did u pay any student loans? get that deduction too if u did

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.

Let me clarify a few things about audits and refunds that might help you understand what's happening: 1. First, the IRS cannot take your 2024 refund until the audit is complete and they've determined you actually owe money. 2. Once the audit is complete, they'll send you a Notice of Deficiency (CP3219A or 90-day letter). 3. You'll have 90 days to either pay the amount, appeal through Tax Court, or request an audit reconsideration. 4. Only after this process is complete and if you have a confirmed debt will they potentially offset your refund. 5. Even then, you can request a payment plan that might prevent them from taking your entire refund. This step-by-step process takes time, so your 2024 refund is likely safe for now unless you already have confirmed debts from previous years.

I'm going through something similar right now and this thread has been incredibly helpful! Just wanted to add that if you're a gig worker like Uber/DoorDash, make sure you have ALL your documentation organized before they ask for it. I learned the hard way that they want detailed mileage logs, not just estimates. Also, don't panic about the audit itself - mine has been going on for 3 months and my 2024 refund came through just fine last month. The IRS agent I spoke with explained that audits and current year refunds are handled by completely different departments, so one doesn't automatically affect the other. One tip that helped me: I created a simple spreadsheet with dates, starting/ending locations, miles driven, and purpose for each trip. It made responding to their requests much easier than digging through months of scattered receipts.

Has anyone used TurboTax to report these kinds of rebates? Do they have a special section for it or guidelines on how to handle it?

This thread has been really helpful! I'm in a similar situation with multiple cashback apps and was getting worried about tax implications. One thing I wanted to add - make sure you keep good records of your rebates even if they're not taxable. I learned this the hard way when I got audited a few years ago (for unrelated reasons). The IRS agent asked about some deposits in my bank account that were from rebate checks, and I had to scramble to find documentation proving they were purchase rebates and not unreported income. Now I keep a simple spreadsheet with the date, amount, which app/site it came from, and what purchase it was tied to. Takes like 2 minutes each time I get a rebate, but gives me peace of mind. Better to have the documentation and not need it than the other way around! Also wanted to thank everyone who shared those tools and services - definitely going to check them out for my more complex tax questions.

Has anyone considered the potential audit risk with this strategy? I'm interested in using the 14-day rule but worried about increased scrutiny.

This is exactly the kind of documentation challenge I faced when I first started implementing the 14-day rule! One thing that really helped me was creating a standardized checklist for each meeting type to ensure I never missed any required documentation. For board meetings, I always include: formal agenda, attendee list with titles, meeting minutes with specific business decisions, photos of the meeting setup, and copies of any documents reviewed or approved. For strategic planning sessions, I document: specific business objectives discussed, market analysis or financial data reviewed, strategic decisions made, timeline commitments, and follow-up action items with assigned owners. For training sessions, I track: learning objectives, curriculum or materials used, attendee participation records, skills assessments or certifications earned, and how the training relates to business operations. I also keep a master calendar showing all 14 days used throughout the year with brief descriptions to ensure I never accidentally exceed the limit. The IRS wants to see that these are legitimate business meetings, not just casual get-togethers, so the more specific your documentation, the better. One last tip: I always have my business write me a check specifically marked "home rental - business meeting [date]" rather than lumping it in with other payments. This creates a clear paper trail that's easy to follow during any review.

This happens literally every year with retirement accounts. Brokerages NEVER have the 5498 forms ready by tax time because they have until May 31 to issue them. It's annoying but normal. The good news is that for Roth IRAs you don't need to report the contributions on your tax return anyway!

This is exactly why I always tell people to keep a separate folder for retirement account forms! Form 5498 is one of those "late arrivals" that shows up after you've already filed, but as others have mentioned, it's purely informational for Roth IRAs since the contributions don't affect your current year taxes. One thing I'd add - make sure to keep that 5498 in a safe place because it documents your contribution basis. This becomes important years down the road if you ever need to withdraw contributions early (you can withdraw Roth contributions penalty-free, but you need records to prove how much you contributed vs. how much is earnings). I learned this the hard way when I needed documentation for an early withdrawal and had to track down old forms from multiple years! The timing issue with these forms is frustrating but totally normal. Custodians have until May 31st to send them out, so they rarely make it in time for early filers.