The TurboTax advance works differently than the actual IRS refund process. Unlike H&R Block which requires IRS acceptance first, TurboTax makes their decision based on their own risk assessment immediately after you submit. For amended returns, they're more cautious since those have higher scrutiny rates from the IRS. Check your TurboTax messages section - that's where approval notifications appear first.

Just to add to what others have said - I had an amended return situation last year and TurboTax did approve me for the advance, but it took about 48 hours instead of the usual 24. They were more conservative with the amount too (only advanced about 40% of my expected refund). The key thing is that their decision is completely independent of IRS processing. Even if your return gets delayed or questioned by the IRS later, you still keep the advance money. Make sure to check both your TurboTax account dashboard AND your email (including spam) for the decision notification!

Is there any minimum amount of freelance income needed to qualify for QBI? I only made about $3,000 from my side gig last year but would love to get that 20% deduction.

Thanks everyone for the detailed responses! This is super helpful. I'm definitely going to file an amended return for 2023 to claim the QBI I missed. One follow-up question - when I amend my return, do I need to include any special documentation to support the QBI deduction, or is having the 1099-NEC sufficient? I want to make sure I have everything properly documented in case the IRS has questions later. Also, for anyone else in a similar situation, it sounds like the key points are: 1) Freelance income on 1099-NEC typically qualifies for QBI, 2) No minimum income threshold, 3) You don't need a formal business registration, and 4) It only reduces income tax, not self-employment tax. Did I miss anything important?

I made a huge mistake last year by putting my estimated tax payments on the wrong line of my 1040. The IRS sent me a letter saying I owed a bunch of money plus penalties, and it took months to get sorted out. Double check where you're entering everything!

This is exactly why I always keep detailed records of all my tax payments throughout the year! For your situation with two types of withholding, I'd recommend creating a simple spreadsheet to track everything before you start filing. List your W-2 withholding amount from box 2, then separately list each quarterly estimated payment you made with the dates and amounts. When you're ready to file, the W-2 withholding goes on line 25a of Form 1040, and your estimated payments total goes on line 26. In TurboTax, these will be in different sections - the W-2 info gets entered when you input your W-2 form, and the estimated payments have their own dedicated section usually under "Federal Taxes" or "Payments." The key thing is to make sure you have documentation for all your estimated payments - either bank records, confirmation numbers, or receipts. This way if the IRS ever questions anything, you have proof of what you paid and when.

My tax guy told me that the mortgage interest follows the legal obligation to pay the debt. Since your mom is the only one on the mortgage, technically she's the only one legally obligated to pay it regardless of who actually makes the payments. He wouldn't let me claim interest on my son's mortgage even though I paid it all because I wasn't on the loan documents.

I went through something very similar last year! I was paying my sister's mortgage after she lost her job, but only her name was on the loan. The difference in your case is that you actually have ownership interest since your name is on the deed - that's huge for your tax situation. From my research and conversations with the IRS, having your name on the deed gives you the legal standing to claim the mortgage interest deduction even though you're not on the loan. The IRS cares about two things: (1) you have a legal or beneficial ownership interest in the property, and (2) you actually paid the interest. You clearly meet both criteria. Since you paid 100% of the interest and have ownership interest, you should be able to deduct the full amount. The 50/50 deed ownership doesn't limit your deduction - what matters is that you paid it and you have some ownership stake. Just make sure to attach a statement to your return explaining the situation, including your mother's name and SSN, and that you paid the interest reported on the 1098 that was issued to her. Keep all those bank statements showing the payments came from your account. For $266, it's definitely worth claiming if you're already itemizing anyway!

One thing I learned from my LP investments is to always request a "basis letter" or "basis schedule" from the GP at the end of each tax year. Just had a similar cash-out refi distribution in 2024 from a self-storage deal, and the basis letter clearly showed I still had sufficient basis to cover the distribution. Most importantly, don't rely solely on Box 9A (Capital Account) on your K-1. That's often using book accounting and doesn't necessarily reflect your tax basis. The two can be very different!

This is exactly why I always maintain my own basis tracking spreadsheet for each LP investment. I've been burned before by relying on the GP's calculations. For your situation, here's what I'd recommend: Start with your original $65K investment, then add any income allocated to you from prior K-1s (check Box 1 on your 2023 K-1), subtract any prior distributions, and add your share of partnership debt. The debt piece is crucial - if the partnership has non-recourse debt, you likely get basis from your proportionate share. With a $120K distribution, you'll need to determine if any portion exceeds your adjusted basis. The excess would be treated as capital gain. Given that this was a refinance in 2024, the partnership's debt likely increased, which could have boosted your basis and reduced the taxable portion. I'd strongly suggest requesting a detailed basis calculation from your GP. If they can't provide it, consider working with a tax professional who specializes in partnership taxation - this isn't something you want to get wrong.