Little tip from someone who's been there - don't forget you might owe STATE taxes too! My first year owing, I paid the federal balance but completely spaced on the state portion and got hit with penalties. Most tax software should tell you if you owe state taxes too, but it's easy to miss if you're focused on the federal part.

Just wanted to add another perspective here - I was in the exact same situation two months ago and was freaking out about it. The IRS account balance delay is super common during tax season because they're processing millions of returns. I ended up paying through the IRS Direct Pay system exactly as KylieRose suggested, and everything worked perfectly. The key thing is to make sure you select the right tax year (2024) and choose "Balance Due on Tax Return" as your payment reason. This helps them match it to your filed return even if it hasn't fully processed yet. One thing I wish someone had told me - if you're worried about the payment amount being wrong, you can actually call the IRS Practitioner Priority Service at 1-866-860-4259. It's technically for tax professionals, but they'll help individual taxpayers too if you explain your situation. Much shorter wait times than the regular taxpayer line. The bottom line is don't stress too much about the account not showing your balance yet - the payment system is designed to handle this exact scenario!

Has anyone used the free NOL webinars that the IRS offers? I saw they have some coming up next month, but wondering if they're worth the time or if they're too basic for complex situations like this?

I went through this exact same confusion last year with my Schedule E and NOL calculations. The key insight that finally clicked for me is that you need to think of these as separate layers of limitations that apply in a specific order. Your PYA basis carryover gets applied first to determine your current year allowable passive losses. This flows through Schedule E to your Form 1040. Then, if your total deductions exceed income after all these calculations, you'd have an NOL subject to the 80% limitation. What really helped me was creating a simple worksheet to track each step: 1. Calculate current year passive income/loss 2. Apply PYA basis carryover to increase allowable losses 3. Flow net result to Form 1040 4. Calculate total taxable income 5. If negative, apply 80% NOL limitation for carryforward The IRS instructions make it sound way more complicated than it actually is once you understand the sequence. Don't let it drive you crazy - you're on the right track asking these questions!

Check your transcript for code 898 (Treasury Offset Program) - that's the big one that shows if they're planning to take your refund. Also look for any negative amounts with future dates. The codes can be confusing though, so don't panic if you see something weird without understanding what it means first. You can also call the Treasury Offset Program at 1-800-304-3107 to see if you have any debts that might cause an offset. Better to know now than get surprised later!

Just went through this exact situation last month! Your transcript will definitely show if there's an offset coming, but it might take a week or two after filing for it to update with that info. The key codes to look for are TC 898 (Treasury Offset Program) and any negative amounts with future dates. Don't stress too much though - even if you see these codes, you'll usually get a letter explaining what the offset is for before they actually take your refund. The worst part is just the waiting and not knowing! 🤞

This is a really helpful thread! I'm in Nevada (another community property state) and just discovered I've been missing Form 8958 for the past 4 years. Like Derek, my spouse and I keep completely separate finances, but it sounds like we still need to split our income 50/50 for tax purposes regardless. From what everyone's saying, it seems like the main issue isn't the missing form itself, but whether you've been properly allocating income according to community property laws. If you've been reporting only your individual income without the 50/50 split, that could be a bigger problem than just the missing paperwork. I'm leaning toward consulting with a tax professional who understands community property rules rather than trying to figure this out myself. The peace of mind would be worth the cost, especially since it sounds like the rules are more complex than just "keep your finances separate.

The missing Form 8958 itself likely won't trigger penalties, but the underlying income allocation issue could be significant. In community property states, the IRS expects married couples filing separately to follow state law regarding income splitting, regardless of how you actually manage your finances. Here's what I'd suggest: First, determine if you've been properly allocating community income. If you and your spouse have been reporting only your individual earnings without the required 50/50 split, that's a substantive tax issue beyond just missing paperwork. The good news is that if your combined tax liability as a couple is correct (even if individually allocated wrong), the IRS is usually more lenient. For peace of mind, consider requesting your tax transcripts from the IRS to see if they've flagged anything unusual with your returns. You can also run some quick calculations - if splitting your incomes 50/50 would have resulted in roughly the same total tax liability you actually paid, you're probably in good shape. Given that you're in California and this affects multiple years, I'd really recommend at least a consultation with a tax professional who understands community property rules. They can quickly assess whether amendments are necessary and help you get compliant going forward.

Those values actually seem a little low for 2025 filing. With inflation over the past few years, I'd bump them up by 10-15%. My tax preparer specifically told me to adjust my donation values for inflation each year.

Your valuation list looks quite reasonable and aligns well with standard donation guides. Those values should still be appropriate for your 2024 tax return filing. The key thing to remember is that the IRS wants "fair market value" - what someone would reasonably pay for these items at a thrift store or consignment shop. A few important reminders for your filing: - Make sure you have receipts from the charity showing the date and organization name - Keep your detailed list (sounds like you're already on top of this!) - Take photos of higher-value items if possible for your records - If your total non-cash donations exceed $500, you'll need Form 8283 The condition assessment mentioned by others is crucial - "good" condition items can use your listed values, but anything with significant wear, stains, or damage should be valued lower. Since you mentioned being organized, I'd suggest noting the condition of each item on your list for future reference. Your approach of keeping detailed records puts you in a great position if there are ever any questions about your deductions.