I feel your pain! Been stuck on "received" since late January too and just got that same exact message yesterday. The worst part is not knowing if there's actually an issue or if it's just normal processing delays. Tax Topic 152 seems to be showing up for a lot of people this year - from what I've read it usually means they're doing additional verification but doesn't necessarily mean something's wrong. Still doesn't make the waiting any easier though! 😤 Keep checking daily but try not to stress too much (easier said than done I know). Hopefully we'll both see some movement soon!

I'm in the exact same situation - filed in early January and just got this message a few days ago too! The uncertainty is killing me. I've been checking WMR obsessively but like others mentioned, I finally tried using taxr.ai to analyze my transcript and it actually gave me some peace of mind. For just a dollar it explained exactly what's happening with my return and gave me a realistic timeline. Way better than stressing over those cryptic status bars every day. Hang in there - sounds like a lot of us January filers are stuck in the same boat right now! 💪

Has anyone considered the actual formation costs? I looked into both: Delaware LLC: $90 filing fee + $50-300 registered agent annually + $300 min annual franchise tax UK LLP: £10-£100 filing fee through Companies House + £13 annual confirmation statement Plus UK doesn't have that weird franchise tax concept! But I guess it all depends on long-term tax consequences rather than just setup costs...

I've been through this exact decision process recently and ended up choosing Delaware LLC after extensive research. Here's what tipped the scales for me: The key factor was future scalability - if you ever plan to raise investment from US venture capital or have US-based partners join later, Delaware is almost universally preferred. Many US investors won't even consider non-US entities. Also, while UK formation costs are lower upfront, the ongoing compliance burden can be heavier. UK LLPs require more detailed annual filings that become public record, whereas Delaware LLCs offer much better privacy protection for members. One thing I learned the hard way: check your state's "doing business" requirements. Even with a Delaware LLC, if you're physically operating from Minnesota, you might need to register as a foreign entity there anyway, which adds costs and complexity. Given that your operations are fully digital and global, I'd lean toward Delaware for the flexibility and investor-friendliness, but definitely run the numbers through one of those tax analysis tools mentioned above to see the actual financial impact for your specific situation.

Don't forget about continuing education! Tax laws change EVERY YEAR so even after you learn the basics, plan to spend 10-20 hours annually just keeping up with changes. The TCJA in 2018 literally made experienced preparers feel like beginners again in some areas.

Your timeline sounds pretty realistic! I've been preparing taxes for about 3 years now, and when I was starting out, I found that the biggest challenge wasn't just learning the software or forms - it was developing the intuition to know when something doesn't look right. One thing that really helped me was keeping a "learning log" where I wrote down every new concept I encountered and why it mattered. For example, when I first learned about the difference between above-the-line and below-the-line deductions, I wrote out scenarios showing how they affected AGI differently. Also, don't underestimate how much client communication skills matter! You'll spend almost as much time explaining things to clients as you do actually preparing returns. Practice explaining tax concepts in simple terms - it'll help solidify your own understanding too. The good news is that once you get comfortable with the fundamentals, each new scenario you encounter builds on what you already know. By your second tax season, you'll be amazed at how much more confident you feel!

Has anyone had this IND-031-04 code problem with tax software other than TurboTax? I'm using H&R Block online and wondering if switching software might help...

I went through this exact same nightmare last month! After getting rejected 6 times with IND-031-04, I finally discovered the issue was that the IRS had made a small adjustment to my 2023 return that I wasn't aware of. Here's what worked for me: 1. Get your Account Transcript (not Return Transcript) from the IRS website - this shows any changes they made after processing your original return 2. Look for transaction code "290" or "291" which indicates adjustments 3. Calculate your adjusted AGI by adding/subtracting any adjustment amounts from your original AGI In my case, they had corrected a math error that reduced my AGI by $89. Once I used the corrected amount in TurboTax, it went through immediately. The whole process is incredibly frustrating because they don't notify you when they make these adjustments, but you're expected to know about them for e-filing verification. If you can't decipher the transcript codes (they're pretty cryptic), calling the IRS directly to confirm your correct AGI might be worth it, even though their phone system is a nightmare. Good luck!

5 I had a similar situation but with a REIT instead of an MLP in my Roth IRA. Can anyone recommend good tax software that handles these special investment situations well? I've been using TurboTax but it seems confused when I try to enter information about retirement account investments.

Great question about MLP trading in retirement accounts! As others have mentioned, you're generally in the clear since you were day trading rather than holding for distributions. However, I'd add one important point that hasn't been fully addressed - make sure to keep good records of your trading activity. Even though you likely won't need to report anything for tax purposes, if the IRS ever questions your retirement account activity, having detailed records of your trades (entry/exit dates, amounts, reasoning) can help demonstrate that this was legitimate investment activity rather than prohibited transactions. Also, while UBTI is unlikely to be an issue with your day trading approach, it's worth noting that some MLPs can generate UBTI even without distributions if they have significant business income allocated to unit holders. Since you were only holding positions briefly, this shouldn't affect you, but it's good to be aware of for future reference. The bottom line is that retirement account trading generally shields you from most of these complications, which is exactly why these accounts are so valuable for active investors!