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Has anyone here used the Marcus app to see their interest breakdown by account? I found that if you go to Documents > Tax Documents in the app, it actually shows the interest earned for each account separately, which made it easier for me to verify the total matches what's on the 1099-INT before I entered it in my tax software.
Oh that's super helpful! I just checked and found that feature. My problem was that I closed two of the accounts mid-year and was confused about if I needed to include those in my taxes. The app shows all accounts even closed ones, and yes the interest on those still needs to be reported. Thank you!
Great question! I went through this exact same situation with my Marcus accounts last year. Yes, you should definitely add up all the Box 1 amounts from all five accounts - that's your total taxable interest income from Marcus that needs to be reported. A few additional tips from my experience: 1. Make sure to cross-reference the account numbers listed on your 1099-INT with your actual Marcus accounts to ensure nothing was missed 2. The interest from your 2026 CD is indeed taxable for 2024 if it was credited to your account during 2024, even though you can't access the principal without penalty 3. Keep a copy of your 1099-INT and consider creating a simple spreadsheet showing the breakdown by account - this can be helpful if the IRS ever has questions One thing to watch out for: if you opened or closed any accounts during 2024, make sure those partial-year interest amounts are included too. Marcus is pretty good about including everything on the 1099-INT, but it's worth double-checking against your monthly statements. The manual addition approach is definitely the right way to go when the import function doesn't capture everything correctly!
This is really helpful advice! I'm new to having multiple accounts with the same bank and was worried I might be doing something wrong. Quick question - when you mention keeping a spreadsheet breakdown, did you find that helpful during an actual IRS inquiry, or is it more just for your own peace of mind? I'm trying to figure out how detailed my record-keeping needs to be for interest income reporting.
For those wondering about the verification process, here's what to expect: Step 1: Go to IRS.gov and navigate to the Identity Verification Service Step 2: Choose to verify online with ID.me Step 3: Create or sign into your ID.me account Step 4: Verify your identity by uploading a photo ID Step 5: Complete a video selfie (this prevents fraud) Step 6: Confirm your personal information Step 7: Authorize ID.me to share your information with the IRS The system is designed to be secure while preventing fraudulent returns. Most people complete this in under 30 minutes, and your return processing typically resumes within 48 hours after successful verification.
Hey @dd94b24c0ab6! I totally understand your anxiety - I was in the exact same boat last month! š The good news is that you're not alone in this. The IRS has been rolling out online notifications before the physical letters arrive, so what you're experiencing is actually pretty normal right now. I'd recommend logging into your IRS online account and looking for the identity verification prompt. You can safely proceed with the ID.me verification process even without the letter - it's completely legitimate and will actually get your return processed faster than waiting for the mail. One tip: make sure you have your previous year's tax return info handy, along with a valid photo ID. The process is pretty straightforward once you get started. Don't let the anxiety get to you - you've got this! šŖ Keep us posted on how it goes!
@f366a76b92d6 Thanks for the encouragement! Just wanted to add my experience for @dd94b24c0ab6 - I was terrified about doing the ID.me verification without the letter too, but it turned out to be totally fine. The key thing that helped me feel more confident was double-checking that I was on the official IRS.gov website (not clicking any links from emails). One small tip that might help with the anxiety: screenshot each step as you go through the verification process. It gave me peace of mind to have a record of what I did, and if anything went wrong, I'd have proof of my attempt. Also @dd94b24c0ab6, if you're still feeling unsure, you could always try calling the IRS first thing in the morning (like 7 AM) when wait times are usually shorter, just to confirm this is legit for your specific case. But honestly, based on everyone's experiences here, you should be good to proceed online! š¤
Girl don't stress too much! I've been through this exact same thing before and TT152 disappearing is usually actually a GOOD sign that your return is moving through the system. The generic "still being processed" message is super annoying but it doesn't mean anything bad necessarily. Since you filed 1/17 and got accepted 1/21, you're right in that normal processing timeframe. I'd give it maybe another week or two before calling - the phone lines are absolutely insane right now anyway. Try to check your transcripts if you can access them, that'll give you way more info than WMR! Hang in there bestie, your refund is probably coming soon! šŖ
Thank you so much for the reassurance! š I really needed to hear that. I've been checking WMR like 5 times a day and driving myself crazy lol. How do I access my transcripts? I tried before but got confused with all the different options on the IRS website. Is there a specific one I should be looking at?
