - it's worth the one-time hassle to avoid any potential issues down the road.

I've been through this exact situation with our 45-unit association, and I completely understand the confusion! The IRS instructions for 1120-H really aren't clear for small associations like ours. Here's what I learned after dealing with this for several years: While the IRS technically prefers electronic payments, small condo associations that only owe taxes once a year on reserve fund interest generally aren't subject to the same strict EFTPS requirements as larger entities making regular quarterly deposits. That said, I'd strongly recommend setting up EFTPS anyway for a few reasons: 1) It eliminates any ambiguity about compliance - you'll never have to worry about whether you're following the rules correctly 2) The payment confirmation is immediate and creates a clear paper trail 3) It's actually more convenient once set up - no more writing checks or worrying about mail delivery If you're close to your filing deadline and don't have time to set up EFTPS (the PIN takes about 7-10 business days to arrive), you can send a check with Form 8109-B. Just make sure your EIN and "Form 1120-H [tax year]" are clearly written on the check. The EFTPS registration is straightforward - you'll need your EIN, bank account information for withdrawals, and the mailing address the IRS has on file for your association. The PIN gets mailed to that address for security purposes. Hope this helps clarify things! The good news is that once you get this sorted out, it becomes routine for future years.

I'm in the exact same situation and this thread has been such a relief to read! I filed my return on February 14th using my old SunTrust routing number and have been worried sick about whether my refund would make it through the banking merger chaos. It's so reassuring to hear from so many people who have successfully received their refunds with no issues. The fact that Truist has set up automatic forwarding through the end of 2024 really shows they've planned for this transition well. I'm definitely going to call Truist tomorrow to confirm everything is set up correctly on my account. The mobile alert tip is genius - I've been driving myself crazy refreshing my account multiple times a day. Setting up notifications will save my sanity! One thing I'm curious about - for those who have received their refunds already, were the processing times pretty much the same as previous years? I'm hoping the automatic routing redirect doesn't add any delays to the usual IRS timeline. Thank you all for sharing your experiences and advice. This community is incredibly helpful during tax season stress!

I'm dealing with this exact same situation and honestly, reading through everyone's experiences here has been incredibly reassuring! I filed my return on February 10th using my old SunTrust routing number and have been anxiously checking my account every day wondering if my refund would just disappear into the banking void. It's so helpful to see multiple people confirming that their refunds went through smoothly with the old routing number. The fact that Truist has set up automatic forwarding through the entire 2024 tax season really shows they've prepared well for this transition. I'm definitely going to call Truist customer service tomorrow to double-check my account status and get that peace of mind. The mobile alert suggestion that several people mentioned is brilliant - I'm setting that up right now to stop my obsessive manual checking! For anyone else in the same boat, it sounds like we really don't need to worry. The banking systems are designed to handle these merger transitions, and from what everyone has shared, the redirect process is working seamlessly behind the scenes. Tax season is stressful enough without adding unnecessary banking anxiety! Thanks to everyone for sharing their timelines and experiences - this community is such a lifesaver during tax season stress!

As someone who has been navigating the complex world of Medicaid waiver payments and taxes for several years, I want to echo what others have shared about IRS Notice 2014-7 - it really is a game-changer for family caregivers. I've been caring for my disabled adult child and receiving HCBS waiver payments for about 6 years. Like many others here, I was incorrectly reporting these payments as self-employment income on Schedule C and paying substantial self-employment taxes. After discovering Notice 2014-7 last year, I was able to exclude about $26,000 in payments and also filed amended returns for the previous three years. The process was smoother than I expected. I reported the payments on Schedule 1, line 8z as "other income" with "Notice 2014-7" notation, then subtracted the same amount as a negative entry. For the amended returns, I included documentation showing my child qualified as an eligible individual under our state's waiver program. What really helped me was preparing a clear statement explaining the exclusion that I attached to all returns. The amended returns processed without any questions, and I received refunds totaling over $5,000 in overpaid self-employment tax. For anyone considering this, I'd recommend carefully reviewing your specific state's waiver program requirements against the notice criteria, keeping thorough documentation, and don't hesitate to consult with a tax professional if you're unsure about any aspect of the exclusion.

