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just fyi transcripts update every tuesday morning if ur checking refund status
oh fr? good to know thx for the correction
Another option if you're having trouble with online access - many public libraries and tax prep offices have computers set up specifically for accessing IRS transcripts. The librarians are usually pretty helpful if you get stuck on the verification steps!
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.
Does the gift tax exclusion apply per recipient or is it a total across all gifts you give in a year? I was planning to give each of my three kids I-Bonds.
The gift tax exclusion applies per recipient, so you can give up to $17,000 to each of your three kids in 2024 without having to file a gift tax return. That's $17,000 per person you give to, not a total limit for all your gifts combined. So if you wanted to give each of your three kids I-Bonds worth $15,000 each (totaling $45,000), you'd still be under the exclusion limit for each child and wouldn't need to file a gift tax return. It's a pretty generous limit for most normal family gifting situations.
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.
Is that true even if you're using it for non-educational expenses? I thought the tax exemption only applied if you used the bonds for qualified education expenses.
You're thinking of the education tax exclusion, which is different. I-Bond interest is exempt from state and local income taxes regardless of how you use the money - that's just a built-in feature of all Series I Savings Bonds. The education tax exclusion is a separate federal benefit that can eliminate federal taxes on the interest if you use the bonds for qualified education expenses and meet income requirements. So in California, you'd never pay state tax on I-Bond interest whether it's for education or anything else!
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.
When u finally get in make sure to save PDFs of everything. Don't wanna go thru this whole process again trust me
Just went through this myself last month! Here's the step-by-step: 1) Look for "Get Transcript Online" button (should be blue and prominent on the main transcript page), 2) You'll be redirected to ID.me for identity verification - this is the tricky part that trips everyone up, 3) Have your SSN, phone, and a government ID ready for the verification process, 4) Once verified, you can download your transcripts immediately as PDFs. The ID.me verification can take 10-15 minutes if you do the selfie route, or longer if you need to upload documents. Don't get discouraged if it seems complicated - it's worth it for instant access. And definitely avoid that maintenance window on Feb 9th!
Layla Sanders
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.
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Aaliyah Reed
β’Wait seriously? So I might not even get a 1099K this year? That's a relief. Do you know if Venmo will still collect our tax info anyway? They already made me enter my SSN.
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Layla Sanders
β’Yes, even though the reporting threshold is still at $20,000 for the 2023 tax year, Venmo and other payment platforms are still collecting tax information now to prepare for when the lower threshold takes effect. They're getting everyone's information in their systems ahead of time. Remember though, whether you receive a 1099-K or not, gambling winnings are still technically taxable income that should be reported on your tax return. The form just makes it more likely the IRS will notice if you don't report it.
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Morgan Washington
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.
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Kaylee Cook
β’So if I understand correctly, if my total itemized deductions including gambling losses wouldn't exceed the standard deduction, I basically just have to eat the tax on my gambling winnings without any offset for my losses? That seems really unfair.
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QuantumQuasar
β’Unfortunately, yes, that's exactly how it works under current tax law. If you take the standard deduction, you can't deduct gambling losses at all, even though you still have to report and pay taxes on your gambling winnings. It's one of the quirks of the tax code that many people find frustrating. The only way to deduct gambling losses is to itemize, and for that to make sense, your total itemized deductions (including the gambling losses) would need to exceed the standard deduction amount. So unless you have significant mortgage interest, state/local taxes, charitable donations, or other itemizable expenses, you're stuck paying tax on the gross winnings. This is why it's important to keep detailed records of both wins and losses throughout the year - you might find that in some years itemizing makes sense, especially if you have other large deductible expenses.
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