Don't forget to consider state taxes too! I learned the hard way that some states (looking at you, New Jersey) have different rules for capital gains offsets than the federal government. I had stock losses I used to offset real estate gains, but NJ limited how much I could offset.

Great discussion here! Just wanted to add a practical tip from my own experience - make sure you have good documentation for all your losses, especially if you're dealing with multiple asset types like stocks and real estate. I had a similar situation last year where I used stock losses to offset real estate gains, but during my tax prep I realized I was missing some key documents like the adjusted basis calculations for my rental property and detailed records of some stock transactions. The IRS can be pretty strict about substantiating your losses, so having everything organized upfront saves a lot of headaches. Also worth noting that if you're using a tax professional, bring all this documentation to them early in the tax season. The interaction between different types of capital gains and losses can get complex, especially when depreciation recapture is involved, and they'll need time to work through the calculations properly.

its ridiculous we have to wait so long for OUR money. the govmt takes it instantly but takes forever to give it back smh

@Dylan Hughes for transcript access, try using ID.me verification on the IRS website - it's usually more reliable than the standard login. You can also call the automated transcript line at 1-800-908-9946 if the website keeps giving errors. The transcript will show cycle codes and DDD (direct deposit date) if one has been issued for your refund. Way more detailed info than the basic "Where's My Amended Return" tool.

I've been through this exact same situation! When my amended return showed "completed" but no refund came, I found out there's often a separate review process that happens after completion, especially for larger refund amounts. The IRS doesn't always update their tracking system to show this additional step. In my case, it took an extra 6 weeks after the "completed" date. Since you mentioned needing the money for medical bills, definitely call that number - but here's a trick: call exactly at 7:00 AM EST when they open. The wait times are dramatically shorter. Also, when you get through, ask specifically about "post-completion processing delays" - this shows you understand their system and often gets you more detailed information. One more thing - make sure to check if they have the correct mailing address on file. Sometimes refunds get delayed because they're trying to mail a check to an old address. Hope this helps and you get your refund soon! 🤞

I'm going through something very similar right now! My amended return has been showing "completed" since early December but still no refund. What I've discovered through my research is that there can be a significant gap between the completion status and actually receiving your money - sometimes up to 8-10 weeks during busy periods. Since you filed back in August and it's been completed since November, you're definitely past the normal timeframe. I'd strongly recommend calling that number (800-829-0582, ext 633) but here's what worked for me to get through faster: call at exactly 7:00 AM EST and have your Social Security number, adjusted gross income from your original return, and the exact refund amount ready. Also, before calling, double-check that your address and bank info are current with the IRS. Sometimes refunds get held up because they're trying to send a check to an old address or the direct deposit info doesn't match their records. Given that you need the money for medical bills, don't feel bad about being persistent - this is your money and you have every right to know what's causing the delay!

This is a great example of why getting proper documentation is so crucial. I'd strongly recommend having your client contact the union directly to get a written explanation of what these payments represent. Ask specifically for: 1. The original agreement or settlement terms that created these payments 2. Whether this is strike benefits, back pay, settlement money, or ongoing pension/benefit payments 3. Any documentation showing the time period these payments relate to The fact that she hasn't worked in 6 years makes it almost certain this isn't compensation for current services, which means no SE tax and no EITC eligibility. The chain preparer was likely inflating her refund inappropriately. For future reference, union payments can fall into several categories: - Strike benefits (earned income only if received during active strike) - Settlement payments (usually not earned income) - Pension/benefit distributions (not earned income) - Back pay for past services (depends on timing and circumstances) Without proper documentation, I'd err on the side of treating it as other income rather than risking an audit for improper EITC claims.

This situation highlights a common problem with union-related payments being misreported on tax forms. As others have mentioned, the 1099-NEC form itself doesn't determine the tax treatment - the actual nature of the payment does. Given that your client hasn't worked in 6 years, this is almost certainly some type of settlement, pension distribution, or deferred benefit payment rather than compensation for current services. These payments typically should be reported as "other income" on Line 8i of Form 1040, not as self-employment income. I'd recommend documenting your decision carefully in your workpapers. Note the client's statement about not working, the time gap since employment, and your reasoning for treating it as non-earned income. If the IRS ever questions it, you'll have a clear paper trail showing you made a reasonable, conservative interpretation based on the available facts. The previous preparer's approach was likely incorrect and potentially exposed your client to audit risk. You're absolutely doing the right thing by questioning this treatment, even if it means a smaller refund. Better to file correctly than deal with IRS notices and potential penalties later.

Has anyone here used their IRA money for closing costs instead of the down payment? My lender said that could be a smarter way to use the funds since my down payment affects my loan terms but closing costs are just out of pocket.

@Mateo Martinez - I went through this exact same situation about 6 months ago! Here's what I learned that might help you make the decision: First, definitely confirm you qualify as a "first-time buyer" - the IRS definition is pretty generous (no home ownership in past 2 years). The $10,000 penalty-free limit per person is accurate, so if your wife has an IRA too, you could potentially access $20,000 total. One thing I wish I'd considered more carefully is the timing. You have to use the IRA funds within 120 days of withdrawal for home purchase, so make sure your house hunting timeline aligns with that. Also, even though you avoid the 10% penalty, you'll still owe regular income tax on the withdrawal, which could bump you into a higher tax bracket depending on your income. Given your price range ($340-380k), pulling $20-30k from IRAs for a 10% down payment seems reasonable, but I'd strongly suggest running the numbers on how this affects your 2025 taxes first. The withdrawal gets added to your regular income for that year. Have you looked into any state or local first-time homebuyer programs? Some offer grants or low-interest loans that might reduce how much you need from your IRA. Good luck with the house hunt!