Quick question for the group: does anyone know if amending your return affects the refund timeline? I just realized I forgot to include some 1099 income 😬

I'm in a similar situation - filed my CA state return in late January and still waiting! From what I've read, CA has been experiencing some processing delays this year. One thing that helped ease my anxiety was setting up text alerts through the FTB website so I get notified when there's any update on my refund status. Also, I called the FTB customer service line (1-800-852-5711) last week and they said as long as your return shows "received" in the system, you're good - just need to be patient. The rep mentioned they're working through a backlog but most e-filed returns with direct deposit are getting processed within 4-6 weeks this year. Hang in there! 🤞

Has anyone mentioned Schedule K-1 yet? When I handled my father's estate last year, I had to issue K-1s to all the beneficiaries for their portion of the estate income. That was the most confusing part for me!

I'm so sorry for your loss, Jayden. Dealing with estate taxes while grieving is incredibly difficult. From what you've described, you're on the right track with getting the EIN. Since your mom had minimal assets (house with mortgage and car), you may not need to file Form 1041 unless the estate generated over $600 in income after her death. This would typically come from things like interest, dividends, or rental income - not the assets themselves. For the SSA-1099, you'll need to determine if those Social Security payments were for periods before or after her death. Benefits for time periods when she was alive go on her final Form 1040 (covering January 1 to date of death). Any benefits received for periods after death should be returned to Social Security. A few key things to consider: - You'll likely need to file her final personal return (1040) in addition to potentially filing the estate return (1041) - The house and car are estate assets but don't create taxable income unless sold or generating rental income - Keep detailed records of all estate expenses (funeral costs, legal fees, etc.) as these may be deductible Don't feel bad about being confused - this is complex stuff even for professionals. Consider consulting with a tax professional who specializes in estate returns if your attorney isn't providing clear guidance on the tax aspects.

I'm going through this exact situation right now with property in Italy. My accountant says the key thing is the TIMING - you file Form 3520 in the tax year when you legally receive the property, not when the person died. So if Portugal's inheritance process isn't complete yet, you wouldn't file until it's done. Also, make sure you get a Form 8833 filled out to claim treaty benefits if the US has a tax treaty with Portugal. This can protect you from double taxation. My accountant is charging me $650 just to prepare these two forms!

This is such a complex area! I inherited a small apartment in France from my grandmother two years ago and made the mistake of not filing Form 3520 initially because I thought it only applied to cash gifts. The IRS eventually caught up with me through their automatic data matching systems. What saved me was being able to show "reasonable cause" for the late filing - I had documentation that I relied on incorrect advice from my original tax preparer. The key lesson is that Form 3520 applies to ALL foreign inheritances over $100k, including real estate, regardless of whether you plan to keep or sell the property. Since you're still going through Portugal's inheritance process, you have time to get this right. File Form 3520 for the tax year when legal ownership actually transfers to you (not when your father passed). Keep detailed records of the Portuguese inheritance proceedings to document the exact transfer date. And definitely get some form of valuation documentation - even if it's just comparable sales data from Portuguese real estate websites - to support whatever value you report.

Don't forget about quarterly estimated tax payments if you're self-employed! Even if you're making under the standard deduction, you're supposed to be making quarterly payments for that self-employment tax if you expect to owe more than $1,000 for the year. I learned this the hard way and got hit with an underpayment penalty my first year freelancing. For about $12,000 in income, you should probably be paying around $375 quarterly to avoid penalties.

You might also qualify for the Qualified Business Income (QBI) deduction, which lets self-employed people deduct up to 20% of their business income. Though with your income level and the self-employment tax situation, it probably won't zero out your taxes completely.

Have you considered other options instead of adding them as joint owners? My financial advisor suggested a few alternatives that had better tax implications: 1. Transfer-on-death (TOD) designation: Doesn't trigger a gift now but gives them the assets when you pass away 2. Annual gifting: Transfer smaller amounts each year using the annual exclusion ($18k per recipient in 2025) 3. Custodial account if they're minors (though sounds like yours are adults) 4. Family trust with specific access provisions Joint ownership also comes with other risks - your children's creditors could potentially access those assets, and if they get divorced, their spouse might have claims on the money.

Something nobody's mentioned yet - adding your kids as joint owners means any sale of assets in that account could trigger capital gains tax consequences for THEM too. And if your cost basis is low (meaning big potential gains), this could be significant. My tax person told me this when I was considering something similar. Apparently when you add joint owners to an account with appreciated assets, your original cost basis is carried over proportionally. So they inherit your potentially low basis, which means bigger tax bills when selling.