This is such a helpful thread for beginners! I'm also new to trading and had the exact same confusion about how losses work when you're profitable overall. One thing I wanted to add that might help other newcomers - don't forget that your state might have different rules for capital gains taxes too. I'm in California and was surprised to learn that they don't give preferential treatment to long-term capital gains like the federal government does. So even if you hold stocks for over a year, California still taxes those gains as regular income. It's worth checking your state's specific rules since this can make a big difference in your overall tax planning strategy. Some states have no capital gains tax at all, while others treat it the same as ordinary income regardless of how long you held the investment. Also, totally agree with everyone saying to keep your own records! My broker's 1099-B had my cost basis wrong on a stock I transferred from another account, and having my own spreadsheet saved me from overpaying on taxes.

This thread has been incredibly helpful! I'm also a beginner trader and had the exact same confusion about how losses offset gains when you're profitable overall. One thing I learned recently that might help others - make sure to understand the difference between realized and unrealized gains/losses. Only trades you actually completed (bought AND sold) count for tax purposes. If you're holding stocks that are down but haven't sold them yet, those paper losses can't offset your realized gains for tax purposes. I made this mistake in my planning earlier this year - I thought my unrealized losses would help reduce my tax bill, but then realized I'd actually have to sell those positions before year-end to capture the losses. Just something to keep in mind as we approach the end of the year! Also echoing what others said about keeping your own records. I use a simple Google Sheet and it's been a lifesaver when reviewing my broker statements. Takes just a minute per trade but gives you so much more confidence when tax time comes around.

I've been using OLT for the past two years and it's been solid for my situation. I have W-2 income plus some freelance work and investment accounts, so not super simple but not crazy complex either. The biggest adjustment coming from TurboTax was the interface - it's definitely more bare-bones and doesn't hold your hand as much. But honestly, once you get used to it, it's actually faster to navigate because there's less fluff. The federal filing being completely free regardless of complexity is huge - I was paying like $120+ with TurboTax for the same forms. One thing to watch out for - their error checking isn't as robust as the bigger names, so definitely review everything carefully before submitting. I caught a couple small mistakes on my own that might have been flagged automatically in TurboTax. But for the price difference, it's worth the extra attention to detail. Customer service is decent if you need it, though not as polished as what you'd get with premium services. Overall, I'd recommend giving it a shot - worst case, you can always fall back to TurboTax if you run into issues, but I think you'll find it handles your situation just fine.

I've been following this thread and it's really helpful hearing everyone's experiences with OLT! I'm in a similar boat as Pedro - been using TurboTax forever but the cost keeps going up every year. One thing I haven't seen mentioned much is how OLT handles estimated quarterly payments if you have side gig income. Does anyone know if they provide the vouchers and calculate the amounts for next year's estimated payments like TurboTax does? That's been really convenient for my freelance work and I'd hate to lose that feature. Also, for those who made the switch - did you feel confident that your refund/tax owed amount was calculated correctly? I know some of you mentioned doing side-by-side comparisons, but I'm curious if anyone felt like they got a significantly different result between the two platforms that made them question the accuracy.

I went through almost the exact same thing! Had 570/971 codes holding up my 2022 refund because I never filed my 2019 return. The WMR message change you're seeing is definitely a great sign - that's exactly what happened for me about 2 weeks after I faxed in my missing return. From my experience, once you see that "being processed" message, you're probably looking at another 3-4 weeks before the refund actually hits your account. Keep checking your transcript weekly for code 571 (which will release the 570 hold) and then code 846 with your actual refund date. The 846 date was spot-on accurate for when my money was deposited. The whole process took about 6 weeks total from when I faxed my old return to getting my refund, but the hardest part is behind you now. The fact that they updated your status so quickly after you submitted your 2018 return shows they received it and are actively working on your case. Hang in there - you should see those transcript codes update soon!

This is really encouraging to hear! I'm in a very similar situation - my 2023 refund has been held with 570/971 codes because of a missing 2021 return that I completely spaced on filing. I just submitted it via certified mail last week and have been anxiously checking WMR every day since. The fact that your status changed from PATH Act to "being processed" so quickly (just 10 days after faxing) gives me hope that mine might update soon too. From all the helpful comments here, it sounds like once you see that processing message, you're definitely on the right track toward getting your refund released. I've learned so much about transcript codes from this thread - never thought I'd need to become an expert on 570, 571, and 846 codes just to understand what's happening with my own money! But it's really helpful to know what to look for. Thanks for sharing your experience and keeping us updated. Hoping both of our refunds get released soon! 🤞

I've been through this exact same situation twice now! Address changes are one of the most common triggers for IRS identity verification, so you're definitely not alone. Here's what I'd recommend: Definitely try the online verification first through ID.me on the official IRS website (irs.gov/identity-verification). Your apartment lease will absolutely work as proof of address - they accept leases, utility bills, bank statements, anything official with your new address on it. A few things that helped me get through it smoothly: - Have everything ready before you start: driver's license, Social Security card, lease agreement, and maybe a backup proof of address document - Make sure you have good lighting for the facial recognition part - this was the trickiest part for me - Don't rush through it - take your time with each step - Screenshot every confirmation page (learned this the hard way after a system glitch) The online process took me about 15-20 minutes both times, and my refunds were processed within 2 weeks. Much better than trying to get an IRS appointment, which are booking weeks out right now. With a $3,800 refund, it's definitely worth doing this ASAP so you can hopefully get it before the holidays. The verification process is annoying but pretty straightforward once you get started. Good luck!

I had the exact same thing happen when I moved from my studio to a one-bedroom last fall! The address change absolutely triggers their verification system - it's super common and nothing to worry about. Definitely start with the online verification through ID.me on the official IRS website. Your lease agreement will work perfectly as proof of address, along with your driver's license and Social Security card. The whole process took me about 25 minutes online. A few tips that really helped me: - Make sure you have really good lighting when doing the facial recognition part (this was the trickiest step) - Have all your documents ready and laid out before you start - Take screenshots of every confirmation page - seriously, this saved me when there was a system hiccup - Don't get frustrated if the facial recognition takes a few tries, it's finicky but it works After I completed the verification, my refund was direct deposited exactly 11 days later. Way better than trying to schedule an in-person appointment, which are booking really far out right now. With your $3,800 refund, definitely worth getting this done ASAP so you can hopefully get it before the holidays! The process is annoying but totally manageable once you dive in.

Don't forget to save documentation proving they lived with you all year! IRS can ask for: school records showing your address, medical records, statements from neighbors, church records, etc. Start collecting this now in case you're asked later.

Just to add another perspective - I went through a similar situation a few years ago when I was supporting my partner and their child. The key thing that helped me was keeping meticulous records throughout the year, not just at tax time. I created a simple spreadsheet tracking all expenses I paid for them - groceries, utilities, rent, medical bills, clothing, school supplies, etc. I also kept receipts and bank statements showing the payments came from my accounts. When I filed my taxes, I had clear documentation that I provided more than 50% of their support. For the relationship dropdown in H&R Block, I did select "Other" for both my partner and their child, just as others have mentioned. The software walked me through additional questions to confirm they met the qualifying relative tests. One thing I learned is that it's worth double-checking your state tax implications too - some states have different rules for dependents and filing status than federal. But overall, if you truly provided more than half their support and they lived with you all year, you should be able to claim them. Just make sure you have the documentation to back it up!