Just a heads-up that the 3-year limit for amending 2020 returns is coming up soon if you filed on the regular deadline in 2021. If you're gonna file an amendment, don't wait too much longer!

I was in almost the exact same boat last year with a forgotten 1099-NEC from 2019. I kept putting off dealing with it because I was scared of what might happen, but honestly it turned out to be much less scary than I thought. I ended up filing the amended return (1040-X) myself using the IRS Free File software, and it was actually pretty straightforward. The additional tax I owed was only about $85, plus maybe $15 in interest. No major penalties since it was clearly an honest mistake and the amount was small. The hardest part was just getting over the anxiety of dealing with it. Once I actually sat down and did the paperwork, it took maybe an hour total. Filed it electronically and got confirmation that it was processed about 6 weeks later. My advice would be to just bite the bullet and file the amendment sooner rather than later. The peace of mind is worth it, and you'll probably find the actual financial impact is much smaller than you're imagining.

Let me walk you through what's happening with your transcript. First, code 150 shows your tax liability - the amount of tax calculated on your income. Second, this is completely normal and doesn't mean money is being taken from your refund. Third, your boyfriend showing $0 means his deductions and credits reduced his tax liability to zero. Fourth, to calculate your expected refund, find code 806 (withholding) and any credit codes (like 766). Fifth, subtract your code 150 amount from those combined amounts. That's your expected refund. Don't worry - this is all part of the normal process.

Hey Maya! I totally understand the panic - tax transcripts can be super confusing at first glance. Code 150 is actually showing your calculated tax liability (what you owe in taxes), not an amount being deducted from your refund. Think of it like this: if you bought something for $1600 but had store credit and gift cards to cover it, the $1600 is still the "price" even though you might not pay anything out of pocket. Your boyfriend's $0.00 likely means his deductions, credits, or filing status brought his tax liability down to zero. To see your actual refund amount, look for codes like 806 (tax withholding from your paychecks) and 766 (refundable credits). Your refund would be those amounts minus the $1600 code 150. So if you had $2200 withheld (code 806), you'd get a $600 refund. Hope this helps ease your worry!

Has anyone noticed discrepancies between what tax software calculates for QBI and what shows up on their transcript? My H&R Block software showed about $1,800 for this deduction but my transcript shows almost $2,400. Is that normal or should I be concerned?

I went through something very similar! The F8995 line on your transcript is actually showing that the IRS automatically calculated and applied your Qualified Business Income deduction - this is a good thing, not something you missed. Since you mentioned you included your K-1 from the partnership, that's exactly what triggered this deduction. The QBI deduction allows you to deduct up to 20% of your qualified business income from pass-through entities like partnerships, S-corps, sole proprietorships, etc. TurboTax should have handled this calculation behind the scenes when you entered your K-1 information. The fact that it shows up on your transcript with that dollar amount means it was properly applied to reduce your tax liability. You don't need to file an amended return - you already got the benefit of this deduction. The "COMPUTER" part just means it was calculated automatically by the IRS processing system based on the information in your return. This is totally normal and happens with many tax calculations.

I had the EXACT same situation - filed HoH in February, 570 code in March. I waited about 3 weeks and suddenly saw the 846 code without ever getting a notice or having to call. Sometimes they just randomly select returns for review and it resolves on its own. Be patient!

I went through this exact situation last year! The 570 code with a 971 notice is super common - it just means they're doing a routine review of your return. In most cases, it's completely automated and resolves itself within 2-4 weeks without you needing to do anything. The -1 balance is just their way of showing you have a credit (refund) coming, but it doesn't show the actual amount on the transcript sometimes. Since you verified your identity on March 10th and your transcript updated on March 15th, you're probably in the clear. The identity verification was likely what triggered the review in the first place. Now they just need to finish processing everything. Keep checking your transcript weekly - you should see either a 571 code (releasing the hold) followed by an 846 code (refund issued), or just the 846 code directly. Based on your timeline, I'd expect to see movement in the next 1-2 weeks. The notice they're sending is probably just a standard "we're reviewing your return" letter. Don't stress too much - this is way more common than you'd think!

UPDATE?? Did your money show up OP?

Hang in there! This is actually pretty common with mobile banking apps during tax season. The IRS considers the deposit "sent" on the date shown in your transcript, but it can take 1-3 business days to actually appear in your account, especially with apps like CashApp. Since you have the trace number, that's a good sign - it means the payment was processed and sent out. I'd wait until tomorrow morning before contacting CashApp support. If it still doesn't show up by then, definitely call them first since the IRS will just tell you to contact your bank anyway. Keep us posted!