Has anyone mentioned Form 8824? If this distribution is part of a partnership dissolution or restructuring, you might need to report it as a like-kind exchange. I had a similar situation and my CPA insisted we needed this form.

I've been through several partnership property distributions and want to emphasize something that often gets overlooked - make sure you're also considering the impact on the remaining partners' capital accounts and basis adjustments. When property gets distributed, the partnership needs to make corresponding adjustments to all partners' capital accounts under Section 704(b). If you have a Section 754 election in place (which many partnerships forget they have), you'll also need to make basis adjustments to the partnership's remaining assets under Section 734(b). For your Box 19 reporting, beyond what Giovanni mentioned about the basic disclosures, you should also confirm whether the partnership needs to report any Section 734(b) adjustments that affect the other partners. These adjustments can be complex but are crucial for maintaining proper basis tracking going forward. Also double-check your partnership agreement for any special allocation provisions that might affect how this distribution should be treated from a book vs. tax perspective. Sometimes the agreement has specific language about property distributions that can impact the reporting requirements.

I've been through this exact situation! The 570 code is frustrating but very common, especially when you haven't filed in a while. Based on your transcript, you're looking at a $6,827 refund once the hold is lifted. Since you've been locked out for 5 years, the IRS is probably doing identity verification or reviewing your EIC claim (that $5,213 is substantial). Here's what helped me get through it faster: 1. Check your mail religiously - they may send verification requests 2. Keep refreshing your transcript every Friday for updates (look for 971 or 846 codes) 3. Double-check that your current address is on file with them The waiting game sucks, but most 570 holds resolve within 4-12 weeks. If you're facing financial hardship from the delay, definitely call the Taxpayer Advocate Service - they can sometimes push things along if you qualify. Hang in there! Once that hold lifts, your refund should process pretty quickly.

I went through something very similar last year! The 570 code held up my refund for about 6 weeks. In my case, they were reviewing my Earned Income Credit because I had a gap in filing (similar to your 5-year situation). What really helped me was being proactive rather than just waiting. I called every few days using different times of day - early morning (8 AM) seemed to have shorter wait times. When I finally got through, the agent was able to tell me exactly what they needed and walked me through the verification process right on the phone. Your refund amount looks substantial at $6,827, so it's definitely worth the effort to follow up. Don't just wait for mail - sometimes those notices get lost or delayed. The IRS agent I spoke with said they see this situation a lot with people who haven't filed recently, and it usually resolves once they can verify your identity and income. Keep checking that transcript every Friday for updates, and don't hesitate to be persistent with calling. The squeaky wheel really does get the grease with the IRS!

I'm not sure if this still works, but last year I was able to get through by selecting the option for "setting up a payment plan" even though that wasn't exactly what I needed. The agent was still able to help me with my actual issue once I got through. I think those lines might have fewer callers? I'm hesitant to suggest this because it might not be the proper procedure, but when you're desperate to avoid a lien being filed...

I've been in a similar situation with tax lien concerns, and here's what worked for me after weeks of frustration. Try calling the IRS Collections line at 800-829-7650 early morning (7:30-8:00 AM) - I found this had shorter wait times than the main ACS number. Also, before you call, request your tax transcript online at irs.gov to see exactly what payments they have on record versus what you've actually sent. This saved me hours on the phone because I could reference specific dates and amounts. If you're dealing with a business partnership situation, make sure you have your EIN ready and know which partner is the "tax matters partner" on file - they may only discuss details with that person. One last tip: if you get disconnected, call back immediately and mention you were just disconnected - sometimes they can expedite your callback. The whole system is definitely broken, but having your documentation organized beforehand makes a huge difference when you finally get through.

Be careful with using regular tax software like TurboTax for F1 students! Most mainstream tax prep services aren't designed for nonresident alien tax situations and might not ask the right questions to determine your correct filing status. I made this mistake my first year and had to amend my return, which was a huge headache. If the tax software isn't specifically asking about your visa status and entry date to the US, it's probably assuming you're a resident alien or citizen.

Just wanted to add my perspective as someone who went through this exact situation two years ago. The $2,300 swing you're seeing is unfortunately typical when comparing 1040 vs 1040NR for F1 students - I had a similar shock when I realized I'd been looking at the wrong form initially. A few additional points that might help: Make sure you're claiming any tax treaty benefits you're entitled to based on your home country. Many students miss this and end up paying more than they should. Also, keep in mind that your STEM OPT extension doesn't change your tax residency status - you're still considered a nonresident alien until you meet the substantial presence test (which as others mentioned, doesn't start counting your F1 time until after 5 years). For next year's planning, consider adjusting your W-4 withholdings if you're continuing on OPT. Since nonresident aliens can't take the standard deduction, you might want to have a bit more withheld to avoid owing a large amount again. Your HR department should be able to help with this adjustment.

As a fellow young entrepreneur, I totally understand the confusion! I started selling vintage items online at 16 and was overwhelmed by the tax side of things. Here are a few additional tips that helped me: 1. **Keep meticulous records NOW** - Don't wait until tax time. Track every sale, expense, and fee immediately. I use a simple spreadsheet with columns for date, item sold, platform, gross income, fees paid, and net income. 2. **Home office deduction** - If you're using part of your bedroom or home for storing inventory, taking photos, or packaging items, you might qualify for a home office deduction. Even a small percentage can add up! 3. **Don't forget about these deductible expenses**: packaging materials, labels, tape, storage containers, cleaning supplies for items, gas for thrift store trips to source inventory, and even a portion of your internet bill if you use it for business. 4. **Consider quarterly payments** - If you expect to owe more than $1,000 in taxes, you might need to make quarterly estimated payments to avoid penalties next year. The fact that you're asking these questions at 17 shows you're being responsible! Don't stress too much - you've got this. The first year is always the hardest, but it gets much easier once you establish a system.

Great advice from everyone here! As someone who's helped several young sellers navigate their first tax filing, I'd add a few practical tips: **Documentation is key** - Since you're already tracking expenses ($3,200 inventory + $500 shipping), make sure you have receipts or bank/credit card statements to back everything up. The IRS can ask for proof of these deductions. **Consider your dependency status** - At 17, you're likely claimed as a dependent on your parents' return, which affects your standard deduction amount but doesn't change your self-employment tax obligations. **Banking separation** - Going forward, consider opening a separate checking account for your business transactions. It makes record-keeping much cleaner and shows the IRS you're treating this as a legitimate business. **State taxes** - Don't forget to check if your state requires you to file as well! Some states have their own thresholds and requirements for self-employment income. The $627 self-employment tax estimate mentioned earlier is pretty accurate for your situation. Just remember that self-employment tax covers your Social Security and Medicare contributions since you don't have an employer doing that for you. You're being incredibly responsible by addressing this early - many young sellers wait until they get scary letters from the IRS!