With 70k income, 2 kids, and head of household status, you're probably looking at a pretty solid refund! The child tax credit alone could be $4,000 ($2k per kid), plus you get better tax brackets as HOH. Your actual refund depends on how much was withheld from your paychecks though. If you had standard withholding, I'd guess somewhere in the $3-6k range, but that's just a rough estimate without seeing your actual tax situation.

Hey there! With your situation (70k income, 2 kids, head of household), you're definitely in a good spot for a nice refund. The child tax credit should give you $4,000 total ($2k per kid), and HOH filing status gets you better tax brackets than single. Quick ballpark - if you had standard withholding, you're probably looking at somewhere between $4k-7k refund, but it really depends on what was taken out of your paychecks. Don't forget about the Earned Income Tax Credit too - with your income level and 2 dependents, you should qualify for a decent amount there. Also make sure to claim any childcare expenses if you paid for daycare - that Child and Dependent Care Credit can add up! The exact amount really depends on your withholdings though. Do you remember roughly what your federal tax withholding was for the year?

I'm in a similar situation - filed my amended return in June and still showing nothing on WMAR. What's really frustrating is that I called the IRS three times and got three different answers about processing times. One agent said 16 weeks, another said 20+ weeks, and the third couldn't even find my return in their system at all. The lack of consistency is almost worse than the wait itself. I've started checking my account transcript weekly like others suggested, but even that feels like reading hieroglyphics half the time. Has anyone had luck with the taxpayer advocate service for amended returns, or is that just another dead end? At this point I'm wondering if I should just assume it'll arrive sometime before next tax season and try to forget about it.

I'm dealing with almost the exact same timeline - filed my amended return in late May and absolutely nothing showing up anywhere. Reading through everyone's experiences here is honestly both reassuring and terrifying at the same time! What's really getting to me is that I can't even confirm they received it. At least with regular returns you get some kind of acknowledgment. With amendments, it's like throwing paperwork into a black hole and hoping for the best. I've been checking WMAR obsessively (probably not healthy) and considering calling, but it sounds like even that might not give me concrete answers. The military transfer situation mentioned in the original post really hits home - sometimes these refunds aren't just "nice to have" money, they're actually needed for real life situations. Has anyone here had success getting expedited processing for legitimate hardship reasons, or is that more myth than reality? Trying to decide if it's worth the hassle of explaining my situation to an IRS agent who might not even be able to help.

This thread has been incredibly educational! As someone new to investing and taxes, I had no idea there were so many different types of investment income and how they're treated differently for things like the EIC. I'm in a similar boat to @Miguel Ramos - just started investing last year and ended up with some losses plus dividend income. Reading through everyone's experiences, it sounds like the key takeaway is that while capital losses can't directly help with EIC qualification, there are definitely other things worth checking: - Making sure you're not double-counting reinvested dividends - Checking for tax-exempt interest that shouldn't be included - Looking for return of capital distributions that might be miscategorized - Foreign tax credits from international funds For those of us who are new to this stuff, it seems like the tax forms (1099-DIV, 1099-INT) actually have the information we need to figure this out - we just need to know which boxes to look at. The explanations about Box 3 for return of capital and Box 8 for tax-exempt interest are super helpful. Thanks to everyone who shared their real experiences and the tax professionals who chimed in with specific guidance. This is exactly the kind of practical advice that's hard to find elsewhere!

