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yall need to stop checking WMR every day its not good for your mental health trust
easier said than done when u need that money tho 😭
I went through the exact same thing last month! Topic 152 disappeared after being there for weeks, then about 5 days later I got my refund date. It's actually a good sign - means they're actively processing your return. The waiting is brutal but you're probably close to getting an update. Keep checking but try not to stress too much about it disappearing! 🤞
This is so reassuring to hear! I'm in a similar boat - filed early and have been obsessively checking WMR. Did you notice any other changes on your transcript before the refund date appeared? Like any new codes or cycle dates? @Paolo Rizzo
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The rules for crypto are still evolving. Has anyone tried taking the position that these weren't "theft losses" but "worthless securities" under Section 165(g) of the tax code? There's an argument that if you received actual tokens that became worthless, it could qualify. Different from never receiving anything.
I consulted with a tax attorney about this exact approach. They said it's a gray area because the IRS hasn't explicitly ruled on whether all crypto assets qualify as "securities" under 165(g). Some clearly do, others are questionable. Worth exploring though if you actually received tokens.
That's helpful insight. It really highlights how the tax treatment depends heavily on exactly what happened in your specific scam. If you received tokens that became worthless, it's potentially deductible as a capital loss or worthless security. If you sent money and received nothing, it's harder to claim anything other than a theft loss (which is limited under current law). I think this is why documentation is so crucial - how the scam operated could make all the difference in how you can treat it for tax purposes. It's definitely worth consulting with a professional who specializes in crypto taxation since the rules continue to evolve.
I went through something similar with a crypto scam that cost me about $9,000 last year. After reading through all these responses, I wanted to share what I learned from my own research and consultation with a tax professional. The key distinction seems to be whether you can prove you actually received something of value (even if it later became worthless) versus being defrauded outright. In my case, I was able to show that I received tokens on the blockchain, even though they turned out to be completely worthless. My CPA helped me claim this as a capital loss rather than a theft loss. For anyone dealing with this, I'd recommend gathering every piece of documentation you have: transaction receipts, wallet addresses, blockchain confirmations, screenshots of the platform, any communications with the scammers, etc. The more you can document about what actually happened, the better chance you have of finding some tax relief. Also, don't give up if the first tax professional you consult doesn't know much about crypto. The rules are still evolving and many traditional tax preparers aren't up to speed on cryptocurrency taxation. It's worth finding someone who specializes in this area.
This is exactly the kind of detailed breakdown that's helpful for people in similar situations. Your point about finding a tax professional who actually understands crypto is spot on - I've heard from several people who got bad advice from CPAs who weren't familiar with how blockchain transactions work for tax purposes. One thing I'd add is that keeping records of the blockchain transactions can be crucial evidence. Even if the tokens became worthless, having proof that you actually received something on-chain could make the difference between treating it as a capital loss versus a non-deductible theft loss. Did your CPA have any specific recommendations for documenting worthless crypto assets? I'm wondering if there are particular steps people should take to establish the "worthless" date for tax purposes.
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Zoe, I suggest calling the and getting the status. $5 discount for first time callers using Claimyr https://join.claimyr.com/be256b
Hello Zoe:) Sorry to hear about the delay. The Amended returns can take anywhere from 6-10 months. Try and call them as they requested to get some insight on what this issue could be at this time. Keep us updated:
To all those having trouble reaching a human at IRS. I just ran across this video that gave me a shortcut to reach a human. Hope it helps! https://youtu.be/_kiP6q8DX5c
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Wow 10 months is crazy but so happy you finally got yours! I'm currently stuck with the same 570/971 codes since August and this gives me so much hope. Quick question - did your transcript ever update with any other codes before the 846 showed up? Mine has been radio silent for weeks and I'm starting to panic 😅
Hey! I totally get the panic - I was checking my transcript like every other day lol. Mine was pretty much silent too after the initial 570/971 codes showed up. No updates for literally months and then boom - the 846 refund code just appeared one day! I think the key is that once you see those codes, the IRS is working on it behind the scenes even though it looks like nothing is happening. August to now is definitely a long time but based on what others are saying here, you might be getting close! Have you tried that taxr.ai thing people keep mentioning? Might give you some peace of mind about where you're at in the process 🤞
This is so encouraging! I've been dealing with 570/971 codes since September and was starting to lose hope. Seeing that yours took 10 months but still came through makes me feel better about the wait. That's a nice chunk of change too - $28,582! 🎉 I'm definitely going to check out that taxr.ai site everyone's mentioning to see if I can get some clarity on my timeline. Thanks for sharing your success story and keeping the rest of us motivated! 💪
Congrats to OP for finally getting through! As someone new here dealing with the same codes since October, this thread has been super helpful. Just used taxr.ai based on all the recommendations and it actually broke down exactly what's happening with my case - apparently I'm in wage verification too and should see movement in 2-3 weeks! Worth every penny for the peace of mind. Thanks everyone for sharing your experiences, makes this whole process feel less lonely 🙏
CosmicCadet
Don't overlook ATX. It's middle of the road on pricing but has a great interface and decent support. I handle about 75 returns each season with it after leaving my full-time tax job. One thing to consider: if you'll be filing any business returns (1120, 1120S, 1065) in addition to individual returns, some of the cheaper options mentioned here won't cut it. ATX has affordable bundles that include business returns.
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Chloe Harris
•I second ATX! Been using it 6+ years for my side hustle (40ish returns). The Max bundle is worth every penny if you do any business returns. And their training webinars are actually helpful unlike some other companies I've tried. Pricing is reasonable and it's way easier to learn than Drake imo. User interface isn't as pretty as the premium options but who cares as long as the math is right lol.
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Giovanni Colombo
As someone who just started doing side returns this past season (about 12 clients), I can share what worked for me. I ended up going with Drake after researching all these options, and I'm glad I did. The unlimited federal + all states for one price was the deciding factor. Even though I only needed 3 states this year, knowing I won't get hit with surprise per-state fees as I grow was huge. The learning curve from UltraTax wasn't bad - took me a weekend to get comfortable with the interface. One tip: Drake offers a significant discount if you purchase early in the year (like June/July). I got mine for about 40% off the regular price. Their customer service during tax season was also excellent - never waited more than 5 minutes on hold. For anyone just starting out, I'd definitely recommend Drake if you plan to grow beyond 20 returns eventually. The upfront cost pays for itself once you hit that volume.
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