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My ex-spouse and I have been separated for approximately 12 months (he has relocated to a hotel with his new partner, while I maintain our previous residence). We did not file jointly this tax season. I submitted as Head of Household and he apparently did the same. He received his refund on 27/02 without complications, likely due to his lower AGI from intermittent employment last year. My refund is significantly larger, and I've been monitoring my transcript data carefully. My cycle code shows as 05. When checking my transcripts today, 3 of 4 sections now display 2024 data, but the bottom right section remains blank. Most concerning, the top left section shows zeros across all fields but incorrectly lists my filing status as Married Filing Jointly with my ex-spouse's name included. Could someone explain this discrepancy in filing status? Will this delay my refund processing? Any insights on resolving this situation would be greatly appreciated.
Hey guys, my wife and I purchased a new car last September and put down $13,500 as a downpayment. Since we're filing taxes for the first time without an accountant, I'm completely lost about whether this is something we can deduct on our taxes? If it is deductible, where exactly on the tax forms do we include this information? Also, we have a separate issue - we need to file an amendment because my wife's ITIN expired (totally didn't realize until after we e-filed). For the amendment, can we submit it electronically or do we have to print and mail a paper version? Sorry for the basic questions, but taxes are confusing when you're doing them yourself for the first time! Any help appreciated.
Just wanted to chime in as someone who went through a similar situation last year. The advice here about car downpayments not being deductible for personal use is spot on - I learned this the hard way after spending hours trying to figure out how to claim mine! One thing that might help with your ITIN amendment situation: when you mail Form 1040-X, make sure you write "ITIN RENEWAL" clearly at the top of the form. This helps the IRS processing center route it to the right department faster. Also, send it certified mail so you have proof of delivery - amendments can get lost in the mail and you'll want to be able to track it. The 16-20 week processing time mentioned earlier is unfortunately accurate. I'd recommend checking the IRS "Where's My Amended Return" tool online after about 3 weeks to make sure they received it. Good luck with your first year doing taxes yourselves - it gets easier once you understand the basics!
So I just got this form 1099-B from my brokerage for some free stock that my company gave all employees last year. The form says the stocks "are not reported to IRS" which is confusing me. The proceeds section shows $600 and the cost/other basis is listed as $0. When I started entering this into TurboTax, it looks like I'm going to pay taxes on the full $600 since the cost basis is zero. But there's another page that came with the 1099-B that I'm not sure what to do with. This is my first time dealing with stocks on my taxes, and I'm worried about reporting it wrong. I know the stock was given to me for free as part of some company-wide appreciation thing, so I didn't actually pay anything for it. Does that mean the $600 is all taxable income? Or am I missing something here? Any advice would be super appreciated! I'm trying to file by next weekend.
Has anyone actually found where in TurboTax to adjust the cost basis? I'm having the same issue but can't find where to change it from $0 to what was reported on my W2.
In TurboTax, when you enter your 1099-B information, there should be a screen that says something like "Review your 1099-B entries" after you input the initial information. On that screen, you can select the specific stock transaction and click "Edit" or "Update." There should be a field labeled "Cost basis" where you can manually enter the correct amount instead of using what's on the form.
This is such a common problem! I went through the exact same thing last year with employee stock awards. The key thing to remember is that when your employer gives you stock, they're required to report its fair market value as income on your W-2 at the time of grant. So you've already paid income tax on that amount. When you sell the stock later and get a 1099-B, the brokerage often shows $0 cost basis because they don't have access to your employment records. But your actual cost basis should be whatever amount was already taxed as income on your W-2. So in your case, if your pay stub showed $450 in stock compensation that was already taxed, that's your cost basis. You'd only owe capital gains tax on the $150 difference ($600 proceeds - $450 basis). Make sure to adjust this in your tax software or you'll end up paying tax twice on the same $450! Keep good records of when you received the stock and what value was reported as income - you'll need this for future reference.
Filed my Oregon state taxes and waiting on the refund. The state website shows the 15th as deposit date but has anyone gotten theirs early through Cash App or other digital banks? Been checking like crazy and nothing yet.
Called the state revenue office yesterday.They said theyre backed up bc of new fraud prevention measures. expect delays even after your scheduled date tbh
My state refund transcript finally shows issued on Feb 10th. Anyone know how many days it usually takes to show up in my bank account? Been waiting since January and getting anxious about when I'll actually see the money.
Called my state tax office and they said once it shows issued its basically guaranteed within 5 business days for DD. hope this helps!
I'm in a similar situation - mine shows issued 2/8 and still waiting! From what I've read on here and other forums, it seems like most people get their state refunds 2-4 business days after the issued date for direct deposit. The anxiety is real though, especially when you've been waiting since January. Hang in there!
Chloe Zhang
Here's what you need to do immediately: Step 1: File Form 14039 (Identity Theft Affidavit) if you believe your ex filed incorrectly using your information Step 2: Request a Wage and Income Transcript to verify all income reported under your SSN Step 3: Pull your credit report to check for other potential identity issues Step 4: Document your separate living situation with lease agreements, utility bills, etc. I'm so tired of seeing the IRS systems cause these problems. This happens CONSTANTLY with separated couples. The bigger issue here is that if both of you claimed HOH from what the IRS might consider the same household, they'll deny one of you that status. And with him already receiving his refund, guess who they'll likely side with? You need to be proactive here.
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Mila Walker
I experienced something very similar last year when my divorce was being finalized. The transcript showing MFJ while you filed HOH is typically a system lag where the IRS computers are cross-referencing your current filing against previous years and your ex-spouse's return. The fact that your cycle code is 05 suggests you're in a normal processing cycle, not under examination. However, I'd be concerned about both of you filing HOH. The IRS will flag this if they determine you're still considered the same household. Since he moved to a hotel but you kept the marital residence, you likely have the stronger HOH claim if you're supporting qualifying dependents. Keep documentation of your separation - utility bills, lease agreements, anything showing distinct households. The zeros on your transcript combined with the wrong filing status usually means they're still processing and verifying information. Given that 3 of 4 sections now show 2024 data, you're probably close to completion. I'd give it another week before contacting the IRS directly, unless you discover your ex actually filed MFJ using your information without permission.
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