Has anyone tried TaxHawk? Just discovered it and wondering if it handles stock sales too without charging?

Just wanted to add another option that's been working great for me - TaxAct through the IRS Free File program. I have a similar situation with W-2 and stock sales, and it handled everything completely free (including Schedule D for capital gains). The key thing I learned is that you MUST go through irs.gov/freefile to access the truly free versions. If you go directly to TaxAct's website, they'll try to charge you for the same forms that are free through the IRS portal. One tip for stock sales - make sure you have your cost basis information ready from your brokerage. The software will walk you through entering each transaction, but having your 1099-B and records organized beforehand makes the process much smoother. I was able to complete my entire return in about an hour, and got my refund in less than 3 weeks!

This is a really important point about outside basis that often gets overlooked when dealing with Section 704(c) corrections. In your situation, Harper, you'll definitely want to have your tax firm run basis calculations for each affected partner before finalizing these allocations. What can happen is that partners who received improper loss deductions in 2015 may have reduced their outside basis at that time. Now, when they're allocated the corrective Net Unrecognized Section 704(c) gain, they'll have taxable income but their basis situation might be complicated by distributions they've taken over the intervening years. I'd recommend asking your new accounting firm to prepare a multi-year basis analysis for each partner showing: (1) their basis position in 2015 before the improper allocation, (2) how the incorrect loss allocation affected their basis, (3) what distributions and other allocations have occurred since then, and (4) what their basis will look like after the Section 704(c) correction. This analysis will help you explain to the partners not just why they're getting additional taxable income, but also how it relates to tax benefits they received improperly years ago. It makes the "recapture" nature of these allocations much clearer and can help reduce partner frustration about the adjustments.

As someone who works in partnership tax compliance, I wanted to add that documenting these Section 704(c) corrections properly is crucial for future audits. The IRS will want to see clear support for why these allocations were made, especially since they're happening years after the original error. Make sure your new accounting firm prepares a detailed memo explaining: (1) what the original allocation error was and how it was discovered, (2) which specific partners were affected and by how much, (3) why Section 704(c) remedial allocations are the appropriate correction method rather than amended returns, and (4) the specific calculation methodology used to determine each partner's share of the Net Unrecognized Section 704(c) gain. This documentation should be kept with your permanent partnership records. If the IRS ever questions these allocations during an audit, having this clear paper trail will demonstrate that the corrections were made in good faith following proper tax principles. It also protects both the partnership and the individual partners by showing the allocations weren't arbitrary but were based on fixing legitimate errors from prior years. I've seen partnerships get into trouble during audits when they couldn't adequately explain unusual allocations, even when the allocations were technically correct under Section 704(c).

Small warning from someone who works in tax prep: make sure you're actually required to file! Lots of first-time filers waste time filing when they don't need to. If your income is below $12,950 for 2024 (assuming you're single) you might not need to file a federal return at all.

As someone who just went through this same confusion last year, I can confirm what others are saying - definitely use the exact employer address that's printed on your W-2 form. Don't second-guess it or try to "correct" it even if you know the address has changed. The IRS matches everything electronically, so any discrepancy between what you enter and what your employer submitted could trigger delays or questions. One thing that helped me was organizing all my documents first before starting. Make sure you have your W-2 (and any 1099s if applicable), your Social Security card, and a copy of last year's return if you have one. Having everything in one place made the whole process way less stressful. Also, take your time! There's no rush, and it's better to double-check everything than to have to file an amended return later. The IRS website has some good resources for first-time filers too if you get stuck on other sections.

This is a complex situation that involves multiple reporting requirements beyond just the basic tax return. Based on what you've described, your father will need to: 1. Report the capital gain on Schedule D of his US tax return 2. File Form 1116 to claim the foreign tax credit for Philippine capital gains tax paid 3. File FBAR (Form 114) with FinCEN if the Philippine account balance exceeds $10,000 4. Potentially file Form 8938 (FATCA) with his tax return if foreign assets exceed the threshold The good news is that the US-Philippines tax treaty should prevent double taxation through the foreign tax credit. However, only income taxes (like the Philippine capital gains tax) qualify for the credit - fees and documentary stamps generally don't. One thing to consider is the timing of when to transfer the money. If you can structure the transfer to occur early in the tax year, it might help with some of the reporting thresholds for the following year. Also, keep detailed records of all exchange rates used, as the IRS requires consistent methodology for currency conversions. Given the amount involved and the complexity of dual citizenship tax issues, I'd recommend consulting with an Enrolled Agent or CPA who specializes in international tax matters. The cost of professional help is usually worth it to avoid costly mistakes with these reporting requirements.

I'm dealing with a very similar situation with my mother who sold ancestral land in Batangas last year. One thing I learned the hard way is to keep extremely detailed records of the property's cost basis adjustments over the years. The IRS allows you to add certain improvements and expenses to your original basis, which can significantly reduce your taxable gain. For example, if your father made any improvements to the land over the decades - like building structures, adding utilities, or even major landscaping - those costs can be added to the original purchase price when calculating the gain. Also, any property taxes paid over the years in the Philippines can potentially be factored in depending on the specific circumstances. The documentation requirements are intense, but it's worth it. My mother's gain was reduced by almost $30,000 just by properly accounting for improvements she had made in the 1990s. We had to dig through old receipts and even got sworn statements from neighbors who remembered the construction work. Also, don't forget that if your father has been filing US tax returns all these years as required, he should have been reporting any rental income from the property if it was generating income. That rental income reporting can actually help establish the property's basis and fair market value over time for the IRS.

TurboTax makes this really easy if you're confused about estimated taxes. I enter my income as I go each quarter, and it tells me exactly what to pay. Not the cheapest option but worth it for the peace of mind.

Connor, I've been in a very similar situation with my freelance graphic design work! Had a massive project in Q1 that threw off my whole year's projections. Here's what I learned: the key is understanding that estimated taxes are based on what you reasonably expect to earn for the ENTIRE year, not just projecting from one quarter. Since you know your income will be much lower in Q2-Q4, you can absolutely factor that into your calculations. I'd recommend going with the safe harbor method that Yara mentioned - it's much simpler and gives you predictable payments. Calculate 100% of last year's total tax liability (110% if your AGI was over $150k) and divide by 4. This protects you from underpayment penalties regardless of how much you actually earn. If you want to get more precise, you can use the annualized income installment method, but honestly it's more complex and you'll need to file Form 2210 with your return. The safe harbor approach lets you sleep better at night knowing you won't get hit with penalties, even if you end up owing more at filing time. The cash flow concern is real though - I get it. Just remember that any "overpayment" from using safe harbor early in the year is really just an early payment toward your actual tax bill. You'll get credit for it when you file.