One thing I haven't seen mentioned yet is quarterly estimated tax payments. Since you're generating $13,500 in business income and will owe both income tax and self-employment tax on this, you might need to make quarterly payments to avoid underpayment penalties. The IRS generally expects you to pay taxes as you earn income, not just when you file your annual return. If you expect to owe $1,000 or more in taxes when you file, you should be making quarterly payments. For 2024, the deadlines are April 15, June 17, September 16, and January 15, 2025. You can calculate your estimated payments using Form 1040ES. Don't forget that self-employment tax is 15.3% on top of your regular income tax rate, so the total tax burden can be higher than people expect when they're used to just W-2 income. Setting aside about 25-30% of your cash sales in a separate savings account for taxes is a good rule of thumb. This way you won't be scrambling to come up with the money when quarterly payments are due or at tax time.

Another thing to consider is keeping a detailed log of your vintage clothing sales beyond just the money order deposits. Since you're selling at local markets, I'd recommend tracking which items you sold, what you paid for them originally (if you can remember/document), and any related expenses like booth fees, gas to get to markets, etc. The IRS likes to see that you're treating this as a legitimate business if you're claiming it as such. Having organized records showing your cost of goods sold, business mileage, and other expenses will help establish that this isn't just a hobby. Plus, these deductions can significantly reduce your taxable income. I'd also suggest taking photos of your inventory and keeping receipts for any clothing purchases you make specifically for resale. If you're sourcing from thrift stores, estate sales, or other places, those purchase receipts become your cost basis for calculating actual profit on each item sold. The money order deposits are just one piece of the puzzle - the real work is in documenting the entire business operation properly. Good luck with your vintage clothing business!

I'm dealing with the exact same frustrating situation! Filed my amended return back in May and it's been showing "completed" since October, but I have absolutely no clue if I'm actually getting a refund or not. That generic message about "resulting in a refund, balance due, or no tax change" is so unhelpful - like thanks IRS, that really narrows it down 🙄 Reading through all these comments, it sounds like calling that 800-829-0582 ext 633 number is really the only way to get a straight answer. I've been avoiding it because I hate being on hold forever, but clearly there's no way around it if I want to know what's actually happening with my money. Those transcript codes might as well be written in ancient Greek for all the sense they make to regular people like us. It's ridiculous that they make this process so confusing when it's literally our own tax information! Going to try calling tomorrow morning around 7am like some of you suggested - hopefully I'll finally get some answers after months of wondering. Thanks for all the advice everyone, it's reassuring to know I'm not the only one struggling with this!

I totally feel your frustration! I went through this exact same thing with my 2022 amended return earlier this year. That "completed" status is so misleading because it just means they finished processing it, but tells you absolutely nothing about the actual outcome. I was in the same boat for months - filed my amended return in March, it showed "completed" since July, but I had no idea if I was getting a refund or owed more money. That generic message about "resulting in a refund, balance due, or no tax change" is basically them saying "we know the answer but we're not telling you" 🙄 I finally called that 800-829-0582 ext 633 number after putting it off forever because I dreaded the hold time. Ended up waiting about 45 minutes, but the rep was super helpful and could see everything immediately on my account. Turns out I was getting a $923 refund and it was direct deposited about 2 weeks later! My advice: call first thing in the morning (7am sharp) for shorter wait times, and have your amended return, SSN, and original return ready. Don't stress about trying to decode those transcript codes - they're designed for tax professionals, not us regular folks. It's annoying that this is the only way to get answers, but at least once you call you'll finally know what's going on with your refund! Good luck! 🤞

This has been such a comprehensive and helpful thread! I wanted to add one more potential source that hasn't been mentioned yet - if you've ever worked with or consulted for any accounting firms, bookkeeping services, or other tax professionals, check any contractor agreements or W-9 forms you might have on file. When I did some freelance work for a larger CPA firm a few years back, they required me to provide my PTIN on the contractor paperwork since I was doing tax preparation work under their supervision. I completely forgot about this until I was cleaning out old files and found the paperwork with my PTIN clearly listed in the credentials section. Also, if you've ever had to provide professional references for anything (job applications, professional memberships, etc.), you might have sent your credentials to references who could still have that information. I once provided my PTIN to a former supervisor who was serving as a reference, and when I reached out to them recently about something unrelated, they mentioned they still had all my credential information in their files. The collective wisdom in this thread is amazing - between all these suggestions, it seems like there are dozens of places to check before having to navigate the IRS phone system. Really appreciate how this community comes together to solve these practical challenges that we all face!

