" Update Spoke to someone with the IRS and was told that'it s still being reviewed. She did ask if I received any letters other than the one for me to verify my identity, which I told her I'haven t receive anything, she then placed me on hold for 5 to 7 minutes and returned to tell me that she was advised to tell me starting from todays date May 1st I have to give them 100 to 180 days which will be Oct 28th to either get my refund or letter asking for information etc. I know you'can t win with the IRS but'what s not fair is I did what I was suppose to do previous and waited only to possibly have to wait another 100 to 180 days. Hopefully, that'won t be the case and'they ll either send the refund or ask for verified information.'I m just ready to get the ballrolling...

So I filed my taxes in 4/5 and a week later 4/12 (before I received my original refund) I amended my taxes adding my baby whose ss card I didn’t have! I wasn’t told by my tax preparer that the IRS recommends you file an amendment AFTER original refund is deposited! I haven’t received any letters or notifications and this is what my transcript says! Folks on Reddit have been waiting 4 months and telling me based off my transcript and the information I gave I’ll be waiting until October! Should I call the IRS? I’ve already contact my local congressman and senator because it’s the off season (I’m a waitress) and this money always helps me along during the summer! Plus I only worked until July last year due to pregnancy complications!

This is such a helpful thread! I'm dealing with a similar situation with my 18-year-old who graduated high school last year but decided to take a gap year before college. He's working part-time and living at home. From what I'm understanding here, since he's over 17 and not a student, he can't be a qualifying child. But if his income is under $4,700 and I provide more than half his support, he could qualify as a qualifying relative for the $500 Credit for Other Dependents, right? The tricky part is calculating whether I'm providing "more than half" his support. He pays for his own gas and some personal expenses, but I cover housing, food, health insurance, and his phone. Does anyone know if there's a specific worksheet or method the IRS recommends for calculating this support test?

This thread has been incredibly helpful! I've been struggling with dependent rules for my 20-year-old stepson who moved in with us mid-year after his mom lost her job. He's not in school and works at a restaurant making about $3,800 for the year. From reading all these comments, it sounds like he could qualify as a qualifying relative since his income is under the $4,700 threshold. But I'm worried about the support test since he only lived with us for 7 months of the year. Does the "more than half support" calculation only count the months he lived with us, or does it include the whole year even when he was living elsewhere? Also, does anyone know if there are special rules when the dependent moved between households during the tax year? His mom might try to claim him too since he lived with her for the first 5 months.

I've had both Chase and Truist over the past few tax seasons, and there's a clear difference. With Chase, I consistently got my refund 1-2 days before the official date. Since switching to Truist last year, I've noticed they strictly adhere to the exact date on the IRS transcript. Last month, my transcript showed a March 13th deposit date, and that's precisely when it appeared in my account - not a day sooner. If you're desperate for earlier access, you might consider opening an account with one of the fintech banks that advertise early direct deposits as a feature. Many of them offer 2-day early access to direct deposits, including tax refunds.

As someone who's been through this exact situation with Truist, I can confirm what others have said - they stick to the official IRS date. However, here's a tip that might help with your cash flow planning: you can actually get a pretty accurate estimate of when your refund will be processed by checking the IRS processing times on their website. They update these weekly during tax season. For e-filed returns with direct deposit (which yours is), it's typically 21 days from acceptance, but can be faster if there are no issues. Since you just got accepted yesterday, you're probably looking at mid to late March for the actual deposit. Also, make sure your bank account info is exactly correct on your return - even a small error can cause delays that push you to a paper check instead.

The distinction between gross and net winnings on sportsbook statements is crucial - you'll want to look at the column headers carefully. Net winnings statements will typically show something like "Net Winnings" or "Profit/Loss" while gross statements might say "Total Payouts" or "Amount Won." If you see a column that shows the full amount returned to you (including your original stake), that's gross. What you want for tax purposes is the profit-only amount. Most major books like DraftKings and FanDuel default to net winnings in their annual summaries, but smaller or offshore books might vary. Using multiple sportsbooks isn't suspicious at all - it's actually very common for bettors to shop for better odds and bonuses. The IRS expects people to use multiple platforms. Just make sure you're reporting the combined totals from all platforms accurately. If anything, having records from multiple regulated US sportsbooks makes your reporting more credible since these companies also report to the IRS. Pro tip: Download your annual statements from all your books in January while they're still available. Some books only keep them accessible for 90 days after year-end, and you don't want to be scrambling in March trying to reconstruct your records.

This is a really comprehensive discussion! I'm glad Adrian asked this question because I was struggling with the same confusion. After reading through all these responses, it's clear that the key point is: **you only pay taxes on the NET profit from each winning bet, not the gross amount returned to you**. What I found most helpful was learning about the annual summary statements from sportsbooks - I had no idea these existed! I just downloaded mine from DraftKings and it clearly shows "Net Winnings" which makes tax reporting so much simpler than trying to calculate everything manually. For anyone else reading this who's new to sports betting taxes, here are the main takeaways I gathered: 1. Stakes ARE deducted from taxable winnings automatically for each winning bet 2. You must report ALL gambling winnings as income (even without W-2G forms) 3. You can only deduct losses if you itemize deductions on Schedule A 4. Download annual summaries from all your sportsbooks in January before they expire 5. Keep detailed records throughout the year rather than reconstructing at tax time Thanks to everyone who shared their experiences - this thread probably saved a lot of people from making costly mistakes on their tax returns!

I just went through this same exact situation a few weeks ago and can definitely relate to that initial panic! The "Credit Transferred out to 1040 202312" notation appears when the IRS moves an overpayment from one tax account to your 2023 individual return. In my case, it was from a previous year's amended return that resulted in a credit I had forgotten about. The system automatically applied it to my 2023 taxes, which actually increased my refund by $340. What really helped me was logging into my IRS online account and checking my "Account Transcript" for both 2022 and 2023 - you should see a matching "Credit Transferred In" entry somewhere that shows the other side of this transaction. The good news is this is completely normal and usually works in your favor since it's your own money being moved around efficiently!

I can totally understand the initial confusion - those transcript codes are really cryptic! From what I'm reading here, it sounds like the "Credit Transferred out to 1040 202312" is actually good news for you. The IRS found money you overpaid somewhere (maybe estimated payments, withholdings, or a credit from a previous year) and automatically moved it to benefit your 2023 tax return. The "202312" format means December 2023, so it's being applied to your 2023 individual return. I'd definitely recommend downloading both your 2022 and 2023 account transcripts from the IRS website to see the full picture - you should find a corresponding entry showing where this credit originated from. In most cases, this either increases your refund or reduces what you owe, so it typically works in your favor!