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Just to add another perspective - $771 on $26,500 income is approximately a 2.9% effective tax rate, which is actually pretty low. The standard 10% tax bracket would typically result in more, but you're likely benefiting from some credits or deductions already. Make sure you're claiming the standard deduction properly. For 2024 taxes (filed in 2025), the standard deduction for a single filer is $13,850, which significantly reduces your taxable income.
Thanks for putting it in perspective! I think you're right that TurboTax is already giving me the standard deduction. When you put it that way, 2.9% doesn't sound as scary. I'm single with no dependents and this is my first time owing instead of getting a refund so I just panicked. Do you know if I can still contribute to an IRA or something to reduce my 2024 taxes even though it's already 2025?
Yes, you can still contribute to an IRA for the 2024 tax year until the tax filing deadline (April 15, 2025). This is one of the few "retroactive" tax moves you can make. For 2024, you can contribute up to $7,000 to a traditional IRA, and if you haven't already done so, this could reduce your taxable income. With your income level, a $1,000 contribution might save you around $100 in taxes. Plus, you might qualify for the Retirement Savings Contribution Credit (Saver's Credit), which could give you additional tax benefits for contributing to retirement accounts.
I'm confused by one thing - did you check if you're eligible for the Earned Income Tax Credit (EITC)? With an income of $26,500, you might qualify depending on your filing status and if you have any qualifying children. For 2024 taxes, a single filer with no children can qualify for EITC with income up to about $17,640. If you have one child, that limit goes up to $46,560. Could be worth checking if you qualify!
KylieRose
ā¢The EITC income limits changed slightly for 2024 filing. For single filers with no children, the limit is actually $17,950. But the other issue is that unemployment compensation doesn't count as "earned income" for EITC purposes. So OP would only count the $17,900 from their job, not the unemployment money.
I think TurboTax checked for that automatically but I'll double check. I don't have any kids so I'm not sure if I qualify, but if the limit is around $17,900 for just my job income (without counting unemployment) then maybe I do? Thanks for the suggestion, I'll look into it!
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Emma Wilson
I think everyone's overcomplicating this. IRC 334(b)(1) is pretty clear - in a 332 liquidation, the basis of property received by the parent corporation is the same as it was in the hands of the distributing corporation. No choices, no elections, just a straightforward carryover basis rule. The parent might have choices about HOW to structure the transaction in the first place (like whether to qualify for 332 treatment), but once you're in 332 territory, the basis rules in 334(b) are fixed.
Malik Davis
ā¢But what about Section 336(e)? Doesn't that election let you treat the liquidation differently for basis purposes? I thought that gave corporations some flexibility in how assets are valued during liquidation.
Emma Wilson
ā¢Good question about 336(e). That election is different - it applies to certain stock dispositions, not to the liquidation itself. A 336(e) election can apply when a corporation sells stock of a subsidiary, and it essentially treats the transaction as an asset sale rather than a stock sale. But in a straight 332 liquidation where the parent is receiving assets directly from its subsidiary, 334(b)(1) controls and mandates carryover basis. The flexibility you're thinking about might relate to planning opportunities before the liquidation, but not to the basis determination once you're in a qualifying 332 liquidation.
Speaking from experience, the original poster should be extremely careful about relying on forum advice for something this complex. I made that mistake with a similar corporate liquidation scenario last year. I recommend consulting a corporate tax specialist because these transactions have many moving parts beyond just the basic code provisions. Things like E&P, previously taxed income, loss disallowance rules, etc., can all affect the overall tax results even if the basic carryover basis rule is straightforward.
Ravi Gupta
ā¢Totally agree. My company did a subsidiary liquidation last year and we got caught by the built-in loss limitations we didn't know about. Cost us a fortune. Would have been worth paying a specialist!
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CosmicCadet
Don't stress too much about the "accepted" email. It's a good sign but doesn't mean much for timing. Last year I got that same email from HR Block and still waited 7 weeks for my refund because I had education credits. My sister filed the same day with a simpler return and got her money in 10 days. If you claimed any credits like Earned Income Credit, Child Tax Credit, or American Opportunity Credit, the IRS automatically takes longer to review those returns. Same if you have self-employment income or itemized deductions.
