17 Just wanted to add that I've been through this exact situation. Since you receive a K1, you should check if your partnership agreement allows for "unreimbursed partnership expenses" (UPE). If it does, you might be able to deduct some expenses on Schedule E rather than as home office deductions. The rules changed after the Tax Cuts and Jobs Act, and many partners miss this. Talk to the partnership's accountant specifically about how construction costs should be handled, because your situation is more complex than a typical home office scenario.

11 I just went through this with my tax advisor. Some of the construction costs might qualify for bonus depreciation or Section 179 expensing rather than 39-year depreciation. For example, if you install specialized electrical work for computers, dedicated HVAC for the office space, or built-in storage systems.

I missed reporting a 1099-B last year and the IRS actually adjusted my refund automatically. They sent me a notice saying they had information that didn't match my return, showed the calculation, and reduced my refund by the appropriate amount. No penalties since the difference was under $1000. I didn't even have to file an amended return! Might not be the same for everyone but thought I'd share my experience.

I'm dealing with something similar but mine's a bit more complicated - I forgot to include a 1099-R from an old 401k rollover that had taxes withheld. The additional tax owed is only about $45, but I'm worried because it involves retirement account reporting. Based on what everyone's saying here, it sounds like waiting for the original refund to process first is the safer bet for small amounts. My concern is whether retirement account discrepancies get flagged differently than regular dividend income. Does anyone know if 1099-R matching happens on the same timeline as other 1099 forms? Also really appreciate the practical advice from the tax preparer - knowing that the matching typically doesn't happen until late summer gives me some peace of mind about the timing.

As someone who works for a nonprofit, I'll add that many donation centers for clothes and household items will give you a receipt if you ask for one. They typically don't assign values (that's your responsibility), but having that receipt proves you made the donation. For the foreign donations, unfortunately those likely won't qualify unless they went through a US-recognized charity.

Just to add a practical tip for future donations - many people don't realize that for non-cash donations, you need to use "fair market value" rather than what you originally paid. So those clothes worth $375 should be valued at what they'd sell for at a thrift store or consignment shop, not their original retail price. For your current situation, since the cash went directly to individuals and the international donations weren't through qualified US organizations, unfortunately neither would qualify for deductions. But don't let that discourage you from helping people in need! Just structure future donations through recognized charities if you want the tax benefit. One more thing - if you do decide to itemize this year for other reasons, make sure your total itemized deductions exceed the standard deduction ($13,850 for single filers in 2023) or you won't get any tax benefit anyway.

One thing to consider - even if the W2 is only for $79.75, the IRS might send you a CP2000 notice eventually if you don't amend. They match all W2s with tax returns and flag discrepancies. It's automated so even small amounts get caught. I learned this the hard way a few years ago with a tiny 1099. The notice included interest charges too. Better to just fix it now!

In my experience, the IRS computer system will eventually catch this discrepancy and send you a notice. It might take 6-12 months, but it's pretty much guaranteed since employers send W2s directly to the IRS. With such a small amount, you'll probably owe less than $15 in additional tax, but they might add interest and a small penalty by the time they get around to notifying you.

Have you checked your tax transcript directly from the IRS? As of April 7th, 2024, many refunds that were filed in early March are showing code 846 (refund issued) but the funds are still being held by processors like SBTPG for 1-3 business days. What date did you file your return, and have you been able to access your transcript to see if there's a refund issued code yet?

I've seen this exact issue multiple times in my experience helping taxpayers. The key thing to understand is that SBTPG operates differently than most online account systems - they don't typically create individual consumer accounts that you can log into like a bank. Instead, they use a verification system tied to your specific tax return details. First, make sure you're using the correct portal (taxpayer.sbtpg.com as mentioned earlier), not their professional portal. You'll need your exact refund amount, SSN, and filing status to verify. If that still doesn't work, it's highly likely that either: 1) your preparer used a different processor entirely, 2) your refund has already been processed and sent to your bank, or 3) there was an issue with your return that prevented it from reaching SBTPG. I'd recommend calling your tax preparer first - they can check their system immediately and tell you exactly which processor was used and the current status.