All these comments are helpful but I think we're missing something basic - have you talked to your parents about this? Before going to the IRS or using any tools, I'd just sit down with them and go through the actual support calculations together. Show them that you're covering your own rent, food, etc., and calculate what percentage they're actually providing. Many parents just assume they should claim their college students without actually checking the support test requirements.

This is such a common situation and I'm glad you're getting it sorted out! One thing I want to add that hasn't been mentioned much - make sure to keep detailed records of all your expenses and payments going forward. I learned this the hard way when my parents and I disagreed about who was providing more support. Having bank statements, receipts, and a simple spreadsheet showing monthly expenses like rent, groceries, utilities, etc. makes the conversation so much easier and more objective. Also, once you do establish that you're independent, don't forget to update your FAFSA for next year's financial aid. Your expected family contribution will likely be much lower when it's based on your $10k income instead of your parents' income, which could mean significantly more grant money for school. The healthcare piece is huge too - being able to get subsidies based on your own income rather than your parents' can save thousands per year. It's definitely worth having that conversation with your parents this weekend!

I'm actually going through this exact same situation right now! Been on emergency tax for 3 months and finally got my tax code sorted last week. Really hoping to see that refund in my next paycheck because like you said, emergency tax has been absolutely brutal on my take-home pay. One thing I learned from calling HMRC is that if you don't see the refund automatically, you can also request a P800 tax calculation which will show exactly how much you're owed. But from what everyone's saying here, it sounds like it should just appear automatically which is a huge relief. Fingers crossed we both see those refunds soon! The amount I'm expecting back would honestly be life-changing right now given how tight money's been with the reduced paychecks.

I've been through this exact situation myself about 2 years ago - was stuck on emergency tax for nearly 6 months due to a PAYE coding issue. The good news is that yes, you should absolutely see the refund automatically in your next paycheck once your correct tax code is applied. What happens is your employer's payroll system will do a "year to date" reconciliation, comparing what you've actually paid in tax since April 6th against what you should have paid with your correct code. The overpayment gets refunded to you automatically - no forms to fill out or additional steps needed. In my case, I got back just over £2,100 which made that paycheck look absolutely massive! Just be prepared for it to potentially affect your student loan repayments if you have them, since the system will see that one large paycheck amount. One tip: keep all your payslips from the emergency tax period just in case there are any discrepancies. In 99% of cases it works perfectly, but it's always good to have the documentation if you need to query anything with payroll or HMRC later. You should definitely see that refund by end of October - the relief will be incredible after months of those reduced paychecks!

Has anybody just given up and hired an accountant who specializes in crypto? I'm looking at my Coinbase Pro CSV with hundreds of transactions and I'm about ready to throw in the towel lol. How much do crypto tax specialists typically charge for this kind of headache?

I totally understand the frustration with Coinbase Pro CSV files - they're definitely not user-friendly for tax purposes! One thing that helped me was creating my own simplified spreadsheet where I broke down each transaction into just the basics: date, type (buy/sell), crypto amount, USD value, and fees. For the columns in the CSV, focus on these key ones: - "created_at" = transaction date - "side" = buy or sell - "size" = amount of crypto - "price" = price per unit - "fee" = trading fee - "product_id" = which crypto pair (like BTC-USD) The most important thing to remember is that every sale or crypto-to-crypto trade is a taxable event. Transfers to your own wallets are not taxable. Also, make sure to include fees in your cost basis calculations - they increase your basis when buying and reduce proceeds when selling. If you have a lot of transactions, honestly the crypto tax software options mentioned here are worth it. But if you want to do it manually, just take it one transaction at a time and don't try to tackle everything at once. Good luck!

A little off topic but this might save your dad some headache - if he does end up as an independent contractor, make sure he sets aside 25-30% of EVERY check for taxes. I got destroyed my first year as an "independent contractor" because nobody told me about quarterly estimated tax payments and self-employment tax. Ended up owing over $18,000 at tax time with penalties.

Former tax preparer here who specialized in transportation industry. Your father is absolutely being pushed into misclassification, and this is incredibly common right now. A few critical points to add to the excellent advice already given: 1. The LLC formation requirement is a HUGE red flag. Legitimate independent contractors typically already have their own business entity - they're not told to form one by the "client." This suggests the company knows they're converting employees. 2. Nevada LLC formation is correct, but he should also check if he needs to register as a foreign LLC in Colorado since that's where the company operates. Some states require this. 3. The insurance question is absolutely crucial. If they're providing the truck and insurance but calling him a contractor, that's textbook misclassification. True independent contractors own their equipment and carry their own commercial insurance (which runs $8,000-15,000+ annually). 4. He should document EVERYTHING about his current working relationship before they make the switch - schedules, routes assigned, equipment provided, training received, etc. This evidence will be critical if he needs to challenge the classification later. 5. Consider filing Form SS-8 with the IRS BEFORE agreeing to anything. This requests an official determination of worker status and can protect him from penalties if the IRS later determines he was misclassified. The company is trying to save money at his expense. Don't let them.

Quick word of caution - make sure your CPA knows that you're planning to use K-1 losses to offset capital gains. I did this last year and my accountant didn't optimize the timing properly. We could have saved about $5,400 in taxes if we'd sold certain investments in the same year as our largest business losses. Everyone's focused on the "can you do it" question, but the "when to do it" question is just as important for tax planning.

Just wanted to add something that might be relevant to your situation - make sure you consider state tax implications too. While federal rules generally allow K-1 losses to offset capital gains, some states have different rules or limitations. Also, since you mentioned this is a family business with your wife, if you're filing jointly, the loss limitations and basis calculations apply at the household level, which usually works in your favor. But if either of you has other passive investments or rental properties, those could complicate how the losses flow through. One more thing - if you do decide to sell those stocks this year, consider whether you want to sell all $27k worth at once or spread some into next year depending on your expected income. Sometimes it makes sense to manage which tax brackets you're hitting, especially if the business losses push you into a lower bracket this year.