


Ask the community...
Just to add another wrinkle - if your $4000 withdrawal included any dividends from those stocks (not just capital gains from selling), those are taxed differently. Qualified dividends get favorable tax rates similar to long-term capital gains, while non-qualified dividends are taxed at your ordinary income rate. Your 1099-DIV from the brokerage should break this down for you. Just something else to be aware of!
Thanks for bringing this up! I actually did receive about $120 in dividends before I sold everything. I didn't even think about those being taxed differently. Would those show up on the same form as the stock sales or is it a separate document altogether?
You'll typically get two separate forms - a 1099-DIV for the dividends and a 1099-B for the stock sales. Some brokerages combine them into a consolidated 1099 package, but they'll still show as separate sections. The 1099-DIV will break down which dividends are "qualified" (better tax rate) versus ordinary. Most common stock dividends from U.S. companies are qualified if you held the stock for at least 60 days, but there are exceptions. The form will do this categorization for you, so you don't have to figure it out yourself.
This is all really helpful information! I'm in a similar boat as Sophia - first time dealing with investment taxes and feeling pretty overwhelmed. One thing I'm still confused about is the timeline. Since I sold stocks earlier this year, do I need to pay estimated quarterly taxes on those gains, or can I just wait until I file my regular tax return next year? I keep hearing conflicting things about whether you need to make estimated payments if you have capital gains, especially if it's your first time having investment income. Don't want to get hit with penalties if I'm supposed to be paying something now!
The IRS transcript system really is confusing at first, but once you understand the key codes it becomes much clearer. Your situation is actually a textbook example of a properly processed amended return. The timeline shows your original return in 2022, amendment filed in March 2024, and final processing in March 2025 with the appropriate refund and interest. The $950.11 interest payment is actually pretty generous considering the processing time - they're acknowledging the delay was on their end. All those $0.00 entries are just the system's way of logging activity without actually changing your balance. You can rest easy knowing everything wrapped up correctly!
This is exactly the kind of clear explanation I needed! I'm pretty new to dealing with amended returns and all these codes were making me second-guess everything. It's really helpful to hear that the $950 in interest is actually on the generous side - I wasn't sure if that was normal or if it meant there was some kind of issue. And knowing that all those $0.00 entries are just system logging makes me feel so much better. I was worried they indicated some kind of ongoing problem or audit flag. Thanks for breaking it down in such an understandable way!
The IRS transcript codes can definitely be overwhelming at first! From what I can see in your transcript, everything looks like it processed correctly. The 977 code confirms your amended return was filed and accepted, the 290 code showing $0.00 means no additional tax was owed after the amendment, and the 846 code shows your refund was issued. The $950.11 in interest (776 code) is actually pretty standard for the processing delay - it's their way of compensating you for having to wait a full year. Those multiple $0.00 "Additional tax assessed" entries are just internal system markers and don't indicate any actual changes to your account. The 971 code from March 18th is likely just a notice explaining the amendment results. Your amended return appears to be fully complete and resolved!
This is such a relief to read! I've been stressing about whether I did something wrong with my amendment, but seeing multiple people confirm that everything looks normal really puts my mind at ease. The fact that the interest payment is actually pretty standard makes me feel better too - I wasn't sure if it was a red flag or just how they handle delays. It's crazy that it took a full year to process, but at least they acknowledged it with the interest. Thanks for taking the time to explain all those codes so clearly!
I went through this exact same thing last year! Got the dreaded Form 9143 and had a mini panic attack thinking I'd messed up my taxes completely. Turns out I had signed with a purple gel pen (seemed like a good idea at the time, don't ask why π€¦ββοΈ). The key things I learned: 1) Use only black or blue ink - no gel pens, no fancy colors, no pencil 2) Make sure your signature looks reasonably similar to previous years 3) Don't forget to date it if there's a date line 4) Send everything back that they returned to you, not just the signature page The good news is this is super common and totally fixable! I was worried about penalties too, but as long as you get it back to them promptly, your original filing date counts. Just make sure to use certified mail with tracking - learned that lesson from the comments above and it's totally worth the extra few dollars for peace of mind. You'll get through this! It's way more stressful than it needs to be, but it's really just a paperwork hiccup.
Purple gel pen! π I'm sorry but that actually made me laugh - I can totally see how that seemed like a good idea at the time. Thanks for sharing all those tips, especially about the certified mail. I'm definitely going to do that when I send mine back. It's so reassuring to hear from people who've been through this exact situation. I was spiraling a bit thinking I'd somehow ruined my entire tax return, but it sounds like this is really just a minor paperwork issue that happens all the time. Going to re-sign with a boring black pen and get this sorted out ASAP!
