I'm dealing with almost identical codes right now! Just got my 570 about 10 days ago and was totally panicking about all those $0.00 amounts showing up. Reading through everyone's experiences here is such a relief - I had no idea how common this was with EIC claims. The March 3rd date on your 570 is actually encouraging since we're already past that point. From what I'm gathering from everyone's posts, these income verification holds typically clear within 2-4 weeks, and since you're in cycle 20250605 (weekly processing), you should hopefully see movement soon. Those $0.00 amounts for codes 806, 766, and 768 are just placeholders while they verify everything - I was convinced my withholding had disappeared or something! The April 15th dates are just system defaults, not actual delays. Keep checking your transcript on Mondays when they update. You'll know things are moving when you see a 571 code (hold released) followed by an 846 (refund issued). The waiting is absolutely brutal when you're counting on that money, but it sounds like this is just standard procedure. Hang in there! 🤞

I'm going through the exact same situation! Got code 570 about a week and a half ago with the March 1st date, and like you, all my amounts are showing $0.00 which had me completely freaking out. I also claimed EIC and have similar withholding patterns on my transcript. After reading through all these comments, it's actually really reassuring to see how common this is with EIC claims - apparently the IRS automatically flags these for income verification to prevent fraud. The $0.00 amounts are just placeholders while they review everything, not an indication that something went wrong with our filings. What's giving me hope is that several people mentioned the 2-4 week timeline for these holds to clear, and since you're already past your March 3rd date, you should hopefully see movement soon. I've been checking my transcript every Monday when they update, looking for that 571 code (hold released) followed by the 846 (refund issued). The weekly processing cycle (20250605) is actually good news since those tend to move faster than monthly cycles. Those April 15th dates on your credits are just system defaults, not actual delays. Hang in there - sounds like we're both just caught up in standard verification procedure that should resolve automatically! 🤞

Has anyone actually withdrawn their excess HSA contribution? I called my HSA provider (HealthEquity) about this and they made it sound super complicated. They said I needed to request a "distribution of excess contributions" and that I'd get a special tax form for it. But then I'd need to sort out how much earnings those excess contributions had made?? How do you even calculate that? The whole thing sounds like a headache.

I went through this exact situation two years ago and wanted to share what I learned. First, definitely get that $125 distribution error fixed on your amendment - the IRS can be picky about HSA reporting accuracy. For the $550 excess, I'd strongly recommend calling your HSA provider ASAP to request a return of excess contributions rather than carrying it forward. Even though you've already filed, you likely still have time if you're within the extended deadline (October 15th). Here's why this approach is better: when you carry forward an excess contribution, you'll pay the 6% excise tax ($33) this year, and if you mess up the math on reducing next year's contributions (which is easy to do), you could end up paying the penalty multiple years. I made that mistake and ended up owing penalties for three years before I figured out how to properly "use up" the excess. The return of excess contributions route means you pay tax on any earnings, file one amendment to fix everything, and you're done. Much cleaner. Your HSA provider should be able to calculate the earnings portion automatically - you don't have to figure that out yourself.

This is such a helpful thread! I'm dealing with a similar situation but with a twist - I sold vacant land that I originally received as a gift from my grandmother in 2019. She had owned it since the 1980s. I'm getting confused about the basis calculation. Do I use what my grandmother originally paid back in the 1980s, or do I use the fair market value when she gifted it to me in 2019? The 1099-S shows the sale price but obviously doesn't help with the basis. Also, does the fact that it was a gift change anything about reporting it on Schedule D? I'm seeing conflicting information online about whether gift property gets treated differently for tax purposes. Any guidance would be much appreciated! This thread has already cleared up so much confusion about the "covered" vs "not covered" question.

This is exactly the kind of situation where having the right documentation makes all the difference! For gift property, you'll definitely need to track down your grandmother's original purchase information if possible - old deeds, closing statements, or even property tax records from the county can help establish her basis. One thing to keep in mind is that if your grandmother made any improvements to the land over the years (like surveys, clearing, utilities, etc.), those costs would also be added to her original basis, which then carries over to you. If you absolutely can't find her original purchase records, you might need to research comparable land sales from that time period in the same area to establish a reasonable estimate of what she paid. County assessor's offices sometimes have historical records that can help with this. The good news is that land values have generally increased significantly since the 1980s, so your grandmother's original basis is probably much lower than the 2019 fair market value, which means you'll use her lower basis (better for you tax-wise when calculating gains). Don't forget that you can also add any improvements YOU made to the property between 2019 and when you sold it to increase your basis further!

Am I completely misunderstanding something? I thought Roth contributions were always made with after-tax dollars, so why would lowering your MAGI matter for contribution eligibility? Isn't the whole point that you pay taxes now so you don't pay them later in retirement?

Based on everyone's helpful responses here, it sounds like your $4,000 charitable donation alone won't help you get under the Roth IRA income limits unless you have other significant itemized deductions totaling over $14,600. Instead, I'd recommend focusing on "above-the-line" deductions that directly reduce your MAGI regardless of whether you itemize: 1. Max out your 401(k) contributions if your employer offers one ($23,500 limit for 2025) 2. Contribute to an HSA if you're eligible ($4,150 for individual coverage in 2025) 3. Consider a traditional IRA contribution if you're not covered by a workplace plan With your $142k income, you'd only need to reduce your MAGI by about $2,000-3,000 to get comfortably under the phase-out threshold. An HSA contribution alone could get you there while also giving you triple tax benefits (deductible contribution, tax-free growth, tax-free withdrawals for medical expenses). You could still make those charitable donations for the good causes you support, but don't count on them to help with your Roth eligibility unless you're already planning to itemize for other reasons.

This has been such an informative thread! As someone who's been lurking on this sub for a while but just created my first Patreon last week, I'm realizing I need to get my tax situation sorted out from the beginning. One thing I'm curious about that I haven't seen mentioned yet - what about the fees that Patreon takes? They charge processing fees and their platform fee, so if I technically "earn" $100 but only receive $91 after fees, do I report the $100 or the $91? I'm assuming it's the gross amount before fees, but I wanted to double-check. Also, can those Patreon fees be deducted as business expenses? Seems like they should be since they're a cost of doing business, but I want to make sure I'm thinking about this correctly. Thanks to everyone who's shared their experiences - this community is amazing for helping newcomers navigate all this stuff!

This thread has been incredibly valuable! As someone who's been doing freelance graphic design for a few years but just started getting into content creation, I had no idea about so many of these tax implications. One thing I wanted to add that might help other creators - if you're doing both freelance work AND content creation (like Patreon, YouTube, etc.), you can actually combine all your self-employment activities on one Schedule C rather than filing separate ones for each income stream. This can be really helpful for maximizing your business expense deductions since you can pool expenses that benefit multiple aspects of your creative business. For example, my computer, software subscriptions, and home office are used for both my client work and my tutorial content, so I can deduct the full amounts rather than trying to split them between different schedules. Just make sure to keep good records showing how expenses relate to your various income sources. The separate business bank account advice is spot on too - I set mine up two years ago and it's made tax time so much less stressful. I even got a business credit card that I use exclusively for creative expenses, which makes tracking even easier since all my deductions show up on one monthly statement. Thanks to everyone who shared their experiences, especially about the quarterly estimated taxes - that's definitely something I need to start doing as my content income grows!