I see a lot of advice here but I'm confused about one thing... if I have $5000 in winnings (including a $3000 jackpot) but $7000 in losses for the year, do I still have to report the $5000 as income and then separately deduct $5000 in losses? Or can I just report the net loss of $2000? Does turbo tax handle this correctly?

Something to keep in mind - even if you get your withholding back, you'll need to be prepared for potential scrutiny from the IRS if your gambling losses are substantial compared to your income. They sometimes flag returns where gambling losses seem unusually high relative to someone's financial situation. The key is having rock-solid documentation. Beyond what others have mentioned, I'd also recommend keeping photos of your losing tickets if possible, and if you play table games, try to get pit boss signatures on your session records when you have big losses. Some casinos will do this if you ask. One more tip: if you're planning to claim gambling losses this year, consider opening a separate bank account just for gambling funds next year. It makes tracking much cleaner and provides a clear paper trail of your gambling activity that's separate from your regular expenses.

I'm dealing with the exact same thing right now! Filed in early February, got accepted immediately, and now it's been almost 3 months with just a blank transcript. My "as of date" also changed recently from March to April. It's so frustrating seeing everyone else get their refunds while we're still waiting. I've been checking my transcript obsessively too - probably not helping my stress levels but I can't help it when it's thousands of dollars just sitting somewhere in limbo. Really hoping this date change actually means something positive is happening behind the scenes. Keep us updated if you see any movement!

I'm going through the exact same situation! Filed in late January, got accepted within days, and it's now been over 3 months with absolutely nothing on my transcript except for that "as of date" that keeps changing. Mine went from February to March, then March to April, and just changed again to May. It's so maddening because you have no idea if it actually means anything or if it's just their system randomly updating dates while your return sits in some black hole. What really gets me is that I have friends who filed their taxes in March and already got their refunds weeks ago, while those of us who were responsible and filed early are still stuck waiting. I've also been checking my transcript multiple times a day (I know, I know, it's not healthy) but when you're expecting several thousand dollars it's hard not to obsess over every little change. The worst part is the complete lack of transparency from the IRS. Like, just tell us what's happening! Are they reviewing something? Waiting for verification? Lost in a pile somewhere? The uncertainty is killing me. Really hoping this latest date change actually means movement for both of us!

Does anyone know if AMT credits expire? I've been carrying mine forward for 3 years now and I'm worried I might lose them if I don't use them soon.

Just to add another perspective on the timing strategy - if you're planning to sell the underwater stock anyway, consider doing it in a year when you have other significant capital gains. That way you can maximize the benefit of both the capital loss from the stock AND potentially recover more of your AMT credit in the same tax year. I had a similar situation where I sold my tanked options in the same year I sold some rental property at a gain. The capital gains from the property sale helped me utilize a big chunk of my AMT credit that I wouldn't have been able to use otherwise. It's all about creating the right tax situation to unlock that credit - sometimes you need gains to make the math work in your favor. Also worth noting that if you're married, your spouse's income and tax situation can affect how much AMT credit you can recover each year, so factor that into your planning too.

For homeowners like yourself, here's a simple approach to identify your tax codes: 1. **Start with your situation**: Homeowner + energy improvements = look at residential energy credits first 2. **Use the IRS Interactive Tax Assistant** (irs.gov/help/ita) - it asks questions about your specific situation and points you to the right forms and code sections 3. **For your energy improvements**: You'll likely need Form 5695, which covers IRC Sections 25C (home efficiency improvements) and 25D (solar/renewable energy) The key is that you don't need to memorize code numbers - the forms and their instructions will reference the relevant sections automatically. Focus on gathering your Energy Star certification documents and receipts first. Pro tip: The IRS has a "Credits and Deductions" section on their website that's much more user-friendly than trying to navigate the actual tax code. Start there before diving into the technical stuff!

As someone who went through this exact same confusion last year, I totally get the "maze blindfolded" feeling! Here's what helped me figure out which tax codes applied to my situation: **Quick identification method:** - Your energy-efficient windows → IRC Section 25C (Form 5695) - Your heat pump → Also Section 25C, but with higher credit limits - Both should qualify since you have Energy Star certification **What worked for me:** 1. I started with the IRS "Do I Qualify" tool for energy credits (much easier than reading the actual tax code) 2. Downloaded Form 5695 and its instructions - they spell out exactly what qualifies 3. Made a simple checklist of my improvements with purchase dates and certification numbers The good news is you're definitely not leaving money on the table - those 2023 energy credit expansions are substantial! Your heat pump alone could get you up to $2,000, and the windows up to $600. Just make sure you have those Energy Star documents ready when you file. Don't stress about memorizing code sections - focus on having the right paperwork and using Form 5695. The tax software will handle referencing the correct IRC sections for you!

This is a great discussion and I'm learning a lot from everyone's experiences. I'm in a similar situation with my partner - we each have S Corps that jointly own an LLC, and we've been going back and forth on the wage structure. Based on what I'm reading here, it sounds like the key factors are: 1) where the actual work is being performed, 2) maintaining legitimate business substance at the S Corp level, and 3) proper documentation of the arrangement. For those who've restructured to pay wages from the S Corps instead of the LLC - did you find that your overall tax burden changed significantly? I'm wondering if there are any practical differences in terms of payroll taxes or other costs when wages flow through the S Corps versus directly from the LLC. Also, for the management services agreements that were mentioned - are these typically percentage-based fees or fixed amounts? Trying to figure out how to structure reasonable compensation for management services provided by our S Corps to the LLC.

This thread has been incredibly helpful - I'm dealing with the exact same structure and have been getting conflicting advice from different professionals. One thing I wanted to add based on my recent experience: make sure you're also considering state-level implications. We're incorporated in Delaware but operate primarily in Texas, and the state tax treatment of our S Corp/LLC arrangement is different than the federal treatment. Texas doesn't recognize S Corp elections, so we had to structure things differently at the state level. Also, regarding the reasonable compensation discussion - we found that documenting actual hours spent on management activities was crucial. Our CPA recommended keeping detailed logs of strategic meetings, client relationship management, operational decisions, etc. It sounds like overkill, but if the IRS ever questions whether your S Corp is providing legitimate management services worth the compensation, having contemporaneous records of actual work performed makes all the difference. For anyone considering this structure, I'd strongly recommend getting both legal and tax advice before implementing. The setup costs are worth it to avoid potential compliance issues down the road.