One thing nobody's mentioned - if you haven't filed your 2023 taxes yet, you might want to request an extension to give yourself time to make sure everything is reported correctly. The 1031 reporting on Form 8824 can be pretty complicated when you have boot involved.

I'd strongly recommend getting a second opinion from a tax professional who specializes in 1031 exchanges before filing. While everyone here is correct that the boot is generally taxable in the year of sale, there can be some nuances depending on exactly how your exchange was structured. For example, if there were any complications with the original sale (like delayed closings or escrow issues) or if your QI agreement had specific language about when funds are considered "received," it might affect the timing. I've seen cases where the technical details of the exchange documents made a difference in how the IRS viewed the transaction. Given the significant tax bracket difference you mentioned between 2023 and 2024, it's worth investing in professional advice to make sure you're not missing any legitimate planning opportunities. A qualified tax attorney or CPA with 1031 experience should be able to review your specific documentation and confirm the proper reporting year.

I'm at week 15 myself and completely feel your pain! Filed my amended return on March 5th to correct some 1099 income reporting that was missed on my original return. Still stuck on "received" status despite being so close to that 16-week mark. What's been driving me crazy is how random the processing seems to be. I've tracked posts on various forums and there really doesn't seem to be any rhyme or reason to who gets processed when. I've seen people who filed simple amendments in April already getting their refunds, while others with basic corrections from February are still waiting. The one thing that's given me some peace of mind is reading that the IRS is actually processing MORE amended returns than usual this year, but they're being extra thorough due to increased fraud detection measures. So the delays might actually be a sign that they're being more careful, which could be good in the long run. I'm planning to call next week when I hit 16 weeks, but honestly after reading all the experiences here about getting through to them, I might try one of those callback services if the regular phone lines don't work. At this point I just want to know my return isn't lost in some black hole somewhere! Stay strong - sounds like most people eventually get their refunds, it's just a matter of when!

I'm at week 10 with my amended return (filed March 20th to correct some retirement account distributions) and this thread is exactly what I needed to see! I was starting to panic thinking something was wrong, but it sounds like everyone is dealing with similar delays. What's been helpful for me is setting a reminder to check the "Where's My Amended Return" tool just once a week instead of obsessively checking it daily. It was driving me crazy to see the same "received" status over and over. Now I check every Friday morning and it's much less stressful. One thing I learned from my tax preparer is that certain types of amendments (like retirement account corrections, stock sales, or credit claims) often get routed to specialized review teams, which can add extra time. That might explain why some of us with more complex amendments are waiting longer than others with simple income corrections. I'm going to wait until week 16 before calling, but reading about the callback services here has me curious. If the regular IRS phone lines don't work out, I might give one of those a try rather than spending hours on hold. Thanks everyone for sharing your experiences - it's reassuring to know we're all in this together!

I'm dealing with a very similar situation right now! I received a $12k refund from my university last semester that came entirely from federal student loans I took out but didn't need for tuition. After reading through all these responses, I feel much more confident that I don't need to report this as taxable income. The key insight that helped me was understanding that borrowed money isn't income - even when it's refunded back to you - because you still have the obligation to repay it. What really sealed it for me was checking my loan servicer's website. The refund amount shows up as part of my total loan balance that I'll be paying back after graduation. If I had to pay taxes on it AND still repay the full loan amount, that would essentially be double taxation on the same money. Thanks everyone for the detailed explanations - this thread probably saved me from making a costly mistake on my tax return!

Great question, and I can see why you're confused with all the conflicting information out there! The consensus here is absolutely correct - your $15k student loan refund is NOT taxable income and you don't need to report it on your tax return. Here's the key principle: borrowed money is never considered taxable income because you have a legal obligation to repay it. This applies whether it's a mortgage, credit card advance, or in your case, student loan funds that were refunded to you. The IRS doesn't tax money that you'll eventually have to pay back with interest. Your 1098-T showing $7.5k in box 1 (qualified tuition/fees billed) and $7.1k in box 2 (scholarships/grants) is completely separate from your loan situation. The 1098-T tracks tuition billing and grant/scholarship money, but doesn't show loan transactions at all - that's why the numbers don't seem to add up to your refund amount. You mentioned not receiving additional tax documents about the refund from your school or loan servicer - that's normal and expected! Since loan refunds aren't taxable events, there's no requirement for anyone to send you tax forms about them. Just keep your refund documentation and loan statements for your records, but you can rest easy knowing this doesn't create any tax liability for you.

Slightly off topic but does anyone know if you can claim exempt for a few pay periods if you know you're getting a big refund? I way overpaid last year and got back like $4,500 and I'm on track to do the same this year. Rather have that money in my pocket now.

This is exactly what happened to me last year! The "exempt" box is so easy to accidentally check, especially when you're rushing through paperwork on your first day. I didn't realize it for months until my wife noticed our tax situation looked weird. One thing that really helped me was setting up a simple spreadsheet to track what should be withheld versus what actually was. For someone making $48k as head of household with one child, you should definitely see federal withholding - probably somewhere in the $50-80 range per paycheck depending on how often you're paid. When you submit your new W-4, I'd definitely recommend adding extra withholding on line 4(c) like others mentioned. The IRS can hit you with penalties if you're under-withheld by too much, even if it was an honest mistake. Better to over-correct now and get a refund than owe a big chunk plus penalties next April.

Don't overlook quarterly estimated payments as another option! If your variable jobs don't withhold enough, you can make quarterly payments directly to the IRS to avoid a big bill (and potential penalties) at tax time. I use this approach for my side gigs and it works well with unpredictable income.

I'm in a very similar situation with multiple jobs and variable income! One thing that's helped me is keeping detailed records of my income patterns from each job throughout the year. I created a simple spreadsheet tracking weekly earnings from each position, which helps me identify seasonal patterns and make better projections. For the withholding calculation, I found that using a conservative approach works best - I calculate my expected total annual income using slightly higher estimates for my variable jobs, then use that total in the Publication 505 worksheets. This way I tend to slightly overwithhold rather than underwithhold. Also, consider updating your W4 at your main job mid-year if your variable income is tracking significantly higher or lower than expected. Most payroll departments are used to employees adjusting their withholding, especially those with multiple income sources. It's much easier to make a mid-year adjustment than to deal with a large tax bill or refund at filing time.