Thanks for all the helpful responses everyone! Just wanted to share my experience as someone who's been doing bank bonus churning for about 3 years now. A few additional tips that might help other newcomers: 1. **Timing matters** - I try to spread out my bonuses throughout the year rather than getting them all at once. This helps avoid jumping into a higher tax bracket unexpectedly. 2. **State taxes vary** - Don't forget about state income tax if you live in a state that has it. Some states like Texas and Florida don't have state income tax, but others can add another 3-10% on top of federal taxes. 3. **Keep digital copies** - I scan and save all my 1099 forms as soon as I get them. Banks occasionally make mistakes or send corrected forms later, so having your own records is crucial. 4. **Business vs personal accounts** - Business account bonuses are treated the same way tax-wise, but the requirements are often stricter about maintaining balances and meeting transaction requirements. One last thing - if you're planning to do multiple bonuses, consider using a tax software that can handle multiple 1099 forms easily. Some of the basic free versions get clunky when you have 5+ different forms to input. Good luck with your bonus hunting Ryan! It's definitely worth doing if you stay organized about it.

Hey Ryan! Great questions - I remember being confused about this stuff when I first started too. Just wanted to add a couple things that haven't been mentioned yet. One important point: if you're planning to do multiple bank bonuses, be aware that some banks (especially Chase) have rules about how many new accounts you can open within a certain timeframe. Chase has their infamous "5/24 rule" for credit cards, but they also scrutinize checking account applications if you've opened too many accounts recently across different banks. Also, I'd recommend starting a simple tracking system right away, even for just one bonus. I use a basic spreadsheet with columns for: Bank Name, Account Type, Bonus Amount, Requirements (like minimum deposit or direct deposit), Deadline to Meet Requirements, Date Bonus Received, and Tax Form Received. This becomes super valuable if you decide to do more bonuses later. One last tip - read the fine print carefully about early account closure fees. Some banks will charge you $25-50 if you close the account within 6 months, even after you've received and kept the bonus. Factor that into your calculations when deciding if a bonus is worth it. You're smart to ask these questions upfront rather than figuring it out at tax time like I did my first year!

I'm dealing with a very similar situation right now - old debt from 2018, European creditor (in my case a UK-based company), and a 1099-C that arrived this year with several red flags. Like yours, mine is missing the required phone number and has incomplete information. One thing I discovered through research is that the statute of limitations on debt collection is completely separate from tax reporting requirements. Filing the 1099-C won't restart the collection clock, but I understand your concern about "poking the bear." For the European creditor angle - I found that many overseas companies aren't fully familiar with US 1099-C requirements. They often use third-party tax services that may not be following all the IRS guidelines properly. The missing phone number is actually a bigger deal than it might seem because it's explicitly required in the IRS instructions, not just a suggestion. Have you checked whether this creditor actually has a legal obligation to issue a 1099-C? If they don't have sufficient business presence in the US, there might be questions about whether they're even required to file these forms. You might want to research their US tax status before deciding how to proceed. Also, definitely document everything about this debt's history - when it was last active, any previous collection attempts, and the exact statute of limitations date for your state. This information could be crucial if any issues arise later.

As someone who's navigated a similar 1099-C situation, I want to emphasize a few key points that might help you make the best decision: First, regarding the 80% amount - this partial discharge could actually work in your favor. The creditor may have already written off or sold the remaining 20%, which means they can't later claim it was "discharged" if they're still actively trying to collect it. Keep an eye out for any future collection activity on that remaining balance. The technical deficiencies you've identified (missing phone number, incomplete SSN, nickname instead of legal name) are legitimate concerns, but here's the strategic consideration: challenging these errors now could potentially alert the creditor to review your account right before the statute of limitations expires. Given that you're literally weeks away from the statute expiring, I'd suggest documenting all these deficiencies thoroughly but waiting until after the limitation period passes to address them with either the creditor or IRS. This gives you the best of both worlds - protection from future collection activity AND the ability to challenge an improper 1099-C. One thing to verify: make sure you know the exact statute of limitations date for your state and the specific type of debt. Some states have different limitation periods for different types of contracts, and the clock can restart based on various actions. The European creditor angle is particularly interesting - many overseas companies use US tax preparation services that may not be fully compliant with IRS requirements, which could strengthen your case for challenging the form later.

