I completely understand your panic about this situation - I work as a tax preparer and see this exact scenario with online gambling platforms multiple times every tax season. The good news is you're absolutely NOT stuck paying taxes on $68,000 you didn't actually win. The W2-G is misleading because it only reports individual winning transactions over the threshold ($1,200+ for slots), not your actual net gambling results. Since you mentioned being down money overall with DraftKings for the year, you should be able to offset that reported income with your documented losses. Here's your action plan: **Immediate steps:** - Request your complete annual win/loss statement from DraftKings showing ALL activity for the tax year - This will likely show you had a net loss, which is what actually matters for taxes **Filing process:** - Report the full $68,000 on Schedule 1, Line 8b as required - Deduct your gambling losses on Schedule A (up to the amount of winnings) - Compare itemizing vs. standard deduction to see which saves more money **Key point:** You can only claim gambling losses if you itemize deductions, but with $68,000 in reported winnings to offset, itemizing will almost certainly save you thousands even if you lose other deductions. Keep all your DraftKings documentation - their annual statements are comprehensive and IRS-acceptable. You haven't financially ruined yourself; you just need to navigate the somewhat counterintuitive way gambling taxes work. The system does protect people in your exact situation when you follow the proper procedures.

I understand the overwhelming stress you're feeling about this situation - getting a massive W2-G when you actually lost money overall is one of the most anxiety-inducing tax scenarios out there. But I want to reassure you that you have NOT financially ruined yourself. The system seems backwards, but it does work when you understand the process. That $68,000 W2-G represents individual winning spins that hit the reporting threshold, not your actual profit. Since you mentioned losing money overall with DraftKings, you should be able to offset most or all of that reported income. Here's what you need to focus on right now: **Get your documentation immediately:** Request DraftKings' annual win/loss statement through your account (usually under "Responsible Gaming" or "Tax Documents"). This will show your true net position for the entire year. **Understand the filing process:** You'll report the $68,000 on Schedule 1 as required, but then deduct your actual losses on Schedule A up to that amount. Yes, this means you'll need to itemize, but with losses potentially offsetting $68k in income, itemizing will almost certainly save you thousands. **Don't panic about audits:** With proper documentation from DraftKings showing your actual gambling activity and results, you're well-protected if questioned. The most important thing to remember is that the IRS isn't trying to tax you on money you didn't actually win - the reporting system is just clunky. Once you get that annual statement showing your net loss position, you'll feel so much better about this whole situation.

Has anyone here dealt with converting a farm property from an LLC back to individual ownership before a parent's passing? We did this with my grandfather's farm last year to ensure we got the stepped-up basis, but now I'm worried about potential gift tax implications since the LLC was originally in our names (the kids).

The missing LLC documentation is a red flag that needs immediate attention, especially with BOI reporting deadlines approaching. I'd recommend starting with your state's Secretary of State office - they should have the Articles of Organization on file that will show who signed as the organizer and initial members. For the stepped-up basis question, the key factor is who actually owns the LLC membership interests at the time of your father's death. If he retained ownership (making it a single-member LLC), the property gets stepped-up basis. If you kids already own the LLC, no step-up occurs since you technically already own the property. Given the Medicaid planning aspect, I suspect the LLC ownership was likely transferred to you children to protect the asset, which would unfortunately eliminate the stepped-up basis benefit. However, if your father retained even a small percentage of ownership, that portion would qualify for step-up. You might want to consider having the LLC dissolve and distribute the property back to your father if he's still healthy and the goal is to maximize the stepped-up basis for your family. Just be mindful of the Medicaid lookback period implications that others have mentioned.

Don't stress too much! I work with a lot of freelancers and this happens more than you'd think. Here's what I tell them: always report your REAL income, not what's on an incorrect form. The IRS computers mainly flag when reported income is LOWER than what's on forms. When you report MORE, it rarely triggers issues. Think about it - the IRS is happy when you pay taxes on more income! Keep solid records, but don't lose sleep over this. The startup's mistake shouldn't become your problem.

