This thread has been incredibly helpful! I'm dealing with the exact same issue - multiple CSP transactions that resulted in negative proceeds on my 1099-B, and FreeTaxUSA just won't accept the negative amounts. Based on all the advice here, it sounds like the consensus is to use the workaround of entering $0 for proceeds and putting the absolute value in the cost basis field instead. I'm going to try this approach for my ~30 options transactions. Quick question though - when I check the box on Form 8949 indicating the basis is incorrect, should I attach a separate statement or is there a specific field in FreeTaxUSA where I can add the explanation about the software limitation? Want to make sure I document this properly for the IRS. Thanks everyone for sharing your experiences - this saved me from potentially switching tax software at the last minute!

I ran into this exact same issue last year with my options trading! The negative proceeds problem with FreeTaxUSA is so frustrating, especially when you're dealing with multiple CSP transactions. What worked for me was the workaround others have mentioned - entering $0 for proceeds and putting the loss amount in the cost basis field. But here's an additional tip that saved me time: if you have a lot of transactions like I did (around 40), you can actually bulk edit them in FreeTaxUSA's spreadsheet view instead of going through each one individually. Go to the Investment Income section, find where it shows your imported 1099-B data, and look for the "Edit in Spreadsheet" option. You can then quickly adjust all the negative proceeds entries at once by copying the absolute values to the cost basis column and zeroing out the proceeds column. Much faster than doing it transaction by transaction. Just make sure to add that explanation note about software limitations when you get to Form 8949. I used something simple like "Negative proceeds adjusted to cost basis due to software input limitations - net loss amount unchanged from 1099-B reporting." The IRS has never questioned it, and it saved me from having to pay for more expensive software or start over completely.

Had this happen. Got confused too. Called my preparer. They explained it's not their check. It's from Treasury. Mail date means mail date. No early pickup. Mine took 6 days after mail date. Was driving me crazy. Needed it for rent. Next year doing direct deposit. Much faster. Hope yours comes quickly.

I understand the frustration with the timing! As someone who's dealt with quarterly estimated payments myself, here's what I've learned about managing this situation: The "check printed" status combined with a future mail date is actually the IRS giving you advance notice of when your refund will be mailed. This is helpful for planning purposes, even though you can't accelerate the process. For your quarterly payments as an independent contractor, consider these options: • If your refund arrives after the quarterly deadline, you can still make the payment and potentially qualify for a penalty waiver if you meet safe harbor rules • You could make the quarterly payment from other funds now and reimburse yourself when the refund arrives • Many tax software programs and preparers can help calculate if you'll owe penalties for late quarterly payments The Treasury's direct mail system is secure but inflexible - there's simply no mechanism for early pickup. I switched to direct deposit after experiencing similar timing issues, and it's made quarterly payment planning much more predictable. The refund typically hits your account 1-2 days after the "sent" status appears. Hope your check arrives promptly on the 26th!

Have you considered just paying a CPA to handle this for you? With the complexity you're describing (especially with the accounting method change), it might be worth the money. My tax situation got similarly complicated last year and I bit the bullet and hired someone. Cost me about $800 but saved me thousands in deductions I would have missed and countless hours of stress.

One thing nobody's mentioned yet - if you file for an extension and pay what you think you'll owe, you'll avoid the late filing penalty (which is much higher than the late payment penalty). The late filing penalty is 5% of unpaid taxes for each month your return is late, while the late payment penalty is just 0.5% per month.

I'm currently going through this exact situation and this thread has been a lifesaver! Filed 2/16, accepted 2/19, got the dreaded 570 code, and I'm now at day 72 with absolutely no movement. My refund is around $2,800 and I really need it for some home repairs that can't wait much longer. Reading all these success stories with congressional inquiries has given me the push I needed to stop waiting around. I called my representative's office yesterday and they immediately sent me the privacy release form - they said they handle these IRS cases all the time and that they've been seeing a lot more 570 code delays this year. What really convinced me was learning that it goes through the Taxpayer Advocate Service rather than the regular IRS phone system. I've tried calling the IRS directly about 15 times over the past month and either get disconnected or told to "wait the full processing time" without any real answers. For anyone still on the fence about this approach - the congressional staff I spoke with said these inquiries typically get assigned to a TAS advocate within 7-10 business days, and most cases see some kind of movement within 2-3 weeks. That's way better than the indefinite waiting game I've been stuck in. I'll update this thread once I hear back with results. Fingers crossed this actually works!

Thanks for starting this thread - I'm in almost the exact same situation and it's been really stressful! Filed 2/20, accepted 2/23, got the 570 code and I'm now at day 64. My refund is about $2,900 and I really need it for some unexpected dental work. Reading through all these success stories with congressional inquiries has been incredibly helpful and honestly given me hope for the first time in weeks. I had no idea that these inquiries go through the Taxpayer Advocate Service and get priority handling - that explains why so many people are seeing results when regular IRS calls lead nowhere. I've been putting off contacting my representative because I thought maybe I was being impatient, but seeing that so many others have gone this route after 60+ days makes me feel like it's the right move. The fact that multiple people got movement within 2-3 weeks is way better than this indefinite waiting. I'm going to call my congressman's office tomorrow morning and get that privacy release form started. Will definitely update this thread with my results since it seems like a lot of us are going through the same thing. Thanks again for sharing your experience and giving us all a roadmap forward!

My wife and I have a 2 year old and 7 year old. We're getting $375 for one and $300 for the other each month. Just wanted to add that you can update your direct deposit info or switch to paper checks through the IRS portal. We initially had problems with the payments going to a closed bank account. Also, does anyone know if these payments are considered taxable income? Or are they just advances on the credits we would normally get anyway?

This is exactly the kind of confusion I was hoping to avoid! I've been getting the monthly payments too and was worried about the same double-dipping scenario you described. From what I've gathered reading through all these responses, the key thing is that the monthly payments are only for HALF of the expanded credit amount. So for your child under 6, you're getting $2,250 over 6 months ($375 x 6), not the full $4,500. You'll still claim the remaining $2,250 when you file your 2025 taxes. The tricky part is that your W-4 was probably set up assuming you'd get the old $2,000 credit at filing time. Since you're now getting some credit in advance, you might need to adjust your withholding to avoid owing money next April. I'm planning to use one of those tools mentioned above to figure out exactly how much to adjust my W-4. Better safe than sorry when it comes to avoiding a surprise tax bill!