I'm going through the exact same nightmare! Filed in early February and have been sitting with a 570 code for about 3 weeks now, processing date of 4/10/24. Expecting around $6,900 with EIC and CTC. What's driving me crazy is the complete lack of transparency from the IRS. Like, just tell us what you're looking at! Are you verifying income? Identity? Credits? Something else entirely? The silence is honestly worse than knowing there's an actual problem. I've been religiously checking my transcript every Friday morning hoping to see literally ANY change - a 971, a 571, anything - but nope, just that same 570 code taunting me. It's somewhat comforting (in a misery loves company way) to see so many others dealing with this exact situation. From reading everyone's timelines, it seems like 4-8 weeks is becoming the new normal for these holds, which is absolutely insane. I'm going to try to hold out until after my processing date passes before attempting the IRS phone roulette, but that Claimyr service people mentioned is looking more tempting each day. Stay strong - we'll get through this bureaucratic purgatory eventually! 🤞

I'm in the exact same situation and it's absolutely maddening! Filed in late January, accepted immediately, and have been stuck with a 570 code for almost 4 weeks now. Processing date of 4/3/24 and expecting around $6,500 with EIC and CTC. The complete lack of communication from the IRS is the worst part. I've been checking my transcript every Friday religiously but it's just that same 570 code staring back at me. No 971, no letters, nothing. It's like our returns just disappeared into some bureaucratic black hole. Reading through everyone's experiences here is both reassuring and terrifying - reassuring to know we're not alone in this mess, but terrifying to see people waiting 6-8 weeks with no resolution. The fact that so many of us filed early and are claiming EIC/CTC seems to be the common thread here. I'm trying to stay patient until my processing date passes, but honestly considering those calling services people mentioned because this uncertainty is killing me. We shouldn't have to pay extra just to find out what the IRS is doing with our own money! Hang in there everyone - hopefully we'll all see some movement soon. This whole situation is just unacceptable. 😫

I have the code 766 with date 04/15/2023 What does this mean please

Hey Angela! I see you're dealing with the same Form 8812 issues that have been plaguing a lot of folks this tax season. The code 766 with a negative amount on 4/15/2022 is actually showing that the IRS processed an adjustment to your Child Tax Credit - the negative means it's a credit in your favor, not a deduction. Since you mentioned your tax preparer already filed an amended return to fix the Form 8812 error, that $3,000 should eventually be released to you. However, I'd definitely recommend calling the IRS to confirm the timeline, especially since you received that notice in March. The 570/571 codes on your transcript show there was a temporary hold that's been resolved, which is good news. Just be patient with the phone lines - try calling early morning for better luck getting through!

One other form to be aware of - if you're converting in 2025, the custodian will issue a 1099-R for the conversion with distribution code G. Make sure that matches what you report on your tax return. Sometimes people get confused because they see the 1099-R and think they need to report it as income, but in your case (with non-deductible contributions and a loss), you'll report the distribution but won't have additional taxable income from it.

Great question about IRA conversions! You're smart to be cautious about the pro-rata rule and Form 8606. A few additional points to consider beyond what others have mentioned: 1. **Timing the conversion**: Since you're converting at a loss, you might want to consider doing the conversion early in the year. This gives your Roth IRA more time to potentially recover and grow tax-free. 2. **State tax implications**: Don't forget to check your state's treatment of Roth conversions. Most states follow federal rules, but a few have quirks that could affect your tax liability. 3. **Documentation**: Keep excellent records of everything - your original contribution statements, the conversion documentation, and all Forms 8606. The IRS can ask about this years later, and having a clear paper trail will save you headaches. 4. **Future contributions**: After your conversion, you'll have a clean slate for future backdoor Roth contributions since your traditional IRA balance will be zero. The fact that you're asking these questions beforehand shows you're approaching this thoughtfully. Your situation seems relatively straightforward compared to people juggling multiple IRAs with mixed deductible/non-deductible contributions.

