I've spent the past 6 years working in tax resolution, and here's my detailed advice for getting back into your account: • First, try the simple fix: clear cookies/cache and try a different browser • If that fails, you need to go through ID verification again, but there are tricks • Create a new account using a different email address than before • Have these items ready: SSN, DOB, filing status, mailing address from last return, mobile phone, email, credit card or loan account #, and either drivers license, passport, or state ID • If the online verification fails (which happens often), request a verification letter be mailed to you • While waiting, call the IRS ID Verify department at 800-830-5084 (they're usually less busy than main lines) • When speaking with an agent, ask specifically if there's a "security profile issue" with your account - this is often the real problem • If all else fails, request transcripts by mail using Form 4506-T Hope this helps!

I had this exact same issue a few weeks ago! Super frustrating when you need your transcript urgently. What worked for me was actually a combination of things - first I cleared all my browser data (cookies, cache, everything), then I tried accessing the site at like 6 AM when their servers aren't as loaded. When I still got the authorization error, I ended up going through the full ID verification process again which was annoying but only took about 15 minutes. The key is having all your documents ready beforehand - SSN, last year's AGI, a credit card or bank account number for verification, and your phone for the text code. Once I got back in, I made sure to bookmark the direct transcript page and log in monthly now so it doesn't happen again. Good luck with your mortgage application!

I went through this exact situation two years ago when our rental property's kitchen was damaged by a burst pipe. The confusion is totally understandable because it involves multiple tax concepts that don't always work intuitively together. Your option 3 is definitely the correct approach - don't report the insurance payout as income, and only deduct repair expenses that exceeded what insurance covered. This is the standard treatment for casualty losses on rental properties. Here's what I learned the hard way: keep meticulous records separating what insurance classified as "repairs" versus what you might have upgraded during the process. Insurance companies sometimes pay for "like-kind replacement" but if you chose to upgrade fixtures or materials, those improvement costs need different tax treatment. Also, be careful about depreciation recapture if any of the damaged items were previously depreciated (like appliances or flooring). When insurance reimburses you for depreciated items, there can be tax implications. One thing that saved me a lot of headache was creating a spreadsheet tracking: 1) Insurance payout amount, 2) Actual repair costs, 3) Any improvement costs, 4) Out-of-pocket expenses. This made it crystal clear what I could deduct in the current year versus what needed to be capitalized. The peace of mind of handling it correctly is worth the extra documentation effort!

I'm dealing with a similar situation right now after storm damage to my rental property's roof and interior. Reading through all these responses has been incredibly helpful - especially the clarification that insurance payouts for property damage aren't taxable income. One thing I wanted to add for anyone else going through this: make sure to get a detailed breakdown from your insurance company showing exactly what they're covering. My adjuster initially lumped everything together as "water damage repair," but when I asked for itemization, it turned out they were covering some items at replacement cost and others at actual cash value (which factors in depreciation). This distinction matters for tax purposes because if insurance pays you actual cash value for a previously depreciated item (like flooring or fixtures), you might need to account for depreciation recapture on the difference between what you originally paid and what insurance reimbursed. Also, don't forget to factor in any insurance deductible you paid - that's typically deductible as a repair expense since it's your out-of-pocket cost for restoring the property. The key takeaway I'm getting from everyone's advice is: document everything, separate repairs from improvements, and only deduct what you actually paid beyond insurance coverage. Thanks to everyone who shared their experiences - this community is so valuable for navigating these complex situations!

heres something nobody mentioned yet - check if your employer offers any kind of stipend for wfh equipment!! my company gives us $500/year for home office stuff and i didnt even know until i asked HR about buying a second monitor. worth asking about before u spend ur own $$$

I'm in a similar boat as a retail manager and went through this exact dilemma last year. Unfortunately, as others mentioned, the employee business expense deduction is gone for most of us. However, I found a workaround that might help you too! I started doing some freelance bookkeeping on the side (just a few hours on weekends) and now I can deduct a portion of my laptop cost as a business expense on Schedule C. Since you're already helping with your partner's Etsy shop, you might be able to formalize that arrangement and pay yourself for the work you do. Even if it's just $50-100 per month, it creates a legitimate business activity that would allow you to deduct the business-use percentage of the laptop. Just make sure to keep detailed records of your time usage - business vs personal vs regular job. The key is having a genuine profit motive and treating it like a real business. It's not a huge tax break, but every little bit helps when you're spending $800+ on equipment!

Great question! I've dealt with this exact decision before. Based on your situation with investment income and a side business, I'd lean toward the EA. Here's why: EAs have more comprehensive training specifically in federal tax law - they either pass a rigorous 3-part IRS exam or have 5+ years of IRS experience. For investment income and business taxes, this deeper knowledge base can be really valuable for identifying deductions and handling complexities you might not even know exist. CRTPs are great for straightforward returns, but your side business adds layers that benefit from someone with broader training. Plus, if any issues come up later, EAs can represent you fully before the IRS, while CRTPs have very limited representation rights. That said, don't ignore experience! An EA who's been practicing for 20 years with business clients will likely serve you better than a newly certified one, regardless of credentials. Ask both preparers about their specific experience with small businesses and investment income situations like yours. You might also want to get quotes from both and see if the price difference justifies the additional credential value for your specific situation.

As someone who's worked with both types of tax professionals, I'd definitely recommend going with the EA for your situation. The combination of investment income and a side business creates potential complexities that benefit from the more comprehensive federal tax training that EAs receive. The key difference is that EAs must demonstrate mastery of the entire tax code through their exam or IRS work experience, while CRTPs focus more on basic tax preparation skills. With a side business, you'll want someone who really understands business deductions, quarterly payments, potential self-employment tax implications, and how your business income interacts with your investment income. Also worth considering - if you plan to grow that side business or your investments become more complex over time, establishing a relationship with an EA now means you won't need to switch preparers later when your taxes inevitably get more complicated. That said, definitely ask both preparers specific questions about their experience with small businesses similar to yours and how they handle investment income reporting. The right fit matters more than credentials alone.

Don't forget about the backdoor Roth option if your income is permanently above the threshold! I've been doing this for years: 1) Contribute to Traditional IRA (non-deductible) 2) Convert to Roth shortly after 3) File Form 8606 with your taxes Just be aware of the pro-rata rule if you have existing pre-tax money in any Traditional IRAs.

Breathe! You're definitely not going to jail over this - it's actually a pretty common situation that the IRS has clear procedures for handling. First, figure out exactly how much over the income limit you are. If you're just slightly over, you might be in the phase-out range where you can still make a partial contribution. The 2024 Roth IRA phase-out for single filers starts at $138,000 and ends at $153,000 (for married filing jointly it's $228,000-$240,000). If you're completely over the limit, you have until your tax filing deadline (including extensions) to either: 1. Withdraw the excess contribution plus any earnings attributed to it, OR 2. Recharacterize it as a non-deductible traditional IRA contribution Option 2 is usually cleaner since you don't have to calculate and withdraw specific earnings. Many people then do a backdoor Roth conversion immediately after recharacterizing. Contact your IRA custodian ASAP to discuss your options. They deal with this all the time and can walk you through the process. You've got time to fix this without penalties!