Has anyone used TurboTax to report forex losses? I tried entering mine but the software keeps asking me for a 1099-B which I don't have for my forex trades.

For your $135 forex loss, you'll most likely report it on Schedule D and Form 8949 since you only made a few trades as a casual investor. You'll need to list each trade with the date acquired, date sold, proceeds, and cost basis. If your broker doesn't provide a 1099-B (which is common for forex), you'll need to track this yourself. The good news is that your loss can offset other capital gains, and if you don't have any gains, you can deduct up to $3,000 against ordinary income. Any excess carries forward to future years. Make sure to keep detailed records of all your trades including currency pairs, amounts, exchange rates, and dates. The IRS expects you to report all trading activity even without official broker forms.

I've been following this thread and wanted to share some additional resources that might help. If you're struggling to get through to the IRS directly, you can also try contacting the Taxpayer Advocate Service (TAS) - they're an independent organization within the IRS that helps taxpayers resolve problems. You can reach them at 1-877-777-4778 or through their website. For your Optima situation, many states have specific consumer protection laws regarding tax resolution services. Check with your state's consumer protection agency - some states require these companies to provide detailed refund policies or have mandatory cooling-off periods. Also, if you paid with a credit card, you might be able to dispute the charges, especially if you can document that services weren't provided as promised. Credit card companies are often more willing to help with disputes involving service companies that don't deliver. The most important thing is don't let this experience delay dealing with your actual tax issue. The IRS is actually quite reasonable to work with directly, and an installment agreement can often be set up online in minutes for a small setup fee - no need for expensive middleman companies.

I'm really sorry you're going through this - the combination of tax stress and realizing you may have been taken advantage of is incredibly overwhelming. You're definitely not alone, and the fact that you're taking action now shows good judgment, even if you feel like you made a mistake initially. Here's what I'd recommend based on similar situations I've seen: 1. **Get your IRS transcripts immediately** - Go to irs.gov and create an online account to view your actual tax debt. This will show you exactly what you owe versus what Optima claims you owe. Many people discover significant discrepancies here. 2. **Document everything** - Every payment, phone call, email, and promise they've made. Create a timeline of what they said they'd do versus what actually happened. 3. **Review your contract carefully** - Look for cancellation clauses and refund policies. Many states have specific laws about tax resolution services that may work in your favor. 4. **Cancel in writing** - Send a formal cancellation letter/email with read receipt. Be specific about wanting to terminate all services immediately. 5. **File complaints** - Report them to your state's attorney general, the FTC, and the Better Business Bureau. Even if you don't get money back, it helps build a case for others. The good news is you've already contacted an EA/CPA, which is exactly the right move. They can typically resolve in weeks what companies like Optima drag out for months. You're going to get through this!

Just want to echo what others have said - this is totally normal! I got the exact same letter last month when I was dealing with FAFSA stuff. The key thing to remember is that the IRS systems can be slow to update, especially during busy filing season. When your school requested the verification on Feb 16th, your return probably just hadn't been fully processed yet even if you filed weeks earlier. I called the 800 number just to double-check and the rep confirmed it was just a timing issue - nothing to worry about. Keep that tracking ID handy though, it'll be useful if you need to reference this letter later for your financial aid office or if you call the IRS again. The whole thing resolved itself once my return finished processing a few weeks later.

I've dealt with this exact situation before! This letter is completely normal and nothing to worry about. The IRS Memphis center sends these verification of non-filing letters all the time, especially during FAFSA season. The timing here is key - someone (likely your school's financial aid office) requested verification on February 16th that you hadn't filed your 2024 return yet. At that specific moment, the IRS system showed no processed return for you, which could mean either you hadn't filed yet OR your return was still being processed (which can take several weeks even after e-filing). Since you mentioned applying for financial aid recently, this is almost certainly related to your FAFSA application. Schools routinely request these verification letters to confirm students' tax filing status for aid calculations. It's just standard paperwork - not identity theft or anything scary! If you've already filed your 2024 return, just provide that to your financial aid office instead of this letter. The tracking ID on the letter will be helpful if you need to reference this with the IRS later. You can always call that 800 number for confirmation, but this is definitely routine FAFSA documentation.

im confused bout something - if im on a full-ride scholarship that pays tuition + housing + meal plan, do i need to report any of that as income??? cuz im also working part time on campus and using the 99 dependents thing!

Hey @GalacticGuru! Your employer giving you the "99 dependents" advice is unfortunately pretty common but not the correct approach. As others mentioned, you should use the "Exempt" checkbox on your W-4 instead if you qualify. Here's the key thing about your financial aid refund - you mentioned it was "substantial" which makes me think it might include money for living expenses beyond just tuition/fees. The IRS treats scholarship/grant money differently depending on what it covers: - Tuition, required fees, required books/supplies = NOT taxable - Room, board, personal expenses, transportation = IS taxable If your refund included money for housing or other living expenses, that portion would be taxable income and could affect your ability to claim exempt status. You'd need to add that taxable portion to your work income when determining if you'll owe taxes for the year. For FICA taxes on summer work - you're correct that students get an exemption, but only when working for the school where they're enrolled AND actively taking classes. Summer jobs at outside employers (like retail, restaurants, etc.) would still be subject to FICA taxes even if you're a student. I'd strongly recommend getting your specific situation reviewed since the combination of work income + potentially taxable financial aid could push you over the threshold where you'd actually owe taxes!

I went through this exact same situation last year! The "Action Required" status with Tax Topic 152 is actually pretty routine - it usually means they need to verify something on your return before processing your refund. In my case, it was because we had a significant change in our income compared to the previous year, which triggered their automated review system. The waiting for the letter is definitely the most frustrating part, but once you get it, the instructions are usually pretty straightforward. Mine took about 10 days to arrive (not the full 2-3 weeks they estimated), and they just needed copies of our W-2s and a signed statement confirming our filing status. One thing that really helped me was pulling my tax transcript from the IRS website to see if there were any transaction codes that might give a hint about what they're looking for. The codes can be confusing, but sometimes you can piece together what triggered the review. Don't stress too much about it - in most cases, as long as you respond promptly with the requested documentation, you'll get your full refund. It just adds a few extra weeks to the process. The key is to respond exactly as they ask and keep copies of everything you send them.

I've been through this exact situation twice in the past few years, and while it's nerve-wracking, it's usually not as scary as it seems! The "Action Required" with Tax Topic 152 typically means they need to verify something before releasing your refund - not that there's necessarily anything wrong. In my experience, the most common reasons are: - Identity verification (especially if you moved or changed jobs) - Verifying dependent information - Confirming income reported on your return matches what they have on file - Double-checking eligibility for credits you claimed The good news is that once you respond to their letter with the requested information, the process usually moves pretty quickly. My first time took about 6 weeks total from getting the letter to receiving the refund. The second time was only about 3 weeks. A few tips that helped me: - Respond as soon as you get the letter - don't wait - Send exactly what they ask for, no more, no less - Make copies of everything before you send it - Use certified mail so you have proof they received it Try not to stress too much while waiting for the letter. In most cases, it's just routine verification and you'll get your full refund once you provide what they need!