Word of advice - make copies of EVERYTHING you send them. learned that the hard way last year when they 'lost' my documents 🙄

Based on your transcript, the examination timeline looks pretty standard for EIC verification. The key thing to watch for is that Code 971 notice - it should arrive within the next few days if it hasn't already. When it does come, read it carefully because it will tell you exactly what documents they need to verify your EIC claim. The good news is your credits (766 and 768) are still showing for April 15th, which means they haven't been removed yet. This suggests the review is just verification, not a denial. Most EIC examinations I've seen resolve within 6-10 weeks if you respond quickly with the right documentation. Keep checking your transcript weekly for updates and be ready to send whatever they request via certified mail. The waiting sucks but it's pretty routine unfortunately.

This 1099-K threshold confusion is so annoying. From what I understand: - For 2023 tax year, threshold remained at $20k and 200 transactions - For 2024 tax year, the $600 threshold WILL apply - Some companies sent out 1099-Ks at $600 anyway for 2023 The most important thing: even if you get a 1099-K for ticket sales that resulted in a loss, you still need to report it, but you can offset it with your purchase cost. I recommend using tax software like TurboTax or H&R Block that specifically handles these situations. They'll walk you through reporting both the 1099-K income and your original purchase price.

Quick clarification for everyone confused about the 1099-K threshold: The American Rescue Plan originally lowered the reporting threshold to $600 starting in 2022, but the IRS has delayed implementation TWICE now: - First delay: 2022 tax year (announced Dec 2022) - Second delay: 2023 tax year (announced Nov 2023) Current plan is for the $600 threshold to take effect for 2024 tax year (filing in 2025). But some payment processors and platforms got confused or didn't update their systems, which is why some people are still getting 1099-Ks for amounts over $600 even though they weren't required for 2023.

Remember that gambling income is taxable even if you didn't get a W2G form. The IRS requires you to report ALL gambling winnings, even small amounts. Player cards at casinos can also track your activity.

The IRS gets copies of all W-2G forms that casinos issue for winnings over $1,200 (slots/bingo) or $5,000 (poker tournaments). Your transcript will definitely show these reported amounts even before you file your return. If you had $50k in wins, that's likely already in their system. Best to get your transcript now and see exactly what they have on file - you can request it free directly from IRS.gov. Don't risk penalties by underreporting what they already know about.

i used taxr.ai last month when i was going thru the exact same situation. turns out i had an offset i didnt know about (old state tax debt) that was taking part of my refund. the tool showed me exactly what was happening when the IRS wouldnt tell me anything. saved me weeks of confusion https://taxr.ai

I went through this exact same thing last year - TurboTax showing "refund arrived" while my bank account was still empty. Turns out there's usually a 1-3 business day lag between when the IRS actually sends the money and when it shows up in your account. Since your transcript shows the 846 code with 9/14 as the deposit date, you're probably just dealing with normal bank processing delays. Most banks don't process ACH transfers over weekends either, so that could explain the extra delay. I'd give it until Friday before getting worried. If it's still not there by then, definitely call your bank first to make sure they're not holding it for any reason, then contact the IRS if needed.

Just to add a caution - I tried to do this "catch up" thing last year and ended up getting audited. The IRS flagged it because the sudden large depreciation deduction looked suspicious. Make sure you have excellent records of when you bought the property, improvement costs, etc. My audit went fine because I had everything documented, but it was still super stressful. Whatever method you choose, have your paperwork in order!

I went through this exact situation with a duplex I own. Missed depreciation for 2019 and 2020, then panicked when I realized my mistake. Here's what I learned after consulting with a CPA: You have two main options: 1) Amend the prior years if you're still within the 3-year window, or 2) File Form 3115 for an accounting method change to catch up all at once in your current year return. The Form 3115 route ended up being way less hassle for me. Yes, it's more complex than a regular form, but it saved me from filing multiple amended returns. I claimed about $8,000 in missed depreciation all in one year through the Section 481(a) adjustment. One tip - when you do catch up (either method), spread out your documentation clearly. I created a simple spreadsheet showing the property purchase date, cost basis, improvements, and calculated what depreciation should have been claimed each year. This made everything crystal clear for my records and would help if the IRS ever questions it. Don't let this mistake stress you out too much - it's more common than you'd think!