I'm dealing with this exact same issue right now! Filed on January 22nd but my transcript shows March 5th. I was panicking thinking something went wrong with my return. Reading through all these responses is such a relief - I had no idea there was a difference between when we submit and when the IRS actually processes it in their system. Thanks everyone for sharing your experiences. It's so frustrating that the IRS doesn't explain this anywhere obvious on their website. You'd think they'd mention that the "filing date" on transcripts isn't actually when you filed!

This is such a widespread issue that causes unnecessary stress every tax season! I filed on January 30th and my transcript shows March 8th - almost 6 weeks later. What's really frustrating is that I called the IRS helpline and even the first agent I spoke with seemed confused about the difference between submission and processing dates. It wasn't until I was transferred to someone in the taxpayer advocate office that I got a clear explanation. They confirmed that the transcript date is purely internal processing and has zero impact on refund timing or filing compliance. I wish the IRS would just add a simple disclaimer on the transcript that says "Filing date shown reflects internal processing date, not submission date" - would save so many people from this confusion!

I went through this exact same situation with my daughter two years ago! The stress is real, but it's definitely fixable. One thing I learned is that you should act quickly - the sooner you get the correction process started, the better. I'd recommend calling the IRS practitioner priority line if you're working with a tax professional, or use one of those callback services mentioned above if you need to speak directly with an agent. When I called, they were actually really helpful and walked me through the exact steps. Also, make sure your son understands what happened so he doesn't repeat the mistake next year. I had my daughter sit down with me when we filed her corrected return so she could see the difference between claiming herself vs. being claimed as a dependent. It's a good learning experience for them! The waiting is the hardest part, but once everything is processed correctly, you'll get all the tax benefits you're entitled to. Just keep copies of everything you file and any correspondence with the IRS. You've got this!

This is such a stressful situation, but you're definitely not alone! As someone who works in tax preparation, I see this mistake happen all the time with young filers. The good news is that since you caught it early and your son clearly qualifies as your dependent (you provide over 75% of his support), this is completely fixable. Here's what I'd recommend: First, don't remove him from your return just to avoid the hassle - you're entitled to those tax benefits! Instead, have your son file a superseding return if you're still before the April 15th deadline (as @Eleanor Foster mentioned), or an amended return if past the deadline. Make sure he checks the box indicating he can be claimed as a dependent. You can then paper file your return claiming him as your dependent, and include a brief note explaining that your son is filing a corrected return. The IRS sees these situations regularly and they understand honest mistakes. One thing to prepare for - if your son received a refund based on his incorrect filing, he may need to repay some of it when the correction is processed. But ultimately, you'll receive the tax benefits you're rightfully entitled to. Document everything (support records, correspondence) and consider using one of the callback services mentioned if you need to speak with the IRS directly. This will get resolved, just takes a bit of patience!

Make sure you're aware of the wash sale rule too! If you sell stocks at a loss and buy the same or "substantially identical" securities within 30 days before or after the sale, you can't claim the loss immediately. This tripped me up big time last year when I thought I was being clever by tax-loss harvesting but kept jumping back into the same stocks when they dipped further.

One thing nobody's mentioning is that your capital losses can only offset $3,000 of ordinary income per year after offsetting capital gains. So if you had $550k in gains in year 1, then $550k in losses in year 2, you'd still owe taxes on the full $550k gain in year 1. Then in year 2, you could only use $3,000 of that loss against your regular income, and would have to carry forward the remaining $547,000 in losses for future years. At $3,000 per year against your ordinary income, that would take you 182 years to fully utilize those losses! This is why tax planning and realizing gains/losses in the same tax year is super important.

The answers here are mostly right but missing one detail - if you earn ANY interest on your security deposit, technically you're supposed to report it as income even if you don't get a 1099-INT. The $10 threshold is just for when the financial institution is required to send the form, not when you're required to report the income.

Great question! I went through something similar recently. The W9 is just for the landlord's records - you don't file it with your taxes. Think of it like giving your employer your SSN for payroll; they need it to potentially report income to the IRS, but you don't submit the W9 itself. Since you moved in last month, you'll likely earn less than $1 in interest for 2024 (assuming a typical savings account rate), so you probably won't get a 1099-INT this year. Even if you do earn interest, you'd only report it when you actually receive documentation showing the amount earned. For future years, just keep an eye out for any 1099-INT forms from your property management company in January. If you get one, report that interest amount on your tax return. If not, you're all set!

To all those having trouble reaching a human at IRS. I just ran across this video that gave me a shortcut to reach a human. Hope it helps! https://youtu.be/_kiP6q8DX5c

Hey Montana! I totally get your confusion - transcript codes can be really overwhelming. The multiple 290 codes you're seeing are actually pretty normal and usually just indicate routine adjustments the IRS makes while processing your return. Since WMR switched from PATH to regular processing, that's actually a good sign that things are moving forward. The lack of a tax code right now just means they're still working through verification. I wouldn't stress too much about the audit rumors - if there were serious issues, you'd typically get official correspondence from the IRS directly. Keep checking WMR every few days, and if you don't see movement in another week or two, then maybe consider calling the IRS for clarification.