Something important that nobody has mentioned yet - you need to make sure you're still explicitly electing Section 179 on your Form 4562 even though the deduction is completely phased out this year. If you don't make the election, you can't carry forward the disallowed amount!

This is such a helpful discussion! I'm dealing with a similar situation where we purchased $3.2 million in equipment this year and got completely phased out of Section 179. Reading through everyone's responses, I think I need to seriously consider the bonus depreciation route that Natalie mentioned instead of carrying forward the Section 179. Quick question for the group - if I'm understanding correctly, with bonus depreciation at 80% for 2024, I could potentially deduct $2.56 million this year ($3.2M × 80%) versus waiting to use a Section 179 carryforward in future years when bonus depreciation will be lower? That seems like it could be significantly more advantageous, especially since bonus depreciation drops to 60% next year. Has anyone done the math comparison between taking bonus depreciation now versus Section 179 carryforward for large equipment purchases?

Direct Deposit is the way 2 go bestie... learned that lesson last year when my check got lost in the mail 💀

Been there with the daily WMR checking! 😅 From my experience, once you get the 846 code, paper checks usually arrive 5-10 business days later. Mine took exactly 7 days last year. The waiting is the worst part but at least once you see that 846 you know your money is coming! Pro tip: set up USPS Informed Delivery so you can see when the check is actually coming in your mail that day - saves some anxiety!

Filed Feb 16th and just wanted to share my experience - I was also stuck in processing limbo for about 9 weeks with zero updates on the "where's my refund" tool. Finally got fed up and contacted the taxpayer advocate program like others mentioned here. Within 2 days of filing the request, an advocate called me back and explained that my return was flagged for identity verification (apparently happens randomly now). She was able to clear it immediately over the phone after I provided some basic info to confirm my identity. Got my refund direct deposited 5 days later! Don't wait as long as I did - if you're past 8 weeks definitely reach out to them. The regular customer service line is basically useless but the advocates actually have power to resolve issues.

Filed Feb 7th and just got my refund this morning after 11 weeks! For anyone still waiting, I wanted to share what finally worked for me. After reading all these comments about the taxpayer advocate program, I decided to give it a shot at week 9. The advocate discovered my return was stuck because of a minor discrepancy with my W-2 wages (off by like $15 due to a rounding error). She was able to override it within a few days and my refund processed immediately after that. The regular customer service reps never mentioned this specific issue - they just kept saying "processing." Definitely recommend the advocate route if you're past 8-10 weeks. Also keep checking your bank account even if the "where's my refund" tool doesn't update - mine never changed from "processing" until the money was already in my account!

Listen up yall - as someone who deals with transcripts everyday, here's the deal: - TC 150 shows your initial tax liability - TC 826/898 shows offsets/deductions - TC 971/972 indicate adjustments - TC 846 is your refund amount But honestly, instead of trying to piece it all together yourself, just use taxr.ai. Its literally changed how I handle transcripts. Upload your doc and it tells you exactly whats happening, what money moved where, and when to expect everything. Best dollar I ever spent fr fr

Check your Account Transcript - it's different from your Return Transcript. The Account Transcript shows all the activity on your account including payments, refunds, and adjustments. Look for these specific codes: - TC 150: Original tax owed - TC 826: Refund offset to another tax period - TC 898: Refund applied to balance due - TC 670: Penalty charged - TC 971: Notice issued The transaction codes will show the dollar amounts and dates. If you still owe money, it'll be at the bottom as your account balance. The codes can be confusing at first but once you know what to look for it makes sense!

Has anyone actually tried the free filing options instead of TurboTax? I'm wondering if this is just a TurboTax issue or if all the tax software has the same problem with 1099s? Here's what I'd try: 1. Download your info from TurboTax if possible 2. Try the IRS Free File options 3. See if the same error occurs Does the 1099 have anything unusual on it that might be triggering the review?

I've seen this issue frequently - TurboTax's review system often gets triggered when it sees both W-2 and 1099 income from what appears to be employment-related sources. Before you abandon TurboTax entirely, try this: go to the 1099 section and look for an option to "Override" or "Continue Anyway" - it's usually buried in small text near the review message. The software is being overly cautious, but you can often proceed if you're confident the information is correct. That said, the free filing suggestions above are solid alternatives. Also, make sure your husband's employer didn't make an error - having both forms from the same employer can sometimes indicate a payroll mistake that should be corrected at the source.