Just to share my experience - I had a similar situation last year but my LLC had about $200 in expenses and no income. I called the IRS and after being on hold forever, they told me I definitely needed to file an amended return with Schedule C showing the loss. They said even though it wouldn't change my tax situation much, it was important for their records to show the business activity. The agent was actually pretty nice about it and said as long as I filed the amendment within a reasonable time, there wouldn't be penalties since I wasn't underpaying taxes.

I went through this exact same situation two years ago with my dormant LLC! The stress was real, but it turned out to be much less dramatic than I expected. Here's what I learned: Yes, you technically should file an amended return (Form 1040-X) with Schedule C showing the zero activity. Even though there's no tax impact, the IRS wants documentation that the LLC exists and had no activity rather than just ignoring it completely. The good news is there are no penalties when you're not underpaying taxes. I filed my amendment about 6 weeks after realizing my mistake, and it was processed without any issues or additional fees. Just make sure to clearly indicate on the Schedule C that this was a business with no activity during the tax year. One tip: keep good records going forward. Even if your LLC continues to have zero activity, you'll want to document that fact each year so you don't forget again. It's much easier to include a zero-activity Schedule C from the start than to amend later!

According to the SBTPG FAQ page (https://taxpayer.sbtpg.com/hc/en-us/articles/360001672771-When-will-I-receive-my-refund-), "Once your refund has been funded, it typically takes 1-2 business days for your bank to make the funds available to you." Have you checked with your bank to see if they're showing a pending deposit? Sometimes customer service can see incoming ACH transfers before they post to your account.

Same exact situation here! SBTPG showed funded yesterday around noon and I've been obsessively checking my account every few hours since then. It's reassuring to see so many others confirming this is normal - I was starting to wonder if something went wrong. Based on what everyone's saying, sounds like I should see it by tomorrow morning. The waiting game is the worst part, especially when you have bills due! Thanks for posting this question - definitely helped calm my nerves knowing I'm not alone in the SBTPG limbo.

One mistake I made last year - I only reported my net winnings from betting (winnings minus losses) instead of reporting the full 1099 amount as income and then deducting losses separately. Got a letter from the IRS a few months later! The system flags discrepancies between reported 1099 income and what you put on your return. Make sure you report the FULL 1099 amount on Schedule 1 as income, then deduct eligible losses on Schedule A if itemizing.

This is exactly the situation I found myself in last year! Here's what I learned from my tax preparer: You absolutely must report the full 1099 amounts from PrizePicks and Underdog as income - there's no way around that. The IRS gets copies of those 1099s and will expect to see that income on your return. For your losses from other sportsbooks, you can deduct them on Schedule A, but only up to the amount of your gambling winnings. So if you had $5,000 in 1099 winnings but $8,000 in total losses, you can only deduct $5,000 of those losses. The key decision is whether itemizing (to claim those losses) gives you a bigger deduction than taking the standard deduction. For 2023, the standard deduction was $13,850 for single filers. So unless your gambling losses plus other itemizable deductions (like mortgage interest, state taxes, charitable donations) exceed that amount, you're better off taking the standard deduction and just paying tax on the full 1099 income. Keep every record you can - screenshots, bank statements, anything that shows your betting activity. Even if you don't itemize this year, you might need those records later.

Don't forget to make copies of EVERYTHING before you mail it! I learned this the hard way when the IRS claimed they never received my 2019 return. No proof = had to redo everything + paid penalties.

Just a heads up for anyone considering these different options - I recently had to mail past returns for 2019-2021 and ended up using a combination approach that worked really well. First, I weighed each complete return package at the post office (they'll do this for free) to get exact postage amounts. My 10-page returns with supporting docs were actually closer to 3 ounces each, so needed 3 stamps per envelope rather than the 2 mentioned earlier. For the mailing method, I went with certified mail with return receipt for the peace of mind, but here's a tip: you can do this online through USPS.com and print the labels at home. It's slightly cheaper than doing it at the counter and you avoid the lines. Most importantly, I called the IRS practitioner priority line first (different number than the regular taxpayer line) to confirm which processing center to use for each year. Turns out the addresses had changed for my state between some of those years. The wait was still long but not as bad as the regular line. Total cost was about $12 per return (postage + certified mail + return receipt) but having tracking numbers and delivery confirmation was absolutely worth it. All three returns were processed without issues and I got confirmation within 6 weeks.

Has anyone actually amended previous tax returns for this issue? I think I've been doing it wrong for the past 3 years (following CPA1's method). My insurance company contributes $75/month to my HSA, and I've never included that on Line 2. Just wondering if the hassle of amending is worth it?

I've been following this discussion with great interest since I'm dealing with a similar situation. My employer-provided HDHP comes with a $50/month HSA contribution from the insurance company, plus I make my own $200/month payroll deductions. Based on everything discussed here, it sounds like I should be putting the insurance company's $600 annual contribution on Line 2 along with any direct personal contributions I make, while only my payroll deductions (which show up as Code W on my W-2) go on Line 9. I'm curious - has anyone here dealt with situations where the insurance company contribution varies month to month? Mine is supposed to be $50/month, but I noticed a few months it was $75 and one month it was only $25. Should I just report the total annual amount from my HSA statements, or do I need to track down why there were variations? Also, for those who used the tools mentioned (taxr.ai and Claimyr), did either of them help with situations involving multiple types of contributions like this?