I'm so sorry for the loss of both your parents and the additional burden this irresponsible preparer has put on you during such a difficult time. This situation is infuriating but unfortunately not uncommon. Here's a prioritized action plan based on what's worked for others: **Immediate steps:** 1. File Form 56 (Notice of Fiduciary Relationship) with the IRS immediately to establish your legal authority 2. Submit Form 4506-T requesting wage and income transcripts for 2022 - this will show you all reported income even if no return was filed 3. Send the CPA a final certified letter demanding all documents within 10 business days, stating you'll file complaints if she doesn't comply **For getting help faster:** - Contact your state's Attorney General consumer protection division - they often have specific procedures for tax preparer misconduct - File complaints with your state board of accountancy and include all documentation of your attempts to retrieve the documents **Document reconstruction:** - Contact all potential income sources directly (pension providers, Social Security Administration, banks, investment companies) with death certificates and executor documents - Check with any financial advisors, insurance agents, or mortgage companies your parents worked with - they often keep copies of tax returns clients provided - Review bank statements for quarterly estimated tax payments to the IRS The IRS has reasonable cause provisions for situations exactly like yours. Keep detailed records of every attempt to contact this preparer - it will be crucial for penalty abatement later. You're handling this exactly right, and the IRS will work with you once you get through to them. Stay strong!

I'm so sorry for the loss of both your parents, Oliver. What an incredibly frustrating situation to deal with during an already difficult time. This preparer's behavior is completely unethical and unfortunately all too common. Based on the excellent advice already shared, I'd add one more resource that might help: consider reaching out to the Taxpayer Advocate Service (TAS) at 877-777-4778. They specifically help taxpayers who are experiencing financial difficulty, facing an immediate threat of adverse action, or haven't been able to resolve their tax issues through normal IRS channels. Your situation as an executor dealing with unfiled returns due to preparer misconduct would likely qualify for their assistance. TAS can often expedite transcript requests and help coordinate multiple issues with the IRS more efficiently than trying to handle each piece separately. They also have experience with reasonable cause penalty abatement for situations exactly like yours. Also, when you do get through to the IRS (whether through the regular channels or one of the services others have mentioned), ask specifically about "First Time Penalty Abatement" in addition to reasonable cause relief. If your parents had a clean compliance history before this situation, they may qualify for automatic penalty relief on certain penalties even without having to prove reasonable cause. Document everything you're doing to resolve this situation - your proactive efforts will work in your favor when it comes time to request penalty relief. You're handling this exactly right despite the preparer's complete failure to meet her professional obligations.

I might be misunderstanding, but are you sure you're looking at the right tax year on your transcript? Sometimes the IRS website defaults to the wrong year. Also, there's a difference between the Account Transcript and the Return Transcript - one might show activity while the other doesn't. Just wanted to clarify this point in case it helps.

I went through this exact same nightmare last year! My transcript showed "no return filed" for 2022 even though I had the TurboTax confirmation email. After weeks of trying to get through to the IRS, I finally reached an agent who told me my return was sitting in their "Unpostable Unit" because of a minor data mismatch. Here's what worked for me: I went to my local IRS Taxpayer Assistance Center with my H&R Block acceptance email and a printed copy of my return. They were able to locate it in their system using the confirmation number and expedite the processing. The whole thing got resolved within 10 business days after that visit. Don't wait on the phone lines - go in person if you can. Bring every piece of documentation you have, especially that acceptance confirmation. Your $3,200 refund is definitely worth the trip, especially with your mom's medical expenses on the line. The local office can also put a priority flag on your case given the financial hardship.

This is such a helpful thread! I'm in a similar situation - bought a used pickup truck in December 2024 for $22,000 and started using it for my landscaping business in January 2025. Based on what everyone's saying here, it sounds like I can take the 80% bonus depreciation on the business portion. One question though - I use the truck about 85% for business and 15% personal. So would I calculate 85% of $22,000 = $18,700, then take 80% bonus depreciation on that $18,700 amount? That would be about $14,960 in first-year depreciation? Also really appreciate the heads up about the future sale implications. I hadn't thought about how taking all this depreciation now would affect taxes if I sell the truck down the road. Definitely something to factor into the decision.

I've been following this thread closely since I'm dealing with a similar situation. Bought a used van in November 2024 for $19,500 and started using it for my delivery business in February 2025. One thing I want to add that hasn't been mentioned yet - make sure you understand the difference between "placed in service" date versus purchase date. The IRS cares about when you actually started using the vehicle for business, not when you bought it. So even though I bought my van in 2024, since I didn't start using it for business until 2025, that's the tax year where I can claim the depreciation. Also, for anyone considering this deduction, remember that you have to choose between taking the standard mileage deduction OR the actual expense method (which includes depreciation). You can't do both. The standard mileage rate for 2025 is pretty high, so run the numbers both ways to see which gives you a bigger deduction. In my case, with an older, less expensive vehicle, the mileage method actually worked out better than taking depreciation. Just wanted to throw that out there since everyone's situation is different!