Has anyone dealt with PTPs in retirement accounts? I have some MLPs in my IRA and just got K-1s for them too. Do I need to report these since they're in a tax-advantaged account?

I went through this exact same confusion last year with my PTP holdings! The key thing to remember is that the K-1 is the authoritative document - it shows your actual taxable income from the partnership. When you enter your brokerage 1099, look for a section that lets you exclude or adjust certain items. Most tax software will have options like "income reported elsewhere" or "excludable amounts" where you can back out the PTP distributions that appear on your 1099-DIV or 1099-B. The distributions on your 1099 are just cash flows - they're not necessarily taxable income. Your actual taxable income is what's calculated and reported on the K-1 based on the partnership's operations. Sometimes you'll get more in distributions than taxable income, sometimes less (the "phantom income" issue others mentioned). Make sure to keep good records of both forms though. Even though you're not double-counting them for tax purposes, having both helps you reconcile everything and can be helpful if you ever get questioned about the reporting.

Code 846 is definitely a positive sign! It means the IRS has processed your return and officially issued your refund. The date shown (02-01-2025) is typically when the funds are released to your bank. Most people see their deposit within 1-3 business days of that date, though it can vary by bank. Since you mentioned you have Chase, they're usually pretty reliable with timing - often posting on the same day or next business day after the 846 date. Just keep in mind weekends and holidays might affect the exact timing, but you should definitely see that money very soon! The 846 code is basically the IRS saying "we've sent it" so you're in the final stretch. 🤞

Hey Ravi! Code 846 is definitely the light at the end of the tunnel - it means your refund has been officially processed and sent to your bank. With Chase, you're looking at pretty reliable timing. They usually post refunds either on the 846 date itself or the next business day. Since your 846 shows 02-01-2025, I'd expect to see that $6,397 hit your account either Saturday 2/1 or Monday 2/3 (depending on how Chase handles weekend processing). The fact that you're seeing 846 means you've cleared all the IRS hurdles - no more waiting for processing or reviews. Just the final bank transfer step left! Keep checking your account over the weekend. 🎉

I'm currently at day 38 since filing my amended return and still waiting for any notice. Reading through everyone's experiences here is both reassuring and nerve-wracking - it seems like 30-50 days is pretty typical, but the uncertainty is killing me! I've been checking my mailbox obsessively and even signed up for USPS Informed Delivery, though I see some folks mentioned notices don't always show up there. Has anyone had success checking their IRS transcript online to see if there are any codes indicating a review has started? I'm wondering if that might give me a heads up before the physical notice arrives. Also, for those who eventually got through to the IRS by phone - did you call right at 7 AM when they open, or is there a better time to avoid the longest wait times?

I'm at day 41 since filing my amended return and still no notice here either! This thread has been incredibly helpful - it's reassuring to know I'm not alone in this waiting game. Based on everyone's experiences, it seems like 30-50 days is the current norm, which means I should hopefully see something soon. I've been religiously checking my online transcript every few days and finally saw a transaction code 971 show up last week, which I believe indicates they've sent a notice. Now I'm just waiting for it to actually arrive in my mailbox. For what it's worth, I called the amended return hotline at 866-464-2050 (thanks @Hazel Garcia for that tip!) and while I still waited 2.5 hours, I did get through and the agent confirmed my return was received and is in the review queue. They couldn't give me an exact timeline but said notices are currently taking 6-8 weeks to be mailed out. Hang in there everyone - sounds like we're all in the same boat!

Just curious - did your payment method specify whose SSN the payment was for? When my husband and I pay, we make sure to include a note on electronic payments that specifies "1040 payment for [primary SSN]." Might help others avoid this situation in the future.

I went through this exact same nightmare last year! The frustrating thing is that when you file jointly, the IRS systems should automatically know to apply payments to the primary taxpayer's SSN, but their payment processing system doesn't always communicate properly with their return processing system. One thing that really helped me was getting a transcript of my account activity from the IRS website (you can get it instantly online if you have an account). This shows exactly when and how your payment was applied, and you can use it as evidence when you talk to an agent. It's under "Get Transcript" and you want the "Account Transcript" for the tax year in question. Also, when you do get through to someone, ask them to put notes in your file about the payment misapplication. That way if you have to call back, the next agent can see what's happening without you having to re-explain everything from scratch. The IRS agents can see payments across different SSNs in their system, so they should be able to fix this pretty quickly once you get the right person on the phone. Don't give up - this is definitely fixable, just requires persistence with their terrible phone system!

OP, I think you need to check if your tax software correctly classified your Traditional IRA contribution as non-deductible. At your income level with a workplace plan, you're definitely above the deduction phaseout limits. What should happen is: 1. Your capital loss of $3k reduces your taxable income by $3k 2. Your Traditional IRA contribution should be classified as non-deductible 3. You should file Form 8606 to track your non-deductible contributions The $700 reduction in tax due is roughly consistent with just the $3k capital loss deduction at your tax bracket. You're probably not getting any deduction for the IRA contribution, which is correct based on your income.

Has anyone used the "What-If" scenario feature in tax software to see how different retirement contributions affect your tax outcome? I always run these before finalizing my return.