This is really helpful information! I'm in a similar situation but with only two debt cancellations coming up. One thing I'm wondering about - when calculating assets for the insolvency worksheet, how detailed do I need to be with household items? I know Owen mentioned furniture and electronics typically have minimal value, but should I actually go through and estimate values for my TV, couch, kitchen appliances, etc.? Or is it acceptable to use a reasonable estimate for all household goods combined? Also, for anyone who's been through an IRS audit on insolvency calculations - what kind of documentation did they ask for to support your asset valuations? I want to make sure I'm keeping the right records from the start.

One important detail I haven't seen mentioned yet - make sure you're consistent with your valuation methods across all three worksheets. The IRS will notice if you use different approaches for similar assets on different dates. For example, if you use KBB trade-in value for your car on the June worksheet, use the same methodology for July and August (just updated for any additional depreciation). Same goes for things like using Zillow estimates for your home value or specific percentage depreciation rates for electronics. Also, keep in mind that some liabilities might change between your cancellation dates too. If you make payments on other debts or take on new obligations between June and August, those need to be reflected in each worksheet. The goal is to show an accurate snapshot of your financial position on each specific date, not just copy the same numbers three times. Documentation is key - I'd recommend creating a simple spreadsheet showing how each major asset value was calculated for each date, with notes about your methodology. This will be invaluable if you ever face questions from the IRS.

This is so typical of government tech systems! I've been dealing with the same "exceeded daily limit" error since Tuesday. What's really annoying is that it seems completely random - sometimes I can check once and then get locked out, other times I get the error immediately. I've found that clearing the app's cache and data sometimes helps, but honestly the whole system needs an overhaul. For something as basic as checking refund status, we shouldn't have to deal with these constant technical issues. The IRS collects our money efficiently enough, but when it comes to giving it back their systems fall apart 🙄

Been having the same issue since yesterday! The "exceeded daily limit" error is so misleading because I haven't even successfully checked once. What's really frustrating is that this happens every tax season - you'd think the IRS would have learned by now to scale up their servers when they know millions of people will be checking refunds. I ended up switching to the desktop website which worked better, but even that was super slow. Really wish they'd invest some of those tax dollars into actually functional technology for taxpayers 😒

One thing nobody's mentioned - make sure your expenses are actually reasonable and necessary for your business. Buying a $5,000 camera when you're just starting a cooking channel might be questioned, while the same purchase for a photography channel makes perfect sense. I learned this the hard way when the IRS questioned some of my "business travel" that looked suspiciously like vacations where I happened to film a few videos. They don't just look at the profit/loss ratio but also whether your expenses align with industry norms.

One strategy that helped me establish business legitimacy for my channel was creating multiple revenue streams early on, even if they were small. I started selling branded merchandise through print-on-demand services and offering paid consultations in my niche area. These showed diversified business activities beyond just ad revenue. Also, don't underestimate the importance of professional development expenses. I deduct courses, conferences, and software subscriptions that directly improve my content quality or business skills. The IRS views ongoing education as a strong indicator of business intent. Keep detailed time logs too - document how many hours you spend on content creation, editing, marketing, and business administration each week. This helps demonstrate that you're putting in substantial effort consistent with running a business, not just pursuing a casual hobby.

One thing nobody mentioned - you can actually sometimes get TaxAct cheaper at Costco or even Amazon compared to buying directly from TaxAct's website. I think I saved like $15 last year buying it through Costco. Just make sure you're getting the current tax year!

Thanks everyone for the detailed responses! This is exactly what I needed to know. Sounds like the downloadable TaxAct Deluxe will work perfectly for our situation - being able to do up to 5 federal returns with one purchase means my wife and I can both file without buying separate copies. The state filing fees are something I hadn't considered, but that's still more cost-effective than buying two full software packages. I'm definitely going to check out those retail options too - saving $15 at Costco would be great. And @Finley Garrett, that taxr.ai suggestion is interesting. I might upload our documents first just to double-check that Deluxe will handle everything we need before I purchase. Really appreciate all the real-world experiences shared here. This community is incredibly helpful!

Welcome to everyone joining this thread! As someone who's been lurking in this community for a while, it's really refreshing to see such helpful and supportive responses to what can be a stressful situation. I'm currently dealing with my own 60-day review (got my CP05 notice on March 20th), and like many others here, I'm a recent grad who claimed student loan interest deduction. The pattern is so clear now that everyone's sharing their experiences! What I find most valuable about this discussion is how it demonstrates that these reviews, while anxiety-inducing, are actually quite routine. The specific timelines people have shared (especially the 45-60 day range for most resolutions) really help set realistic expectations rather than just the vague "60 days" the IRS gives us. Ashley, your organized approach and willingness to update everyone is exactly what makes this community so helpful. Looking forward to seeing everyone's success stories as these reviews get resolved! 📊✨

This thread has been incredibly enlightening! I'm new to this community but stumbled upon this discussion while researching my own 60-day review notice. Got my CP05 dated March 21st - and surprise, surprise, I'm also a recent grad who claimed student loan interest deduction! 🎓 Reading through everyone's experiences has been such a relief. I was initially panicked thinking I'd made some major error on my return, but seeing how common this verification process is for people in our situation makes it so much less scary. The specific timelines everyone has shared (especially the 45-60 day resolution range) are incredibly helpful for setting realistic expectations. Ashley, I love your organized approach with the color-coded folders and spreadsheets - that's totally my style too! And to everyone else sharing their day counts and transcript monitoring tips, thank you so much. It's amazing how this community turns a stressful situation into something manageable just by sharing experiences and supporting each other. Looking forward to following along with everyone's updates and hopefully celebrating successful resolutions together! 🤞