Just FYI, the 1099-K threshold was supposed to drop to $600 for 2023, but the IRS delayed it. For 2023 tax year (filing in 2024), the reporting threshold is still $20,000 and 200 transactions. They announced they're using 2023 as a transition year. However, for 2024 (filing in 2025), the $600 threshold is supposed to take effect. So you might not get a 1099-K this year, but expect one next year if you continue receiving payments through Venmo.

Don't forget you can actually deduct your gambling losses up to the amount of your winnings, but ONLY if you itemize deductions on Schedule A instead of taking the standard deduction. And you need to keep good records of both your winnings AND losses. For most people, the standard deduction ($13,850 for single filers in 2023) is higher than their itemized deductions would be, so it doesn't make sense to itemize just to deduct gambling losses. You'd need enough other deductions like mortgage interest, state taxes, and charitable donations to make itemizing worthwhile.

As someone who just went through this exact process last month, I can definitely relate to the confusion! Here's what helped me the most: Start with the Account Transcript (not Return Transcript) - it's like getting the full story vs. just the summary. The key things to look for are: 1) Code 150 means your return was processed, 2) Code 846 with a date is your actual refund issue date, and 3) If you see codes 570/971 together, it just means there's a review but don't stress - mine cleared in about 10 days. Since you mentioned amending paperwork, that will definitely show up with specific codes so you can track that process too. The transcript updates weekly (usually Fridays) versus WMR updating daily, but honestly the transcript gives you so much more detail that it's worth the wait. Fair warning - the ID.me verification can take a few days, so start that process ASAP even if you're still deciding. Once you're in, bookmark the direct transcript page because navigating back through the IRS site every time is painful!

As a newcomer here, I really appreciate everyone sharing their experiences! I'm in a similar situation to the original poster - filed for the first time this year and feeling completely overwhelmed by all the different ways to check my refund status. Reading through these responses, it sounds like getting set up with transcript access is definitely worth the hassle, even though the ID.me verification process sounds intimidating. Can someone clarify - if I'm checking my transcript and see that code 846 with a date, is that the date the IRS actually sends the money, or when they approve it for sending? I want to make sure I understand the timeline correctly so I can plan accordingly. Thanks for being so helpful to us newbies!

Don't forget about the "ordinary and necessary" test for business deductions! I tried to deduct a bunch of home exercise equipment for my accounting business because I claimed I needed to stay fit to handle client meetings, and got DESTROYED in an audit. The IRS agent literally laughed at me. Unless fitness content is your ACTUAL business (which sounds like it will be for you), they'll likely see it as primarily personal. The fact that you're establishing a track record of fitness content BEFORE claiming the deductions will help tremendously. Maybe start with cheaper equipment and build up as your fitness channel grows?

From my experience working with content creators, the fact that you have an established YouTube business with $67,000 in annual revenue puts you in a strong position to justify these deductions. Since you're pivoting your existing business rather than starting from scratch, the home gym equipment would fall under ordinary and necessary business expenses for your trade. Here's what I'd recommend: First, clearly separate the gym setup into business-specific components (lighting rigs, camera mounts, backdrop systems) versus standard gym equipment. The production equipment can likely be 100% business deductible since it has no personal benefit. For the actual workout equipment, document your intended business use percentage before you start filming. Keep detailed records from day one - log every filming session, content planning workout, and personal use. I've seen creators successfully justify 70-80% business use when they can show the equipment is primarily configured and used for content creation rather than personal fitness. Consider setting up the space with clear visual indicators of its business purpose (permanent camera positions, business signage, etc.) and take photos for your records. This helps establish that it's genuinely a production facility that happens to involve fitness equipment rather than a personal gym you sometimes film in.

Quick question - I'm dealing with similar issue but my employer is claiming I'm "partially an employee and partially a contractor" for different duties. Is that even legal?

I went through almost the exact same situation two years ago! My employer had me as 1099 for 8 months then switched to W-2. I was also worried about creating workplace drama since I liked my job. Here's what I learned: approach it as helping them fix an administrative error rather than accusing them of wrongdoing. I scheduled a meeting with HR and said something like "I noticed I received both a 1099 and W-2 for 2024, and I want to make sure we handle this correctly for both the company and my tax filing." Most employers actually appreciate when you bring this to their attention because misclassification can create bigger problems for them down the road with the Department of Labor or state agencies. My HR department was grateful I flagged it and immediately worked with payroll to issue a corrected W-2 covering my full year's income and voided the 1099. The key is framing it as "let's fix this together" rather than "you messed up." In my experience, reasonable employers want to do the right thing - they just need to understand what that is.

Another thing to consider is that there's an annual gift tax exclusion ($17,000 for 2024). Since your I-Bond is only $3,000, it's well under that limit anyway, so you wouldn't have to file a gift tax return even if you had completed the gift. But the other commenters are right that it's not even considered a completed gift yet while it sits in the gift box.

I think everyone is overlooking that I-Bond interest is exempt from state income tax! That's a huge benefit in California with our high state tax rates. Make sure you're accounting for that when deciding if/when to transfer the bond to your child.