Has your cousin checked if any of the money might actually be interest that accumulated while the property was being held by the state? Many states add interest to unclaimed property, and that interest component would definitely be taxable as interest income (reported on Schedule B). I had unclaimed property from an old bank account and when I got it back, about 30% was actually interest that had accumulated. I had to report that portion separately on my taxes.

This is such a complex situation! Given the amount involved ($67k), I'd strongly recommend your cousin take a multi-pronged approach: 1. **Document everything**: Keep all paperwork from the unclaimed property claim and the check itself 2. **Contact multiple sources**: Try both the state unclaimed property office AND the acquiring healthcare group (they may have inherited records from the original employer) 3. **Set aside taxes immediately**: Even if she's not sure of the exact treatment, putting aside 25-30% for potential taxes is smart 4. **Consider professional help**: With this much money at stake, a tax professional consultation could save her significantly more than it costs One thing that hasn't been mentioned - if this was from a healthcare employer, it could potentially be related to malpractice insurance refunds, continuing education reimbursements, or even profit-sharing distributions that were never claimed. Each of these would have different tax implications. The key is getting clarity on what type of payment this was originally. Once she knows that, the tax treatment becomes much clearer. Don't let the complexity paralyze her - start with setting aside money for taxes and gathering information, then work with a professional if needed.

Am I the only one who thinks it's crazy we have to report $12 losses? The IRS probably spends more than $12 just processing that information. The whole tax system needs an overhaul.

I totally get the frustration about reporting such a small amount! I went through the same thing with a $8 loss on my first stock sale. But here's the thing - your broker already sent that 1099-B to the IRS, so they know about the transaction. If you don't report it, there's a mismatch between what they have on file and what's on your return. The silver lining is that even small losses can be useful. That $12 loss will carry forward if you don't have gains to offset it this year, and you can use it against future gains or take the $3,000 annual deduction against regular income. Plus, going through the process now with a small amount is great practice for when you hopefully have bigger gains to report later! Most tax software walks you right through it once you enter the info from your 1099-B. It's really not as complicated as it seems at first.

The Transaction Code 570 (Additional Account Action Pending) and PATH Act hold are two separate issues. The PATH Act hold should have resolved after February 15th as mandated by the Protecting Americans from Tax Hikes Act of 2015. Your 570 code is likely related to a verification process or discrepancy in your return. Check the date associated with the 570 code - this indicates when the hold was placed, not when it will be resolved.

I had this exact same situation two years ago! The 570 code appeared on my transcript in March, and I was panicking because I thought it meant my refund was lost. Turns out the IRS was just verifying some information about my dependents since I had claimed the Child Tax Credit for the first time. The hold lasted about 3 weeks, and then I saw a 571 code (which means the hold was released) followed by my refund deposit within a few days. The PATH Act hold is completely separate - that should have cleared in February as others mentioned. Your 570 is probably just routine verification. Keep checking your transcript weekly, and if you don't see any movement after 6 weeks from the 570 date, then I'd definitely call them. Most of the time these resolve automatically without any action needed from you!

can someone explain what even is an ss89 form in normal terms? the social security website is super confusing and i cant figure out what its actually for

I've been working in financial services for over a decade, and I want to emphasize what others have said here - there is no legitimate form that will bypass credit checks for loan applications. The SS-89 form is strictly for Social Security number verification with the SSA, period. What concerns me is how widespread this misinformation has become on social media. I've seen clients come in asking about similar "hacks" they found online, and it's always disappointing to explain that these don't exist. If you're worried about your credit score affecting your car loan approval, here are legitimate steps you can take: 1) Check your credit report for errors and dispute them, 2) Consider a co-signer if your credit needs work, 3) Shop around with different lenders as they have varying criteria, 4) Look into credit unions which often have more flexible lending standards. Don't risk your financial future chasing shortcuts that don't exist. Focus on building genuine creditworthiness instead.

I swear trying to understand IRS transcripts is like trying to read hieroglyphics without the Rosetta Stone 😭 This year I just used taxr.ai because I was DONE trying to figure it out myself. It's insanely good! I use it every week to check for updates.

Looking at all these responses, it sounds like your 570 code with the 971 code is totally normal - just means they're reviewing something (probably your Child Tax Credit claim). The fact that you don't see an 846 code yet means your refund hasn't been released, but that's expected with the hold in place. Based on what the former IRS employee said, you're probably looking at 3-4 weeks total for the review. Since your 570 is dated 05-15-2025, you might see movement in the next week or two. Keep checking your transcript weekly - you'll want to see a 571 code (hold released) followed by an 846 code (refund issued). The 290 code you mentioned for $500 is definitely an adjustment they made, so your final refund will be $500 less than what you expected. The 766 code for $2,800 is likely your Child Tax Credit. If you get tired of waiting and checking codes, it sounds like calling through one of those callback services might help speed things up if an agent can release the hold manually. But honestly, it sounds like everything is progressing normally - just slowly!