Make sure you check the entire transcript. Code 150 by itself is normal. But if you see codes 420 or 424 after it, that means you're being audited. Had that happen to me in 2022. Took 8 months to resolve. Don't ignore those codes if they appear.

Adding to what everyone else has shared - Code 150 is indeed standard processing, but I wanted to mention that the timing can vary significantly based on your filing method and return complexity. E-filed returns typically show TC 150 within 2-3 weeks, while paper returns can take 6-8 weeks or longer. Also, don't panic if you see TC 150 but your "Where's My Refund" tool still shows "processing" - there's often a lag between when codes appear on transcripts and when the WMR updates. The key thing to remember is that TC 150 just establishes your tax liability in their system - it's not an indicator of when you'll receive your refund. Keep checking for TC 846 if you're expecting money back!

2 Just to clarify something - are you using a tax-advantaged account like an IRA or is this in a regular taxable brokerage account? If it's in an IRA or 401k, none of this capital gains stuff applies since those accounts are tax-deferred or tax-free.

This is a tough situation, but the advice you've gotten is correct - each transaction is treated separately for tax purposes. Your original $98k gain is already a taxable event that's locked in. One thing to consider is your overall tax strategy for the year. If you sell now and take the $51k loss, your net taxable gain would be $47k ($98k gain minus $51k loss). But you might want to look at whether you have any other investments with unrealized losses that you could harvest to further offset that gain. Also worth noting - if this stock continues to decline and you think it might recover eventually, you could consider selling now to capture the tax loss, then wait 31 days before buying back to avoid the wash sale rule. That way you get the tax benefit while still being able to re-enter the position if you believe in the long-term prospects. The timing of when you sell matters too since we're getting close to year-end. Make sure any sale settles before December 31st if you want the loss to count for this tax year.

Remember that there's also the Child Tax Credit to consider. For 2023, it's up to $2,000 per qualifying child under 17. With twins, that's potentially $4,000 in tax credits! This is separate from dependent exemptions (which don't exist anymore) and can significantly reduce tax liability. This credit begins to phase out when income exceeds $200,000 for single filers, which might affect your girlfriend at $230K. You might benefit more from claiming the children for this reason alone.

This is exactly the kind of situation where you need to run the numbers both ways! With your girlfriend at $230K, she's likely hitting some phase-out thresholds that could make it more beneficial for you to claim the twins. A few key things to consider: - Child Tax Credit phases out starting at $200K for single filers, so she might not get the full $4,000 credit for both twins - Your lower income might qualify for better credits and deductions - Since you mentioned rental property, claiming Head of Household could give you better tax brackets for all your income The tricky part is that if she's been claiming them on her W-4 all year, she's gotten bigger paychecks but will owe that back if she doesn't claim them on the return. You'll want to coordinate this so one of you doesn't get stuck with a surprise tax bill. I'd suggest using a tax calculator or software to model both scenarios - her claiming them vs you claiming them - and see which gives you the better combined outcome as a family unit. The difference could be substantial given your income levels and the various credits involved.

I'm wondering if the simplified option for home office deduction would be better in your case? You get $5 per square foot up to 300 square feet (max $1,500). Less paperwork and no need to track all those actual expenses. Might be worth calculating both ways to see which gives you the better deduction.

As a partner with K-1 income, you're definitely eligible for the home office deduction since you're treated as self-employed for tax purposes. Your situation sounds like a clear case for claiming it - working 40+ hours weekly from home with only occasional visits to the firm office establishes your home as your principal place of business. One key point to emphasize: make sure your home office space is used EXCLUSIVELY for business. The IRS is strict about this requirement. If you use that space for any personal activities (watching TV, personal computer use, etc.), it could disqualify the entire deduction. For calculation, you have two options: the simplified method ($5 per square foot, max $1,500) or actual expense method (percentage of home expenses). Given that you're working full-time from home, the actual expense method will likely give you a much larger deduction. Keep detailed records of your office square footage, total home square footage, and all qualifying expenses (utilities, mortgage interest/rent, property taxes, repairs, insurance). You'll report this on Schedule C since your K-1 income is considered self-employment income. The fact that your firm maintains a separate office doesn't disqualify you as long as your home is where you conduct the substantial portion of your business activities.

I'm sorry to hear you're dealing with this! As someone who works in financial services, I can tell you that TurboTax and other tax prep companies have definitely tightened their advance criteria this year due to regulatory changes and risk management concerns. The fact that you got it before but not now doesn't reflect anything negative about your financial situation - they're just being more conservative across the board. Since you've already filed and been accepted, I'd honestly recommend just waiting for your actual refund rather than trying to start over with another service. The IRS has been processing returns much faster this season - most people are seeing their refunds within 10-14 business days for direct deposit. Given that you filed on Jan 24th, you should hopefully see movement soon on the "Where's My Refund" tool. If you're in a real bind financially, definitely avoid those predatory "refund loan" services that others have warned about. Your bank or credit union would be a much safer option for a small short-term loan if absolutely necessary. Best of luck with everything, and congrats on graduating! 🎓

Hey! I'm actually a tax preparer and can shed some light on this. TurboTax made some significant changes to their advance program this year - they're now using a more restrictive algorithm that considers factors like your filing history, refund amount, and even seasonal demand. The Credit Karma integration you mentioned has also affected some users' eligibility since they merged the platforms. Since you already filed and got accepted, your options are pretty limited at this point. Most other services require you to file through them initially to qualify for advances. However, the good news is that the IRS has been processing refunds much faster this season - many people are getting theirs within 7-10 business days for direct deposit. Given that you filed on Jan 24th, I'd honestly just wait for your actual refund rather than paying fees to restart with another service. Keep checking "Where's My Refund" - you should see movement soon. And congrats on graduating! The financial stress after college is real, but your refund should hopefully come through quickly. 🎓