I'm a bit confused about something... how did this tax preparer even have the ability to change your bank account info without you noticing? Didn't you have to sign the return before it was submitted? Did you receive a copy of what was actually filed? This seems super sketchy and I wonder if there might be more going on.

This is an extremely serious situation that requires immediate action on multiple fronts. You're dealing with tax preparer fraud, identity theft, and potentially wire fraud - all federal crimes. Here's what you need to do TODAY: 1. File Form 14039 (Identity Theft Affidavit) online immediately - don't wait for mail processing 2. Contact the Treasury Inspector General for Tax Administration (TIGTA) at 1-800-366-4484 to report the fraudulent preparer 3. File a complaint with your state's licensing board if the preparer is licensed 4. Contact the FBI's Internet Crime Complaint Center (IC3) since this involves electronic banking fraud For the immediate refund issue, try calling the IRS Practitioner Priority Service at 866-860-4259 and explain this is an emergency involving fraud. Sometimes they can expedite fraud cases. Document everything - save all communications with the preparer, copies of what you signed vs. what was filed, and any evidence of the unauthorized bank account change. Also consider contacting a tax attorney who specializes in fraud cases. Many offer free consultations and can help navigate both the IRS process and potential criminal proceedings against the preparer. Time is critical here - the more documentation and official reports you file today, the better chance you have of stopping or recovering those funds.

I'm really surprised nobody mentioned uninsured motorist property damage coverage! This isn't tax advice, but for future reference: Even with liability-only insurance, you can often add UMPD coverage for like $5/month. Would have covered hit and run damage up to your policy limits. Too late for OP now, but good info for anyone else reading this thread.

I'm sorry to hear about your situation, Ravi. Unfortunately, the other commenters are correct - personal casualty losses from accidents like hit and runs are no longer deductible on federal taxes unless they're from federally declared disasters. However, I'd encourage you to explore a couple of options: 1. **Business use**: If you used the vehicle for any legitimate business purposes (delivery work, real estate, consulting, etc.), you may be able to deduct the business portion of the loss. You'll need documentation of business mileage vs. personal use. 2. **State taxes**: Some states still allow casualty/theft deductions even when federal doesn't. Check your state's tax laws or consult a local tax professional. 3. **Legal recovery**: Consider consulting with a personal injury attorney about pursuing the hit-and-run driver if they were ever identified, or exploring other legal options for recovery. For future reference, uninsured motorist property damage coverage is usually very affordable and would have helped in this situation. I know that doesn't help now, but it's worth considering for your next vehicle. The tax laws really changed dramatically with the 2017 Tax Cuts and Jobs Act, and unfortunately not in favor of situations like yours.

I was in almost the exact same situation last year - made $238 from some freelance graphic design work and was totally confused about the reporting requirements. After doing a lot of research and talking to a tax preparer, here's what I learned: You absolutely need to file Schedule C for that $215, even though it seems like overkill for such a small amount. The IRS considers any income from services you provide to be self-employment income, and Schedule C is the only proper way to report it. You can't just lump it in with "other income" elsewhere on your return. The good news is that your Schedule C will be super simple - basically just reporting the $215 as income with maybe a line or two for any related expenses you might have had (gas, supplies, etc.). And as others mentioned, since you're under $400 in net earnings, you won't owe any self-employment tax on it. I know it feels annoying to fill out a whole form for such a small amount, but it's really not that complicated and it's the right way to do it. Better to spend 10 minutes filling it out correctly than potentially having issues with the IRS later!

I just went through this exact same situation! Made $190 from some weekend pet sitting and was completely lost on how to handle it tax-wise. Everyone here is absolutely right - you do need to file Schedule C even for that small $215 amount. I initially thought I could skip it since it was so little, but after researching (and making a few calls), I learned that any income from services counts as self-employment income regardless of the amount. The Schedule C ended up being way simpler than I expected though. Basically just one line for the income and maybe a couple lines for any expenses (I had some pet supplies and gas costs). The whole thing took maybe 15 minutes to complete. One thing that helped me was keeping it really simple - don't overthink the business description or get fancy with categories. Just put something like "gig work" or whatever service you provided, report the income, subtract any legitimate expenses, and you're done. Since you're under $400 net, no self-employment tax to worry about. The peace of mind of doing it correctly is totally worth the few extra minutes of paperwork!

Has anyone used TurboTax to handle PTPs like UCO? I'm wondering if the software can handle all these complicated basis adjustments or if I need to calculate everything manually before entering it.

I've been dealing with PTP investments for years and want to add some clarity to this discussion. The confusion about UCO is totally understandable because it hits you with a double whammy - both PTP rules AND commodity pool regulations. For the basis adjustment question that keeps coming up: yes, you add the income from your K-1s to your original cost basis, but you also subtract any cash distributions you received. This gives you your adjusted basis when you sell. One thing I haven't seen mentioned yet is that if you received any distributions from UCO while you owned it, those reduce your basis dollar-for-dollar. If distributions ever exceeded your basis, you'd have to report capital gains even without selling shares. The commodity pool aspect Giovanni mentioned is crucial - UCO files as both a PTP and a commodity pool, so you need Form 6781 in addition to the regular PTP reporting. The marked-to-market rules mean your gains get the special 60/40 treatment regardless of holding period. For anyone still confused, I'd strongly recommend getting professional help rather than trying to figure this out alone. PTPs combined with commodity pools are one of the most complex areas of tax law.

This thread has been incredibly helpful! As someone who's completely new to reading tax transcripts, I was getting overwhelmed trying to understand all the different codes. It's such a relief to know that 846 is the main one to focus on and that it's generally reliable for timing. I've been checking my transcript daily (probably obsessively!) but haven't seen any updates yet. The tip about transcripts updating on Fridays is game-changing - I'll stop checking every single day now! I'm also in a similar situation with needing my refund for quarterly estimated taxes, so all the advice about building in buffer time and considering partial payments is really valuable. It's amazing how much clearer this all becomes when experienced people break it down. Thanks everyone for making this less intimidating for those of us still learning the ropes!

Just wanted to jump in as someone who's been dealing with tax transcripts for a while now - you're absolutely right to be confused! The IRS documentation is notoriously unclear about these codes. Yes, TC 846 is definitely the "Refund Issued" code you want to see, not 864. I remember making the exact same mistake my first few years filing. Once 846 shows up on your transcript with a date, that's typically when you can expect the money to hit your account. Since you mentioned needing it for quarterly estimated taxes, I'd definitely recommend what others have said about building in a small buffer. I learned this the hard way when my refund was delayed by a few days one year and I ended up scrambling to make my quarterly payment on time. The transcript is usually more accurate than the "Where's My Refund" tool, so once you see that 846, you can feel pretty confident about the timing. Hope you see it soon - the waiting is always the most stressful part!