Something important that hasn't been mentioned yet: If you agree with the IRS's findings on the 4800C, you typically have payment options. You can pay in full immediately, set up an installment agreement, or potentially qualify for an Offer in Compromise if you can't pay the full amount. The key is to respond within the timeframe they specify (usually 30 days) even if you can't pay right away. Ignoring the notice will only result in additional interest and potential penalties. Also, keep in mind that if you disagree, the burden of proof is on you to show why the IRS determination is incorrect.

Hey Andre! I totally understand your panic - I had the same reaction when I got my first 4800C notice! 😅 The good news is that everyone here has given you excellent advice. Since you mentioned you sold stocks this year and tried doing your own taxes, there's a very high chance this is related to those stock transactions. Here's what probably happened: When you sold your stocks, your broker reported the sale proceeds to the IRS on a 1099-B form. But sometimes the cost basis (what you originally paid for the stocks) isn't reported correctly or at all. So the IRS thinks you made more profit than you actually did. Before you do anything else, grab your original tax return and compare it line by line with what the IRS is showing on the notice. Look specifically at Schedule D if you reported capital gains. The discrepancy might be obvious once you see them side by side. Also, definitely keep all your brokerage statements and purchase records handy - you'll likely need them to prove your actual cost basis if you disagree with their calculations. Don't let the tax jargon intimidate you - you've got this! 💪

Is anyone else annoyed that tax software asks for stuff that isn't clearly marked on our forms? I've been dealing with this for years and it feels intentional - like they want to confuse us into paying for their deluxe versions or support.

I totally understand your frustration - I had the exact same issue last year with TurboTax asking for a "State ID number" that I couldn't find anywhere on my 1099-B. After reading through all these responses, it sounds like the consensus is that this is your broker's state tax identification number, and if there's no state tax withheld (which shows as $0 on your form), you can usually leave that field blank. What helped me was calling my broker directly - they were able to tell me right away whether they had a state ID number for my state and whether it was needed for my specific situation. Most customer service reps at brokerages are familiar with this question since it comes up during tax season. The good news is that even if you accidentally leave it blank when it should be filled in, or vice versa, it's not likely to cause major issues with your return. The IRS is mainly concerned with the actual income amounts and any withholding, not so much the administrative ID numbers.

I have Chime too and my DDD is also 03/06! I've been checking my account obsessively since yesterday. Nothing yet. Last year my refund came one day early, but from what I've read online it varies a lot. Have you received yours yet? I filed on February 2nd and had to wait forever for processing. This is the final stretch!

I'm also using Chime with a 03/06 DDD! Still waiting here too. From reading everyone's experiences, it seems like Chime's "early deposit" for tax refunds is pretty hit or miss - sometimes you get it 1-2 days early, sometimes right on the DDD, and occasionally even a day late. I've been refreshing my app way too much today 😅 The inconsistency is frustrating when you're planning around that money. At least we're not alone in this waiting game! I'll update if mine hits before the official date.

I think we're overcomplicating this. The Chase Sapphire travel credit is more like a discount on the annual fee than income. You pay $550/year for the card, get $300 back on travel purchases, so effectively you're paying $250 for the card benefits. Not income, just a partial refund of a fee you already paid.

This is such a relief to read everyone's responses! I've been in the exact same boat with my Chase Sapphire Reserve and was getting really anxious about whether I'd been filing incorrectly. The way everyone explains it as a purchase rebate/discount rather than income makes total sense. I'm curious though - has anyone dealt with the situation where you don't use the full $300 travel credit in a year? Like if I only spent $200 on travel, do I lose the remaining $100, or does it roll over? And does that change the tax implications at all? I had a lighter travel year in 2023 and I'm wondering if that affects anything for my return. Also really appreciate the tool recommendations - might check out taxr.ai just to double-check my other credit card benefits since I have a few cards with various perks and credits.

Quick question - if I've already invested in a QOZ in 2019, is there any way to "lock in" today's rates? Like could I recognize a portion of the gain voluntarily before 2026, or am I fully committed to whatever the rates will be then?

This thread has been incredibly helpful! I'm in a similar situation with QOZ investments from 2019, and the tax rate uncertainty has been keeping me up at night. One thing I haven't seen mentioned yet is the potential impact of the Net Investment Income Tax (NIIT). If capital gains rates do increase significantly by 2026, we might also be looking at the 3.8% NIIT on top of the regular capital gains rate for higher-income taxpayers. That could push the effective rate even higher than just the base capital gains increase. Has anyone factored the NIIT into their QOZ planning? I'm wondering if this additional layer of tax makes the 5-year option with the 10% step-up more attractive, even though it's a smaller basis reduction. The certainty of locking in current rates (including NIIT rates) might be worth more than waiting for the extra 5% basis step-up if we're facing potentially much higher combined rates in 2026.