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Just wanted to mention that the "notice on the 18th" could be referring to your account transcript cycle date. Many IRS transcripts update on a weekly cycle, and if yours updates on the 18th, that's when you might see movement. You can check this by looking at the cycle code on your account transcript - the last two digits indicate which day of the week your account updates (05 = Thursday night/Friday morning is common).
That makes so much sense! I just checked and you're right - my cycle code ends in 05. So that means my transcript updates Thursday nights? Does that mean if nothing changes this week, I should check again next Thursday?
Yes, exactly! If your cycle code ends in 05, your account typically updates overnight between Thursday and Friday. So check first thing Friday morning for any changes. If nothing changes this week, definitely check again next Friday morning. Many people don't realize the IRS works in these weekly batches for most processing. So your return might be completely processed already, but the transcript won't show the updates until your designated cycle date.
I was stuck in the same situation back in 2023 and discovered that checking transcripts obsessively actually made the wait feel longer lol. My suggestion is to set up direct deposit if you haven't already, and just assume it's gonna take 6-8 weeks total. The IRS is super backed up still. The funny thing is sometimes your refund will hit your bank account before the WMR tool or transcript even updates!
Has anyone itemized student loan interest? I paid like $4500 in interest last year and im hoping to get something back for that nightmare.
Student loan interest (up to $2,500) is actually an "above-the-line" deduction, not an itemized deduction. That means you can take it even if you claim the standard deduction! It's directly subtracted from your income before calculating your adjusted gross income.
Don't forget energy efficiency improvements to your home! We got solar panels last year and qualified for a 30% tax credit (not a deduction but even better). Also replaced windows and got another credit. Check out Form 5695 for residential energy credits.
Thanks for mentioning this! We actually did install some energy efficient windows as part of moving in. Do you know if that counts if they were installed by the previous owner right before we bought the place? Or does it only count if we paid for the installation ourselves?
Unfortunately, you only get the credit if you paid for the improvements yourself. If the previous owners installed them, they would get the credit on their tax return. However, now that you own the home, any new energy-efficient improvements you make going forward would qualify for you! The credits are pretty substantial - up to 30% for solar and geothermal, and up to $600 for energy-efficient windows (with a $1,200 annual maximum for most improvements). Might be worth considering additional upgrades this year!
Has anyone tried using a tax professional through Upwork or other freelance platforms? I've been considering this approach since you can see reviews, set up video interviews, and often find qualified people at more reasonable rates than local high-cost firms. Just wondering if there are pitfalls I'm not seeing.
I tried the Upwork approach last year and had mixed results. Found a CPA with great reviews, but she got totally overwhelmed during tax season and communication suffered. Also, verify their credentials independently - not everyone claiming to be a CPA on those platforms actually is. Check your state's CPA license lookup tool.
Thank you for sharing your experience. That's a really good point about verification - I hadn't considered that credentials might not be properly vetted on freelance platforms. I'll definitely use my state's CPA license lookup tool if I go this route. The communication issue during busy season is concerning too. Maybe I should look for someone who has a smaller client base or specifically mentions their communication protocols during tax season.
Don't overlook smaller regional accounting firms that have embraced virtual services. After trying both large chains and independent preparers, I found a medium-sized firm based in Tennessee (I'm in California) that specialized in tech workers and property investors. Because they're located in a lower-cost area, their rates were about 30% less than comparable services in my city. The key is finding firms that explicitly market their virtual services and have experience with clients in tech hubs. They're used to handling RSUs, options and other tech compensation while charging more reasonable rates. The one I use even has a secure portal for document sharing and virtual meetings that's much better than just emailing files back and forth.
One thing nobody mentioned yet - I always run my info through two different tax software programs and compare the results! I use FreeTaxUSA and then also input everything into TaxAct (or sometimes TurboTax if I can find a free version). If both software packages come up with the same refund/amount owed, I'm much more confident everything is correct. When they don't match, it helps me track down where the discrepancy is happening, which usually reveals an error in how I entered something. It takes extra time but gives me peace of mind, especially since different software sometimes asks questions in different ways that make me realize I misunderstood something.
That's a really smart idea! Does FreeTaxUSA let you go through the whole process without paying? I know they charge for state filing, but do they let you see your final federal numbers before submitting payment? And have you ever found significant differences between the two calculations?
FreeTaxUSA lets you go through the entire process and see your completed federal return for free - you only pay when you actually file. So you can definitely see your final numbers before deciding to submit. And yes, I've caught some pretty significant differences! Last year, there was a $1,200 difference between FreeTaxUSA and TurboTax on my refund. Turned out I had accidentally entered a 1099-MISC as a 1099-NEC in one of the programs which changed how the income was classified. Another time, I discovered I had incorrectly answered a question about qualified business income in one software but not the other. The cross-checking has definitely saved me from some big mistakes.
For us regular people with normal jobs and no fancy investments or rental properties, FreeTaxUSA is pretty foolproof. I've used it for 5 years now without any issues. My main tip is to compare this year's return to last year's. If there are big differences in adjusted gross income, total tax, or refund amount that don't match up with life changes you've had (new job, bought house, had baby, etc), that's a red flag to investigate. Most years your tax situation doesn't change dramatically unless something major happened in your life.
This is great advice! I also recommend checking if your state tax refund/amount owed seems reasonable compared to your federal. They shouldn't be wildly different proportionately unless you live in a state with unusual tax situations. If federal shows a big refund but state shows you owing a ton, that could indicate something's wrong.
Ellie Lopez
For everyone asking about education tax breaks, make sure you understand the difference between deductions and credits! Credits are way better because they reduce your tax bill dollar-for-dollar. The American Opportunity Credit can be worth up to $2,500 while the Lifetime Learning Credit maxes at $2,000. The student loan interest deduction is just thatβa deductionβwhich only reduces your taxable income (worth way less). So honestly, paying off your loan early to avoid interest and focusing on the credits instead is usually the smarter move financially.
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Chad Winthrope
β’But what if my school didn't send me a 1098-T form? I paid tuition but never got any tax forms. Can I still claim education credits somehow?
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Ellie Lopez
β’You can still claim education credits even if you didn't receive a 1098-T, but you'll need to be able to document your qualified education expenses. Contact your school's bursar or student accounts office immediately and request a copy of your 1098-T. Most schools also make these available to download from your student portal. If for some reason they didn't issue one, keep all receipts showing you paid qualified education expenses. You aren't technically required to attach the form to your return, but you do need documentation in case of an audit. The IRS allows you to claim the credit with alternative documentation of your expenses.
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Paige Cantoni
So annoying how everyone keeps talking about 1098-T and education credits when OP was asking about the 1098-E for loan interest π to clarify: a 1098-E is only issued if you paid at least $600 in student loan interest. Since you paid zero interest, you won't get this form and can't claim the interest deduction. Paying off loans early is ALWAYS better than getting a tax deduction for interest! You made the right financial move!
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Kylo Ren
β’Actually, the OP specifically asked about a 1098-T in the title, not a 1098-E, so people are responding correctly. The confusion about which form is which is exactly the issue here.
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