I'm in a similar situation and was wondering - does anyone know if different brokerages report things differently? I use both Webull and Fidelity and am worried about tracking everything across platforms.

Great question! As others have mentioned, you're only taxed on your net capital gains, not each individual profitable trade. Since you're showing a $750 net gain, that's what matters for taxes. One additional tip for college students - make sure to consider whether you can be claimed as a dependent on your parents' tax return. If so, there are different income thresholds that apply to the 0% capital gains rate. The standard deduction for dependents is limited, so even small gains might be taxable. Also, keep good records of all your trades throughout the year, not just for tax purposes but to learn from your trading patterns. Many successful traders track their performance to see what strategies work best. Since you've recovered from that 40% drawdown to show a 15% gain, you're clearly learning! The fact that you're thinking about taxes now shows good financial planning. Many new traders don't consider the tax implications until it's too late.

Just want to add my experience to help set expectations - I filed my 1040X in September and it took exactly 18 weeks to process (so about 4.5 months). The "Where's My Amended Return" tool was completely useless like everyone said - it just showed "received" the entire time until suddenly it said "completed" the same day I got my refund check. The transcript codes were way more helpful for tracking actual progress. I saw the 971 code about 3 weeks after filing, then nothing for months, then suddenly the 290 code appeared and my refund was issued within a week. My advice: check your transcript monthly (not daily or you'll drive yourself crazy), ignore the online tracker completely, and just be patient. The wait is brutal but it does eventually happen!

I'm also a first-time amendment filer and this thread has been incredibly enlightening! Filed my 1040X about two weeks ago for a missed deduction and was getting worried about the silence. Now I realize that's totally normal and I need to adjust my expectations from "a few weeks" to "several months." Really appreciate everyone sharing their real experiences - it's way more helpful than the vague timelines on the IRS website. I'm definitely going to start monitoring my transcript for those transaction codes (971, 290, 291) instead of relying on that useless online tracker. The tools people mentioned like taxr.ai and claimyr.com sound like lifesavers if I get stuck in the waiting game. Here's hoping all of us recent filers get processed on the faster end of the spectrum! 🤞

This is such a helpful thread! I'm dealing with a similar situation with my mom's trust. One thing I learned the hard way - make sure you understand whether your trust is a "simple" or "complex" trust before setting up estimated payments. Complex trusts (which can accumulate income or make charitable distributions) have different estimated tax calculation rules than simple trusts that must distribute all income annually. Also, if you're dealing with multiple states, consider whether the trust might qualify for any reciprocal agreements between states to avoid double taxation. Some states have agreements that can simplify the filing process significantly. The EFTPS system mentioned earlier is definitely the way to go for federal payments once you get enrolled. Just be patient with the PIN mailing process!

Great discussion here! I wanted to add one more consideration that caught me off guard when I started handling my father's trust - backup withholding requirements. If the trust receives income from sources that don't have proper tax ID documentation on file, you might face backup withholding at 24%, which can really mess up your estimated payment calculations. Also, for those dealing with trusts that have investment accounts, make sure your brokerage has the trust's EIN properly set up. I had a situation where the brokerage was still using the deceased grantor's SSN for tax reporting, which created a nightmare when trying to reconcile the trust's income for estimated tax purposes. One last tip - if your trust generates income from rental properties, don't forget that you might need to make estimated payments for self-employment tax on any active rental management income. This is separate from the regular income tax estimates and uses Form SE.

I had this exact issue in 2022! The simplest solution ended up being asking my employer to issue a corrected W-2 for the year I received the overpayment (which would be 2023 in your case). They were resistant at first, but after I showed them guidance from the IRS about wage corrections, they eventually did it. This approach completely avoided the repayment deduction issue because it essentially "erased" the overpayment from my prior year income, which meant I could file an amended return for 2023 to get back the taxes I paid on that money.

You're in a frustrating but unfortunately common situation. Here's what I'd recommend based on your $2,400 repayment amount: First, immediately check with your payroll department to see HOW they're processing your repayments. Are they being taken as post-tax deductions from your paycheck, or are they actually reducing your gross wages before taxes are calculated? This is crucial - if they're reducing your gross wages, you're already getting the tax benefit you deserve. If they're NOT reducing your gross wages (which sounds likely based on your description), you need to push back. Reference Revenue Ruling 2009-151, which allows employers to adjust current year W-2 wages for repayments of prior year wages when done through payroll deduction. Your HR was actually partially correct - they CAN and SHOULD reduce your taxable wages, they're just not doing it properly. Document everything: your original overpayment amount, repayment schedule, and current pay stub treatment. If your employer won't cooperate, you might need to escalate this or consider getting professional help, because you're absolutely right that paying taxes twice on the same money is unfair. The $3,000 threshold in Pub 525 is real, but it shouldn't apply if your employer handles the repayments correctly through payroll adjustments rather than expecting you to claim a suspended deduction.

I went through something similar last year with a SNAP overpayment. The TOP system can be really slow to update, but what caught me off guard was that my state (California) has their own offset program that's totally separate. They grabbed my state refund even though nothing showed up federally. Definitely call your state's revenue department - they usually have a separate debt collection division that handles these offsets. Also, if you're on a payment plan and making regular payments, some states will hold off on offsetting as long as you're in good standing. Worth asking about!

Just want to add that even if you're on a payment plan, they can still offset your refund - the payment plan doesn't automatically protect you from offsets. However, if you've been making consistent payments and can show good faith effort, some agencies will work with you. I'd recommend calling the agency that handles your SNAP overpayment directly (usually your state's human services department) to ask about their offset policy. They might be able to tell you if they've submitted anything for collection or if staying current on your payment plan gives you any protection. Also seconding what others said about state vs federal - totally different systems that don't always communicate!