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I might be able to help you with this one. I'm a tax preparer who has probably completed hundreds of 8962 forms over the years. In most cases, your tax software should actually handle the calculations for you once you input your 1095-A information correctly. The software should ask for the monthly premium amounts, SLCSP (Second Lowest Cost Silver Plan) amounts, and advance payment amounts from your 1095-A. If you've already entered that information and the software is still asking you to complete the 8962 manually, there might be something unusual about your situation - perhaps a mid-year change in coverage or family size. If you can share a bit more about your specific situation (without revealing personal details), I could possibly provide more targeted advice.
I went through this exact same struggle when I first moved here! The 8962 was like trying to decode a foreign language. What finally clicked for me was realizing that Part I (the household income calculation) is the foundation for everything else - if you get that wrong, the rest falls apart. A few things that saved me: First, make absolutely sure you're using the right Federal Poverty Line table for your state and family size. Second, when calculating your Modified Adjusted Gross Income (MAGI), don't forget to include any untaxed foreign income if applicable - that tripped me up my first year. Third, if your income changed significantly from what you estimated when you enrolled, that's totally normal and the form accounts for it. The reconciliation part in Part II is basically just comparing what the government gave you in advance (Column C from your 1095-A) versus what you actually qualified for based on your real income. If you got too much help, you pay some back. If you got too little, you get more as a credit. One last tip: if you're still stuck after trying all the suggestions here, consider calling the IRS directly with your forms in hand. Yes, the wait times are brutal, but sometimes talking through it with an agent while looking at your actual numbers makes everything suddenly make sense. Good luck!
Anyone know what the realistic chances are of actually getting a whistleblower award? My brother-in-law claims he got like 15% of what the IRS collected after his report, but that sounds like BS to me.
It's not BS but it's definitely rare. Awards are typically 15-30% of what the IRS collects, but only if: 1) they actually find fraud, 2) they collect over $2 million, and 3) your info was actually useful in their investigation. Most whistleblower submissions don't result in awards, either because the case isn't strong enough or the amount recovered isn't large enough.
Based on my experience working in tax compliance, your evidence sounds pretty solid for a Form 211 submission. Emails discussing "keeping it off the books" combined with screenshots of accounting discrepancies can be very compelling evidence - the IRS looks for patterns that show intentional tax evasion rather than just mistakes. A few key points for your documentation: - Organize everything chronologically to show the pattern over time - Include dates, amounts, and context for each piece of evidence - Your $450K estimate is fine - show your methodology for how you arrived at that figure - Keep detailed notes about those overheard conversations (who, when, where, what was said) The IRS doesn't expect you to have perfect proof - that's their job to investigate. Your role is providing substantial information that gives them a starting point. From what you've described, you definitely have enough to warrant filing. Just make sure you're only using information you had legitimate access to through your normal job duties to avoid any retaliation issues. Good luck with your submission!
This is really helpful advice, thank you! I'm feeling more confident about moving forward with my Form 211 now. One quick question - when you mention organizing everything chronologically, should I create like a timeline document that references all the evidence pieces, or just arrange the actual documents in date order? I want to make it as easy as possible for the IRS investigators to follow the story of what happened.
Does anyone know how wash sales are represented on the Robinhood 1099? I did some frequent trading of the same stocks last year and I'm concerned about how to handle it correctly.
Wash sales should be marked with a "W" code on your 1099-B and the amount of loss disallowed is shown in a separate column. Robinhood will include this adjustment in your adjusted basis, but it's good to understand which transactions were affected. If you did trading across multiple platforms (like Robinhood plus another broker), be aware that Robinhood won't know about wash sales between platforms. You'd need to identify those yourself or use tax software that can analyze across multiple 1099s.
Just wanted to chime in as someone who went through this exact same panic last year! That section 1D number is definitely just your total proceeds from all sales - NOT what you'll owe taxes on. I had a similar situation where my 1099 showed like $200k in proceeds but my actual taxable gains were only around $12k. The key thing to remember is that the IRS expects to see these big numbers because they represent ALL the money that moved through your account from sales. What you actually pay taxes on is the difference between what you sold stocks for and what you originally paid for them (your cost basis). Make sure to look for the sections that show your net gains/losses - that's the number that matters for your tax return. And definitely keep all your records in case you need to verify any cost basis calculations later!
This is so reassuring to hear from someone who went through the same thing! I'm definitely feeling less panicked now. Quick question though - when you say "net gains/losses sections," are you referring to a specific box number on the 1099? I want to make sure I'm looking at the right numbers when I sit down to actually file my taxes. Also, did you end up using any tax software or did you file manually? I'm wondering if the software automatically knows to ignore that big proceeds number and focus on the actual gains.
Check if you have a 971 code coming after the 570. That usually means they sent you a notice explaining the hold
Code 570 with EIC claims is pretty standard - they're just verifying your qualifying children and income. Since your credits are already scheduled for April 15th, the IRS is confident they'll release the hold by then. The fact that you filed so early (February) actually works in your favor because there's plenty of time for them to complete their review before the scheduled release date. Most EIC verification holds clear within 4-6 weeks, and yours should be resolved well before April 15th based on the timeline shown.
That's really reassuring to hear! I was freaking out because I've never had a 570 code before. So even though it says "additional account action pending" it's probably just them double-checking my EIC eligibility? I have 2 qualifying children so maybe they're just making sure everything matches up. Thanks for explaining the timeline - makes me feel way better knowing April 15th is still realistic š
Anastasia Sokolov
path act got us all stressed like š¤”
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StarSeeker
ā¢irs playing games with our money frfr
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Axel Bourke
Your transcript looks good! Since you filed Jan 29th and it processed Feb 25th, you're actually past the PATH Act hold period (which typically ends mid-February). Those April dates on codes 766 and 768 are just system placeholders - they don't mean you have to wait until April. With cycle 20250605, you should see movement on Wednesdays/Thursdays. I'd expect your 846 refund code to show up within the next week or two. No need for an 806 code first - you can go straight to 846 with your refund amount of $5,755!
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