I went through something very similar last year when my LLC (taxed as partnership) dissolved. The key thing I learned is to make absolutely sure you have all your basis adjustments correct before claiming the loss. Don't just rely on what the final K-1 shows for ending basis - go back through all your previous K-1s and verify that you properly adjusted your basis for distributions, allocated losses, and any debt basis you might have had. I initially thought I had a $15k capital loss, but after going through everything carefully, it was actually only $8k because I had missed some distributions from earlier years. Also, if this was a business partnership (not just an investment), consider whether any portion of the loss might qualify as an ordinary loss under Section 1244 or as a business bad debt. The capital loss treatment is usually correct, but it's worth double-checking since ordinary losses can offset regular income without the $3k annual limit. One more tip - attach a statement to your return explaining the partnership dissolution and how you calculated your basis. It might help avoid questions later if the IRS reviews your return.

One thing I haven't seen mentioned yet is timing considerations for when to actually report this loss. Since you received your final K-1 for the partnership's last tax year, make sure you're reporting the capital loss in the correct tax year - it should be the year the partnership actually terminated, not necessarily when you received the K-1. Also, if this partnership had any Section 754 elections in effect or if there were any special basis adjustments, those could affect your final basis calculation. These adjustments might not be clearly reflected on your K-1, so you may need to contact the partnership's former accountant to get a complete picture. For anyone in a similar situation, I'd also recommend getting a written confirmation from the partnership that it has fully dissolved and distributed all assets. This documentation could be valuable if the IRS ever questions whether the loss was truly from a complete disposition versus just a temporary suspension of operations.

I'm in the exact same situation! Filed my amended return in early March for missed 1099-NEC income and just saw the TC 740 code appear on my transcript yesterday. I had no idea what it meant and was honestly worried something was wrong since I hadn't heard anything from the IRS in months. Reading through all these responses has been incredibly reassuring - it's such a relief to know that this code is actually good news and means they're actively processing my amendment. The complete radio silence from the IRS during this process is honestly maddening. It's 2025 and they still can't send a simple "we received your amendment and it's being processed" notification? Based on everyone's timelines here, it looks like I'm right on track at about 11 weeks since filing. Really appreciate everyone sharing their specific experiences - makes this anxiety-inducing waiting game so much more manageable when you know the silence is actually normal (even though it absolutely shouldn't be). Now I know to watch for that TC 290 code in the coming weeks. Thanks for creating this thread - saved me from spiraling into worry mode!

This thread has been so helpful! I'm dealing with a very similar situation - filed my amended return in late February for some missed 1099-NEC income and have been in complete radio silence mode with the IRS ever since. Just checked my transcript this morning and finally saw the TC 740 code appear! It's honestly mind-boggling that in 2025 we still have to play detective with these cryptic transaction codes just to figure out what's happening with our own tax returns. The IRS could easily send automated status updates, but instead they leave us all in the dark for months wondering if our paperwork got lost in some black hole. Reading through everyone's experiences and timelines here has been incredibly reassuring though. Sounds like I'm hitting the typical 12-week mark when this code usually shows up. Now I know to keep an eye out for that TC 290 code in the coming weeks. The waiting game is absolutely brutal, but at least I know my amendment is actually being processed instead of sitting in some forgotten pile somewhere. Thanks to everyone who shared their specific timelines and experiences - this community support makes such a stressful process so much more bearable! The fact that we all ended up here trying to crowdsource basic information about our tax returns really highlights how broken the IRS communication system is.

This entire discussion has been incredibly helpful! I'm a tax preparer myself and I'm definitely going to reference some of these explanations with my own clients. The way everyone broke down the difference between "federal taxes" as a broad term versus "federal taxes" in the specific context of tax filing is spot-on. What I find really valuable is how multiple people confirmed from their real experiences that refund calculators specifically want federal income tax only (Box 2), and why that makes sense - because that's the only tax that gets reconciled on your annual return. The Social Security and Medicare taxes are indeed "pay-as-you-go" at fixed rates. For anyone still reading this thread, here's one additional tip: if you ever see a tax form or calculator that wants something OTHER than just federal income tax, it will be very explicit about it. For example, it might say "total federal withholdings" or "federal income tax plus estimated payments." But when it just says "federal taxes" in a tax context, you can confidently use Box 2 from your W-2. Great community discussion - this is exactly the kind of practical guidance that helps people avoid costly mistakes!

