Physician with Multi-State K-1s + Equity Comp

The situation

The physician received K-1s from her medical group (CA), a real estate partnership (TX), a venture fund (DE/NY), and two angel investments (CA, MA). She also had an ISO exercise pending from a portfolio company. Her prior preparer filed each year reactively in April with minimal planning; she had been hit with $30K+ in underpayment penalties twice in three years.

What we did

We took over quarterly estimates with safe-harbor analysis incorporating all K-1 income. We modeled the ISO exercise across multiple scenarios, identifying a year-by-year exercise schedule that minimized AMT exposure. We coordinated multi-state filings — full-year resident in CA with non-resident returns in TX, NY, MA. We set up a defined benefit plan alongside her existing Solo 401(k) for $200K+ in additional annual retirement deferral.

• Multi-state personal tax return preparation
• K-1 income coordination across 5 entities
• ISO exercise AMT modeling and planning
• Quarterly estimated tax payments (federal + 4 states)
• Solo 401(k) and defined benefit plan coordination

The outcome

Zero underpayment penalties since onboarding. ISO exercise schedule saved an estimated $42K in AMT over the multi-year exercise plan. Defined benefit plan adds $200K+/year in tax-deferred contributions. Multi-state filings handled with one coordinated engagement.