I went through this exact same confusion with my first K-1 last year! The good news is that you definitely don't need to file a Schedule C alongside your K-1 - that would actually be incorrect and could cause problems with the IRS. Here's what I learned: Your K-1 already includes your share of the partnership's income AND deductions. The partnership has already claimed most business expenses before calculating what goes on your K-1. So those equipment, travel, and professional development costs you mentioned might already be reflected in the numbers you received. The key is to distinguish between: 1) Expenses the partnership already deducted (which are built into your K-1 amounts) 2) Unreimbursed expenses YOU paid personally that weren't covered by the partnership For #2, you'd report these on Schedule E (not Schedule C) as unreimbursed partner expenses, but ONLY if your partnership agreement requires you to pay these expenses personally. My advice: Before claiming any deductions, carefully review all those supplemental statements that came with your K-1. They'll show you what expense categories were already handled at the partnership level. Also check your partnership agreement to see what expenses partners are expected to cover personally. Don't double-count expenses that are already reflected in your K-1 - that's the most common mistake first-time K-1 filers make!

I completely understand your confusion - I was in the exact same boat with my first K-1 last year! The short answer is NO, you should not file a Schedule C alongside your K-1. This is actually a common misconception that could get you into trouble with the IRS. Here's what's happening: Your K-1 already reflects your proportionate share of the partnership's income AND deductions. The partnership has already claimed business expenses like equipment, travel, and professional development before calculating what appears on your K-1. So many of those expenses you're thinking about claiming may already be built into the numbers you received. The only expenses you might be able to deduct separately are "unreimbursed partner expenses" - costs YOU paid personally that the partnership didn't reimburse AND that your partnership agreement requires you to pay. These would go on Schedule E (Part II), not Schedule C. Before claiming any deductions, carefully review: 1. All the supplemental statements that came with your K-1 - they show what expenses were already deducted at the partnership level 2. Your partnership agreement to see what expenses partners are expected to cover personally 3. Whether you have proper documentation showing these were unreimbursed partnership-related expenses The biggest mistake first-time K-1 filers make is double-counting expenses that are already reflected in their K-1. Take your time reviewing everything before claiming additional deductions!

Another option worth exploring - some hospitals have started offering remote work options for certain departments after COVID. My wife works in medical billing at a hospital and now works from home 3 days a week, which cuts her parking costs significantly. Might be worth asking if your role could support even partial remote work. Every little bit helps!

That Transportation Spending Account sounds promising! I work at a different hospital system and we have something similar - it's been a game changer for my budget. You can typically use pre-tax dollars for parking, public transit, rideshare to/from transit stops, and even some bike expenses if you cycle to work. The way it works is they deduct the money from your paycheck before taxes are calculated, so you save on federal, state, and FICA taxes. For someone in your tax bracket, that $145/month parking expense could effectively cost you closer to $110-120 after tax savings. It's not a full deduction like the old days, but it's still significant relief. Make sure to ask HR about the annual limits (I think it's $315/month for 2024) and whether they have any waiting periods for enrollment. Some places only let you sign up during open enrollment or after qualifying life events. Good luck with your meeting!

I completely understand the panic you're feeling right now - having your CPA admit they don't know how to handle a critical form just days before the deadline is absolutely maddening, especially when you're paying for their expertise. Based on the excellent advice already shared in this thread, it sounds like you have several good options to get this resolved quickly. The suggestions about using tools like taxr.ai to analyze your specific situation or claimyr.com to actually speak with an IRS specialist seem particularly valuable given your tight timeline. One additional thought - if you do end up needing to file an extension as others suggested, don't feel like it's a failure. Extensions are incredibly common for corporate returns, especially when complex forms like 5452 are involved. The key is making sure you pay any estimated taxes owed by the original deadline to avoid penalties. Also, once you get through this crisis, definitely take the advice about finding a new CPA who specializes in corporate tax work. Form 5452 and E&P calculations are fundamental for C-corporations that make distributions - this really should be basic knowledge for anyone handling corporate returns. You've got this! The community here has given you great resources to work with, and it sounds like you're being thorough about getting it right. Document everything you're doing and the sources you're using, and you'll be in good shape.

I've been through the exact same nightmare with a CPA who was in over their head on corporate tax issues. The stress is absolutely brutal when you're paying someone to be the expert and they're basically asking you to do their job for them. Since you're cutting it so close to the deadline, I'd strongly recommend filing Form 7004 for an automatic extension today if you haven't already. This gives you until October 15th to file the actual return and takes the immediate panic off the table. You'll still need to pay any estimated taxes owed by the original deadline, but at least you won't be scrambling to get Form 5452 perfect in the next few days. The community here has shared some incredible resources - the combination of AI analysis tools and direct IRS contact options should give you multiple paths to get this resolved properly. I used similar approaches last year when my CPA dropped the ball on a complex corporate issue, and it honestly worked better than relying on someone who clearly didn't know what they were doing. One silver lining - this experience is probably going to lead you to a much better CPA relationship. When you do find someone who actually specializes in corporate returns, you'll never have to deal with this kind of last-minute panic again. Document everything you're doing now so you can show the new CPA exactly what happened and how you resolved it. You've got the tools and knowledge from this thread to handle it. Take a deep breath and tackle it systematically!

Has anyone tried just using the IRS "Get Transcript" tool to download the actual 1099Bs? Sometimes the online version shows more details than what they mail you.

One thing that helped me was creating a spreadsheet with all the mystery 1099Bs from my transcript, then systematically going through each investment account statement from the tax year. I included columns for the last 4 digits of the TIN, the dollar amounts, and transaction dates. What I discovered was that some of my "mystery" 1099Bs were actually from dividend reinvestment plans (DRIPs) that I had completely forgotten about. These often get their own separate reporting even when they're associated with stocks you hold in your main brokerage account. Also check if you have any old retirement accounts or 401(k)s from previous employers. Sometimes when you do rollovers or transfers, there can be interim reporting from custodial companies that generates 1099Bs you wouldn't expect. The amounts are usually small but they still need to be accounted for properly. If all else fails, you might want to consider getting a tax professional to help reconcile everything. It's frustrating to pay for something you feel like you should be able to figure out yourself, but the peace of mind is worth it when you're dealing with dozens of forms.

Been waiting since April 2024 here and this is super helpful info! Had no idea they'd include the interest in the same check. At 7% that's actually not terrible considering how long we've all been waiting. Thanks for the heads up about the 1099-INT too - would've definitely forgotten to report that interest as income next year.

Just wanted to chime in as someone who finally got their refund check last month after waiting since February! Can confirm everything comes in one check - the original refund amount plus all the accumulated interest. The breakdown was actually printed right on the stub that came with the check, so you can see exactly how much was interest vs the original refund. Really helpful for record keeping before that 1099-INT shows up next January. Hang in there everyone, the wait sucks but at least we're earning something on it!