I want to add my voice to this incredibly helpful discussion! As a newcomer to this community, I'm amazed at how much practical guidance is available here that I couldn't find anywhere else. I'm currently caring for my adult daughter who has cerebral palsy and receive Medicaid waiver payments through our state's HCBS program. Like so many others here, I've been reporting these payments as self-employment income on Schedule C for the past four years, paying SE tax on approximately $19,500 annually. Reading through everyone's experiences with IRS Notice 2014-7 has been eye-opening. I had no idea these payments could be excluded from income! My tax software (FreeTaxUSA) has never flagged this as an option, and my previous tax preparer never mentioned it either. I'm definitely going to pursue excluding these payments going forward and filing amended returns for prior years. Based on what others have shared, it sounds like I could potentially recover around $3,000-4,000 in overpaid self-employment taxes. My biggest question is about the transition year - if I've been filing Schedule C for years and suddenly stop, should I include any kind of explanation with my return about why there's no longer any self-employment income being reported? I want to avoid triggering any red flags with such a dramatic change in my tax situation. Also, has anyone dealt with this situation if you previously claimed business expenses related to caregiving on Schedule C? I've been deducting things like medical supplies and equipment - wondering how that gets handled once these payments are excluded rather than treated as business income. Thank you all for creating such a supportive and informative community. This discussion has potentially saved me thousands of dollars!

I'm gonna go against the grain here... Just use FreeTaxUSA or Cash App Taxes (formerly Credit Karma Tax). Both handle investments including stock sales and dividends. FreeTaxUSA is free for federal and like $15 for state. Cash App Taxes is completely free for both federal and state. I switched from TurboTax to FreeTaxUSA two years ago when my taxes got more complicated with investments and rental property. Saved over $120 and the process was actually easier! TurboTax is just really good at making you think you need their expensive versions when you don't.

As someone who's been through a similar transition from simple W-2 filing to dealing with investments, I'd recommend starting with the document analysis approach others mentioned. Understanding exactly what forms you'll need is crucial before choosing software. For your specific situation - multiple W-2s, stock sales, dividends, and retirement accounts - you're definitely looking at needing investment-capable software. The key distinction is that selling stocks requires Schedule D and Form 8949, which kicks you out of basic versions of any tax software. Your 403b contributions should already be reflected on your W-2 (look for box 12 with codes like D, E, F, G, or H), so that part is actually straightforward. The Roth IRA contributions typically don't need to be reported unless you qualify for the Saver's Credit, which at 19 you might depending on your income level. Between TurboTax Premier and the alternatives like FreeTaxUSA or Cash App Taxes, it really comes down to how much hand-holding you want. TurboTax is more expensive but walks you through everything step-by-step. The alternatives can save you $100+ and handle the same forms, but assume you're comfortable reading instructions and answering questions without as much guidance. Given this is your first year with investments, you might appreciate TurboTax's explanations this time around, then switch to a cheaper alternative next year once you understand the process better.

Can someone explain how CashApp Taxes handles wash sales on 1099-B forms? I have a similar merger situation but some of my trades might fall under wash sale rules.

I'm dealing with a very similar situation! My merger stocks also don't have acquisition dates on the 1099-B. Based on what everyone's saying here, it sounds like "Various" is the way to go, but I'm still nervous about getting it wrong. One thing I discovered that might help others - if you still have your original brokerage statements from before the merger, those sometimes show the original purchase dates of the stocks that got converted. I found mine buried in old PDF statements and was able to piece together the holding periods that way. Also worth noting that some mergers are tax-free reorganizations where your holding period carries over from the original stock, while others might create a new acquisition date. The type of merger matters for tax purposes, so if you're unsure, it's definitely worth getting clarification rather than guessing.