Ugh, I made a HUGE mistake with this last year. I got a 1099-K from PayPal for about $8,500 in sports betting deposits and freaked out, so I just reported it all as "Other Income" without deducting my losses. Basically paid taxes on money that was just moving between accounts. Anyone know if I can still file an amended return for 2024? And what forms I would need to do that?

This is exactly why proper record-keeping is so crucial for online gambling! I went through a similar situation with BetRivers and Cash App transactions last year. The key thing to remember is that the 1099-K threshold dropped to $600 in 2022, so a lot more people are getting these forms now who never received them before. This is causing massive confusion because people think they owe taxes on the full amount shown. One thing I'd add to the great advice already given - if you're planning to continue sports betting, consider opening a dedicated bank account just for gambling transactions. This makes it much easier to track deposits, withdrawals, and actual net gains/losses for tax purposes. It also helps separate your gambling activity from your regular finances, which can be helpful if the IRS ever has questions. Also, don't panic about the 1099-K! The IRS is aware that these forms often show transaction volume rather than taxable income, especially for gambling and online sales. As long as you report your actual gambling winnings correctly and keep good documentation, you'll be fine.

I went through this exact same situation a few years back and understand the anxiety! The good news is that delays with IRS direct debit payments are extremely common, especially during peak filing season. As others have mentioned, the IRS can take anywhere from 3-14 business days to actually process the withdrawal, even though your payment is considered "on time" based on the date you scheduled it. A few things that helped me feel more confident about the situation: 1. Keep all your TurboTax confirmation emails showing the payment was scheduled for the due date 2. Take screenshots of your bank account showing sufficient funds were available on the scheduled date 3. Check your IRS account transcript online - you should see a transaction code indicating the payment is scheduled The most important thing to remember is that as long as you submitted everything by the deadline and had sufficient funds available, you won't face penalties even if the actual withdrawal happens weeks later. The IRS goes by your submission date, not the processing date. If you're really concerned after 2+ weeks, the suggestions about checking your tax transcript or using services to get through to the IRS can give you peace of mind, but in most cases the payment will just appear in your account eventually without any issues.

I'm dealing with this exact same situation right now! Filed my return through TurboTax about 8 days ago with a direct debit scheduled for the due date, and I keep checking my bank account expecting to see the withdrawal but nothing yet. Reading through all these responses is really helpful - it sounds like delays of 1-2 weeks are completely normal, especially during busy filing season. I had no idea the IRS could take this long to actually process payments even though they consider them "on time" based on the scheduled date. I'm definitely going to check my IRS account transcript like several people suggested to see if I can spot that transaction code 768 that indicates the payment is queued up. And I'll make sure to keep all my TurboTax confirmation emails just in case I need them later. Thanks to everyone who shared their experiences - it's reassuring to know this is a common issue and not something to panic about. I was starting to wonder if I'd made some mistake with my banking information, but it sounds like it's just the IRS being slow to process everything.

One thing nobody has mentioned is that there are repayment caps based on your income! If your final income was $52,000, you're probably at 400-450% of the federal poverty level, which means the MAXIMUM you would have to repay is around $1,350 (for an individual). So even if you received more in premium tax credits than that, the repayment is capped. This is probably why your refund decreased by about $900 instead of potentially much more.

This is a really frustrating situation, but unfortunately it's how the ACA premium tax credit system works. The key thing to understand is that the system is designed around annual income projections, not your actual income at the time you had coverage. However, there are a few things that might help minimize your repayment: 1. **Make sure you're using the correct Form 8962** - You need to complete this form to reconcile your premium tax credits, and it should reflect the exact months you had marketplace coverage (Jan-June) versus employer coverage (July-Dec). 2. **Check the repayment caps** - Based on your $52,000 income, you're likely around 400% of the federal poverty level, which means there should be a cap on how much you have to repay (around $1,500 maximum). 3. **Consider the monthly allocation method** - Some tax software doesn't properly handle mid-year coverage changes. The Form 8962 allows you to allocate coverage months more precisely, which can sometimes reduce the repayment amount. The IRS notice you received is standard - they have your 1095-A form from the marketplace and need to see that you've properly reported it. Don't ignore it, as this will just create bigger problems down the road. I know it feels unfair, but this is one of the downsides of the income-based subsidy system - it can't predict mid-year job changes.

Has anyone here used a CPA for their first year filing jointly? Worth the money or overkill? My wife and I are debating whether to DIY or hire someone for our 2024 taxes.

Welcome to married filing! As someone who went through this transition a few years ago, I can add a couple practical tips to the great advice already shared: Since you got married in December, make sure you update your emergency contact and beneficiary information at work too - not just your W-4s. Also, consider opening a joint savings account specifically for tax purposes if you don't have one already. We found it helpful to have both our tax refunds/payments go to the same account so we could track our joint tax situation more easily. One thing about the mortgage interest deduction - don't forget you can also deduct property taxes paid in 2024, even if they were escrowed. Since you bought in August, you probably have 4-5 months worth. Combined with your mortgage interest, you might be closer to making itemizing worthwhile than you think. The IRS also has a really helpful online tool called the "Interactive Tax Assistant" that can walk you through scenarios specific to newly married couples. It's free and gives you personalized guidance based on your exact situation.

Has anyone dealt with partial reimbursement? My company only reimburses 80% of meals while traveling, meaning I'm covering the other 20%. Can I deduct that 20% portion?

This is a common misconception that trips up a lot of business travelers! The key principle here is that you can only deduct expenses that you actually bear the cost of. Since you were fully reimbursed by the client, you have no net out-of-pocket expense to deduct. Think of it this way - if you could deduct the $3,700 AND keep the $3,700 reimbursement, you'd essentially be getting paid to take a business trip, which isn't how the tax code works. The timing of when you fronted the money versus when you got reimbursed doesn't matter for tax purposes. What matters is that by the end of the tax year, you were made whole. Make sure to keep all your receipts and documentation of the reimbursement though - the IRS likes to see the paper trail showing these were legitimate business expenses that were properly reimbursed, especially when the amounts are significant like yours.