One more thing - did your 1099-INT from Robinhood have any entries in Box 2 (Early withdrawal penalty)? I'm also an NRA and noticed that even though the interest itself is exempt, if there are any early withdrawal penalties, those are handled differently.

I want to add something important that hasn't been mentioned yet - make sure you have the proper documentation to support the NRA exemption. Even though the interest is generally exempt, you should keep records showing your non-resident status. If Robinhood didn't have your proper tax status on file (Form W-8BEN), they might have withheld taxes at 30%. In that case, you'd actually need to file Form 1040NR to get a refund of the overwithholding, even though the underlying interest income isn't taxable. Also, double-check that your 1099-INT specifically shows interest from bank deposits versus money market funds. While both are typically exempt for NRAs, the specific exemption sections are different and it's good to understand exactly which applies to your situation.

Your CPA is partially right but didn't give you the whole picture. Look into "special allocations" in partnerships. Section 704(b) of the tax code allows partnerships to allocate tax items differently than ownership percentages IF the allocation has "substantial economic effect." Maybe consider amending your operating agreement to formally recognize your sweat equity as equivalent to your partner's cash contributions? You could also adjust the agreement to get a larger share of future profits to compensate for not being able to use the losses now. And definitely get a second opinion from a different CPA! Not all accountants specialize in partnership taxation.

This is a frustrating but common situation in service-based partnerships. Your CPA is correct about the basis limitation - you need basis to deduct losses, and sweat equity unfortunately doesn't count under IRS rules. However, I notice from the thread that you mentioned having a $15,000 business loan that you're both named on. This is key! If you're personally liable for that debt (not just as an LLC member), your 50% share ($7,500) would give you basis to claim some of your allocated losses. Here's what I'd recommend: 1. Verify if you're personally liable for that loan - check if you signed personal guarantees 2. Get a second CPA opinion, preferably someone who specializes in partnership taxation 3. Review your operating agreement to see if it addresses loss allocations and partner liabilities 4. Consider if there are other partnership debts you might be liable for The suspended losses aren't lost forever - they'll carry forward until you have sufficient basis. And if you do have basis from the loan, you could potentially claim $7,500 of your allocated losses this year. Don't just take one CPA's word on this - partnership taxation is complex and many generalist accountants don't deal with it regularly.

Did you receive any specific error code during verification? I had to verify my identity exactly 37 days ago, and my transcript was blank for exactly 14 days afterward. On day 15, it suddenly showed all information including my direct deposit date which was scheduled for 5 days later. Have you tried checking at different times of day? The IRS systems update transcripts at precisely 3:30am, 11:45am, and 6:15pm Eastern time in my experience.

I'm going through the exact same thing right now! Completed my ID verification through ID.me on March 5th and my transcript is still completely empty. It's so stressful not knowing when it'll update, especially when you're depending on that refund for important expenses. From what I'm reading here, it sounds like 14-21 days is pretty typical, which means I might have another week or two to wait. Has anyone found that calling the IRS actually speeds things up, or do they just tell you to keep waiting? Really hoping we all get our updates soon! 🤞

Just wanted to add my experience as someone who went through this exact situation last year. I had a $2,800 ISO spread and was also using FreeTaxUSA, wondering if I needed Form 6251. After reading through all these helpful responses, I ended up doing what several people suggested - I manually calculated Form 6251 to confirm my AMT was $0, then made sure to enter the ISO spread amount in FreeTaxUSA under the AMT section. The key thing I learned (and wish I'd known earlier) is that even though my current AMT was $0, I was still creating valuable AMT credits for the future. When I sold half my ISO shares this year after holding them for the required periods, those AMT credits saved me about $1,200 in regular taxes. For anyone in a similar situation: don't skip reporting the ISO spread just because you think your AMT will be zero. The credit tracking is worth it, and FreeTaxUSA does handle it properly once you find the right section. Also, definitely keep detailed records of everything - exercise dates, FMVs, spreads, etc. You'll need all of this when you eventually sell. The whole ISO/AMT system is confusing, but taking the time to understand it now will pay off significantly when you sell those shares down the road.

I went through this exact same situation two years ago with FreeTaxUSA and ISOs, and I understand the frustration of not finding a clear input section. Here's what worked for me: The ISO spread does need to be reported even if your AMT ends up being $0. In FreeTaxUSA, you'll find it under Federal > Income > Other Income and Adjustments. Look for a section called "Adjustments to Income" or sometimes it's labeled as "AMT Adjustments." If you don't see these options initially, make sure you've answered "yes" to having stock compensation or employee stock options in the initial interview questions. Your $2,300 spread is likely well below the AMT exemption threshold, which explains why you're seeing $0 AMT. However, reporting it correctly is still crucial because you're generating AMT credits that will be valuable when you eventually sell those shares. Even though FreeTaxUSA's interface isn't as intuitive as TurboTax for ISOs, it does handle the calculations correctly once you find the right input fields. The key is patience in navigating their menu structure. I'd also recommend keeping a detailed spreadsheet of all your ISO transactions - exercise dates, prices, FMVs, and spreads. This documentation will be essential for future tax years when you sell the shares. If you're still struggling to locate the input section, try starting a new return temporarily just to see if the interview questions reveal different menu options when you indicate stock option activity upfront.

I totally understand that train station feeling! I've been with Navy Federal for my tax refunds for about 6 years now, and I went through this exact same anxiety my first time. The good news is that Navy Federal is incredibly consistent with tax refunds - they just don't show pending status like other banks do. Your refund will almost certainly appear as available funds right at 12:01 AM Eastern time on your DDD (3/13). Since you're scheduled for tomorrow, that means tonight after midnight! I used to refresh my app constantly the day before too, but Navy Federal processes these government deposits like absolute clockwork. They receive the batch from the Treasury and make it available immediately - no delays, no games. Set yourself an alarm for 12:05 AM and check once instead of torturing yourself all day. Your refund train is definitely on schedule, even if you can't see it approaching yet! The waiting is brutal but you'll have your money in just a few hours. 💰

I completely understand that anxious feeling of waiting! I've been with Navy Federal for about 3 years now and went through this exact same stress my first time. The key thing to know is that Navy Federal handles tax refunds very differently from regular direct deposits - they typically don't show pending status for IRS payments at all. Your refund will most likely just appear as available funds right at midnight Eastern time on your DDD (which is tonight since your DDD is 3/13!). I used to check my app obsessively every few minutes the day before too, but I've learned that Navy Federal processes these government deposits like clockwork - no delays, no surprises, just reliable service. If you're on the west coast, you might actually see your deposit around 9 PM tonight due to the time difference. Save yourself the stress and set a reminder for 12:05 AM instead of refreshing all day - your money will definitely be there! 💰