Oh my gosh, I'm dealing with this RIGHT NOW and it's SO frustrating!!! 😤 My DDD was yesterday (2/25) and nothing in my account! Called Tax Act and they basically said "wait 1-5 business days after your DDD" which feels like FOREVER when you're counting on that money! I wish I had just paid the stupid fees upfront instead of trying to save a few bucks. Now I'm checking my account every hour like a crazy person. Never doing this again!

I went through this exact situation two years ago and learned some helpful tricks! While you're waiting for your refund to come through the Tax Act processing, here are a few things that might help: 1. Set up account alerts with your bank so you get notified the moment any deposit hits (saves you from constantly checking) 2. Tax Act usually sends an email when they release funds to your account - watch for that confirmation 3. The processing typically happens during business hours, so don't expect weekend movement For future reference, some tax prep companies offer a "pay with refund" option that's faster than the traditional refund transfer. TurboTax and FreeTaxUSA both have versions that cut the delay down to about 1 day instead of 2-3. The good news is that once it's in the system, the money will definitely come through. It's just the waiting that's brutal when you need those funds! Hang in there - you should see movement by early next week given your 2/26 DDD.

Does anyone know if this same AMT issue happens with positive adjustments on Form 8978? I have a client with a positive adjustment (additional tax owed) and I'm trying to determine if it will affect their AMT calculation in the opposite direction.

Thanks for bringing up this complex interaction between Form 8978 and AMT calculations. I've seen this exact scenario several times this year and it's definitely confusing at first glance. What you're experiencing is correct - the software is properly applying the tax law. The Form 8978 adjustment creates a credit that reduces your regular tax liability, but AMT is calculated independently using its own set of rules on Form 6251. When the regular tax (after the 8978 credit) falls below the AMT liability, the AMT kicks in as intended. One thing to double-check: make sure your client doesn't have any AMT credits from prior years that could offset this current AMT liability. Also, if this is a significant ongoing issue for your client, you might want to explore estimated payment strategies for next year to avoid underpayment penalties, since the AMT calculation might not be captured in their usual payment routine. The interaction between partnership audit adjustments and AMT has been a real headache since the centralized partnership audit regime was implemented. At least now the IRS instructions are starting to acknowledge these scenarios more clearly.

The Turbotax error message is super misleading. Had the same issue last year and almost overpaid my state taxes. The $2,650 is definitely the gross proceeds (total sales amount) NOT your actual gain.

I had this exact same issue when I moved from California to Texas mid-year! The key thing to understand is that TurboTax is showing you gross proceeds (total amount received from sales) in column A, not your actual capital gains or losses. Since you mentioned all your transactions were short-term and resulted in a net loss, you should definitely enter zero in column B. The form is specifically asking about long-term capital gains that are attributable to your new state, and you don't have any. Don't worry about entering zero - the instructions literally say "If none, enter a zero in column b" for this exact situation. The state understands that not all proceeds shown in column A will be taxable by them, especially when you've moved mid-year and have no long-term gains. I made the mistake of overthinking this and almost entered the wrong amount. Once I realized that proceeds ≠ gains, everything made sense. Your federal return already properly accounts for your actual net loss, so you're all good there.

Has anyone here done the Master of Science in Taxation program online? I'm looking at the ones from Northeastern and Golden Gate University but can't decide if the cost is worth it compared to just getting an EA designation.

Coming from a business management background myself, I'd recommend starting with the EA route first. It's the most direct path to tax specialization and you can begin working in the field while you decide if you want to pursue additional credentials later. The EA exam covers individual, business, and representation topics - all essential for tax strategy work. Study materials from Gleim or Becker are solid, and most people pass within 3-6 months of focused study. The credential lets you represent clients before the IRS immediately, which is huge for building credibility. Once you're working and have real experience, you can always add a CPA or pursue an MST if you want to move into more complex corporate work. But EA gets you started fastest and the knowledge directly applies to tax strategy. Plus, you'll have a better sense of which direction you want to specialize after working with actual clients. I'd also suggest volunteering for VITA (Volunteer Income Tax Assistance) programs to get hands-on experience while you're studying. It's a great way to practice what you're learning and build your resume.

dependents usually mean extra verification time. dont panic if it takes a few more weeks

Same exact situation here! Cycle 05, 2 dependents, transcript went blank Friday. Been refreshing like crazy but trying to stay patient. The waiting is so stressful especially when you're counting on that refund. Fingers crossed we all see some movement this Friday 🤞