I filed on February 2nd and my transcripts were blank until March 29th. Called the IRS on March 15th and they couldn't tell me anything useful. Just the standard "allow 21 days" response. Then suddenly on March 29th everything updated at once and I had my refund on April 3rd. The system is frustratingly opaque this year - worse than 2023 for sure. My advice is to just keep checking Friday mornings, as that's when most updates happen.

Hey there! I totally get your frustration - the waiting game with blank transcripts is the worst, especially when you really need that refund. I went through something similar last year as a newer filer too. Since you filed in February and it's now March, you're likely still in the normal processing window, even though it feels like forever. The blank transcripts just mean your return hasn't been assigned to a processing cycle yet - think of it like being in line at the DMV but not knowing what number you are. A few things that might help while you wait: • Keep checking WMR (Where's My Refund) - if it shows "received" that's at least confirmation they have your return • Try checking Friday mornings since that's when most transcript/WMR updates happen • Make sure your return was actually accepted by your tax software (not just submitted) • If you claimed EITC, CTC, or ACTC, those automatically take longer due to PATH Act holds The good news is once things start moving, they usually move pretty quickly. Hang in there - you should see some movement soon! 🤞

Anyone know if there's a fee for filing an extension through TurboTax? I remember a few years ago they tried to charge me extra for this but I'm not sure if that's still the case.

Just want to add from my experience - when you file an extension through TurboTax, it's super important to be as accurate as possible with your estimate even if you don't have all your documents yet. I learned this the hard way a couple years ago when I way underestimated what I owed and got hit with penalties even though I had filed the extension properly. What helped me was looking at my previous year's tax return and adjusting based on any major changes in income. If your freelance work was similar to last year, you can use that as a baseline and add a buffer. The IRS is generally more forgiving if you overpay and need a refund than if you underpay and owe more later. Also, don't forget that if you made quarterly estimated payments during the year, those count toward what you owe! I almost double-paid one year because I forgot to factor those in when calculating my extension payment.

Has anyone used QuickBooks Time or similar apps for tracking material participation? My accountant suggested it but it seems like overkill for just partnership documentation.

For what it's worth, I've been through a similar situation with health issues affecting my participation hours. One thing that helped me was realizing that time spent on administrative tasks like reviewing financials, insurance matters, vendor negotiations, and even business-related phone calls all count toward material participation - not just the obvious "management" activities. Since you mentioned health issues, don't forget that time spent dealing with business insurance, worker's comp issues, or even reviewing partnership agreements during your recovery could count. I kept a simple daily log in my phone's notes app during my recovery period, just jotting down "reviewed bank statements - 30 min" or "client follow-up call - 15 min" throughout the day. Also, consider the "facts and circumstances" test if you don't hit the hour thresholds. Given that you're a 50% owner actively involved in operations (even if reduced due to health), you might still qualify as materially participating. Documentation becomes even more crucial for this test though.

Has anyone dealt with the situation where BOTH you and your parents file conflicting returns? I accidentally claimed myself as independent last year when my parents had already claimed me as dependent. It was a NIGHTMARE. We got letters from the IRS and had to file amended returns.

This is such a common situation! I went through something similar when I was 24 and had just started working full-time while living at home. The support test calculation can be tricky, but it's really important to get it right. One thing that helped me was creating a spreadsheet to track all the support items. I included fair market rent for my room (looked up similar rentals in the area), my portion of utilities, groceries, health insurance premiums, car expenses, phone bill, clothing, entertainment, etc. Then I calculated what percentage I paid vs. what my parents covered. Don't forget to include things like the value of meals your parents provide, any medical expenses they pay for you, and educational expenses if applicable. These can add up to more than you might think. The key insight for me was realizing that even though I was earning decent money, the fair market value of housing in my area was really high, so my parents were actually providing more than half my total support even with my income. Make sure you're using realistic market values for housing costs - don't lowball it just because your parents own their home outright.

I actually maintain a spreadsheet for exactly this purpose! After getting burned by surprise non-qualified dividends a few years back, I started tracking the treaty status for different countries. The IRS doesn't make it easy, but here are some key resources I've found helpful: 1) Publication 515 (Withholding of Tax on Nonresident Aliens and Foreign Entities) has the most comprehensive treaty information 2) The IRS website has a "United States Income Tax Treaties - A to Z" page that lists all treaties, but you have to dig into each one to see if it includes the information exchange provisions 3) Most importantly, look for treaties that reference "Article 26" or similar language about "Exchange of Information" - that's usually the qualifying provision From my research, countries like Canada, UK, Germany, Netherlands, and most EU countries have the comprehensive treaties that allow OTC stocks to produce qualified dividends. Meanwhile, China, Japan (surprisingly!), and several other Asian countries have basic treaties that don't include the required exchange provisions. One thing that really surprised me was that some countries you'd expect to have comprehensive treaties (like Japan) actually don't for this specific purpose. It's not necessarily correlated with how developed or trustworthy the country is from a trade perspective. Happy to share my spreadsheet template if anyone's interested - just took me forever to compile all this info and would hate for others to have to start from scratch!

This thread has been incredibly enlightening! I've been holding TCEHY for about two years now and just accepted that the dividends were non-qualified without really understanding why. The explanation about China's tax treaty lacking the specific "exchange of information program" provision finally makes it clear. What's particularly frustrating is that this seems like something that should be much more transparent upfront. When you're researching foreign stocks on broker platforms, they'll show you all sorts of data about the company, but nowhere does it clearly indicate "hey, by the way, dividends from this stock will be taxed at your ordinary income rate instead of the preferential rate." For those of us building long-term dividend portfolios, this can significantly impact the after-tax returns. I'm now wondering if I should reconsider some of my Chinese ADR positions and maybe look at alternatives that trade directly on major US exchanges instead of OTC. @Geoff Richards - I'd also love to get a copy of that spreadsheet template if you're willing to share it! Having a clear reference for which countries have qualifying treaties would be invaluable for future investment decisions. It's amazing how much research we have to do ourselves on tax implications that really should be more readily available.