Something nobody's mentioned yet - if your employer is automatically withholding extra tax from your paychecks for the education benefits, make sure they're giving you documentation of the TOTAL education benefits provided, not just the amount over $5250. You'll need the full amount to properly calculate your exclusion. Also, check if your employer coded anything special on your W-2 regarding these benefits. Some employers will note education benefits in Box 14, while others just include them in your total wages without any notation. Knowing how they reported it helps determine how you need to handle it on your return.

I'm in almost exactly the same situation - clinical research job, employer paying for a similar master's program. One thing my tax advisor told me is to keep proof that I'm staying in my current field after completing the degree. Apparently, if you use the degree to switch careers within 12 months of completing it, the IRS might retroactively disallow the working condition fringe benefit exclusion. Just something to keep in mind - save performance reviews, job descriptions, etc. from before, during and after your education program to prove continuity in your career path.

I'm dealing with the exact same codes right now! Got 570 and 971 both dated 01/27/25 which matches my as-of date. Been checking my mailbox religiously but nothing yet. Reading through everyone's experiences here is actually making me feel a bit better - sounds like it's usually just routine verification stuff. @Ava Hernandez your timeline gives me hope that this won't drag on forever. Fingers crossed I get that notice soon so I can get this resolved!

I'm in the exact same situation! Got both codes 570 and 971 on my transcript with matching dates from last week. Haven't received any notice in the mail yet but reading everyone's experiences here is really helpful. It sounds like most people are dealing with routine verification issues that get resolved pretty quickly once you respond. @Zoey Bianchi your experience gives me a lot of hope - a week turnaround after responding sounds way better than I was expecting! Trying to stay patient while checking the mailbox every day 📬

Has anyone used TurboTax to handle a rental property sale with depreciation recapture? I'm wondering if it walks you through all this or if I need something more specialized.

One thing that might help you organize everything is to create a spreadsheet tracking each improvement separately with its placed-in-service date, cost, and cumulative depreciation taken. I wish I had done this from the beginning when I owned rentals. Also, don't forget that if you've been claiming Section 179 deductions or bonus depreciation on any of your improvements (like appliances or certain property), those will be subject to depreciation recapture at your ordinary income tax rate, not the 25% rate. The 25% rate only applies to straight-line depreciation under Section 1250. If you're planning to reinvest in another rental property, you might want to look into a 1031 like-kind exchange to defer the depreciation recapture entirely. You'd need to identify a replacement property within 45 days and close within 180 days, but it could save you a significant tax hit if you're planning to stay in real estate investing.

This is actually a really good sign! When your transcript goes from showing normal information to this "Information Not Available" message specifically mentioning adjustments, it usually means the IRS is actively working on your account in the final stages. I've seen this pattern countless times - the system basically locks down your account info while they're making the final calculations and preparing to issue your refund. The fact that it's showing at 10:34 and specifically mentions adjustment processing is textbook pre-846 behavior. Keep checking Friday mornings since that's when transcript updates typically post. You're probably looking at getting your DDD (Direct Deposit Date) within the next week or two!

I went through the exact same thing last month! My transcript showed that same "Information Not Available" message for about 5 days, and then BAM - 846 code appeared with my DDD. The key thing is that it specifically mentions "adjustment" processing, which is different from regular processing delays. When the IRS locks down your account info like this, they're usually in the final stages of calculating your refund amount. The timing at 10:34 is also pretty typical for when these updates happen. I'd say you're definitely on the right track - just keep checking those Friday morning updates. The wait is torture but this is actually one of the better signs you can get! 🤞

Something nobody mentioned yet - if you have an S-Corp, you should absolutely set up a Solo 401k rather than just a SEP IRA. You can contribute WAY more pre-tax money - up to $69,000 for 2025 vs. the $23,000 employee limit for regular folks. This is one of the biggest tax advantages of having the S-Corp structure.

Grace, congrats on making the S-Corp election! You're asking all the right questions. Based on my experience helping clients transition to S-Corp status, here are some practical recommendations: **Payroll Frequency**: While annual payroll is technically allowed, I strongly recommend quarterly. The IRS tends to scrutinize S-Corps that only run payroll once per year, as it can appear like you're trying to minimize employment taxes. Quarterly shows good faith compliance and spreads out your tax obligations. **Reasonable Salary**: For your income level ($220-250k), aim for a salary of at least $100-120k. The IRS doesn't publish specific percentages, but they do look at industry standards. For consulting, this range should keep you safe while still allowing meaningful tax savings on distributions. **Expense Tracking**: Set up QuickBooks Online and connect it to your business bank account. Create categories that align with Schedule C deductions (office supplies, professional development, travel, etc.). Take photos of receipts immediately and store them in the QB mobile app. **Service Recommendations**: Between ZenBusiness and Gusto, I'd lean toward Gusto for payroll - their tax compliance guarantee is valuable. For accounting, consider pairing it with QuickBooks rather than relying on their basic expense tracking. One critical note: Make sure your S-Corp election was properly filed and accepted by the IRS before proceeding. You might want to call and confirm it's been processed to avoid any complications down the road.