Pro tip: check your transcript instead of WMR. Its more accurate and updates faster. You can pull it on irs.gov if you make an account

Don't stress too much! I filed around the same time last year and it took almost a week before WMR updated. The IRS processing centers are slammed right now with early filers. As long as you got the transmission confirmation from TurboTax, you're good. The system just needs time to catch up. If you're really anxious, try checking your transcript like others mentioned - it usually shows acceptance before WMR does.

I think what's happening is your old CPA was allocating losses based on the partnership agreement (by ownership %), but the new CPA is saying this violates the "economic effect" rules in Section 704(b). Basically, for loss allocations to be respected, they need to have "substantial economic effect" - meaning the partner who takes the tax loss should bear the economic burden of that loss. If one partner is funding everything, they may be entitled to more losses regardless of ownership %. This is super complex territory that even experienced CPAs get wrong. The new CPA might be right technically, but it creates a mess when changing approaches midstream. You need someone to prepare a complete basis schedule from inception to present to sort this out properly.

This is a really complex situation that highlights why partnership taxation is so tricky. Based on what you've described, it sounds like you're caught between two different approaches to loss allocation - one based purely on ownership percentages, and another based on economic risk. The key issue here is that partnership tax law requires loss allocations to have "substantial economic effect" under Section 704(b). This means the partner claiming the loss should actually bear the economic burden if the partnership fails. If one member is funding most operations while others take equal loss allocations, that can create problems. Your negative capital account might actually be less concerning than it appears. What really matters for your ability to deduct losses is your "outside basis" - which includes your capital contributions plus your share of partnership liabilities. Even with a negative capital account, you might still have positive basis if the partnership has debt allocated to you. A few questions that might help clarify your situation: - Does the partnership have any loans or debt that would be allocated among partners? - What does your partnership agreement say about loss allocation and capital account maintenance? - Are there any guarantee provisions or deficit restoration requirements? Given the complexity and the fact that you're getting conflicting advice from CPAs, you might want to consider getting a third opinion from someone who specializes in partnership taxation. The difference between the two approaches could have significant implications for both current and prior year returns.

Called the IRS and sat on hold for 2 hours just to be told to wait 21 days... like thanks for nothing 🤮

I'm in a similar situation with cycle 05 and feeling the same anxiety! Filed early February and my transcript shows processing date of 2/26 but still no movement. The waiting is killing me too, especially when you're counting on that money. One thing I noticed from your transcript details - your refund amount is actually $3,388, not $2,388 like someone mentioned earlier. The math checks out: $2,640 withholding + $1,262 EIC - $514 tax = $3,388 total refund. Since you have EIC, the PATH Act requires them to hold refunds until at least February 15th, and with processing backlogs it can take even longer. Your cycle 05 means weekly updates, so definitely check your transcript again this Friday. Hang in there - based on what others are saying, movement should happen soon! The fact that your transcript shows all the right codes and no errors is a good sign.

Is anyone else annoyed that investment companies wait until the LAST possible minute to send these 1099 forms?? My friend already filed his taxes and then got a corrected 1099 and had to amend everything 😡

Welcome to the world of investing taxes! As someone who went through this exact same confusion when I started, I totally get how overwhelming it feels. The good news is that with $890 invested, your tax situation is going to be pretty straightforward. Here's what you need to know: You'll likely receive a 1099-DIV showing any dividends your investments earned (probably a small amount), and possibly a 1099-B if you sold any investments during the year. Even if the amounts are tiny, you still need to report them. The key thing is DON'T PANIC if you get the forms late - sometimes they don't arrive until February or even get corrected in March. Just make sure you wait to file your taxes until you have all your investment documents. Since this is your first year, I'd recommend using tax software like TurboTax, FreeTaxUSA, or H&R Block online. They all have sections specifically for investment income and will walk you through exactly where to enter the information from your 1099 forms. The software makes it much less scary than it seems! You're being smart by asking questions early. Better to understand this stuff now while your investments are small than to be scrambling later when you hopefully have much more invested!

mine got offset last year and tbh the transcript was confusing af to read. wish i knew about those transcript reading tools back then would've saved me so much stress ngl

Just went through this myself - yes, offsets definitely show up on your transcript as code 898 like AstroAdventurer mentioned. The tricky part is they don't tell you WHAT the debt is for specifically. If you want to know ahead of time, you can check the Treasury Offset Program website or call them. Also heads up - if you're married filing jointly and only one spouse owes the debt, you might be able to get the other spouse's portion back by filing an injured spouse claim. Don't stress too much though, at least you'll know what happened when you see that code!