This thread has been incredibly helpful! I'm a CPA and wanted to add one important point that hasn't been fully addressed - documentation is absolutely critical for gift tax valuation dates, especially when market volatility is involved. Beyond just keeping your mailing receipt or broker confirmation, I always advise clients to create a simple written record that includes: (1) the exact date you mailed/delivered the transfer documents, (2) the stock's closing price on that date, (3) the exact number of shares being gifted, and (4) the calculated total value. Print out the stock quote from that date and staple it to your records. This becomes especially important if the IRS ever questions your valuation date during an audit. Having contemporaneous documentation showing you calculated the gift value based on the date you relinquished control (rather than trying to reconstruct it later) provides much stronger support for your position. Also, for anyone getting close to the annual exclusion limits, consider making the gift earlier in December rather than late in the year. This gives you more flexibility if market movements put you over the limit - you'd still have time to make additional planning moves before year-end if needed.

As someone who works in estate planning, I wanted to add a practical tip for anyone dealing with volatile stocks during gift transfers. Consider using a "collar" strategy if you're worried about price movements after initiating the transfer. Once you've mailed your transfer documents (establishing your valuation date), you could potentially purchase put options on the same stock to protect against further upside that might push you over the annual exclusion. This doesn't change your gift valuation date, but it can provide some peace of mind if you're cutting it close to the limit. Obviously, this adds complexity and cost, so it's probably only worth considering for larger gifts or highly volatile stocks. But it's an option that many people don't think about when they're stressed about market movements after the fact. Also, just to echo what others have said - definitely keep detailed records of your mailing date and the stock price that day. I've seen too many clients scramble to reconstruct this information later when they could have easily documented it at the time.

I know this is slightly off topic, but which medical studies are paying so well? I've only been finding ones that pay like $50-100 for a day of testing, and you made $5,800? Are you doing pharmaceutical trials or something more involved?

I'm a tax professional and can confirm that your medical study income on 1099-MISC forms absolutely qualifies as earned income for Roth IRA contributions. The IRS considers compensation for your time, participation, and following study protocols as "payment for services rendered," which falls squarely under the earned income definition. The key test is whether you're being paid for your active participation versus just receiving reimbursement for expenses. Since you're undergoing tests, taking medications, attending appointments, and following specific protocols, you're clearly providing services that warrant compensation. A few important points to remember: - This income is subject to self-employment tax (15.3%), so plan accordingly - You'll need to file Schedule C to report this business income - Keep records of any unreimbursed expenses related to your participation (travel, parking, etc.) as these may be deductible - The $6,500 Roth IRA contribution limit for 2024 still applies regardless of your total earned income Your $5,800 from medical studies gives you plenty of room to make a substantial Roth contribution this year. Just make sure to set aside funds for the additional taxes you'll owe on this self-employment income.

The IRS is so behind rn its not even funny. My brother filed in February last year and didnt see his $ until September smh

I'm in a similar situation - filed with TurboTax about a week ago and got the acceptance notification. From what I've read, the test batch thing is mostly for early filers in December/January before the season officially opens. Since we're filing now during regular season, we're definitely in the normal processing queue. The 21-day timeline is pretty standard for simple returns, but it can vary. I've been checking WMR obsessively too 😅 Hang in there!

I'm in the exact same situation! Filed our 941-X for 2020 Q2 and Q3 back in September 2021 and still nothing. We're a small restaurant that kept 8 employees on payroll even when we were only doing takeout orders during the lockdowns. The credit would be around $42,000 for us. I've been following this thread closely and just wanted to say thank you to everyone sharing their experiences and suggestions. It's reassuring to know we're not alone in this endless waiting game, even though it's frustrating that so many small businesses are still stuck in limbo. Based on what I'm reading here, it sounds like persistence is key - whether that's through the phone services mentioned, document review tools, or just keeping detailed records for follow-up letters. Has anyone had success with congressional inquiries? I've heard mixed things about whether local representatives can actually help with IRS issues like this.

This thread has been incredibly helpful - thank you all for sharing your experiences! I'm in a similar situation with our 2020 ERC claim filed via 941-X in late 2021, still waiting. Reading through everyone's updates, it seems like there are really three main approaches that have worked: 1) Using tools like taxr.ai to identify and fix potential errors in your filing, 2) Getting through to the IRS via services like Claimyr to get actual status updates, and 3) Being persistent with follow-up documentation and inquiry letters. What strikes me is how many of you discovered errors or missing documentation that was causing delays - makes me wonder if I should review my own filing more carefully. The IRS clearly isn't going to tell you what's wrong; you have to figure it out yourself. For those still waiting like me, it's frustrating but somewhat comforting to know this isn't unusual. Emma Wilson's 26-month timeline gives me hope that these claims are still being processed, just very slowly. I think I'll try the document review approach first, then maybe the phone service if I can't identify any obvious issues with my filing. Has anyone here had their claim outright denied, or have most of you who waited long enough eventually received payment?

Great question about tracking capital loss carryovers! I've been dealing with this exact situation for the past 3 years after some unfortunate investment decisions during the market volatility. One thing I learned the hard way is to keep detailed records beyond just relying on tax software. While most software does track carryovers reasonably well, I've found it helpful to maintain my own backup documentation. I keep a simple folder with: 1. Copy of each year's Schedule D and Capital Loss Carryover Worksheet 2. All 1099-B forms and investment statements 3. A one-page summary showing my remaining carryover balance each year The reason this became important for me is that I switched from TurboTax to FreeTaxUSA one year, and while the new software asked about prior year carryovers, having my own records made the transition seamless. I could easily verify that the carryover amounts were entered correctly. Also, don't forget that if you have a really large loss like yours, you might want to consider the timing of future gains strategically. For instance, if you're planning to sell some winners, you might want to spread those sales across multiple years to make the most of your loss carryover rather than using it all up in one year with a large gain. The 9+ year timeline you mentioned is actually pretty common with substantial losses. Just stay organized and you'll be fine!

I went through something very similar last year with about $35k in losses from some unfortunate crypto investments. One thing I discovered that really helped was setting up a simple tracking system using a basic notebook alongside whatever digital records I kept. Each January, I write down my starting loss carryover amount at the top of a new page. Throughout the year, I note any capital gains/losses as they happen, along with the dates and amounts. At tax time, I can easily see the full picture and verify that my tax software is calculating everything correctly. The physical backup has saved me twice now - once when I accidentally deleted some files, and another time when switching between tax preparers. Having that simple written record made it easy to reconstruct everything. Also, don't underestimate the value of taking screenshots of your final tax forms each year, especially the Capital Loss Carryover Worksheet. Store them in a dedicated folder (both digital and print if possible). The IRS can ask for documentation going back several years, and having everything organized from the start will save you major headaches down the road. With a $28k loss, you're looking at nearly a decade of carryovers like you said. The key is building sustainable tracking habits now rather than trying to reconstruct everything years later. Good luck with it!