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Been through this exact same situation last year! The April 15 date on your transcript is actually a good sign - it means they've moved your return into the final processing queue. The 570 code you're seeing just means they had a temporary hold while doing the accuracy review, but since your transcript updated on March 6th, that usually indicates they've completed their review process. Most people I know who got that same timeline received their refunds within 2-3 weeks of the transcript update. Your $5,993 refund amount looks solid based on what you're showing. Just keep checking your transcripts weekly for any new transaction codes - you'll probably see a 846 code pop up soon which means refund issued! The 60-day notice is just their standard CYA timeframe, but they rarely actually take that long once things start moving on the transcript side.
Does anyone know if staking rewards need to be reported even without a 1099? I have both trading losses and staking income and not sure how to handle that on FreeTaxUSA.
Yes, staking rewards absolutely need to be reported as income, typically as "other income" at their fair market value when received. This is separate from your capital gains/losses reporting. FreeTaxUSA has a section specifically for crypto mining and staking income under the Income menu. You'll enter the fair market value of the tokens when you received them. Then, when/if you eventually sell those staked tokens, you'll report that as a capital transaction using the fair market value at receipt as your cost basis.
I went through this exact same situation last year with FreeTaxUSA and crypto losses without 1099-Bs. A few things that helped me get through it: 1. You definitely need to report everything - losses are actually good for you tax-wise since you can deduct up to $3,000 against ordinary income and carry forward any excess. 2. For the manual entry pain, I found it easier to group transactions by coin type and date ranges. FreeTaxUSA allows summary entries as long as you keep detailed records. 3. Double-check your cost basis calculations - I initially missed some fees that should have been included, which would have increased my deductible losses. The whole process took me about 3 hours but was worth it for the tax benefit. Make sure to save all your CSV files and transaction records in case the IRS has questions later. Good luck finishing your return!
This is really helpful advice! I'm curious about the fees you mentioned - which ones should be included in cost basis? I've been tracking the purchase price of my crypto but wasn't sure if I should include things like exchange fees, gas fees for DeFi transactions, etc. Want to make sure I'm maximizing my deductible losses correctly.
Has anyone used H&R Block for rental property taxes? Their website says they handle them but I'm not sure if the standard preparers have enough specialized knowledge for this.
I used them last year for my rental and had a terrible experience. The first preparer clearly didn't understand passive activity loss limitations and made a huge error that would have cost me thousands. I had to request a different preparer and even then felt like I was explaining things to them rather than the other way around. If you go with H&R Block, make sure to specifically request someone who specializes in investment properties. The regular preparers mostly handle W2 and simple returns.
Thanks for sharing your experience. That's exactly what I was worried about - ending up with someone who mainly handles simple returns. I'll definitely ask specifically for an investment property specialist if I decide to go with them. Might be worth paying a bit more for someone with specific rental property experience instead.
I went through a similar situation last year when I bought my first rental property. The price jump from simple software to professional preparation was shocking at first, but it ended up being worth every penny. What really helped me was getting quotes from 3 different tax preparers and asking each one to break down exactly what services were included. One charged $650 but only covered federal returns - I would have paid extra for state filings. Another quoted $800 but included both state returns, depreciation setup, and a consultation about tax planning strategies for next year. I ended up going with an enrolled agent who charged $725 and found deductions I never would have known about - things like the home office portion for managing the rental, mileage for property visits, and startup costs I could write off. The extra deductions more than paid for the professional fee. My advice: get at least 2-3 quotes, ask specifically about their experience with out-of-state rentals, and make sure they include both state returns in their quoted price. The $750 you were quoted might actually be reasonable depending on what's included.
This is really helpful advice! I'm in a similar situation and hadn't thought about asking for a breakdown of services included. The point about home office deductions for managing the rental is interesting - I spend a lot of time on bookkeeping and tenant communication from home but didn't realize that might be deductible. How did you document the home office usage for the rental business? And did your enrolled agent help you set up a system for tracking expenses going forward, or was that something you had to figure out on your own?
Has anyone actually confirmed if this works with the latest version of FreeTaxUSA? I just tried to file and wasn't sure which section to put the crypto in.
I just did mine last week. In FreeTaxUSA, go to "Income" and then there's a section for "Capital Gains and Losses" where you can enter your crypto. They have a specific option for cryptocurrency now - it wasn't as obvious in previous years.
I went through this exact same situation a few months ago! The manual entry process in FreeTaxUSA really isn't as bad as it seems at first. What I did was open up my Coinbase Gain/Loss report and created a simple spreadsheet to separate everything by holding period (short-term vs long-term). Then I just added up the totals for proceeds and cost basis for each category. FreeTaxUSA makes it pretty straightforward - you don't need to list every individual transaction. One tip: make sure you double-check that your Coinbase report includes ALL your crypto activity for the year, including any transfers between wallets or other exchanges. I missed some DeFi transactions initially and had to go back and add those manually to my calculations. The whole process took me maybe an hour once I got organized, which beats paying extra for premium tax software just for the import feature. Plus you'll have a better understanding of your crypto taxes for next year!
This is really helpful! I'm in a similar boat and was dreading the manual entry process. Quick question - when you mention DeFi transactions, are you talking about things like providing liquidity or yield farming? I did some of that on Uniswap but wasn't sure if those needed to be reported separately from my regular Coinbase trades. Also, did you have to calculate the USD value at the time of each DeFi transaction, or could you use end-of-year values?
Sofia Morales
i filed HOH and got mine in 8 days but my sister filed single and shes still waiting after 3 weeks. its random af tbh
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Jason Brewer
ā¢exactly! my cousin filed MFJ and got hers back in 6 days while i'm still waiting after 2 weeks filing single. there's definitely other factors at play here besides filing status
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Liam McConnell
From what I've seen working in tax prep, it really comes down to how complex your return is and what gets flagged for review. Simple W-2 only returns with standard deduction fly through regardless of filing status. But if you've got business income, rental properties, or certain credits, you're gonna wait longer no matter if you're single or HOH. The IRS computers don't care about your filing status - they care about the math adding up and red flags š©
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Joshua Wood
ā¢this makes so much sense! i was overthinking the filing status thing when really it's just about how straightforward your return is. mine's pretty basic - just W-2 and standard deduction - so hopefully it processes soon š¤
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