Here's a simple breakdown of the main sections on a Robinhood 1099-B: 1A: Short-term transactions with basis reported to the IRS 1B: Short-term transactions with basis NOT reported to the IRS 1D: Proceeds from broker transactions (total sales amount) 1E: Cost basis (what you paid) 1G: Gain or loss (what you're actually taxed on) The large number in 1D is just the total dollar amount of ALL your stock sales combined - like if you bought $1000 of stock and sold it at $1100, then that $1100 goes in 1D, but you're only taxed on the $100 profit.

I used to be a tax preparer and saw this confusion ALL THE TIME. One thing not mentioned yet: check if your Robinhood 1099 has supplemental information pages. They often include a summary that breaks down your actual taxable gains/losses more clearly than the main form. The IRS only cares about your profits/losses, not the total amount of money that moved through your account. The big number in section 1D freaks everyone out, but it's just the sum of all your sales, regardless of whether you made or lost money on those transactions.

Check your account transcript not return transcript. Sometimes return transcript takes longer to update but account transcript will show processing status

Same boat here - filed and accepted 2/5, no transcript updates yet either. I've been checking daily (probably too much lol). From what I've read on here and other forums, the IRS is still ramping up their systems for the season. Early filers often get caught in this limbo period. Try not to stress too much about it, though I know that's easier said than done when rent's coming up! Keep checking your transcripts every few days but don't drive yourself crazy with daily checks.

There's actually a potential workaround for this situation! Your wife could open her own HSA account now (if she's eligible with a qualifying high-deductible health plan), make a contribution, and then use those funds for her old bill. The HSA doesn't care when the expense was incurred as long as the account existed after the expense. The catch is she would need to be HSA-eligible now to open an account, and there are annual contribution limits. But this could be a way to still get the tax advantage for that old bill.

I work in benefits administration and deal with HSAs daily. Everyone here is correct that you cannot use your HSA for your wife's pre-marriage expenses. However, here's something nobody mentioned - check if her old insurance plan allows claims submission for an extended period! Many plans have a run-out period of 90 days to 1 year where you can still submit claims for services during your coverage period. If she had an FSA or HRA with her old employer, she might still be able to get reimbursed that way.

Make sure you're tracking your own PURCHASES and paying use tax if required. Most states require you to pay use tax on items you buy for resale but end up using yourself. This is different from the sales tax issue you asked about, but it's related and people often get in trouble for this.

Great question! I faced this same confusion when I started my resale business. The key principle is that sales tax you collect is NOT your income - you're acting as a collection agent for the state. Report only $123,500 on line 1 of Schedule C (your actual product sales). The $6,500 in sales tax never appears on your federal tax return because it was never your money to begin with. Think of it this way: if a customer pays you $100 for an item plus $5 sales tax, you only earned $100. The $5 goes straight to the state. Including it as income would mean you're paying federal income tax on money that isn't yours. Keep detailed records of all sales tax collected and remitted - this documentation will be crucial if you're ever questioned about why your bank deposits don't match your reported gross receipts. The IRS understands this difference, but you need to be able to explain it clearly.

I learned the hard way last year that you ALWAYS have to report all W-2s, even if no taxes were withheld. I tried leaving one off from a small job and got a nasty letter from the IRS a few months later with penalties and interest. Not worth the stress!

I completely understand your stress about this situation! As others have mentioned, you definitely need to report all W-2s - the IRS already has copies from the employers so leaving one out will cause bigger problems down the road. The good news is there are several strategies that might help reduce what you owe. First, double-check that you're claiming all available credits - things like the Earned Income Tax Credit, Child Tax Credit (if you have kids), or education credits if either of you took classes. You mentioned this is your first year filing married - make sure you're using the right filing status. Sometimes "Married Filing Separately" can be better than "Married Filing Jointly" depending on your income levels, though usually joint is better. Also consider making a traditional IRA contribution before the tax deadline - you can still contribute for the previous tax year and it directly reduces your taxable income. Even a small contribution might help bridge the gap between owing and breaking even. Don't panic! Owing $787 isn't the end of the world, and the IRS offers payment plans if you can't pay it all at once. Focus on making sure your withholdings are adjusted going forward so this doesn't happen again next year.