I work in estate planning and see this mistake unfortunately often. Your advisor made a significant error - non-spouse beneficiaries absolutely cannot roll inherited IRAs into their own traditional IRAs. This is one of the most basic rules in retirement account inheritance. The good news is this can definitely be fixed, but you need to act quickly. Here's exactly what you should do: 1. Contact your new advisor immediately and demand they acknowledge this was their error in writing 2. Call both financial institutions (old and new) and explain this was an "administrative error in rollover processing" 3. Request they process this as a "return of mistaken distribution" under Revenue Procedure 2016-47 4. Insist the funds be moved to a properly titled inherited IRA account Since you're within a reasonable timeframe (2 months), most institutions will cooperate to fix this, especially when it's clearly advisor error. Make sure the correction shows the account as "[Your Name] as beneficiary of [Father's Name] IRA" or similar inherited IRA titling. Don't let your advisor blame you or claim this is "just as good" - it's not. An improperly rolled inherited IRA could trigger taxation on the entire balance plus potential penalties. Document every conversation and get all agreements to fix this in writing. If they refuse to help correct their mistake, escalate to their compliance department immediately.

As someone who recently went through a similar inherited IRA situation, I can't stress enough how important it is to get this fixed immediately. Your advisor made a fundamental error that could have serious tax consequences. When my grandmother passed and left me her IRA, I initially worked with an advisor who almost made the same mistake. Fortunately, I caught it before the transfer was completed after doing my own research. Non-spouse beneficiaries simply cannot roll inherited IRAs into their own accounts - this is IRA inheritance 101. The fact that your account is now labeled as a "traditional IRA" instead of "inherited IRA" is a major red flag. This incorrect rollover could be treated by the IRS as a taxable distribution of the entire inherited amount, potentially creating a massive tax bill for you this year. Here's what worked for me when I had to correct a smaller error with my inherited account: - Contact both institutions immediately and use the phrase "administrative rollover error" - Reference Revenue Procedure 2016-47 which allows self-certification for rollover corrections - Get everything in writing, especially acknowledgment that this was advisor/institutional error - Request expedited processing since this affects your current tax year Don't let your advisor minimize this or claim it's "not a big deal." This is exactly the kind of mistake that can cost people tens of thousands in unexpected taxes. The good news is that it's fixable if you act quickly and persistently. Good luck - you've got this!

I went through this exact situation last year! As an F-1 OPT student working as an independent contractor, you'll most likely need Form W-8ECI. This form is specifically for foreign persons whose income is effectively connected with a US trade or business - which describes your contractor work perfectly. The key thing to understand is that W-8BEN is for passive income (like interest or dividends), while W-8ECI is for active business income from services you perform. Form 8233 is mainly for claiming tax treaty benefits on personal services income, so you'd only use that if your home country has a tax treaty with the US that provides specific exemptions for students. Regarding withholding - as an independent contractor, taxes typically aren't withheld automatically. Instead, you're responsible for making quarterly estimated tax payments using Form 1040-ES. This includes both regular income tax and self-employment tax (Social Security and Medicare). I'd recommend setting aside about 25-30% of each payment you receive to cover these taxes. One important note: make sure your work is actually allowed under your OPT authorization and that you're reporting it properly to maintain your immigration status. The work needs to be directly related to your field of study. If you're unsure about any of this, definitely consult with your school's international student services office - they're usually very knowledgeable about OPT tax requirements.

I just went through this process a few months ago as an F-1 OPT student, and it can definitely be confusing! Based on my experience, you'll most likely need Form W-8ECI since your contractor income is effectively connected with conducting business in the US. Here's what I learned: W-8BEN is for passive income (like dividends), W-8ECI is for active business income from services you perform in the US, and Form 8233 is specifically for claiming tax treaty benefits. Since you're doing actual work as a contractor, W-8ECI is usually the right choice. Regarding withholding - as an independent contractor, taxes typically won't be withheld from your payments. Instead, you'll need to handle this yourself through quarterly estimated tax payments using Form 1040-ES. I'd recommend setting aside about 25-30% of each payment to cover federal income tax, self-employment tax, and potential state taxes. One thing that really helped me was keeping detailed records of all payments and any business expenses from day one. You'll need these for both your quarterly payments and when you file your annual return. Also, make sure your contracting work is directly related to your field of study to stay compliant with OPT requirements. If you're still unsure, your school's international student services office should be able to provide guidance specific to your situation. They've usually dealt with these questions many times before!