I've been reading through this entire thread and wow, there's so much valuable information here! As someone who works in financial services (though not specifically tax prep), I wanted to add a few points that might help @Miguel Ramos and others in similar situations. The explanation about capital losses not being able to directly offset dividend/interest income for EIC purposes is absolutely correct. However, I've seen clients miss some opportunities that could still help their overall situation: 1. **Timing considerations**: If you have any investments you're considering selling that have gains, you might want to strategically realize those gains this year to use up your capital losses. This doesn't help with EIC, but it can save you taxes on the gains. 2. **Tax-loss harvesting for next year**: Consider whether any of your current losing positions might be worth selling to generate more capital losses that you can carry forward to future years (beyond the $3,000 annual limit). 3. **Account type review**: For future years, you might want to consider holding dividend-producing investments in tax-advantaged accounts (401k, IRA, etc.) where the income wouldn't count toward EIC limits. The community advice about double-checking your 1099 forms is spot-on. I've seen people make errors with return of capital distributions and tax-exempt interest more often than you'd think. Those details really can make the difference when you're close to thresholds. Thanks to everyone who shared their experiences - this is exactly the kind of practical tax discussion that helps people navigate these complicated situations!

Don't forget to save a copy of the original gift card promotion terms! The IRS would want to see this documentation if you're ever audited. Take a screenshot of the Amazon promotion showing you got the $200 for signing up for the credit card. Also, keep the receipt showing the full purchase amount ($240) and note on it that you used the promotional gift card plus $40 of your own money. Detail is super important for self-employed tax situations.

Great question! I went through something similar with a Best Buy credit card promotion last year. From my research and discussions with my tax preparer, you can indeed deduct the full $240 as a business expense on your Schedule C. The $200 gift card is considered taxable income to you (it should be reported as "other income" on your 1040), but then when you use it for legitimate business equipment, the entire purchase amount becomes deductible. It's essentially like you received $200 in cash and then spent it on business equipment. Make sure you keep good records - the Amazon promotion details showing how you got the gift card, the receipt for the camera accessories showing the $240 total, and documentation of how the equipment is used for your videography business. Since you're freelance, proper documentation is key in case of any IRS questions. The fact that it was a promotional bonus rather than cashback or rewards points is what makes it taxable income initially, but that also means you get the full deduction when used for qualified business purposes.

As someone who's dealt with unexpected IRS refunds for my business, I can't stress enough how important it is to get proper documentation before depositing that check. The IRS has been incredibly slow processing COVID-related business credits and payroll tax adjustments, so refunds are still trickling out years later. Here's what I'd recommend your friend do immediately: 1. **Call the IRS Business Line** - I know everyone says it's impossible to get through, but try calling right when they open (7 AM local time) for better odds. Have the EIN, refund amount, and check number ready. 2. **Check for Form 941 overpayments** - This is super common. If his payroll service made any corrections or if estimated payments were higher than actual liability, that could explain the refund. 3. **Review any COVID-related filings** - Employee Retention Credits, PPP loan forgiveness applications, or any amendments filed in the past few years could result in delayed refunds. 4. **Don't deposit until you have answers** - I know it's tempting, but the potential penalties for cashing an erroneous refund can be substantial. The IRS considers it your responsibility to verify unexpected payments before depositing them. If he absolutely can't reach the IRS directly, consider having a tax professional make the inquiry on his behalf. They often have better luck getting through and can properly document the investigation for his records. Better safe than sorry with the IRS!

I'm currently going through this exact situation with my S-Corp! Got an unexpected $1,800 refund check three weeks ago and it's been driving me crazy trying to figure out what it's for. After reading all these responses, I'm definitely not going to deposit it until I get answers. The penalty stories are genuinely terrifying - I had no idea the IRS could come back with a 20% penalty for "knowingly" depositing an erroneous refund. I've been trying the IRS Business Line daily but keep getting disconnected after hours of waiting. Might have to try that early morning calling strategy someone mentioned. In the meantime, I went back through my 941 forms and found a discrepancy in Q3 where my payroll company might have over-remitted FICA taxes after we corrected an employee classification issue. One thing I haven't seen mentioned is whether anyone has had luck getting answers through their tax preparer's professional practitioner line. My CPA mentioned they sometimes have better access to IRS representatives, but I'm not sure if it's worth the additional fees just to figure out why I got a refund. The waiting is honestly the worst part - you want to be responsible and investigate, but every day that check sits there feels like money you could be using for the business. Has anyone had success setting a reasonable timeline for investigation before making a decision about depositing?