Just to add to the futures contract discussion - different brokers report futures trading differently on 1099s. Some issue a 1099-B and some issue a 1099-MISC for futures trading profits/losses. If you received a 1099-B for futures, double-check the box that indicates what type of transactions they are. I had this exact issue last year and spent hours on the phone with my broker. Turns out they had incorrectly issued a 1099-B for Section 1256 contracts when they should have used a different form. I had to request a corrected form and amend my return.

I've been following this discussion and wanted to share my experience from dealing with a similar situation last year. The key thing to understand is that TurboTax's prompt to mail Form 8453 doesn't necessarily mean you did something wrong - it's often just their way of handling situations where they can't electronically transmit all the supporting documentation. For futures trading specifically, you really need to determine if these are Section 1256 contracts first. Most regulated futures are Section 1256, which means they get reported on Form 6781, not Form 8949. The 60/40 long-term/short-term treatment mentioned earlier is automatic for these contracts regardless of holding period. If you do need to mail supporting documentation with Form 8453, a copy of your 1099-B with a brief statement explaining the transactions should be sufficient as long as it contains all the information you used to prepare your return. Just make sure to include your name, SSN, and tax year at the top of any attachments. My advice would be to first check your filed return PDF in TurboTax to see exactly what forms were included electronically, then decide if you actually need to mail anything at all.

I've been through this exact situation! Had code 570 for about 8 weeks last year and it was torture waiting. What helped me stay sane was setting up a weekly check routine instead of obsessively looking every day. The IRS usually updates transcripts on Fridays, so I'd check then and try to forget about it the rest of the week. In my case, it turned out they were just double-checking my filing status since I switched from married filing separately to jointly. Once they cleared it, I got my refund within 2 weeks. Hang in there - I know it's easier said than done when you're counting on that money!

I'm going through the exact same thing right now! Filed in mid-January and got hit with code 570 about 10 days ago. It's so stressful not knowing what they're reviewing or how long it'll take. I've been trying not to check my transcript every day but it's hard when you're expecting that refund money. Reading everyone's experiences here is actually pretty comforting - seems like most people do eventually get it resolved, even if it takes longer than we'd like. Has anyone had success calling the IRS to get more info, or do they just give you the same vague "additional processing time needed" response?

Does the 4314c letter mention anything about interest continuing to accrue? I had a similar situation but even after I paid what they initially said I owed, they charged interest for the time they were "reviewing" my documents. Ended up having to pay an extra $287.

I'm dealing with something very similar right now! Got a CP2000 in February for unreported 1099-B forms from my brokerage account, paid what they calculated I owed in full back in March, and just received a 4314c letter last week saying they need more time to review. It's so frustrating because like you, I thought everything was resolved when I made the payment. Reading through these comments though, it sounds like this is just how their system works - payment processing and document review happen in different departments that don't talk to each other. @Giovanni - did your 4314c letter give any indication about whether interest might still be accruing during this review period? That's my biggest concern right now since I see others mentioning they got hit with additional interest charges even after paying the initial amount.

I'm so sorry you're going through this stress, especially with medical expenses looming! As a newcomer to this community, I've been reading through everyone's responses and they're all pointing to the same likely culprit - the Recovery Rebate Credit on line 30 of your tax return. The $1,400 amount is a dead giveaway that this relates to the third stimulus payment from March 2021. What probably happened is that you or your tax software accidentally claimed this credit even though you already received the actual payment. The IRS has really stepped up their game with automatic matching systems, so they catch these duplicate claims almost immediately now. You should definitely receive that CP12 notice everyone's mentioning within the next few weeks. For your immediate medical bill concern, I'd echo what others have said about contacting your healthcare provider - they're usually very accommodating with payment plans when there are tax refund delays. If you're absolutely certain you never got that third $1,400 payment, you can dispute it, but you'll need solid proof. This community seems incredibly knowledgeable and supportive, so you're in good hands here!

I'm really sorry to hear about this stressful situation, especially with medical bills coming up! As a newcomer to this community, I've been reading through all the responses and they're incredibly helpful. The $1,400 adjustment almost certainly relates to the third Economic Impact Payment (stimulus) from March 2021 that you likely accidentally claimed on your tax return even though you already received it directly. This happens when the Recovery Rebate Credit gets claimed on line 30 of Form 1040 by mistake - it's one of the most common tax errors people make! The IRS has really improved their automated systems for catching these duplicate claims, so they adjust returns automatically now. You should receive a CP12 notice in the mail within 2-3 weeks explaining exactly what they changed and why. For your immediate medical bill concern, definitely reach out to your healthcare provider about payment plans - most are very understanding about tax delays and will work with you. If you're absolutely certain you never received that third $1,400 payment, you can dispute the adjustment with proper documentation, but their records are usually quite accurate. This community seems amazing for getting through these kinds of issues - you're definitely not alone in dealing with this!

6 What about payment processing? I'm starting a similar business and trying to decide between Square, PayPal, and traditional merchant services through my bank. Any recommendations for handling client payments for tax prep services?

As a new tax preparer myself, I've found that Wells Banco Business Choice Checking has worked well for my startup. No monthly fee if you maintain a $500 minimum balance, and they offer 100 free transactions per month which should cover your expected volume easily. One thing I'd add to the great advice already given - consider setting up automatic transfers to move a percentage of each payment into that separate tax savings account. I set mine to transfer 30% of every deposit, and it's been a lifesaver for quarterly payments. Also, don't overlook the importance of having a good relationship with your banker. When tax season gets busy and you need quick answers about deposits or account issues, having someone you can call directly makes a huge difference. Good luck with your new business!