Someone posted about this same Form 8453 stock sale issue in r/tax last week! The consensus there was also that you don't need to mail anything if under $10M in sales. One important detail though - make sure the summary info you entered matches what's on your 1099-B exactly. If your basis, proceeds, or gain/loss amounts don't match what your broker reported to the IRS, you could get a CP2000 notice later asking about the discrepancy. I made that mistake last year when I rounded some numbers and got a lovely letter from the IRS 8 months later questioning the difference (even though it was like $12 total difference in tax owed).

Does anyone know if this same $10M rule applies to crypto transactions? My tax software (not TurboTax) is giving me a similar message about mailing in statements for my crypto trading, but I only had about $25k in total crypto sales last year.

One more thing to keep in mind - make sure you keep all the documentation from the charity event! You'll need the receipt showing the amount you paid, the fair market value of the item, and confirmation that the organization told you the deductible portion. The IRS requires written acknowledgment from the charity for any contribution over $250, and for quid pro quo contributions (where you get something in return) like your auction purchase, they must provide a good faith estimate of the value of goods or services you received. Since your total payment was $1100, you definitely need that written documentation to support the $250 deduction.

Great question about silent auction deductions! I went through something similar last year with my daughter's dance studio fundraiser. What really helped me was understanding that the charity is required to provide you with a written acknowledgment that clearly states both the amount you paid AND the fair market value of what you received. Since your payment was over $250, they're legally required to give you this documentation. If that thank you letter was incomplete, I'd definitely follow up with the school's fundraising coordinator to get the complete acknowledgment. They should have a standard form they use for auction winners that breaks down exactly what portion is tax-deductible. Also, keep your auction paddle number and any bidding sheets if you have them - sometimes the IRS wants to see the complete paper trail showing you actually participated in a legitimate auction rather than just making a purchase. Good luck with your taxes!

Fyi filing jointly isn't always better!! My wife and I actually paid MORE taxes when we filed jointly our first year because of something called the "marriage penalty" - it happens when both spouses have similar high incomes. We would've saved almost $3000 if we'd done married filing separately. Def worth running the numbers both ways before deciding!!!

This is really helpful - I had no idea about the marriage penalty! My husband and I both make around $85k each, so we definitely need to calculate both ways. Is there an easy way to figure out which filing status saves more money, or do you basically have to prepare your taxes both ways to compare? Also, @Dyllan Nantx, just to echo what everyone else said - you're totally fine to file jointly! The legal marriage date is August, which is what matters. The certificate delay won't cause any issues with the IRS.

Here's what happens after verification based on my research: 1. Your verification status is updated in the IRS internal system (1-3 days) 2. Your return is released from the verification hold (3-5 days) 3. Normal processing resumes where it left off (varies) 4. WMR updates (usually after transcript) 5. Transcript codes update to show processing status The most reliable indicator is checking for code 570 (hold) being replaced by 571 (hold released) on your account transcript.

The timeline can definitely vary, but based on what I've seen in the community, you're looking at roughly 2-3 weeks after verification for things to start moving again. The key thing to remember is that verification just removes the hold - your return then goes back into the regular processing queue where it left off. Since you just verified yesterday, I'd give it at least a week before expecting any transcript changes. The WMR tool is notoriously slow to update compared to transcripts, so focus on checking your account transcript (not return transcript) for codes 570/571 as Andre mentioned above. For your Q2 investment planning, I'd personally budget for at least 3-4 weeks total from your verification date to be safe, though it could be sooner.

One thing nobody has mentioned yet - beware of the "Currently Not Collectible" status these companies often push. It might sound great (the IRS agrees not to collect from you temporarily), but the 10-year clock keeps running AND interest and penalties keep accumulating! Sometimes it makes more sense to set up even a small payment plan to start chipping away at the debt. For 2012-2014, if you haven't filed yet, file ASAP. The assessment date (which starts the 10-year clock) begins when you file and the IRS processes your return. So those years aren't even on the clock yet. I'd recommend calling the IRS Taxpayer Advocate Service. They're independent from the IRS collection division and can give you free guidance. Their number is 877-777-4778.

I'm dealing with a similar situation right now - owe about $28,000 for 2020-2022 and just got the levy notice last week. Reading through all these responses has been incredibly helpful, especially learning about the 10-year rule and how it actually works. I called one of those tax relief companies too and they wanted $3,200 upfront after a $500 "consultation fee." After reading everyone's experiences here, I'm definitely not going that route. Question for those who've been through this - how urgent is it really to act on the levy notice? Mine says "Final Notice - Intent to Levy" and gives me 30 days. I'm trying to decide between finding a local EA or attempting to call the IRS directly. The idea of waiting hours on hold is daunting, but the Claimyr service mentioned above sounds interesting if it actually works. Also, has anyone here actually had their bank account levied? I'm terrified they'll clean out my checking account before I can get this sorted out. We have about $3,000 in there which is basically our rent and grocery money for the month. Thanks everyone for sharing your real experiences - it's so much more helpful than the scary marketing from these tax relief companies.