Something nobody mentioned - check if you have any UBTI (Unrelated Business Taxable Income) on your K-1s! It's usually in Box 20 with code V. If you have any amounts there and you're holding these ETFs in an IRA or other retirement account, you might owe taxes even within your tax-advantaged account. I learned this the hard way with a leveraged natural gas ETF in my Roth IRA. Had to file Form 990-T and pay taxes on the UBTI even though it was in my Roth. Most tax software doesn't warn you about this!

This is such a comprehensive thread - thank you all for sharing your experiences! I wanted to add one more consideration that might help others in similar situations. If you're trading these leveraged ETFs frequently (especially doing any wash sale transactions), make sure you're tracking the basis adjustments from your K-1s throughout the year, not just at tax time. The K-1 income/loss can affect your wash sale calculations, and if you're not accounting for the basis adjustments properly, you might be inadvertently creating more complex wash sale scenarios. I made this mistake with some triple-leveraged ETFs where I was doing tactical trades. The partnership income from the K-1s changed my effective basis, which then affected whether certain sales qualified as wash sales when I repurchased similar positions. My tax software completely missed these nuances until I manually tracked everything. Also, keep detailed records of when you receive your K-1s versus when you file your taxes. Some of these ETF partnerships are notorious for issuing amended K-1s months after the original ones, which can really mess up your filing if you've already submitted your return.

I went through this exact situation and want to suggest something that nobody has mentioned yet - if this was your only mistake and the additional tax is relatively small (under $1000), you might qualify for the IRS First-Time Penalty Abatement program. If you have a clean compliance history (filed and paid on time for the past 3 years), you can request that they waive the failure-to-pay penalty. They won't advertise this option, so you have to specifically ask for "First-Time Penalty Abatement" after you've filed your amendment and paid what you owe. This won't eliminate interest charges, but it can save you from the more substantial penalties.

I just want to add some reassurance here - I made a similar mistake a few years ago when I forgot to include a 1099-INT for about $400 in interest income. I was absolutely terrified about what would happen, but it turned out to be much more manageable than I expected. The key is acting quickly like you're doing. I filed my amended return about 3 weeks after realizing my mistake, and the total additional cost was only about $80 in taxes plus maybe $15 in interest. No penalties since I corrected it voluntarily before they contacted me. One thing that really helped was keeping detailed records of when I discovered the error, when I filed the amendment, and when I made the payment. This documentation came in handy when I called the IRS later with a question - they could see I had acted in good faith to correct the mistake promptly. Don't let the anxiety paralyze you - just get the amendment filed as soon as you can and you'll be fine!

Try calling your bank. Ask specifically about pending ACH deposits. Many can see them in their system before they post. Worth a shot. Might save you stress. Some banks have early posting policies. Credit unions often process faster. Online banks vary widely. Navy Federal typically posts overnight. USAA sometimes same day.

Military spouse here who's been through several PCS moves! I always get anxious about refund timing during moving season too. In my experience, that TurboTax email usually means you're 24-48 hours away from seeing the money. What I've learned to do is immediately check my bank's mobile app for any pending transactions - sometimes they show up there before officially posting. Also, since you mentioned checking your transcript, that's actually a great idea! Look for code 846 with a date - that's when the IRS actually sent your refund. The gap between that date and when you got the email can give you a better sense of your bank's processing speed. For future PCS moves, I always try to file early January to avoid any refund delays during peak moving season. Hope your deposit comes through quickly and your move goes smoothly!

Has anyone here actually received IRS notices about missing 1099 income? I'm wondering what the timeline typically looks like. I had a similar situation in 2022 (forgot a small 1099) but never amended and haven't heard anything from the IRS yet.

I went through this exact same situation last year! Forgot about a 1099-MISC for about $3,200 in consulting income. I was terrified about penalties too, but honestly it wasn't as bad as I expected. I filed the 1040-X about 6 months after my original return, paid the additional tax plus some interest (maybe $150 total), and that was it. No audit, no scary letters afterward. The IRS actually processed my amendment pretty quickly - got my refund adjustment in about 8 weeks. My advice: just bite the bullet and file the amendment now. The stress of waiting and wondering is way worse than just dealing with it head-on. Plus, like others mentioned, being proactive definitely works in your favor penalty-wise!

Has anyone considered that the difference might be employer-paid FICA taxes? Some companies pay the employee portion of Social Security and Medicare taxes as a benefit, which would be included in your taxable wages on the W2 but might not show up in your gross pay on paystubs.

I experienced this exact same issue and it drove me crazy for years! After digging deep into my paystubs and W2, I discovered the main culprit was employer-paid health insurance premiums that totaled about $5,200 annually. Here's what I learned: your paystub typically only shows YOUR contributions to benefits (the amount deducted from your paycheck), but your W2 includes the TOTAL value of certain benefits - including what your employer pays on your behalf. The key is looking at Box 12 on your W2 with different letter codes. Code "DD" shows employer-paid health insurance, which is often the biggest contributor to this discrepancy. These amounts are included in your total wages for tax reporting purposes but never appear in your regular paystub calculations. Other common contributors include employer HSA contributions, life insurance premiums over $50k, and certain fringe benefits like parking or transit passes. Even though you don't receive these as cash, they're considered part of your total compensation package. I'd recommend pulling out your W2 and paystub side by side and going through Box 12 line by line - you'll probably find your missing $6,500 right there!