I did claim the American Opportunity Credit for my daughter's college expenses. That might explain the delay! Did you do anything special to speed up your refund last year, or just wait it out?
CosmicCadet
ā¢I just had to wait it out. With education credits, the IRS does additional verification steps that can't really be rushed. Make sure you have all the supporting documentation (like Form 1098-T from the college) saved in case they request it. In my experience, the "Where's My Refund" tool will be stuck on "processing" for weeks, then suddenly update to "approved" and you'll usually get your refund within 2-3 days after that. The waiting is frustrating but eventually it comes through. Just keep checking the IRS tool once a week rather than daily to save yourself some anxiety.
Chloe Harris
This is exactly why I switched from HR Block to a local CPA. The big tax prep companies are terrible at communication. The emails are automated and don't tell you anything useful about what's actually happening with your return. My CPA costs about $75 more than HR Block charged me last year, but she answers my questions directly, explains what's happening at each stage, and even has a direct line to the IRS Practitioner Hotline if there are issues. Worth every penny for the peace of mind.
Not everyone has an extra $75 to spend though. Plus a CPA doesn't make the IRS process returns any faster. I use FreeTaxUSA and get the same timeline as people who pay hundreds for preparers. The IRS processing is what it is regardless of how you file.
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Sayid Hassan
Small but important detail: make sure you know the CURRENT reporting threshold for Form 3520. It's adjusted for inflation every year. For 2024, gifts from foreign individuals need to be reported if they exceed $100,000 (aggregate annual amount). A friend of mine got a penalty for not filing because she was using outdated information about the threshold. Also, don't forget the deadline for Form 3520 is your regular tax filing deadline (including extensions).
Rachel Tao
ā¢Isn't the deadline different for Form 3520-A though? I know that's for foreign trusts, but I get confused between all these similar forms.
Sayid Hassan
ā¢You're right to ask about that. Form 3520-A (Annual Information Return of Foreign Trust With a U.S. Owner) has a different deadline - it's due March 15 for calendar year trusts, while Form 3520 is due with your individual tax return. But in the original poster's case, we're talking about Form 3520 for reporting a foreign gift, not Form 3520-A which is for foreign trusts with US owners. So the deadline would be the same as their regular tax return filing date (April 15, or October 15 with an extension). Always good to be clear about which form we're discussing since they have similar numbers but different purposes and deadlines.
Derek Olson
Has anyone here actually been audited over Form 3520? I'm wondering how aggressive the IRS is about enforcing these foreign gift reporting requirements. My tax person made it sound like failing to file this form is basically guaranteed penalties.
My cousin got hit with a $10,000 penalty for not filing a 3520 for a gift from his grandmother in Korea. He had no idea about the requirement and the IRS showed zero mercy even though it was an honest mistake. They're definitely enforcing this.
Michael Adams
Just want to add that when I did my insolvency worksheet, I found my old credit reports really helpful. You can sometimes get historical credit reports that show what accounts and debts you had open at specific times. This gave me proof of several liabilities I had forgotten about. For the land contract question, I was in a similar situation. The IRS considered mine a mortgage liability since I was building equity and responsible for the property. Make sure you include the full remaining balance as a liability, not just your monthly payment amount.
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Harper Hill
ā¢How far back can you get credit reports? Do you remember which bureau you used to get historical data?
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Michael Adams
ā¢You can typically get credit report data going back 7-10 years, though it gets less detailed the further back you go. I used Experian for my historical report and specifically requested information from the year my debt was cancelled. You might need to call them directly rather than using their online system to get historical reports.
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Natalie Wang
When I filled out my insolvency worksheet, I took pictures of all my furniture and household items and asked a local thrift store manager to give me a rough estimate of what they would price them at. The IRS accepted this documentation when they questioned my values.
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Noah Torres
ā¢That's actually really smart. Did you just walk into a thrift store and ask, or did you need to know someone who worked there? I'm trying to figure out how to document my old furniture values.
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