I feel for you - losing over $14,000 in your Roth IRA is incredibly frustrating, especially when you were trying to do the right thing by catching up on retirement savings. Everyone here is correct that Roth IRA losses aren't tax-deductible under current law. One thing I'd add that hasn't been mentioned much is the psychological aspect of what you went through. Investment losses in retirement accounts can feel different from regular investment losses because you know you can't touch that money for decades anyway. This can create a sense of helplessness that makes emotional decisions more likely. When you do decide to start again, consider setting up your new Roth IRA with a different brokerage than before - sometimes a fresh start with new login credentials and a clean slate can help psychologically. Also, many brokerages now offer "paper trading" or simulation accounts where you can practice your investment strategy with fake money before committing real funds. The education you're doing now is invaluable. Consider reading "The Bogleheads' Guide to Investing" or similar books that focus on simple, long-term strategies rather than trying to beat the market. Your future self will thank you for taking time to build a solid foundation of knowledge before jumping back in. You're still young and have plenty of time to recover. This expensive lesson in risk tolerance and market psychology will likely make you a much better investor in the long run.

I'm really sorry you went through this - losing $14,100 from your Roth IRA contributions is devastating, and I can completely understand why you felt you had to stop the bleeding. Unfortunately, everyone here is correct that Roth IRA losses cannot be deducted on your taxes under current law. What strikes me about your situation is how common this experience has become for people who started investing during the 2021 market highs. You're definitely not alone in facing these kinds of losses, and the timing was just brutal for new investors entering the market then. Since you mentioned taking time to learn before starting again, I'd suggest focusing on understanding asset allocation and your true risk tolerance before jumping back in. It sounds like you discovered the hard way that you're not as comfortable with volatility as you initially thought - and that's actually valuable information, even though it came at a steep cost. When you do restart your Roth IRA journey, consider starting with much smaller monthly contributions rather than large lump sums. This approach (dollar-cost averaging) can help smooth out market volatility and reduce the emotional stress of watching big swings in your account balance. The silver lining is that you learned this lesson about risk tolerance and emotional investing relatively early in your career. You still have decades to build wealth for retirement, and the discipline you develop from this setback will likely serve you well in the long run. This expensive lesson in market psychology might actually make you a much more successful investor over time.

Im looking at freetaxusa right now actually. If you go to Deductions > Itemized deductions, then look for "Other Itemized Deductions" section. Its listed right there as "Gambling losses" with a field to input the amount. But remebr you can only deduct up to the amount of your winnings that you reported.

Just wanted to add some clarification on the record-keeping requirements since it's been mentioned a few times here. The IRS requires you to keep a gambling diary or log that includes the date, type of gambling activity, name and location of the gambling establishment, names of other people present with you, and amounts won or lost. For your losses, you'll need documentation like receipts, tickets, statements, or other records that show losses. Bank records showing ATM withdrawals at casinos can also help support your loss claims. The key is having contemporaneous records - meaning you documented things as they happened, not reconstructed them later. Since you mentioned you kept good records, @Eli Butler, make sure they include all these elements. The IRS is pretty strict about gambling loss documentation during audits, so having detailed records is crucial if you decide to itemize and claim those losses.

Congratulations on that 82% - that's actually a really strong first attempt! I passed the Intuit Academy Tax Level 1 certification about 6 months ago and scored 81% on my first practice test, so you're right where you should be. The key insight I gained during my preparation is that the practice tests are excellent predictors of exam content, but the real exam tends to present scenarios with more variables and edge cases. You'll see questions that combine multiple concepts - like determining filing status for someone who moved mid-year while also figuring out their dependency status and education credit eligibility. I'd recommend aiming for consistent scores of 87-90% before scheduling your actual exam. What really helped me was creating a "concept connection map" where I'd link related tax topics together. For example, connecting filing status rules with dependency requirements, since they often appear together in complex scenarios. One specific area to focus on: make sure you understand the nuances of the various tests for dependents (relationship, age, residency, support) and how they interact with filing status determinations. These interconnected concepts make up a significant portion of the more challenging questions. The timing is definitely manageable - I found that practicing under the 90-minute constraint actually improved my decision-making by preventing overthinking. Keep working through all those practice tests systematically, and don't rush to schedule until you're consistently hitting that higher score range. You're definitely on the right path!

