The IRS is actually moving pretty fast this year ngl. My return went from accessed to approved in 5 days

I've been through this a few times and "accessed" is actually a good sign! It means your return made it through the initial automated screening and now a human or more advanced system is reviewing it. The timeline can vary - I've had some process in under a week and others take the full 21 days. If you claimed EITC or ACTC, it might take a bit longer due to PATH Act requirements. Just keep checking your transcript every few days for updates!

Don't forget that proper documentation is key here! Keep your HUD-1 or closing disclosure, along with documentation of the original purchase and any major improvements you made to the property. The IRS has been looking more closely at home sales in recent years.

Just went through this exact situation last year! I had to give $8,200 in closing credits to my buyers and was completely lost on how to handle it tax-wise. What helped me was understanding that the closing credits aren't really an "expense" you deduct - they just reduce what you actually received from the sale. Think of it this way: if your contract was for $400,000 but you gave $7,500 in closing credits, you effectively only received $392,500. That's what you report as your sale price. The credits never actually went into your pocket, so they can't be your proceeds. One thing that caught me off guard - make sure you're calculating your gain correctly by using your adjusted basis (original purchase price plus qualifying improvements minus any depreciation). Since you mentioned you might qualify for the capital gains exclusion anyway, you'll want to double-check that your total gain is under the threshold before deciding whether you even need to report the sale. Keep all your closing documents - the settlement statement will clearly show the credits, which makes it easy to document if the IRS ever has questions.

I made a similar amount last year ($14k) and was disappointed to learn I couldn't get my Social Security and Medicare taxes back. But I did qualify for the Earned Income Credit which gave me back almost the same amount! Make sure you check if you qualify based on your age and income.

Just to add some clarity to what others have said - you're correct that Social Security and Medicare taxes (FICA) aren't refundable in most cases, but don't give up hope on getting money back! At your income level of $13,500, you should definitely look into the Earned Income Tax Credit (EITC) if you meet the age requirements (25+ if single with no kids). Also, make sure you're claiming the standard deduction ($13,850 for 2023 if single) which should zero out any federal income tax owed. And double-check that you're not missing any other credits you might qualify for - things like education credits if you're a student, or the Child and Dependent Care Credit if applicable. The key is understanding that while FICA taxes fund Social Security and Medicare (which you'll benefit from later), income taxes can often be fully refunded through deductions and credits when your income is low. Focus on maximizing those refundable credits!

17 Has anyone else noticed that HSA providers sometimes have different rules about documentation for reimbursements? My provider requires itemized receipts while my friend's just needs basic proof of payment. It's super confusing!

Unfortunately, since your medical expense occurred in September but you didn't establish your HSA until October 1st, you cannot reimburse yourself for that $4,100 expense. The IRS is strict about this - qualified medical expenses must be incurred after your HSA establishment date to be eligible for tax-free reimbursement. However, you can still maximize your HSA benefits going forward! You should definitely contribute up to the annual limit ($4,300 for 2024 individual coverage) to get the tax deduction. Then use your HSA funds for any future medical expenses - there's no time limit on when you need to spend the money, and it grows tax-free. Keep that $4,100 receipt though - if you have any medical expenses from October 1st onward this year, you can reimburse yourself for those once you build up your HSA balance. The key is the service date, not the payment date.

Quick question - is anyone else's 1098-T always wrong? Mine shows less tuition than I actually paid because of when the payments posted. Do I use the numbers on the form or what I actually paid? My tax software always flags it as a discrepancy.

I'm a tax preparer and see this confusion every year. The 1098-T is definitely legitimate and required - your university has to file this with the IRS whether you provide your SSN or not, but without it, you'll face that $50 penalty. Here's what's important for your situation: as a graduate TA with a scholarship, you actually have THREE different tax considerations: 1. Your TA income (reported on W-2) - fully taxable as wages 2. Scholarship amount covering tuition/fees - generally not taxable 3. Any scholarship amount covering room/board/living expenses - this IS taxable income The 1098-T helps sort this out. Box 5 shows your total scholarships/grants, and you'll need to determine how much of that exceeded your qualified education expenses (tuition, mandatory fees, required books/supplies). Even with a full scholarship, you might still qualify for education credits if you paid for books, supplies, or equipment out of pocket. The American Opportunity Credit can be worth up to $2,500, and the Lifetime Learning Credit up to $2,000. Don't miss that January 21 deadline - provide your SSN through your student portal's secure system, not email. You'll need this form to file your taxes correctly.