Don't forget that your filing status matters too! Are your parents still claiming you as a dependent? If they are, that affects both your standard deduction and eligibility for certain credits. If your parents claim you as a dependent, your standard deduction is limited to either $1,250 or your earned income plus $400, whichever is greater (but not more than the standard deduction amount of $13,850). Scholarship money that exceeds qualified education expenses doesn't count as "earned income" for this calculation - only income from actual work does. So that part-time job could be really important for your standard deduction calculation!

Great question, and you're definitely thinking ahead smartly! One thing I'd add to the excellent responses here is to consider quarterly estimated tax payments if your situation gets more complex. If you end up with a significant amount of taxable scholarship income plus work income, you might owe more than $1,000 in taxes for the year. In that case, the IRS expects you to make quarterly payments rather than waiting until April to pay everything at once. This is especially important for students because unlike regular jobs, scholarships don't have taxes withheld automatically. So if you have $12,000 in excess scholarship income plus $5,000 from work, you might want to have some taxes withheld from your job or make estimated payments to avoid any underpayment penalties. Also, keep all your education-related receipts! Even if your tuition is covered, you might have textbooks, lab fees, or required supplies that could affect your tax calculations or make you eligible for certain credits.

As someone who's dealt with similar contractor classification issues in healthcare, I'd strongly recommend double-checking whether all your medical professionals should actually be classified as contractors versus employees. The IRS has gotten much stricter about this, especially in healthcare where there's often significant control over how and when services are provided. For hospice care specifically, if you're setting schedules for on-call physicians, providing equipment, or directing how they provide care to patients, you might need to reclassify some as employees rather than contractors. This would mean W-2s instead of any 1099 form. The control test is really important here. That said, for legitimate contractors, you're right that 1099-NEC is typically the correct form for professional services. Just make sure you can pass the IRS contractor test first - it'll save you major headaches down the road if they audit your worker classifications.

Given the approaching deadline and the complexity you're dealing with, I'd recommend focusing on getting the forms filed correctly first, then addressing any classification questions later if needed. For your immediate situation: Use 1099-NEC for the physicians receiving stipends for on-call services and for any nurses you're paying directly. The 1099-MISC Box 6 is really for direct medical payments (like insurance reimbursements to providers), not for professional services contracts. For nurses through staffing agencies, you're correct that the 1099 goes to the agency, not the individual nurses. And as others mentioned, make sure you have current W-9s on file with correct TINs. One quick tip from my own experience with medical contractors - if any of your physicians have incorporated their practices, double-check whether they're C-Corps (which are generally exempt from 1099 reporting) versus other entity types. This can save you some paperwork and potential errors. The worker classification question raised by others is valid and important for long-term compliance, but for immediate 1099 filing purposes, if you've been treating them as contractors and have documentation supporting that relationship, proceed with the 1099-NECs to meet the deadline. You can always reassess classifications for next year if needed.

Is anyone using QuickBooks Online for their S-Corp bookkeeping? I'm trying to figure out if the extra cost for the plus version is worth it for the project tracking features.

I made this exact transition two years ago and can share what worked for me. Started with a CPA for the first year to get everything set up correctly - S-Corp election, payroll system, proper bookkeeping structure. Cost me about $2,500 but was worth every penny to avoid mistakes. Year two I took it over myself using TaxAct Business which handles S-Corp returns well. The key is having good bookkeeping throughout the year - I use QuickBooks to track everything properly so tax time isn't a nightmare. One thing I wish I'd known earlier: set aside money monthly for your quarterly payroll taxes and estimated payments. The cash flow is different from sole prop where you just pay once a year. Also, keep detailed records of any business expenses and mileage since the documentation requirements are stricter. At $75k revenue, you're right on the edge where S-Corp starts making sense. I'd run the numbers with a CPA first to make sure the tax savings actually exceed the additional costs (payroll processing, extra tax prep fees, state requirements, etc.).

I just went through this exact same situation last month! The shock of seeing your refund drop by over $1,000 is real, but everyone here has given you great explanations. What helped me the most was actually running my numbers through the IRS Tax Withholding Estimator to see what I should have been withholding all along. Here's what I learned: your employers don't know about each other, so they each calculate withholding using the standard deduction and tax brackets as if that's your only job. But when the IRS combines all your income, some of it gets pushed into higher tax brackets that weren't accounted for in the withholding. The good news? You can fix this going forward! For any current jobs, submit a new W-4 with additional withholding. For future jobs, use the multiple jobs worksheet on the W-4 or check that box in Step 2(c). And honestly, getting $740 back is still pretty good - it means you didn't underwithhold by too much. Some people in your situation end up owing money at tax time instead of getting any refund at all!

This is such a common shock for first-time filers with multiple jobs! I remember having the exact same panic when my refund dropped by about $900 after adding my second W-2. Here's the simplest way I can explain what happened: Each of your employers calculated your tax withholding assuming their job was your only income for the year. So your main job withheld taxes as if you'd make ~$30K total, and your part-time job withheld as if you'd make ~$8K total. But in reality, you made $38K+ combined, which puts some of your income in higher tax brackets than what was withheld. It's like if you bought two half-pizzas from different places, each calculated the price assuming you were only buying from them. But when tax time comes, the IRS sees you actually bought a whole pizza and charges you the correct total price. The $740 you're still getting back is actually pretty good - it means you only slightly under-withheld. I've seen people in similar situations end up owing money instead of getting any refund. For next year, definitely update your W-4s using the IRS Tax Withholding Estimator. And please don't skip that second W-2 - the IRS gets copies and will catch it eventually with penalties added on top!

One additional consideration that hasn't been mentioned yet - if your mother transferred the house to the irrevocable trust less than 5 years before her death, there could be Medicaid lookback period implications, even though she has already passed away. This won't affect your current tax situation, but it's worth being aware of in case there are any outstanding medical bills or if the state tries to recover any Medicaid benefits that were paid out. Also, since you mentioned you're serving as trustee, make sure you have proper documentation showing the trust has been fully administered and all assets distributed. Some financial institutions and government agencies may still require proof that the trust has been properly wound down, especially if there are any future transactions involving the property. Keep copies of all the trust distribution paperwork, death certificates, and any correspondence with beneficiaries. These documents can be crucial if you ever need to prove the timeline and legitimacy of the property transfer for tax or legal purposes down the road.

As someone who went through a very similar situation with my father's irrevocable trust, I wanted to add a few practical points that might help: First, regarding the Form 1041 question - even if the trust had minimal income, you'll likely need to file a final 1041 just to formally close out the trust. This creates a paper trail with the IRS showing that all assets have been properly distributed and starts the statute of limitations clock. Second, make sure you update the property insurance policy to reflect the new ownership. Many insurance companies require notification when property transfers from a trust to individual beneficiaries, and you don't want any coverage gaps. Third, since you and your brother are now co-owners, consider getting something in writing about how you'll handle future decisions regarding the property - maintenance costs, potential sale, etc. Even if you trust each other completely (no pun intended), having clear expectations documented can prevent misunderstandings later. Finally, keep detailed records of any expenses related to settling the trust or maintaining the property during this transition period. Some of these costs might be deductible on the final trust return or relevant for establishing your basis in the property. The good news is that inheriting through an irrevocable trust is generally much cleaner than going through probate, so you're already ahead of the game there!