I was SO FRUSTRATED with this exact same issue last tax season! After weeks of checking multiple times daily, I finally figured out that my transcript always updated on Thursday nights/Friday mornings. Once I identified my cycle code (it was 20231705), I realized I was on a weekly processing schedule. From that point on, I only checked on Friday mornings and saved myself tons of anxiety. My refund showed up exactly when predicted by the cycle pattern!

As someone who's been through this exact situation as a 1099 contractor, I can confirm that transcripts typically update overnight during scheduled batch processing windows. However, @Noah Torres makes an interesting point about midday updates - I've heard these can happen during what the IRS calls "emergency processing" situations or when there are system catch-ups after maintenance windows. For your quarterly payment planning, I'd recommend focusing on your cycle code (usually found on your account transcript) which will give you a more predictable timeline than obsessive checking. The IRS processes returns continuously, but transcript visibility follows their database refresh schedule, which is why most of us see changes in the morning after overnight updates.

This is a really common situation for sports bettors, and the tax rules can definitely be confusing at first. You're absolutely right that you need to report all the winnings from your 1099s - the IRS already has that information, so there's no way around it. The key thing to understand is that gambling wins and losses are treated separately for tax purposes. Your winnings from PrizePicks and Underdog get reported as "Other Income" on your tax return, but your losses from DraftKings and FanDuel can only be deducted if you itemize deductions on Schedule A. Here's the catch though - you can only deduct gambling losses up to the amount of your gambling winnings. So if your 1099s show $3,000 in winnings but you lost $5,000 on other platforms, you can only deduct $3,000 of those losses. Also, since gambling losses are an itemized deduction, you'll need to compare your total itemized deductions (gambling losses + mortgage interest + charitable donations + state taxes, etc.) to the standard deduction to see which is better for your situation. Make sure you keep detailed records of all your betting activity - screenshots, account statements, anything that shows your actual wins and losses. The IRS will want to see documentation if you're ever audited.

This is exactly the situation I went through last year! You're on the right track understanding that you must report those 1099s from PrizePicks and Underdog - there's no way around that since the IRS already has copies. Here's what I learned: Your gambling winnings get reported as "Other Income" on Form 1040, but your losses from DraftKings and FanDuel can only be deducted if you itemize on Schedule A. The frustrating part is you can only deduct losses up to your total winnings, so if you actually lost money overall, you might still owe taxes on the "winnings." The biggest mistake I almost made was not keeping proper records. Start gathering everything now - login to your DraftKings and FanDuel accounts and download your complete betting history for 2023. Most platforms have an export feature in their transaction history section. If you can't find it, contact their customer service for annual statements. Also consider whether itemizing makes sense for your situation. You'll need your gambling losses plus other itemizable deductions (mortgage interest, charitable donations, state taxes) to exceed the standard deduction ($13,850 for single filers in 2023) to get any benefit from those losses. One last tip - if you're having trouble reaching customer service for your betting records, some people have had success with services that help you get through faster, but the key is getting that documentation sorted out before you file.

I just went through this exact situation! My advice: have your kids file their own taxes BUT check the box that says "Someone can claim you as a dependent." They'll still get refunds of any withholding that exceeds their tax liability, and you can still claim them if they meet all the tests. My 19yr old made $7200 last year but still qualified as my dependent because: 1) lived with me all year 2) I paid over half support (rent, food, etc was way more than his earnings) 3) he's my kid He filed his own return, got back his withholding, and I still got the dependent tax benefit. Win-win!

Just to clarify what others have said - there's an important distinction between "qualifying child" and "qualifying relative" that determines income limits: **Qualifying Child** (no income limit): - Under 19, OR under 24 if full-time student - Lived with you more than half the year - You provided more than half their support - Didn't file joint return with spouse **Qualifying Relative** (income limit applies): - Can't earn more than $5,050 (2024 tax year) - You provided more than half their support - Not a qualifying child of you or anyone else So your 18-year-old could potentially qualify as a "qualifying child" regardless of income, but your 20-year-old (not in school) would need to pass the "qualifying relative" test, which includes the income limit. The key is the support test - you need to calculate if you truly provided more than 50% of their total support costs (housing, food, clothing, medical, transportation, etc.) versus what they paid for themselves with their earnings.

This has been an incredibly informative thread! I've been struggling with K-1 forms for my real estate partnership and the explanations here finally made things click for me. One thing that might help other newcomers understand the inside vs outside basis concept: think of outside basis as your personal "investment account balance" in the partnership, while inside basis is your share of what the partnership actually paid for its assets. They start the same when you contribute cash directly, but can diverge over time due to things like depreciation, debt changes, or if you bought your interest from someone else rather than contributing directly. The guaranteed payments explanation above was particularly helpful since I also receive management fees from my partnership. It's reassuring to know that those payments don't complicate my basis calculations - they're just regular taxable income separate from my partnership interest. For anyone still confused, I'd recommend keeping a simple spreadsheet tracking your outside basis year by year: starting basis + allocated income - distributions - allocated losses = ending basis. This has helped me stay on top of things and catch any discrepancies early.

Great question about tracking partnership debt in your basis calculations! Yes, your share of partnership liabilities does affect your outside basis, and it can get tricky to track properly. Here's how I handle it in my spreadsheet: I add a separate column for "Share of Partnership Debt" and update it each year based on the K-1. Your share of partnership debt increases your outside basis (since you're effectively treated as having contributed that amount), while decreases in debt reduce your basis. The timing matters too - if the partnership takes on new debt during the year, your basis increases immediately by your share of that debt, even if no cash actually flows to you. Conversely, when the partnership pays down debt, your basis decreases by your share of the debt reduction. For real estate partnerships especially, this can be significant since properties are often leveraged. If your partnership refinances or pays off mortgages, those debt changes can substantially impact your outside basis even in years when there are no actual distributions. One tip: most K-1 forms show your share of partnership liabilities in the supplemental information section, which makes it easier to track year-over-year changes. I reconcile this with my basis calculation annually to make sure everything ties out properly. The depreciation point you made is spot-on - it really does create larger divergences between inside and outside basis over time in real estate partnerships compared to other types of businesses.

Important note: The 92.35% multiplier exists because employees only pay FICA taxes on 92.35% of their self-employment income. The other 7.65% is considered the "employer equivalent" portion of self-employment tax that you get to deduct from your income. This is one of those weird tax rules that makes the math confusing but actually benefits you as a self-employed person. It's the government's way of creating some parity between self-employed people and regular employees.

Just wanted to add one more helpful tip that saved me a lot of headaches: make sure you're keeping detailed records of all your business expenses throughout the year, not just scrambling to find them at tax time. I use a simple spreadsheet to track everything monthly - office supplies, software subscriptions, business meals, mileage, etc. It makes calculating that net business income so much easier when you need to figure out your self-employment tax base. Also, don't forget that you can deduct half of your self-employment tax as an adjustment to income on your regular tax return. So even though you pay the full 15.3%, you get to deduct 7.65% worth when calculating your income tax. It's like getting back the "employer portion" that regular employees never see on their paychecks.