Has anyone dealt with state taxes with trader status? My federal return was fine with the home office deduction for my trading business, but my state (California) flagged it for review and I had to provide additional documentation.

This is a really helpful thread! I'm in a similar situation - been day trading for about 8 months now with around 300 trades so far this year. I've been hesitant to claim any deductions because I wasn't sure if I'd qualify as a trader yet. Based on what everyone's shared here, it sounds like the key is really documenting everything properly. I have a dedicated trading setup in my spare bedroom that I only use for trading, so the exclusivity requirement should be met. One question I have - does anyone know if there's a minimum dollar amount of trading volume required, or is it really just about frequency and regularity? I'm doing smaller position sizes as I'm still learning, so my total volume isn't huge even though I'm trading frequently. Also, for those who've successfully claimed these deductions, did you face any pushback from tax software when entering trading business expenses? I'm using TurboTax and wondering if it will flag anything unusual.

Just wanted to add that you can also check the IRS "Where's My Refund" tool online to see if your refund status matches what you received. It will show if the IRS processed your return and the exact amount they sent out, which can help confirm that the SBTPG deposit is indeed your refund. The tool is at irs.gov/refunds and you just need your SSN, filing status, and the exact refund amount from your return. If the IRS shows they sent out $865 but you only received a smaller amount from SBTPG, then you know the difference went to TurboTax fees. If the IRS shows they sent a smaller amount, then there might have been an adjustment to your return that you weren't aware of. This has helped me in the past when I had similar confusion about unexpected deposits!

I guess I'm confused, my total tax prep according to Turbo Tax was 347.00 (Full service 189.00, 49.00 online State, 69.00 Tax Max and refund processing 40.00) Total tax prep was 347.00... My refund shows 792.00 less the professional service was 347.00... I should had 445.00 deposited but instead they show 422.38, What happened the remaining 22.62 that was part of the planned deposit? This is concerning.

If irs agent said ur processing then your PROCESSING. website is always behind what they can see in the system. just be patient, i kno it suks.

The 570 code on your transcript is key here! That's a temporary hold code that explains why your account status shows "not processed" even though the agent said it's "in processing." A 570 hold can happen for several reasons: • Verification of Child Tax Credit (which you mentioned having) • Random quality review • System flagging something that needs human review • Income verification with employers The good news is that 570 holds are usually temporary and resolve within 1-4 weeks. Since you're at the 4-week mark already, you should see movement soon. The IRS agent was correct - your return IS processing, it's just paused for review. Keep checking your transcript weekly rather than the main account page. You'll want to look for either the 570 to disappear or see an 846 code appear (which means refund issued). The transcript will update before any of the other tools. Don't panic about the $4,700 - it's not lost, just delayed for verification. This is super common with returns that have child tax credits.

Has anyone used tax software to handle Goodwill donations? I'm wondering if TurboTax or H&R Block makes this easier or if I should just go to an accountant this year. I've got like 20 big boxes of stuff to donate.

One thing I haven't seen mentioned yet is the importance of taking photos of your donated items before you drop them off. I learned this the hard way when I got audited a few years back. The IRS auditor was very interested in my $1,800 in Goodwill donations and asked for documentation beyond just the receipt. Having photos of the items in their donated condition really helped support my fair market value claims. I could show that the "gently used" sweater I valued at $8 actually looked nearly new, while the older kitchen appliances I claimed at lower values were clearly showing wear. Now I make it a routine - before I load everything in the car, I lay it all out and take a few photos with my phone. I also write a quick inventory list with my estimated values before I go, so there's a clear record of my thought process. Takes maybe 10 extra minutes but gives you solid backup documentation if you ever need it. For $2,300 worth of donations, this kind of documentation could really save you headaches down the road!

Has anyone ever successfully gotten their employer to fix a Box 10 error on their W2? My HR is telling me it would take 6-8 weeks to issue a corrected W2, and I don't want to delay filing that long.

This is such a confusing area of tax law! I went through something similar last year and it took me forever to figure out what was happening. One thing that helped me understand the situation better was tracking down all my dependent care expenses for the year and comparing them to what shows up in Box 10. Sometimes employers include things you might not expect - like dependent care assistance programs or even backup childcare services they provide. Also, if you have that retroactive payment from 2023 that was paid in 2024, make sure you understand how that affects your 2024 taxes. Depending on how it was coded, it might be contributing to that higher Box 10 amount. The key thing to remember is that Box 10 isn't necessarily "wrong" just because it's higher than you expected - it's showing the total value of all dependent care benefits you received, which can include multiple sources. But definitely worth double-checking with HR to make sure you understand exactly what's included in that $11,983.68 figure. Have you looked at your paystubs from throughout the year to see how the dependent care benefits were being tracked month by month? That might help you piece together where all the amounts are coming from.