I went through this exact same situation two years ago with a small marketing agency that basically disappeared after sending me an incorrect 1099. Here's what I learned: First, you're absolutely right to report the actual amount you received - that's what the IRS expects. I reported the correct (higher) income on my Schedule C and kept detailed records of all my payments, invoices, and attempts to contact the company. The key thing that gave me peace of mind was creating a simple one-page summary document that I kept with my tax records. It listed: - The incorrect 1099 amount vs. actual income received - Dates and methods of all my attempts to get it corrected - A brief explanation that the company became unresponsive I never needed to submit this with my return, but having it organized made me feel much more confident about my filing. The IRS never questioned anything because I reported MORE income than what was on their forms. Your bank deposits and invoices are solid evidence - you're in good shape. Don't let their poor record-keeping create stress for you when you're doing everything correctly!

I've dealt with this exact scenario multiple times as a tax preparer. Here's what you need to know about FreeTaxUSA and ISO reporting: For your $2,300 spread, you're likely correct that your AMT will be $0 due to the exemption amounts for 2024 ($85,700 for single filers, $133,300 for married filing jointly). However, you still need to properly report the ISO adjustment. In FreeTaxUSA, the ISO spread should be entered under the "Federal" section → "Deductions & Credits" → "Other Taxes" → look for "Alternative Minimum Tax (AMT)" subsection. If you don't see this initially, make sure you've indicated stock option activity in the interview questions as others mentioned. The key point everyone seems to be missing: even if your current AMT is $0, you're creating an AMT credit that carries forward. This credit becomes valuable when you eventually sell the ISO shares, as it reduces your regular tax liability dollar-for-dollar up to the amount of AMT you would have paid. For record-keeping, maintain detailed records of: - Exercise date and number of shares - Exercise price per share - Fair market value on exercise date - AMT adjustment amount ($2,300 in your case) - Any AMT paid (likely $0 for you) This information is crucial for calculating your adjusted cost basis when you sell, which affects whether the sale generates ordinary income or capital gains treatment.

Just wanted to add my experience as someone who went through this exact situation last year. I had a $2,800 ISO spread and was also using FreeTaxUSA, wondering if I needed Form 6251. After reading through all these helpful responses, I ended up doing what several people suggested - I manually calculated Form 6251 to confirm my AMT was $0, then made sure to enter the ISO spread amount in FreeTaxUSA under the AMT section. The key thing I learned (and wish I'd known earlier) is that even though my current AMT was $0, I was still creating valuable AMT credits for the future. When I sold half my ISO shares this year after holding them for the required periods, those AMT credits saved me about $1,200 in regular taxes. For anyone in a similar situation: don't skip reporting the ISO spread just because you think your AMT will be zero. The credit tracking is worth it, and FreeTaxUSA does handle it properly once you find the right section. Also, definitely keep detailed records of everything - exercise dates, FMVs, spreads, etc. You'll need all of this when you eventually sell. The whole ISO/AMT system is confusing, but taking the time to understand it now will pay off significantly when you sell those shares down the road.

Just joined this community and wow, what a mess TurboTax has created with their refund advance tracking! Reading through everyone's experiences, it's clear this is a widespread issue that shouldn't exist. I'm dealing with the same problem right now - filed two weeks ago with the 5-day advance option and have been checking my regular bank account daily like an idiot. After seeing NeonNinja's advice about Green Dot, I downloaded their app and sure enough, my advance has been sitting there since last Wednesday! It's honestly infuriating that TurboTax doesn't make this process transparent. They take a fee for "convenience" but then make you hunt through multiple apps and banking partners to find your own money. The fact that they're apparently using different partners (Green Dot, Credit Karma Money, etc.) without clearly communicating which one applies to your situation is just poor customer service. Thanks to everyone who shared their experiences here - this thread solved in 10 minutes what TurboTax's own support couldn't clarify. Definitely going the direct deposit route next year!

As another newcomer who just went through this exact nightmare, I wanted to share what finally worked for me. After reading through all these helpful comments, I checked my email more thoroughly and found not one, but THREE different emails from TurboTax about my refund advance - one initial confirmation, one from Green Dot with setup instructions, and a third one that got buried in my promotions tab with the actual account details. The Green Dot app route that NeonNinja mentioned saved me too! My advance had been sitting there for almost a week while I was frantically checking my regular bank account. What's really frustrating is that TurboTax's own "Refund Status" page just showed "processing" with no mention of where to actually look for the funds. It's clear from everyone's experiences that this isn't just user error - TurboTax has genuinely created a confusing system with multiple banking partners and poor communication. I'm definitely joining the "direct deposit only" club next year. Thanks to this community for being more helpful than TurboTax's actual customer service!