Those codes look really promising! You've got the trifecta of good signs - 150 means your return was successfully processed and your tax liability was calculated, 806 shows your federal income tax withholding credits, and 768 is your earned income credit posting. The fact that you're not seeing any 570 (additional account action pending) or 971 (notice issued) codes is actually huge because those would indicate holds or reviews that could drag things out for months. That 846 code you're waiting for is basically the IRS's way of saying "money's on the way!" Once it appears with a refund date, you can typically expect your deposit within 1-3 business days depending on your bank. From what I've been seeing this tax season, clean returns like yours are taking anywhere from 10-21 days to get that final 846 code, so you're probably right in that sweet spot. Pro tip: transcripts usually update overnight Thursday into Friday morning, so that's your best bet for checking. The waiting game is absolutely brutal but you're definitely on the right path. Keep playing transcript detective - that 846 should show up soon! 🔍💰

Hey Natalie! Those codes are definitely looking good for you! 🎉 The 150 means your return was successfully processed and accepted, 806 shows your federal withholding credits from your paychecks, and 768 is your earned income credit. The fact that you're not seeing any scary freeze codes like 570 or 971 means you're cruising through processing without any major red flags! That 846 code you're hunting for is basically the IRS saying "here's your money!" - once it pops up with a date, you're usually looking at getting your refund within 2-5 business days depending on your bank. From what I've been seeing this year, clean returns like yours typically get that magical 846 code within 2-3 weeks of filing. Quick tip: transcripts update overnight Thursday into Friday, so Friday mornings are your best bet for checking instead of refreshing all week like a crazy person (been there lol). You're totally on the right track - just gotta ride out this waiting game a bit longer! The detective work gets addictive once you know what you're looking for 🕵️‍♀️

Has anyone tried using the Electronic Federal Tax Payment System (EFTPS) for making their quarterly payments? I just started using it this year and it seems to keep better track of my payment history than my old method of mailing checks.

Just to add some clarity on the penalty calculation - the 8% annual rate that Butch mentioned is correct for 2025 Q1, but it's worth noting this rate gets updated quarterly based on federal short-term rates. The IRS publishes these rates in Revenue Rulings, so you'll want to check for updates each quarter. One thing that caught me off guard when I first dealt with this: the penalty applies to each quarter separately, so even if your total annual tax liability ends up being correct, you can still owe penalties for individual quarters where you underpaid. The safe harbor rules Butch mentioned (90% current year or 100%/110% prior year) are calculated on an annual basis, but if you don't meet them, each quarter gets evaluated independently for penalties. Pro tip: if you're self-employed with variable income, consider using Form 2210 Schedule AI (Annualized Income Installment Method). It lets you base each quarterly payment on your actual income for that period rather than assuming equal payments throughout the year. This can significantly reduce or eliminate penalties if your income is seasonal or irregular.

I'm dealing with almost identical issues with my E-Trade 1099-B for GBTC this year! The cost basis reporting is absolutely all over the place - some transactions show "basis not reported to IRS" while others have values that are nowhere close to what I actually paid. What's been driving me crazy is that I kept detailed records of every purchase, but when I import everything into TurboTax, the numbers are so far off that I'm getting a much higher tax liability than I should. Some of my GBTC purchases from last year are showing cost basis amounts that are literally thousands of dollars less than what I paid. I'm glad to see from the other comments that I can override these numbers with my actual documented purchase prices. I was worried about making adjustments that differ from what E-Trade reported to the IRS, but it sounds like this is actually the right approach when the brokerage has incomplete or incorrect information. Has anyone noticed if other crypto-adjacent investments besides GBTC are having similar reporting issues? I also have some shares of MSTR and COIN that look questionable on my 1099-B, though not quite as bad as the GBTC mess. Thanks for starting this discussion - it's really helpful to know this is a widespread issue and not just something I messed up!

I'm having the exact same nightmare with my E-Trade 1099-B for GBTC! This thread is like reading my own tax horror story. My cost basis information is completely messed up - some transactions showing basis amounts that are way lower than what I actually paid, others with "basis not reported to IRS" even though I have all my purchase records. What's really frustrating is that I've been diligent about tracking everything in my own spreadsheet since I started buying GBTC in 2022, but when TurboTax imports the 1099-B data, it's calculating a tax bill that's thousands more than it should be based on my actual purchase prices. Reading through all these comments has been incredibly helpful - it's reassuring to know this is a widespread E-Trade reporting issue and not something I did wrong. I'm definitely going to override the imported numbers with my actual documented costs and make sure to select the right checkboxes indicating I'm correcting the basis amounts. Has anyone who's already filed with these manual corrections heard anything back from the IRS? I'm a bit nervous about the discrepancies between what I'm reporting and what E-Trade sent them, even though I know my numbers are correct. Thanks for starting this discussion - it's been a lifesaver!

One thing to consider - if your partnership has unamortized organizational costs or start-up expenses that haven't been fully deducted yet, the final year is when you get to write off any remaining amounts. Make sure you don't miss this deduction on your final return! Also, don't forget to file Form 8308 if you had any sales or exchanges of partnership interests during the final year leading up to dissolution. That's another form that's easily overlooked in the dissolution process.

Great discussion everyone! I wanted to add a few practical tips from my experience handling partnership dissolutions: 1. **Documentation is key** - Keep detailed records of all final distributions and asset transfers. The IRS may ask for supporting documentation even years later. 2. **Partner capital account reconciliation** - Make sure each partner's Schedule K-1 capital account analysis (Part III) properly shows how their account went from the beginning balance to zero through final distributions and allocations. 3. **State filing considerations** - Don't forget that most states also require a final partnership return, and some have different requirements than the federal return for what constitutes a "final" filing. 4. **EIN closure** - After filing your final 1065, remember to officially close the partnership's EIN with the IRS by sending a letter stating the partnership has been dissolved and the final return filed. The zero balance requirement on Schedule L for final returns is definitely correct - it's one of those things that seems counterintuitive but makes perfect sense when you think about what "final" actually means from a tax perspective.

Has anyone used TurboTax for reporting treasury bond income? I'm wondering if it correctly handles the distinction between discount interest and actual capital gains if you sell early. I've got about 15 different treasury securities and I'm trying to avoid paying my accountant $300/hr to figure this all out.

One important thing to consider that hasn't been mentioned yet is the state tax implications. Treasury bond interest is exempt from state and local taxes, which can be a significant advantage depending on where you live. So while you'll pay federal income tax on the interest (including the discount amount at maturity for zero-coupon bonds), you won't owe state taxes on that same income. This makes treasuries particularly attractive if you're in a high-tax state like California or New York. Just make sure when you're doing your state tax return that you properly exclude the treasury interest from your state taxable income. Most tax software handles this automatically, but it's worth double-checking since the savings can be substantial.