This thread is absolutely fantastic - reading through all these suggestions has been incredibly educational! As someone who just recently started preparing taxes professionally, I had no idea there were so many places where PTIN information gets stored over time. I wanted to add one more potential resource that might help others in similar situations: if you've ever submitted continuing education transcripts to any state boards or regulatory agencies, your PTIN might be included on those submissions. Many states require annual CE reporting for various professional licenses, and if you've cross-reported any tax-related education hours, your PTIN could be on file with those agencies. Also, for anyone who uses cloud storage services like Dropbox, Google Drive, or OneDrive for their business documents, try searching within those platforms for "PTIN" or your social security number. I've found that many of us end up storing scanned copies of important forms and correspondence in cloud storage, and the search functionality might turn up documents we've forgotten about. The collaborative problem-solving in this community is really impressive - between the original suggestions about the IRS self-service portal and all these creative alternatives everyone has shared, there are truly dozens of options to try before having to deal with phone support. This is exactly the kind of practical, real-world advice that makes such a difference during busy season. Thanks to everyone for sharing their experiences and solutions!

I've been investing in MLPs for about 5 years now and here's my practical approach to the state tax issue: 1) I only file state returns where my allocated income from the MLP exceeds $500. This is technically not compliant with every state's rules, but it's a reasonable threshold where the tax liability becomes meaningful enough to justify filing. 2) For states with small allocations, I maintain records in case of audit but don't file. So far, no issues. 3) For MLPs in IRAs, I specifically choose ones with historically low UBTI to avoid triggering the $1,000 threshold. Enterprise Products Partners (EPD) has been good for this. 4) I keep detailed basis records for return of capital distributions, as these will eventually matter when I sell. Not saying this is the "correct" approach legally, but it's worked for me as a practical compromise between full compliance and sanity.

For anyone considering MLPs, please know that while the tax complexity is real, it's manageable if you approach it systematically. A few tips from my experience: 1. Request the "investor tax package" from each MLP you own - most provide detailed state-by-state breakdowns of your allocations 2. Focus on your home state plus any states with significant operations by your MLPs 3. Keep excellent records of your basis adjustments from return of capital distributions 4. Consider using an accountant experienced with MLP investments rather than DIY software 5. For small investments, ETFs that hold MLPs like AMLP might be more tax-efficient as they issue 1099s instead of K-1s

This is a complex situation that definitely requires careful handling. Based on what others have shared, here are a few additional points to consider: **Documentation is key**: Make sure you keep every piece of paperwork from the raffle organization, including any materials that describe how they determined the $62,500 value. This could be important if you need to dispute the valuation later. **Consider the timing of your sale**: Since you're selling immediately, you might want to get multiple purchase offers to document that $59,000 is indeed the fair market value. Having 2-3 offers around the same price range could strengthen your position. **Don't forget about self-employment tax**: Depending on how the IRS classifies this income, you might also be liable for self-employment taxes on top of regular income tax. This is less common with prize winnings, but worth confirming with a professional. **State registration considerations**: Even though you're in Texas with no state income tax, you'll still need to consider vehicle registration and title transfer costs. These aren't deductible but are real expenses that eat into your proceeds. The advice about setting aside 35% seems prudent given all the potential tax implications. Better to overestimate and have money left over than scramble to find additional funds at tax time. Good luck with this situation - winning should be exciting, not stressful!

I've been following this thread and there's some really solid advice here, but I want to add a few practical considerations that might help: **Get everything in writing from the raffle organizers**: Before you do anything, ask them for a detailed breakdown of how they arrived at the $62,500 valuation. Was it MSRP, dealer invoice, or actual market research? This documentation could be crucial if you need to challenge the amount later. **Consider the timing of your quarterly payments**: Since you won recently, your first estimated payment would likely be due January 15th for Q4 2024. But given the size of this income, you might want to make a payment sooner to avoid underpayment penalties. The IRS generally expects payments within the quarter you receive the income. **Don't overlook AMT implications**: With a sudden $62,500 income spike, you might trigger Alternative Minimum Tax calculations. This is another reason why professional help is worth the cost - AMT can add unexpected complexity to your tax situation. **Document EVERYTHING**: Keep records of all costs associated with this situation - appraisal fees, tax preparation costs, even storage or insurance costs while you arrange the sale. While most won't be deductible, having detailed records shows you're handling this professionally. The 35% cash reserve recommendation is spot-on. This situation has enough moving parts that professional guidance isn't just helpful - it's essential for protecting yourself from costly mistakes.