The 'overtime isn't worth it' myth caused me to turn down shifts for YEARS before I learned better. Here's a simple way to think about it: Let's say you're in the 22% federal bracket plus 7% state taxes. That means you keep 71% of each additional dollar (100% - 22% - 7% = 71%). So: - Regular time at $42.50/hr = about $30.18 after taxes - Time and a half at $63.75/hr = about $45.26 after taxes - Double time at $85.00/hr = about $60.35 after taxes - Triple time at $127.50/hr = about $90.53 after taxes Tell me where in that calculation it's "not worth it" to work more? Even at your lowest overtime rate, you're making more per hour after taxes than your regular rate before taxes!

Your buddy is spreading one of the most persistent tax myths out there! I used to believe the same thing until I actually did the math. Here's what's really happening: When you work that much overtime, your paycheck withholding might look scary because payroll systems often calculate as if you'll earn that same amount every pay period. But that's just withholding - not your actual tax liability. With your income levels, you're likely in the 22% or 24% federal bracket, plus whatever your state charges. Even if overtime pushes some income into a higher bracket, you're still keeping 70-75% of every overtime dollar you earn. Think about it this way: even your lowest overtime rate (time and a half at $63.75) nets you more after taxes than your regular rate before taxes. Your triple time is basically printing money at nearly $90/hour take-home. The real question isn't whether overtime is "worth it" financially - it always is. The question is whether the extra money is worth the physical and mental toll of working 84-hour weeks. That's a personal decision only you can make, but don't let tax bracket myths be the reason you turn down shifts!

This is absolutely unacceptable! I filed my return 8 weeks ago and just got off the phone with an agent who told me the same thing - another 120 days for "additional processing." When I asked what specifically was being reviewed, they gave me the runaround about "manual verification" without any real explanation. The worst part is that I e-filed everything correctly, have simple W-2 income, and claimed standard deduction - nothing complicated that should trigger these massive delays! I'm seriously considering filing a complaint with the Treasury Inspector General for Tax Administration (TIGTA) because this feels like a systematic failure in their processing system. We shouldn't have to become tax code experts just to get our own money back in a reasonable timeframe. The fact that they're holding thousands of returns for 3-4 months with zero transparency is completely unacceptable. Has anyone had success escalating through TIGTA, or is that just another bureaucratic dead end?

I'm dealing with the exact same nightmare right now! Filed 9 weeks ago and just got the dreaded "120 additional days" notice when I called yesterday. What's really getting to me is how they act like this is totally normal - the agent literally said "we appreciate your patience" like I have a choice in the matter! I've been checking my transcript obsessively and all I see are these cryptic codes that don't make any sense. The most infuriating part is that I have the simplest return possible - single filer, one W-2, standard deduction, no dependents. How does THAT require 4+ months to process?! At this point I'm convinced they're using our refunds as an interest-free loan while we struggle to pay bills. The IRC section 6611 interest you mentioned better actually kick in because this is beyond ridiculous. I'm seriously considering documenting everything and filing complaints with both TAS and my congressman's office. We shouldn't have to become activists just to get our own money back! 😤

Quick question - when you filed the amendment, did you check the "amended return" box at the top of the form? I've seen the IRS treat amended forms as new, late filings when this box isn't checked properly.

I'm dealing with something very similar right now with my Canadian RRSP account. Filed both 3520 and 3520-A forms on time for three years running, but just got a penalty notice for my 2022 filing claiming I never submitted the 3520-A. The really frustrating part is that I have the e-filing confirmation from my tax software showing both forms were transmitted successfully. When I called the IRS (after waiting 3 hours on hold), the agent could see my 3520 in the system but said there was no record of the 3520-A, even though they were filed together electronically. Has anyone else experienced this issue where one form gets "lost" in their system while the other one processes normally? I'm wondering if this is a systemic problem with how they handle these foreign trust forms or if it's just random bad luck. I'm planning to file an appeal with all my documentation, but seeing all these similar stories makes me think there's something seriously wrong with how the IRS processes international filings.

Has anyone used TurboTax for reporting crypto with all these fee adjustments? Their crypto section confused me last year.

I had the exact same confusion about bitcoin trading fees last year! After going through this myself, I can confirm what others have said - these fees definitely adjust your capital gains but aren't separate deductions. What really helped me was creating a simple spreadsheet to track everything. For each bitcoin sale, I had columns for: original purchase price, purchase fees, sale price, sale fees, and adjusted gain/loss. The formula was basically: (Sale Price - Sale Fees) - (Purchase Price + Purchase Fees) = Actual Gain/Loss. So for your $1,275 in fees, make sure you're adding purchase fees to your cost basis and subtracting sale fees from your proceeds before calculating gains. This will naturally reduce your taxable gains without needing to claim them as a separate deduction anywhere. Keep all your exchange statements showing these fees - the IRS loves documentation for crypto transactions. Good luck with your filing!

Anyone else think its sus that the IRS can make mistakes that cost us money, but if we make a mistake we get hit with penalties? 🤔 Make it make sense

This is such a frustrating situation! I went through something similar a few years ago. The key thing to remember is that CP503 notices are often generated automatically by their system, and it can take time for amended returns to be reflected in their records. First, check if you have a copy of your certified mail receipt or delivery confirmation from when you sent the amended return - this will be helpful when you call them. When you do get through to someone (and yes, the wait times are brutal), ask them to put a hold on your account while they research the amended return. Also, if you paid the correct amount with your amended return, make sure you have proof of that payment handy. Sometimes they need to manually adjust their records to show both the amended return AND the payment were received and processed. Don't panic - this happens more often than you'd think, especially during busy tax seasons. Just stay organized with your paperwork and be persistent with following up. You've got this! 💪