Stupid question maybe but is this the same for crypto transactions? My 1099-B from Coinbase has some transactions marked as "noncovered" but has cost basis for most of them.

This is a really common source of confusion, and you're definitely not alone in wondering about this! The key thing to understand is that "noncovered security" refers to the broker's reporting obligation to the IRS, not what appears on your copy of the 1099-B. Even though your broker filled in the basis amount on your form, because it's marked as "noncovered," they are NOT required to (and likely did not) report that basis information to the IRS. This typically happens with securities acquired before 2011 or transferred between brokers without proper basis tracking. You'll need to report the basis yourself on Form 8949. Use code "B" in column (f) for short-term gains/losses or code "E" for long-term. This tells the IRS you're providing basis information for a noncovered security. Since you mentioned these were stocks from your grandpa, make sure you're using the correct basis. If they were gifted to you while he was alive, you generally use his original cost basis. The basis amount your broker shows might not be accurate for gifted securities, so you may need to do some research to find the correct amount. Keep all your documentation - gift records, any basis information you can find, etc. - in case you need to substantiate your basis calculation later.

Has anyone considered asking for a raise instead? I negotiated an extra $2/hour specifically because of required tool expenses. Over a year that's about $4,160 pre-tax which covers most of my tool costs. My manager actually preferred this over dealing with reimbursements.

The frustration here is real - I went through the same thing as a heavy equipment mechanic. After 2017, those unreimbursed employee expense deductions just vanished for W2 workers like us. What I ended up doing was a combination of approaches mentioned here: First, I had a frank conversation with my supervisor about tool allowances using the specific language someone mentioned about "accountable plans." Turns out our company had a policy buried in the employee handbook that allowed up to $1,500/year in tool reimbursements if you filled out the right forms. For the remaining expenses, I started doing small side jobs on weekends - mostly helping neighbors and friends with equipment repairs. I registered as a sole proprietor and now I can legitimately deduct a portion of my tools on Schedule C. The key is keeping meticulous records and making sure it's a real business, not just a tax dodge. Bottom line: the tax code sucks for mechanics right now, but there are still some workarounds if you're willing to do the legwork. Document everything and consider multiple strategies rather than just accepting you can't deduct anything.

I'm going to go against the grain here - I just do the Form 5500-EZ myself every year for my solo 401k. The first year took me about 3 hours to figure out, now it takes maybe 45 minutes. The key is understanding that for a true individual 401k with just you (and maybe spouse), most of the form is much simpler than it looks. Many sections don't apply or can be filled with zeros. The IRS instructions are actually pretty clear if you take the time to read them. And if you make an honest mistake, there's a correction program with reduced penalties.

I'm in a similar boat with my solo 401k through Fidelity - just hit the $250k threshold this year and now need to file Form 5500 for the first time. Reading through all these responses has been incredibly helpful! I'm leaning toward trying one of the online preparation tools first before going the TPA route, since the annual fees seem pretty steep for a one-person plan. The taxr.ai recommendation caught my attention, especially hearing that it explains the reasoning behind each section rather than just filling in blanks. One question for those who've filed before - how strict is the July 31st deadline? I know there's an extension option, but I'm trying to plan out my timeline here. My plan year ended December 31st, so I have a few months, but I don't want to procrastinate and then panic at the last minute. Thanks everyone for sharing your experiences - this community has been way more helpful than my CPA!

Just went through this exact same situation a few months ago! Those codes had me so stressed until I figured out what was going on. The 570 hold code is the scary one that stops your refund, but once you get through the identity verification it should resolve pretty quickly. When you call, definitely try early morning like others suggested - I got through around 8:15 AM on my third try. Make sure you have your prior year AGI, SSN, and filing status ready because they'll ask verification questions right away. The fax process took about 4 weeks for me to see movement on my transcript, then another week for the actual refund deposit. Stay patient and keep checking your transcript every few days - you'll see new codes appear when they start processing your verification docs. The whole thing is super frustrating but you'll get through it! 💪

I went through this exact same situation last year and it was honestly one of the most stressful experiences dealing with the IRS. Those codes you're seeing - 150, 806, 570, 971 - are actually pretty standard for identity verification cases. The 570 is what's holding up your refund and the 971 means they already sent you that dreaded letter asking for documentation. Here's what worked for me: I called right at 7 AM when the lines opened and got through in about 45 minutes. Have your SSN, last year's AGI, and current address ready because they'll verify your identity before discussing anything. The agent will give you a specific fax number - DON'T use any generic IRS fax numbers you find online, use exactly what they tell you. When faxing, include a cover sheet with your SSN, phone number, and write "IDENTITY VERIFICATION" at the top. I sent my driver's license, Social Security card, and a utility bill. Keep checking your transcript every week - mine took about 6 weeks to show movement with new codes, then another 2 weeks for the actual refund. The waiting is brutal but hang in there! Once you get through this verification process, everything should move pretty smoothly. Good luck! 🤞

FYI - sometimes "SR" can mean "Supplemental Rate" too. When I worked at my last job, I had regular medical coverage plus a supplemental critical illness policy, and it showed up exactly like this. "Medical EE" was the base plan and "SR" was the add-on. Worth checking if you have multiple types of coverage.

This thread has been super helpful! I work in benefits administration and can confirm that payroll codes are unfortunately not standardized across companies. "Medical EE - SR" could mean several different things depending on your employer's system: - Employee - Standard Rate (most common) - Employee - Senior Rate (age-based pricing) - Employee - Spouse Rate (family coverage) - Employee - Supplemental Rate (additional coverage) The best approach is definitely to check with your HR department first, as they'll have the specific definitions for your company's codes. If you can't get clear answers there, your insurance card usually has a member services number that can help explain what coverage you're actually paying for. One tip: if you're budgeting, remember that most medical insurance premiums are deducted pre-tax, which reduces your taxable income. So while you see the deduction on your gross pay, it's actually saving you money on taxes compared to paying the same amount out-of-pocket after taxes.