PRO TIP: Make copies of EVERYTHING before you send it in!!! I learned this the hard way when the IRS claimed they never received my 4506-T form, even though I had mailed it. Second time around, I made copies, sent it certified mail with return receipt, AND kept the tracking number. When they tried to tell me they didn't have it again, I had proof of delivery and was able to get it resolved. Also, double-check that you've signed the form. It sounds obvious, but that's the #1 reason these get rejected.

Just wanted to add some clarity since I work at a financial aid office and see this confusion all the time. Everyone here is absolutely correct - you MUST use Form 4506-T (the full version) for verification of non-filing, not the EZ version. The 4506T-EZ is literally designed only for people who filed returns and need transcripts of those returns. It has no mechanism to verify non-filing because that's not what it's for. Think of it this way: how can a form designed to get copies of filed returns prove you didn't file? It can't. For financial aid purposes specifically, make sure you're checking Box 7 on Form 4506-T and clearly indicate the tax year you need verified. Also, be aware that some schools require the verification of non-filing for EVERY year you're claiming you didn't file, not just the most recent one. One more tip: if you're rushing to meet a financial aid deadline, contact your school's financial aid office. Many will accept a completed Form 4506-T as temporary documentation while you wait for the IRS response, especially if you explain the processing delays.

Worth mentioning that the timing for recharacterization or removal is important. You have until your tax filing deadline INCLUDING EXTENSIONS to fix this - even if you don't actually file an extension. So for 2025 taxes (for the 2024 tax year), that gives you until October 15, 2025. But don't wait until the last minute because the financial institutions can take time to process these requests!

Just want to add one more consideration that hasn't been mentioned yet - if you're considering the recharacterization route, make sure to factor in your state tax situation too. Some states don't allow deductions for Traditional IRA contributions, so even though you'd get the federal deduction, you might still owe state taxes on the contribution. Also, regarding your concern about potentially overcontributing for 2024 - with a MAGI of $135,000, you would have been eligible for a reduced contribution of about $4,600 (not the full $6,500). So you'll likely need to address that excess too. The good news is you can handle both years' corrections at the same time with your broker. One tip from my experience: when you call Vanguard, ask specifically for their "retirement specialists" rather than general customer service. They're much more knowledgeable about these types of contribution corrections and can walk you through exactly what forms you'll need and how it will be reported on your 1099-R.

Has anyone else had trouble with their accountant understanding Section 179 for vehicle upgrades? Mine insists that once you claim the deduction on a vehicle, any future upgrades have to be depreciated normally. I'm pretty sure he's wrong based on what everyone is saying here...

I've been through this exact situation with my electrical contracting business. The key thing to understand is that each capital improvement is treated as a separate asset for Section 179 purposes. So yes, you can claim Section 179 on those truck upgrades even though you already used it for the original vehicle purchase in 2023. However, be very careful about the business use tracking. You'll need to maintain separate records for each asset - the original truck and each major upgrade. If your business use drops below 50% for any individual asset during its recovery period, you'll face recapture on that specific item. One tip that saved me a lot of headaches: take detailed photos and keep receipts for everything. The IRS will want to see that these are legitimate capital improvements that add functionality or value, not just regular maintenance. Your crane attachment and utility bed sound like they'd easily qualify, but document everything properly. Also, consider the timing carefully. With bonus depreciation dropping to 40% in 2025, you might want to accelerate some purchases into 2024 if possible to take advantage of the higher 60% rate this year.

Quick question - does anyone know if TurboTax can handle Form 1045 for 1256 contract loss carrybacks? I've got a similar situation but on a smaller scale, and wondering if I need to hire a specialist.

Based on your situation, I'd definitely recommend going with Form 1045 for the federal refund. You're dealing with a substantial amount ($45k loss against $87k prior gains), and the faster processing time of Form 1045 will get your money back much quicker than amending your 2022 return. Since you've already amended your 2023 return to include the proper election on Form 6781, you're in good shape to proceed. Just make sure when you file the 1045 that you clearly show you're carrying back Section 1256 contract losses specifically against your 2022 Section 1256 gains, and remember the 60/40 treatment (60% long-term, 40% short-term). For state returns, you'll unfortunately need to file amended returns since states don't have Form 1045 equivalents. But getting the federal refund processed quickly through Form 1045 will at least give you some cash flow while you wait for the state amendments to process. One heads up - make sure you file the Form 1045 before December 31, 2024, since that's your deadline for 2023 losses. After that date, you'd have to go the amended return route anyway.

That's a really good point about the IRS processing timeline! I think a lot of us (myself included) get caught up in the rush to file early without realizing that getting our refunds faster isn't always the main benefit. For me, filing early is more about getting it done while I still have the mental energy and all my documents organized. By March, I'm usually procrastinating and my tax paperwork is scattered across three different drawers. Plus, if there are any issues or missing forms, there's more time to resolve them before the April deadline. But you're absolutely right that stressing about getting 1099s by January 31st vs February 15th probably doesn't make much practical difference in when we actually get our refunds processed.

This is such a timely question! I'm in the exact same boat with Schwab - still waiting for my 1099-DIV forms and getting anxious about filing. After reading through all these responses, I feel much better knowing that February 17th is actually the legal deadline this year. What really resonates with me is the point about using this extra time wisely rather than stressing about the delay. I think I'm going to take this opportunity to double-check my other tax documents and maybe review some deductions I might have missed in previous years. Has anyone else found that waiting for these investment forms actually helped them be more thorough with their tax prep? Sometimes I wonder if the rush to file early actually causes us to miss things we should be claiming.