To all those having trouble reaching a human at IRS. I just ran across this video that gave me a shortcut to reach a human. Hope it helps! https://youtu.be/_kiP6q8DX5c

Code 570 is definitely a hold/freeze on your account like others mentioned. The March 7th date is when the hold was placed. Since you have 766 (CTC) and 768 (EIC) showing, they're likely verifying your eligibility for those credits. This is pretty routine but frustrating for sure. The good news is that having those credit codes visible usually means they're processing them, just need to verify some details first. Could be income verification, dependent info, or just a random review. Most 570 holds resolve within 6-10 weeks from the date shown, so you're probably getting close if it's been since March 7th. Keep checking your transcripts weekly for updates - you'll see a 571 code when the hold releases. If you don't get a letter requesting documents in the next week or two, it's likely just an automated review that'll clear on its own.

I'm going through this exact same situation right now! My transcript shows 846 for May 8th, but WMR is displaying that dreaded offset message. Called the TOP line this morning - they confirmed zero federal debts on my account. It's such a relief to read all these experiences showing this is likely just a system glitch. The technical explanations about TC codes really helped me understand what to look for on my transcript. I don't see any 898 or 896 codes, so I'm feeling more confident now. Going to stop obsessively checking WMR and just wait for the deposit date. Thanks everyone for sharing your stories - this community is a lifesaver during tax season stress!

I'm dealing with this exact same issue right now! My transcript shows 846 code for May 3rd, but WMR is showing the offset message. Reading through all these responses is incredibly reassuring - it sounds like this WMR glitch is more common than I thought this tax season. I called the TOP line yesterday and they confirmed no federal debts, just like everyone else here. The detailed explanations about TC 898 and 896 codes really helped me understand what to look for on my transcript. I don't see either of those codes, so I'm feeling much more confident now. It's wild how the IRS systems can be so out of sync with each other! Going to stop refreshing WMR every hour and just trust my transcript. Thanks to everyone who shared their experiences - this thread should be pinned for how helpful it is during these stressful situations!

What tax software are most people using to handle these bank failure losses? TurboTax was confusing me last year when I tried to enter some investments that went to zero.

I'm sorry to hear about your FRC loss - that's a significant hit. One thing I'd add to the excellent advice already given is to make sure you understand the wash sale rules don't apply here since the stock became completely worthless rather than being sold and repurchased. Also, if you have any other capital gains this year, this loss can directly offset them dollar-for-dollar, which might help reduce your overall tax burden. Even if you don't have gains this year, as others mentioned, you can deduct $3,000 against ordinary income and carry the rest forward. Since you mentioned already owing taxes this year, definitely consider whether this loss might change your estimated tax payment situation. The $3,000 deduction against ordinary income could reduce what you owe by several hundred dollars depending on your tax bracket.

I totally understand your frustration! I went through something very similar earlier this year. That 570 code is basically the IRS putting a temporary hold on your refund while they review something - in your case, it's most likely because of that substantial EIC amount ($4,972). From what I can see, your refund calculation looks correct: $843 withholding + $4,972 EIC = approximately $5,815 total. The good news is all the right pieces are there on your transcript. A few suggestions from my experience: - Check your transcript every Friday morning (that's when they typically update) - Make sure all your W-2 amounts match exactly what you reported - Keep an eye out for any mail from the IRS, though no mail could actually be good news - Document everything in case you need to escalate later I know 3+ months feels like forever, but EIC reviews are taking longer this year due to staffing issues. Most 570 codes do eventually resolve once they complete their verification process. Try not to stress too much - your situation looks straightforward with no red flags, just a routine income verification hold. Your refund is substantial enough that it'll be worth the wait once it finally comes through. Hang in there!

I'm dealing with a very similar situation right now! Filed in February and have been stuck with code 570 for about 4 months. That code combined with a large EIC like yours typically means they're doing an income verification review - basically cross-checking that everything you reported matches what your employers submitted to them. The waiting is absolutely torture, especially when there's zero communication about timelines. I finally got through to an IRS agent last month (called right at 7 AM) and they confirmed it's just a standard verification process for large EIC claims. No issues with my return, just backed up due to staffing. Your transcript actually looks really clean - the math adds up perfectly ($843 + $4,972 = $5,815 expected refund), and you don't have any of the scary codes that indicate actual problems. The 570 is frustrating but it's basically just saying "hold on while we verify this." I know everyone says this, but try to check your transcript only on Friday mornings when they actually update. Checking daily was driving me insane and never showed any changes anyway. Most of these EIC verification holds do resolve eventually, it's just a matter of waiting out their process. Hang in there - that's a substantial refund that'll be worth the wait once it finally processes! 🤞

This "placed in service" stuff gets even more complicated if you lived in the property yourself before converting it to a rental. That was my situation and it created a whole different set of rules about basis calculation and depreciation start dates.

The conversion from personal residence to rental property adds another layer of complexity! When you convert your former home to rental property, the "placed in service" date is generally when you make it available for rent, not when you moved out. Here's what I learned from my own conversion: Your basis for depreciation becomes the LOWER of either the property's fair market value on the conversion date OR your adjusted basis (what you paid plus improvements minus any depreciation if it was ever rental before). This is different from a property you buy specifically for rental. For timing, if you moved out in February but are still doing renovations, your placed in service date would be when renovations are complete and you start actively marketing it for rent. The period between moving out and placing in service is considered a "conversion period" where expenses like mortgage interest and property taxes are treated differently - they're not rental expenses yet, but they're also not personal residence expenses anymore since you don't live there. Make sure to get a professional appraisal or at least a comparative market analysis (CMA) from a realtor showing the property's fair market value on your conversion date - you'll need this to establish your depreciable basis correctly!