Speaking from experience here - make sure you double check if you had any expenses related to your Doordash work! You can deduct your mileage (which is usually the biggest deduction), a portion of your phone bill, insulated bags, etc. Those deductions could significantly reduce the taxable income and therefore what you owe.
This is super helpful! I wasn't even thinking about deductions. I definitely kept track of my mileage for gas reimbursement purposes, so I should have those records. About how much of my phone bill could I reasonably deduct? I used my phone for the app but obviously for personal stuff too.
For phone expenses, you'd typically calculate the percentage of time you used your phone for business vs personal use. If you delivered for Doordash maybe 10-15 hours a week and used your phone normally the rest of the time, you might be able to deduct around 10-20% of your monthly phone bill. Keep it reasonable and be able to justify it if asked. You can also deduct things like car washes if you washed your car specifically for delivery work, parking fees, tolls, and even a portion of your car insurance if you can show increased usage. Just make sure to keep good records of everything!
Here's what you need to do step by step: 1. **File Form 1040-X (Amended Return)** for your 2023 taxes. You can do this electronically now, which is much faster than paper filing. 2. **Include Schedule C** to report your $735 Doordash income as business income. 3. **Include Schedule SE** to calculate self-employment tax (about 15.3% on the net earnings). 4. **Don't forget business deductions!** Track down any records you have for: - Mileage (65.5 cents per mile for 2023) - Phone usage percentage for business - Delivery bags, car washes, parking/tolls The penalties won't be massive given the small amount, but file ASAP since interest accrues over time. With $735 in income, you're probably looking at around $100-120 in additional taxes (before deductions), so penalties should be minimal. The key is acting quickly and showing good faith by voluntarily correcting the error. The IRS appreciates when taxpayers come forward on their own rather than waiting to be caught.
This is exactly the kind of comprehensive breakdown I was hoping for! Thank you so much for laying it all out step by step. I'm feeling much less panicked now that I have a clear action plan. One quick question - when you mention tracking down records for deductions, how detailed do those records need to be? Like for mileage, is it enough to have a rough estimate based on my delivery history, or do I need exact odometer readings for each trip? I definitely drove quite a bit for Doordash but wasn't keeping super detailed logs at the time.
Mikayla Davison
Has anyone tried writing off the mileage driving between client homes instead? I found that to be much more straightforward and actually worth more in deductions than trying to deal with all these meal expense complications. Last year I tracked over 8,000 miles just driving between pet sitting clients and that deduction was worth waaaaay more than my meal expenses would have been.
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Adrian Connor
ā¢YES! Mileage is absolutely the way to go. I use the Mile IQ app to track all my drives between client homes and it's added up to over $4,000 in deductions for my pet sitting business this year. Much cleaner deduction than trying to parse out meal expenses that might get flagged.
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Isabella Costa
Great discussion everyone! As someone who's been dealing with similar tax questions for my small business, I wanted to add that documentation is absolutely key regardless of which deductions you pursue. For meals specifically, even if you do qualify for the travel deduction, the IRS requires you to keep records showing the business purpose, date, location, and amount of each expense. A simple spreadsheet noting which client you were serving and why the meal was necessary for business can make all the difference if you're ever questioned. I also second what others have said about mileage - it's often a bigger deduction and much clearer cut. Don't forget you can also deduct other business expenses like pet supplies, cleaning supplies for client homes, phone bills (business portion), and even professional liability insurance if you carry it. Sometimes focusing on these more straightforward deductions gives you better results than trying to navigate the gray areas around meal expenses.
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Diego Mendoza
ā¢This is such helpful advice about documentation! I'm just starting my pet sitting business and honestly had no idea about most of these deductions. Quick question - when you mention professional liability insurance, is that something most pet sitters should have? I've been doing this casually for a few months but wondering if I need to start thinking about insurance as I take on more clients. Also, does anyone know if there are specific apps or tools that are best for tracking all these different business expenses? I feel like I'm drowning in receipts and trying to remember which expenses go with which client visits.
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