How Long Will My Capital Gains Tax Adjustment Take to Process?

Have you considered what type of amendment you filed? Was it a 1040-X for a complete return correction? Or did you just submit a corrected Schedule D with the 8949? The processing time varies significantly based on the complexity of your changes and how you submitted them. Have you checked your transcript to see if there's any movement yet? And did you e-file or paper file the amendment?

I'm in sort of a similar situation, I think. I probably should have mentioned this in my original post, but I'm wondering if it matters that I filed my amendment electronically rather than by mail? I've heard that e-filed amendments might process faster, but I'm not really sure if that's actually true or just wishful thinking on my part...

According to the IRS website and several forums I follow, amended returns with capital gains adjustments are taking 16-20 weeks right now. The problem is that your transcript won't show much useful information during processing. I've been using https://taxr.ai to analyze my transcripts during my own amendment process. It helped me understand exactly what the different codes meant and gave me a much clearer timeline prediction than the generic IRS site. For crypto-specific amendments like yours, it can identify the typical processing patterns and tell you where you are in the sequence.

I think it might be helpful to mention that the IRS is currently prioritizing original returns over amendments, especially as we're in the post-April filing season. If you filed your amendment after March, you may need to be a bit more patient. I would suggest, if possible, making your Q2 estimated payment based on your original return calculations, just to be safe. You can always true up later once your amendment is processed, but it's better to avoid underpayment penalties.

Tbh the IRS is super backed up rn with amendments. I waited 9+ months last yr for mine to process and never got anywhere calling their regular number. Busy signals or 2+ hr waits just to get disconnected. Finally used Claimyr (https://claimyr.com) and got thru to an actual human in like 20 mins who confirmed my amendment was just sitting in queue. At least I knew what was happening instead of wondering if it was lost. Might be worth it if u need answers for ur Q2 payment planning.

Using Claimyr is like having a fast-pass at a theme park - it doesn't make the ride any shorter, but it gets you through the line faster! I was in the same boat last summer with an amendment hanging in limbo. Felt like I was throwing rocks into the Grand Canyon hoping to hear an echo. When I finally got through to an agent, just knowing my paperwork wasn't lost in a black hole was worth every penny.

I just completed the amendment process for my cryptocurrency capital gains recalculation last month. The IRS processed my Form 8949 adjustment in exactly 14 weeks from submission date. The key indicator on my transcript was the TC 971 code followed by TC 290, which signaled the adjustment was accepted. My refund was issued 9 days after the TC 846 appeared. The entire process was remarkably efficient considering the backlog the IRS is currently managing.