One more thing - keep in mind that StubHub reports the gross sales to the IRS, not the amount you actually received after their fees. So make sure you're also deducting StubHub's commission and any processing fees they charged as business expenses on your Schedule C. Otherwise you'll end up paying taxes on money you never actually received! This caught me off guard last year and I ended up paying way more in taxes than I should have. Don't make my mistake!

This is really helpful information everyone! I'm in a similar boat - helped my neighbor sell some sports tickets on my StubHub account last month and just realized I'll be getting a 1099 for the full amount. One question though - if I report this on Schedule C, does that mean I have to pay self-employment tax on my portion? That seems like a lot of extra tax for just doing a one-time favor. Is there any way to report this that doesn't trigger the self-employment tax, or is that just part of the deal when you use Schedule C? Also, should I be worried about having to register as a business or get any special licenses since I'm filing a Schedule C? I definitely don't want to accidentally trigger any business registration requirements for what was basically just helping out a friend.

does anyone know if the $6500 limit for 2025 is per roth account or total across all accounts? i opened one with fidelity and put in $4000 but now thinking about opening one with schwab too

You're absolutely right to be nervous, but everyone here is correct - you're totally fine! I had this exact same panic last year when I made my Roth IRA contribution the day before the deadline after already filing my taxes. The key thing to remember is that Roth IRA contributions are made with money you've already paid taxes on, so they don't affect your tax return at all. The IRS doesn't care about the timing as long as you contribute before April 15th. I called the IRS directly (after waiting on hold forever) and they confirmed that: - No penalties for contributing after filing - No need to amend your return - Your custodian (Schwab) will report the contribution on Form 5498 Just make sure you designate it as a 2025 contribution when you make it, which it sounds like you already did. You can breathe easy - this is actually a very common situation during tax season!

Just wanted to add - don't forget to look into NRCS EQIP funding if you haven't already drilled the well. We got about 60% of our livestock water system covered through an Environmental Quality Incentives Program contract last year. The funding doesn't reduce your basis for depreciation on the portion you paid for out of pocket.

As a rancher who went through this exact situation two years ago, I can tell you that the $28,000 well and pump system will likely qualify for immediate expensing under Section 179. The key is documenting that it's essential for your cattle operation - which it clearly is since you'd be out of business without water. I'd strongly recommend keeping detailed records showing the business necessity (photos of your cattle, documentation of the old well failure, receipts showing it's exclusively for livestock use). When our accountant filed our return, we were able to deduct the full $31,000 we spent on our system in the year of installation. One thing to watch out for - if you're considering any future expansions to your herd, make sure the well capacity supports that growth. The IRS looks favorably on infrastructure that's sized appropriately for your current operation rather than oversized for speculative future use. Also, don't forget to check if your county offers any agricultural property tax exemptions for livestock water systems - ours qualified for a significant reduction in property taxes going forward.

Same thing happened to me last year! Jackson Hewitt denied my RAL even though I had been approved before. Turns out the IRS had put a hold on my return for income verification - had nothing to do with my credit. The tax prep places can't approve the loan if the IRS has any flags on your return, even if they don't tell you about it upfront. Try checking your account transcript on irs.gov to see if there are any indicators or codes that might explain what's going on. Sometimes there's stuff happening behind the scenes that the tax office doesn't even know about.

This is so frustrating! I'm going through the exact same thing with Jackson Hewitt - denied twice when I was approved easily last year. My refund is around $4,800 and I can't figure out what changed. Reading through these comments about IRS flags and income verification makes me think that's probably what's happening. Has anyone had luck calling Jackson Hewitt directly to ask why they're denying? Or is it really just a matter of waiting for the IRS to clear whatever review they're doing? I'm tempted to try that taxr.ai thing everyone's mentioning just to get some answers instead of being left in the dark.

pro tip: try using incognito mode and clearing your cache. sometimes helps bypass the error

I'm getting the exact same error! Transaction 107460787274-1 has been haunting me all morning. Tried everything - different devices, browsers, even my phone's hotspot thinking it was my WiFi. The IRS system is definitely overloaded today with all us cycle 5 folks trying to check at once. Usually when I see this specific transaction error format it clears up by evening, but it's so annoying when you just want to see if there's any movement on your refund status!