Slightly different perspective - I'd recommend talking to a tax attorney who specializes in partnership taxation, not just your CPA. While IRC 1341 seems like the right approach, there are nuances with carried interest that might affect your specific situation. For example, depending on how your partnership agreement was structured, there might be arguments for treating this as a capital loss rather than a Claim of Right issue, which could have different tax implications. A specialized attorney could also help if the IRS challenges your position.

This is a complex situation that touches on several areas of tax law. Based on your description, IRC 1341 does seem like the appropriate approach, but I'd strongly recommend getting specialized advice given the amounts involved. One thing to keep in mind is timing - make sure you're clear on when exactly the repayment obligation crystallized. For IRC 1341 purposes, it matters whether the repayment obligation arose in 2024 when you left, or if it was always contingent on not meeting the vesting requirements. Also, since you mentioned your accountant is researching this, make sure they're familiar with Revenue Ruling 2019-11, which provides guidance on applying IRC 1341 to partnership distributions. The IRS has been more active in this area recently, so having current guidance is important. The documentation everyone else mentioned is crucial - you'll want everything in writing showing the original allocation, the tax distributions made to cover your liability, and the subsequent repayment requirement. This creates a clear paper trail that supports your position. Given the complexity and dollar amounts, consider getting a second opinion from a tax professional who specializes in partnership taxation and carried interest. The intersection of these rules can create opportunities or pitfalls that aren't immediately obvious.

Has anyone used TurboTax Self-Employed for their prop trading taxes? I'm trying to decide if I should use that or hire an accountant.

I went through this exact situation last year when I started prop trading! A few key things I learned the hard way: 1. You'll definitely want to find a CPA who understands trading - it's worth the extra cost. Regular tax preparers often don't grasp the nuances of trader expenses and quarterly payments. 2. Start tracking EVERYTHING now - trading software subscriptions, home office space, computer equipment, even books and courses related to trading. The deductions can really add up. 3. For quarterly payments, I use the safe harbor rule (paying 100% of last year's tax liability divided by 4). It's simpler than trying to estimate variable trading income. 4. One thing that caught me off guard - you might need to pay both sides of Social Security/Medicare tax (15.3% total) on your net prop trading profits since you're self-employed. 5. Consider opening a separate business checking account for all your trading-related expenses. Makes record keeping much cleaner come tax time. The learning curve is steep but manageable once you get the systems in place. Don't stress too much - just start documenting everything and find that specialized accountant!

Make sure you're checking the right place in Robinhood for your documents! This confused me last year. You need to go to Account > Statements & History > Tax Documents, not the Documents section. Some people miss this. Also, they release them in batches. Most basic forms come out in early February, but if you had any special situations (wash sales, corporate actions, etc.) your forms might be in the later batch that comes out in March.

I had a similar issue with Robinhood last year! One thing that helped me was checking if there were any corporate actions on stocks I owned - like stock splits, mergers, or spin-offs. These can delay the 1099-B processing significantly because they have to adjust the cost basis calculations. In the meantime, you can absolutely file without the official form. Go to your Robinhood account and download your year-end tax summary or export your transaction history as a CSV file. You'll need to calculate your gains/losses manually using Form 8949 and Schedule D. Just make sure to keep detailed records of your cost basis for each transaction. For the dividends, those should definitely show up on a 1099-DIV since you earned over $10. Sometimes Robinhood issues a "consolidated 1099" that combines different types of investment income - double-check that your crypto 1099-B doesn't have additional sections. The IRS gives you until April 15th to file, but brokerages have until March 15th for corrected forms, so there's still time for it to arrive. Just don't let it delay your filing if you can reconstruct the information from your account statements.

Has anyone tried just showing up in person to get their W-2? I'm tempted to just walk into my old job and ask for it directly since they're ignoring my emails.

Just wanted to add another perspective from someone who dealt with this exact situation last year. I had 4 different employers in 2024 and left two of them on terrible terms (one was a toxic startup, the other had a manager who was stealing tips). Here's what worked for me: First, I gathered all my final pay stubs since they contain most of the info you need. Then I created a simple spreadsheet tracking each employer - company name, dates worked, HR contact info, payroll company if known, and whether I received the W-2 or not. For the jobs I left on good terms, I proactively emailed their HR departments in early January with my new address. For the toxic ones, I waited until after January 31st and then used the IRS complaint process when they didn't send my forms. One thing that really helped was checking if any of my former employers used third-party payroll companies like ADP or Paychex. Even after you're terminated, you can sometimes still access your W-2s through their employee portals using your old login credentials. Worth trying before dealing with your actual former employers! The key is being proactive and having multiple backup plans. Don't wait until the last minute to start chasing down these forms.

I went through a very similar situation with Jackson Hewitt last year and can definitely relate to the frustration! What ultimately worked for me was getting really specific about the terminology when I called. Instead of saying "repayment" or "advance," I used the exact phrase "Early Refund Advance loan payoff" - apparently their system has very specific keywords that route you to the right department. Also, I found that calling early in the morning (around 8 AM EST) got me connected to more experienced reps who actually knew about the direct repayment options. The rep who finally helped me explained that JH has a separate loan servicing department that handles these situations, but you have to specifically ask for "loan servicing" to get transferred there. They were able to provide me with a payment address and account reference number for mailing a check. Definitely keep records of all your attempts to repay - this documentation saved me when they tried to report it as delinquent even though I had been trying to pay for weeks!

I'm dealing with this exact same issue right now and it's been driving me absolutely crazy! Reading through these responses has been incredibly helpful - especially the suggestions about contacting MetaBank directly and using specific terminology like "Early Refund Advance loan payoff." I've been stuck in that same circular phone maze for weeks now. The fact that JH's customer service seems completely disconnected from their own repayment process is mind-blowing. I'm definitely going to try calling MetaBank directly with my advance paperwork in hand, and if that doesn't work, I'll use the specific phrases mentioned here when calling JH's corporate line. It's reassuring to know I'm not the only one who's experienced this nightmare, and that there are actually people who've successfully resolved it. Thanks everyone for sharing your experiences - this thread is a goldmine of practical solutions!