As a newcomer to this community, I have to say this thread has been absolutely enlightening! I've been doing my own taxes for a few years but always had this nagging confusion about what exactly constitutes "federal taxes" when using various calculators and forms. Reading through everyone's experiences and explanations has finally cleared up something that's been bothering me for ages. The distinction between "pay-as-you-go" taxes (Social Security/Medicare) versus "estimated withholding" taxes (federal income tax) is such a perfect way to understand why only income tax can be refunded. I never thought about it that way before! What really impressed me is how many people shared their actual mistakes - like including all federal withholdings in refund calculators and getting wildly inaccurate estimates. It's reassuring to know this confusion is so common, even among people who've been filing taxes for years. The consensus is crystal clear: when tax forms, calculators, or IRS documentation asks for "federal taxes," they specifically mean federal income tax (Box 2 on your W-2) unless explicitly stated otherwise. I'm definitely saving this thread as a reference - it's way more helpful than hours of searching through official tax publications! Thanks to everyone who took the time to share their knowledge and experiences. This is exactly the kind of practical, real-world guidance that makes navigating taxes so much less intimidating for newcomers like me.

I'm dealing with this exact same frustration right now! I've been trying to get my 1095-A for weeks and it's been a complete nightmare. What's really helpful reading through all these responses is realizing there are actually several different approaches to try. Based on what everyone's shared, here's my plan of attack: 1. First, I'm going to check that "Plan Management" section Paolo mentioned - I had no idea there might be a separate download area 2. If that doesn't work, I'll try the state exchange portal route Austin suggested since I'm in a state marketplace 3. As a backup, I might try one of those callback services people mentioned if I can't get through the regular phone lines The point about potentially not even needing the 1095-A if you were on Medicaid most of the year is really eye-opening too. I'm going to use that IRS interactive tax assistant tool to see if I actually need it before going through all this hassle. Thanks everyone for sharing your experiences - it's reassuring to know I'm not the only one dealing with this mess! The healthcare system really needs to get its act together when it comes to these tax documents.

I'm going through this same nightmare right now! After reading through everyone's experiences, I wanted to share what I just discovered that might help others. I was stuck in the same loop - no 1095-A in my inbox, couldn't get through on the phone, getting desperate as tax deadlines approach. But after trying Paolo's suggestion about checking the "Plan Management" section, I found something interesting. There wasn't a direct download link, but there was a "Tax Information Summary" that had most of the key details I needed. Even though it wasn't the official 1095-A form, it had my monthly premium amounts, advance premium tax credit amounts, and even referenced my coverage dates. I was able to use this information along with the healthcare.gov SLCSP lookup tool that Mei mentioned to get everything I needed for my taxes. For anyone else stuck in this situation - definitely check for ANY tax-related documents in your marketplace account, even if they're not labeled as "1095-A." Sometimes they provide the same information in a different format. It saved me from having to wait weeks for a replacement form or pay for callback services. Also want to echo what others have said about the IRS interactive tax assistant - definitely check if you actually need the 1095-A first. I wasted so much time stressing about a form I might not have even needed!

Consider exploring a Section 1202 qualified small business stock (QSBS) analysis as well. If your S Corp qualifies and your father has held his shares for at least 5 years, he might be eligible for significant capital gains exclusion (up to $10 million or 10x basis, whichever is greater). Also worth discussing with your advisors is the timing of any conversion strategies. Some families benefit from converting to a C Corp temporarily before the sale to take advantage of QSBS benefits, then converting back afterward, though this requires careful planning around the built-in gains tax rules. Another angle to explore is whether your father might benefit from charitable remainder trust (CRT) strategies if he has philanthropic goals. This could allow him to defer capital gains while providing income over time and eventual charitable benefits. The key is running the numbers on multiple scenarios before committing to any single approach. Each family's situation is unique based on the business value, personal tax situations, and long-term goals.

One strategy worth exploring that combines several approaches mentioned here is a "sale to grantor trust" structure. Your father could sell his shares to an intentionally defective grantor trust (IDGT) that you and your sister establish as beneficiaries. The benefits: your father receives installment payments (helping with his cash flow), the growth in business value happens outside his estate, and he pays the income taxes on the trust's earnings (which is actually a benefit since it further reduces his estate without using gift tax exemptions). Meanwhile, you and your sister effectively own the business through the trust structure. This works particularly well when combined with a small gift component - your father could gift a portion of shares to the trust and sell the remainder, reducing the total purchase price you'd need to finance. The trust can use business distributions to make the installment payments to your father, and since he's paying the trust's taxes as the grantor, more cash stays in the trust to service the debt. This is definitely complex and requires experienced estate planning counsel, but for family business transitions it can be incredibly tax-efficient compared to direct purchase arrangements.