I'm in a similar boat right now. It feels like watching a pot that never boils! I submitted my payment for what I owed from my audit about 3 weeks ago, and still nothing. Every day I check my bank account like a kid checking for Santa on Christmas morning, but no refund yet. I'm starting to worry they lost my payment or something went wrong in their system. The waiting is the worst part!

I went through this exact same situation about 6 months ago with my 2022 audit. After paying what I owed, my refund took exactly 47 days to hit my account. The most helpful thing I did was set up online account access at irs.gov to track my account transcript - it showed the audit closure date and when the refund was scheduled for release about a week before it actually arrived. One tip: make sure your direct deposit info is still current in their system, because mine had expired and that added an extra 10 days for them to mail a paper check instead. The waiting is definitely nerve-wracking, but it will come through!

path act got us all stressed like 🤡

Your transcript looks good! Since you filed Jan 29th and it processed Feb 25th, you're actually past the PATH Act hold period (which typically ends mid-February). Those April dates on codes 766 and 768 are just system placeholders - they don't mean you have to wait until April. With cycle 20250605, you should see movement on Wednesdays/Thursdays. I'd expect your 846 refund code to show up within the next week or two. No need for an 806 code first - you can go straight to 846 with your refund amount of $5,755!

Don't overthink this. Here's the simple way to look at it: 1) The TCJA limits PERSONAL mortgage interest deduction to interest on the first $750k of loan 2) For Schedule C business expenses, you're deducting BUSINESS expenses not personal 3) So you take your FULL mortgage interest ($75k), multiply by your business use % (30%) 4) That gives you $22,500 as a legitimate business expense I've been doing this for years and have never had an issue. The $750k limit is for Schedule A itemized deductions, not Schedule C business expenses.

This is a common area of confusion. I think some of the answers here are mixing up different concepts. For clarity: The $750k mortgage loan limit DOES apply even for the business portion of mortgage interest. The IRS position is that any interest on debt exceeding $750k is personal consumption, not an ordinary and necessary business expense. You need to: 1. Calculate what portion of your total interest applies to the first $750k 2. Apply your business use percentage (30%) to THAT amount 3. Report that on Schedule C

Unrelated to the original question but im curious - has anyone who itemized federally but took standard deduction at state level ever been audited? I've been doing this for three years and always worry it might trigger something

This is a great question and you're absolutely right to consider this approach! I went through the exact same analysis last year and ended up doing exactly what you're considering - itemizing federally while taking the standard deduction on my state return. Your math looks solid. With $19,500 in federal itemized deductions versus the standard deduction, itemizing federally makes clear sense. And you're correct that at the state level, you can't deduct state income taxes from state taxes, which often makes the remaining itemized deductions insufficient to beat the state standard deduction. One thing I'd suggest is double-checking your state's specific rules about which itemized deductions they allow, as some states have different thresholds or exclude certain federal deductions entirely. But in general, this mixed approach is not only legitimate but often optimal for taxpayers in situations like yours. You're definitely not missing anything obvious - you've identified a smart tax strategy!

Let me walk you through what's happening with your transcript. First, code 150 shows your tax liability - the amount of tax calculated on your income. Second, this is completely normal and doesn't mean money is being taken from your refund. Third, your boyfriend showing $0 means his deductions and credits reduced his tax liability to zero. Fourth, to calculate your expected refund, find code 806 (withholding) and any credit codes (like 766). Fifth, subtract your code 150 amount from those combined amounts. That's your expected refund. Don't worry - this is all part of the normal process.

Hey Maya! I totally understand the panic - tax transcripts can be super confusing at first glance. Code 150 is actually showing your calculated tax liability (what you owe in taxes), not an amount being deducted from your refund. Think of it like this: if you bought something for $1600 but had store credit and gift cards to cover it, the $1600 is still the "price" even though you might not pay anything out of pocket. Your boyfriend's $0.00 likely means his deductions, credits, or filing status brought his tax liability down to zero. To see your actual refund amount, look for codes like 806 (tax withholding from your paychecks) and 766 (refundable credits). Your refund would be those amounts minus the $1600 code 150. So if you had $2200 withheld (code 806), you'd get a $600 refund. Hope this helps ease your worry!