Congratulations on that 82%! As someone who just completed the Intuit Academy Tax Level 1 certification last month, I can tell you that's actually a solid starting score. I began with similar numbers and was able to pass the actual exam with an 89%. The practice tests are quite representative of the real exam, but I'd echo what others have said about aiming for consistent 87-90% scores before scheduling. The actual exam definitely has more scenario-based questions that require you to synthesize multiple concepts. One thing I found particularly helpful was creating a "mistake journal" where I'd write down not just which questions I got wrong, but the underlying reasoning for why the correct answer was right. This helped me identify patterns in my thinking that were leading me astray. The areas that seem to trip up most people (myself included) are the nuances around dependency determinations, especially when dealing with divorced parents or non-traditional living situations. Make sure you can work through the support test calculations and understand how the tie-breaker rules apply. Also, don't underestimate the importance of understanding tax form relationships - knowing which schedules feed into which lines on the 1040 can help you work backwards through some of the more complex questions. Keep working through all the practice tests as planned. Each one really does expose you to different aspects of the material. You're definitely on the right track!

Same struggle here! What really helped me was understanding the difference between transaction codes and cycle codes. The most important ones to watch for are TC 150 (return processed), TC 846 (refund issued), TC 570 (additional account action pending - basically a hold), and TC 971 (notice issued). The dates next to these codes are cycle dates, not calendar dates, so they follow the IRS processing schedule. Most transcripts update overnight Thursday into Friday. Also, if you see TC 766 or 768, those are credits to your account (like stimulus payments or child tax credit). Don't stress if you don't see TC 846 right away after TC 150 - there's usually a gap between processing and refund issuance. The waiting game is rough but at least now you'll know what you're looking at! 💪

The transcript codes can definitely be overwhelming at first! Here's a quick cheat sheet that helped me: TC 150 = your return was accepted and processed, TC 846 = refund issued (this is the golden one you want to see!), TC 570 = hold placed on your account, TC 971 = notice sent to you. The dates are cycle dates, not regular calendar dates, and they typically update Thursday nights into Friday. Focus on your Account Transcript rather than other transcript types. If you see TC 846 with a date, that's when your refund should hit your account. The key is being patient - there's usually a delay between TC 150 and TC 846 appearing. Don't check obsessively (easier said than done, I know!) since updates only happen once a week. Good luck! 🤞

I'm going through this exact same situation and it's driving me crazy! Filed on 2/12, got acceptance confirmation immediately, but my transcript has been showing cycle code 1005 with "no return filed" for weeks now. What's really frustrating is that I triple-checked everything before filing - used the same tax software I've used for years, entered my prior year AGI correctly, and didn't claim any unusual deductions. Just standard itemized deductions (mortgage interest, state taxes, charitable donations) and one dependent. Based on what everyone's sharing here, it sounds like this is just the new normal for processing times this year? The part about Thursday processing cycles actually makes sense - I've noticed that whenever I check for updates, they always seem to happen on Friday mornings. @Marcus Williams - that reference to the Internal Revenue Manual is really helpful. I had no idea there were specific codes for different types of reviews. Makes me feel better that this isn't necessarily a red flag, just part of their process. Has anyone with cycle code 1005 actually had their return rejected or had major issues? Or does it eventually just process normally? Trying to manage my expectations here since I was counting on this refund for some planned expenses.

I'm experiencing this exact situation too and it's been really stressful! Filed on 2/9 with immediate acceptance, but my transcript shows cycle code 1005 and "no return filed" for over a month now. Reading through everyone's experiences here has been incredibly reassuring - it sounds like this is just how the IRS is handling their processing backlog this year rather than indicating any actual problems with our returns. The explanation about Thursday processing cycles finally makes sense of why I keep seeing updates (when they happen) on Friday mornings. What I find most encouraging is that everyone who's shared their timeline here eventually got their refund processed, even if it took longer than the typical 21 days. The 28-35 day range seems to be pretty common for cycle 1005 returns based on what people are reporting. I did claim the Child Tax Credit and have some investment income, so that might explain why mine got flagged for the manual review process. Has anyone noticed if certain types of income or credits make you more likely to get cycle 1005? Just curious if there's a pattern beyond what's already been mentioned. Thanks to everyone for sharing their experiences - this community has been way more helpful than calling the IRS directly!