I'm dealing with a Form 9143 right now too! Reading through all these responses has been incredibly helpful and reassuring. I was convinced I had completely screwed up my taxes, but it sounds like this is actually pretty routine. My situation is a bit different - I think I might have used a Sharpie marker to sign mine (seemed bold and official at the time, but now I'm realizing that was probably a mistake). The ink was definitely black, but maybe too thick/bold for their scanners? One question for anyone who's been through this - about how long did it take to get confirmation that they received and processed your corrected return? I'm planning to send mine back with certified mail as suggested, but wondering what kind of timeline to expect before I hear back from them. Thanks everyone for sharing your experiences! This thread has saved me so much stress and confusion.
Guys im so confused about all this. if i want the money now instead of later do i still have to file taxes showing the EV purchase or is that the dealers problem now??? also does this affect other credits I might get like child tax credit??
When you transfer the credit to the dealer, you don't claim anything related to the EV credit on your tax return. It's entirely the dealer's responsibility to claim it with the IRS. You get your discount upfront, and you're done! This has zero effect on any other tax credits you qualify for, like the child tax credit. Those will work exactly the same as they always have. The EV credit transfer is completely separate from the rest of your tax situation.
This thread has been incredibly helpful! I'm in a similar situation where I was worried about my tax liability being too low to get the full benefit. Reading through everyone's experiences, it sounds like transferring to the dealer is definitely the way to go. One thing I want to add for future EV buyers - make sure you understand the income limits for the EV credit before you commit to the transfer. The credit phases out at certain income levels ($300k for joint filers, $150k for single), and if you're over those limits, you won't qualify for the credit at all, whether you transfer it or claim it yourself. Also, double-check that your specific EV model qualifies for the full $4,000 credit. Some vehicles only qualify for half the credit ($2,000) depending on where the battery components are sourced from. The dealer should know this, but it's worth verifying independently. Thanks to everyone who shared their experiences - this community is awesome for getting real-world advice on these complicated tax situations!
Thanks Emma for bringing up those important points! I'm actually a newcomer to this whole EV tax credit thing and had no idea about the income limits. That's really good to know before I get too far into the process. Quick question - you mentioned some vehicles only qualify for half the credit. Is there an easy way to check which vehicles qualify for the full $4,000 vs just $2,000? I don't want to assume I'm getting the full amount and then be disappointed at the dealership. Also, does anyone know if the transfer paperwork is different for the partial credit amount, or is it the same process regardless of whether you're getting $2,000 or $4,000?
Raj Gupta
I switched from H&R Block to TurboTax 2 years ago and my refund was actually higher with TurboTax! Not because TurboTax is "better" but because the software asked me some questions my tax preparer never did about my kids' school expenses and some job-related costs. If you're worried about missing something, just go slow and read all the questions carefully. Both H&R Block and TurboTax use the same tax laws - the difference is just in how thorough you are with providing information. One tip: Before you start, gather ALL your documents: W-2s, any 1099s, childcare receipts, any school costs, healthcare info. Having everything ready makes the process much smoother.
0 coins
Lena MΓΌller
β’This is actually misleading. Tax pros are trained to ask about all possible deductions and credits. If your H&R Block person missed asking about school expenses, they weren't doing their job properly. A good tax professional should get you a better result than DIY software in most cases.
0 coins
Keisha Williams
As someone who made the switch from H&R Block to TurboTax three years ago, I can tell you it was one of the best financial decisions I made. With your situation - married filing jointly, 4 dependents, straightforward W-2 income - you're actually in an ideal position for DIY software. Here's what I wish someone had told me before I switched: Your refund amount will be virtually identical between H&R Block and TurboTax because they're both following the same tax code. The real question is whether you're comfortable navigating the software yourself. For a family like yours, you'll mainly be dealing with the Child Tax Credit (up to $2,000 per child under 17), and possibly the Child and Dependent Care Credit if you pay for childcare. TurboTax is excellent at walking you through these family-related credits with simple yes/no questions. My advice? Try TurboTax's free estimation tool first. Input your basic info and see what refund estimate you get. If it's close to your usual $7,000, you'll know the software is capturing your situation correctly. You can always abandon the process if you're not comfortable. That $320 you're saving annually adds up - over 5 years, that's $1,600 back in your pocket for the same result.
0 coins