I just went through this exact situation a few months ago with bank bonuses from three different institutions totaling around $1,500. Here's what I learned from the process: First, definitely file an amended return - don't wait or try to include it next year. The IRS automated matching system will eventually catch the discrepancy between what the banks reported and what you filed, and it's much better to be proactive about it. To find your missing 1099 forms, check a few places: your email spam/promotions folders (banks often send these electronically now), any online banking portals or document centers, and your physical mail from January-February. If you still can't find them, you can call each bank's customer service line and request duplicate copies - they're required to provide them. The good news is that Form 1040-X for this type of correction is pretty straightforward. You'll report the additional income, calculate the extra tax owed (probably around $180-$360 depending on your tax bracket), and include a brief explanation like "Adding previously omitted bank account opening bonuses." One important note: make sure you understand how each bank classified the bonus. Some report them as interest income (1099-INT) while others use miscellaneous income (1099-MISC). This affects which line of your tax return gets the adjustment, though the bottom-line tax impact is the same. The sooner you file the amendment, the less interest you'll pay on any additional taxes owed. I filed mine within 6 weeks of realizing the mistake and the whole process was much smoother than I expected.

I've been through this exact situation and want to emphasize a few key points that might help you avoid some of the stress I went through. First, don't panic about not finding the 1099 forms right away. The IRS wage and income transcript that someone mentioned earlier is your best friend here - you can access it online immediately and see exactly what each bank reported. This eliminates the guesswork about amounts and classifications. Second, while everyone's correctly saying you need to amend, I want to stress the timeline aspect. You have up to 3 years to file an amended return, but the sooner you do it, the less interest accumulates on any additional taxes owed. In your case with $1,200 in bonuses, you're probably looking at an additional tax liability of $180-$300 depending on your bracket. One thing I learned the hard way: if you received bonuses late in the tax year (November-December), some banks don't send the 1099s until late January or even early February. They might still be coming in the mail, so check with each bank's customer service before assuming they're lost. The amendment process itself is much simpler than it sounds. Most tax software can handle 1040-X preparation, or you can work with a tax preparer if you prefer. Either way, you'll sleep much better knowing it's handled properly rather than waiting for an IRS notice that will inevitably come.

Another tip that helped me as a new contractor - don't forget about self-employment tax! This caught me off guard my first year. As a 1099 contractor, you're responsible for both the employee AND employer portions of Social Security and Medicare taxes (15.3% total on your net earnings). When you're calculating how much to set aside for quarterly payments, make sure you're accounting for both income tax AND self-employment tax. I made the mistake of only calculating income tax my first quarter and came up short. A good rule of thumb is to set aside 25-30% of your contractor income depending on your tax bracket, but definitely run the actual calculations or use one of the tools mentioned above to get a more precise number. Also, keep detailed records of all your business expenses throughout the year - office supplies, equipment, mileage, home office expenses if you qualify, etc. These deductions can significantly reduce your tax liability and make those quarterly payments more manageable.

As someone who made the transition from W-2 to 1099 about two years ago, I completely understand your confusion! The quarterly payment system definitely feels overwhelming at first. Here's what I wish I had known: while technically you're supposed to make quarterly payments if you'll owe over $1,000, the IRS does offer some flexibility through safe harbor provisions. If you pay at least 100% of last year's total tax (110% if your AGI was over $150K), you can avoid underpayment penalties even if you owe more when you file. That said, I'd strongly recommend getting into the quarterly payment habit now rather than waiting. It's not just about avoiding penalties - it's about cash flow management. Setting aside 25-30% of each payment immediately and making quarterly payments prevents that scary "oh no, I owe $15K and spent all my money" moment in April. One practical tip: I use a separate business checking account and automatically transfer my estimated tax amount there every time I get paid. Then when quarterly payments are due, the money is already sitting there waiting. Makes it much less painful than trying to come up with a large lump sum. The learning curve is steep, but once you get a system down, it becomes second nature. Good luck with your first year of contracting!

For the online version of TurboTax, try looking for a small "Print" link in the top right corner of your screen while you're in the review section. Sometimes it's also hidden under a "Tools" or "More Options" menu. Once you click on Print, you should see options like "Print return for your records" or "Save as PDF" - this will generate a complete copy of all your forms including federal and state returns before you pay anything. Since you mentioned having such a complex return this year, I'd also suggest double-checking that TurboTax correctly allocated your income and deductions between the different states. Multi-state returns can get tricky, especially with business income involved. The preview will show you exactly how everything was calculated across all your forms.

I had a similar complex tax situation last year with multiple income sources across states, and I learned the hard way that the preview feature in TurboTax is absolutely essential before paying. Here's exactly what worked for me: In the online version, after you complete all your entries and reach the final review screen, look for a small "Print" or "Print Center" link - it's usually in the upper right corner but sometimes tucked away in a dropdown menu. Don't look for anything that says "preview" because TurboTax doesn't label it that way. When you click Print, you'll get options to "Print return for your records" or "Save as PDF" - choose the PDF option. This generates your complete return including all federal forms, state returns, and schedules without having to pay first. Given your complex situation with multi-state filing and business income, pay extra attention to how your income is allocated between states in the preview. I caught a major error where TurboTax had incorrectly assigned some of my business expenses to the wrong state, which would have cost me hundreds in overpaid taxes. The preview saved me from a messy amended return situation. Take your time reviewing every schedule, especially Schedule C for your business and any state-specific forms. It's much easier to fix errors now than after you've already filed and paid!

Quick question - I'm in the same situation but I already had the lawn equipment before I started renting out part of my house. Can I still claim depreciation on these items even though I purchased them earlier for personal use?

Great question! Yes, you can definitely deduct lawn care expenses for your rental property. Since your tenant has access to the backyard, that portion of your yard maintenance is a legitimate rental expense. Here's what you need to know: **Equipment ($825 total):** These are capital expenses that must be depreciated over time, not deducted all at once. Lawn equipment typically has a 5-year depreciation schedule under MACRS. **Supplies ($300 fertilizer/weed killer):** These are fully deductible in the year purchased - much simpler! **Your labor:** Unfortunately, you can't deduct the value of your own time, but any materials you buy are fair game. **Mixed-use allocation:** Since you live in the main house, you'll need to determine what percentage of the yard maintenance relates to the rental vs. your personal use. The IRS typically accepts square footage calculations (rental space ÷ total property space). **Documentation:** Yes, keep all receipts! You'll report these on Schedule E, and good records are essential if you're ever audited. Pro tip: Consider whether the time you spend on lawn care might be better spent on other income-generating activities. Some landlords find that hiring a service simplifies their taxes and frees up time, even if it costs a bit more upfront.

Which tax software would be better for a sole proprietor LLC? I've heard mixed things about both TurboTax and H&R Block. Anyone try both?

I'm in a very similar situation - made about $18k from my freelance marketing business this year and also totally neglected the quarterly payments (oops!). After reading through all these responses, I'm definitely going with TurboTax Self-Employed. One thing I'd add that hasn't been mentioned - if you have any business-related subscriptions or software you pay for monthly (like Adobe Creative Suite, project management tools, etc.), make sure you have those receipts ready. Those add up quickly and are fully deductible. I went through my credit card statements and found almost $800 in software subscriptions I had forgotten about. Also, don't beat yourself up about the quarterly payments thing - apparently it's super common for first-year freelancers. The penalty really isn't that scary at our income levels. Just get it done and set up those quarterly payments for next year!