Client CL-20417 · married filing jointly · California resident to 07/14, Texas from 07/15
Ngozi Okafor & Erik Lindqvist — 2025 return
Engine v3 computed 2026-06-23 · Recompute: Ridgeline K-1 and state supplement received 2026-06-22; 2023 S corporation K-1 (received 2026-06-05), SEP confirmation and 2025 Form 5498 now in file; extension payments made 2026-04-14.
in preparation
PRPa
Federal 1040
total tax
4,220
balance due
2024 total tax 37,557payments 77,742 · penalty 164
AGI 445,590
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3/12 required steps
37 items block filing: 20 check, 8 outside filing, 9 required step.
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Since you last looked
Nothing new from anyone else.
Areas of the return
Household & identityPRPa
Who is on the return, who they are, and that we may file for them.
2 open checks
0/1.5 h
Wages & stock compensationPRPa
Two employers, RSUs, ESPP and an ISO exercise.
checks clear
0/3.0 h
Investments & digital assetsPRPa
Three brokerages (one direct-indexing), Coinhaven crypto, interest and dividends.
3 open checks
0/4.0 h
Lindqvist Studio (Schedule C)PRPa
Erik's design studio: books to taxable income.
5 open checks
0/3.5 h
Rentals & the condo salePRPa
1450 Fremont Way (all year) and the Austin condo (sold 10/15).
1 open check
0/3.5 h
K-1s & basisPRPa
Woodworks S corporation (basis gaps) and the Ridgeline fund (late K-1).
checks clear
0/2.0 h
Retirement & HSAPRPa
Backdoor Roth (Form 8606), SEP-IRA, HSA.
1 open check
Foreign accountsPRPa
Sparbanken Norrland savings account (SEK).
2 open checks
Deductions & creditsPRPa
Itemized deductions, gifts of stock and a car, child, education and care credits.
4 open checks
0/2.0 h
Payments & penaltiesPRPa
Withholding, estimates, the extension payment and the underpayment penalty.
2 open checks
California part-year (540NR)PRPa
Resident 1/1-7/14, then Texas. What California may tax.
2 open checks
0/1.5 h
Tax computationPRPa
AGI to total tax: regular tax, AMT, NIIT, credits.
checks clear
0/1.0 h
Return summary vs 2024
| Line | 2024 | 2025 | Change | |
|---|---|---|---|---|
| Wages (Forms W-2, box 1) F1040.1a | 156,039 | 212,400 | +56,361 | swing |
| Taxable interest F1040.2b | 2,310 | 6,450 | +4,140 | swing |
| Ordinary dividends F1040.3b | 6,240 | 7,060 | +820 | |
| Capital gain or (loss) F1040.7 | -3,000 | 185,027 | +188,027 | swing |
| Additional income from Schedule 1 F1040.8 | 71,900 | 70,024 | −1,876 | |
| Total income F1040.9 | 233,489 | 480,987 | +247,498 | swing |
| Adjustments to income F1040.10 | 5,080 | 35,397 | +30,317 | swing |
| Adjusted gross income F1040.11 | 228,409 | 445,590 | +217,181 | swing |
| Itemized deductions F1040.12 | 29,200 | 85,706 | +56,506 | swing |
| Qualified business income deduction F1040.13 | 16,744 | 12,971 | −3,773 | swing |
| Taxable income F1040.15 | 182,465 | 346,913 | +164,448 | swing |
| Tax (Schedule D tax worksheet) F1040.16 | 29,898 | 59,727 | +29,829 | swing |
| Child tax credit / credit for other dependents F1040.19 | 2,500 | 400 | −2,100 | swing |
| Other taxes from Schedule 2, line 21 F1040.23 | 10,159 | 19,160 | +9,001 | swing |
| Total tax F1040.24 | 37,557 | 81,962 | +44,405 | swing |
| Total payments F1040.33 | 37,950 | 77,742 | +39,792 | swing |
| Total AGI using California law F540NR.17 | 230,809 | 481,096 | +250,287 | swing |
| California AGI F540NR.32 | — | 305,349 | ||
| Total tax F540NR.64 | 12,520 | 18,874 | +6,354 | swing |
Swing = over 10% and over 1,000 (firm standard). All 59 flagged lines are on Review → Prior-year swings.