anyone else notice how the systems always act up during peak filing season? like clockwork 🤡

I went through the exact same thing last month! The change from "non-filing" to "no record of return filed" is actually progress - it means the IRS is actively updating their system for the 2024 tax year. When I saw this status change, my return showed up in the system about 10 days later with a 971 notice code, then processed within another week after that. The key thing is that you're now in their queue and they're looking for your return. Keep checking your Account Transcript (not just W&I) every few days - that's where you'll see the real processing updates with the 150/846 codes when your refund gets approved.

I've been dealing with oil and gas K1s for several years now, and I completely understand your frustration. The tax benefits are real, but they're often misunderstood by general tax preparers who don't specialize in these investments. Here's what you should specifically look for on your K1: Box 13 is where most of the magic happens. Look for code "V" which represents your share of intangible drilling costs (IDCs) - this is typically the largest deduction and can often be taken in full in the first year. You might also see code "W" for depletion allowances. Don't forget that some oil and gas partnerships also provide separate statements or schedules that break down the tax treatment of your investment. The partnership should have sent you supplementary information explaining how your investment dollars were allocated between IDCs (immediately deductible), tangible drilling costs (7-year depreciation), and lease acquisition costs (recovered through depletion). If your current accountant isn't familiar with these specialized deductions, it's worth getting a second opinion from someone who regularly handles oil and gas investments. The tax code has specific provisions for these investments that many general practitioners simply aren't familiar with.

I went through something very similar with my oil and gas K1 last year. The key thing I learned is that you really need to understand the different "buckets" your investment gets divided into for tax purposes. Most drilling partnerships allocate your investment roughly like this: 60-80% goes to intangible drilling costs (IDCs) which are immediately deductible, 15-25% to tangible equipment that gets depreciated over 7 years, and the remainder to lease costs recovered through depletion allowances over time. The IDCs are the big win - they should show up in Box 13 of your K1 with code "V" and can typically offset your regular income dollar-for-dollar in year one. This is probably what the promoter was referring to when they talked about tax benefits. One red flag: if your accountant isn't familiar with oil and gas investments, they might be treating everything as subject to passive loss limitations, which would be incorrect for IDCs. The tax code has special provisions (Section 469(c)(3)) that exempt IDCs from these limitations. I'd suggest asking your accountant to specifically look at Box 13 codes V and W, and if they're not comfortable with oil and gas taxation, definitely get a second opinion from someone who specializes in energy investments. The tax benefits are real, but you need someone who knows where to find them on the K1.

ur good fam, no audit codes. should see that $$ hit ur account soon 💅

Hey Mia! I see you're dealing with the same confusing transcript codes that trip up so many of us. Those 2025 dates are definitely just system placeholders - I had the exact same thing happen with my return last month and was panicking thinking I'd have to wait until next year! Your codes look really good actually - 150 means your return is filed and accepted, 766 is your refundable credits, and 768 is your earned income credit. The fact that you don't see any hold codes like 570 or 971 means you're in the clear for processing. Since you filed 2/24, you should be getting close to that 21-day mark. Have you been checking Where's My Refund on the IRS website? That usually updates before the transcript does with your actual deposit date. The $9,804 total ($2,844 + $6,960) should hit your account any day now based on your timeline!

Has anyone here done the math on whether it's better to max 401k or do some in 401k and some in a Roth for this income level? I'm trying to figure out the best split now that my income is higher.

Congratulations on your promotion! I went through a similar situation a couple years ago when my income jumped significantly. One thing that really helped me was calculating my estimated effective tax rate vs marginal rate - the effective rate increase isn't as scary as it first seems. With your combined income of $215k, you're right that some will hit the 32% bracket, but your effective rate will still be much lower. At your income level, definitely consider maxing the 401k ($23,000 for 2024) - every dollar you put in saves you 32 cents in taxes on the portion above $182,100. Also worth noting: make sure to update your W-4 with HR soon. The withholding tables might not automatically adjust properly for such a big jump mid-year, and you don't want to be surprised with a big bill next April. The IRS withholding calculator someone mentioned earlier is really helpful for this. One more tip - if you have an HSA option through your health plan, definitely max that out too ($4,300 individual/$8,550 family for 2024). It's the only triple tax advantage account we have!

One thing to consider - if you don't file your taxes with this 1099-NEC income reported, and your family member already submitted it to the IRS, you're gonna get a lovely letter from the IRS eventually asking why the income they know about doesn't match what you reported. Trust me, you don't want that headache!!

The bottom line is you need to report this income since your family member is treating it as payment for services (which it sounds like it was - you mentioned doing "odd jobs" for them). The $8,000 you received is definitely over the $600 threshold that requires a 1099-NEC. Since they've already filed their taxes and issued the 1099, the IRS has a record of this income being paid to your SSN. If you don't report it on your return, you'll get an automated notice from the IRS asking about the discrepancy, and that usually comes with penalties and interest. The good news is that as a contractor, you can deduct legitimate business expenses - things like gas to get to their place, tools you bought for the work, etc. This can significantly reduce what you actually owe in taxes on that $8,000. Don't panic about being behind on filing - the IRS would much rather you file late and pay what you owe than not file at all. You might face some penalties for late filing, but it's way better than ignoring it completely.