Your transcript looks really good actually! That $9,350 refund is solid - it's your $3,707 withholdings plus your $5,642 Earned Income Credit, which is right on target for your HOH filing status and $33,740 AGI. The 570 code is just a standard hold while they finish processing after ID verification. Since you completed verification 2 weeks ago, you're right in the normal timeframe - most people see their hold release (usually with a 571 code) between 6-12 weeks after verification. The zero penalties and interest is a great sign that they're not finding any issues. That CP0005 notation is nothing to worry about - it just means your transcript contains protected taxpayer info. And the "No tax return filed" display is a common glitch during processing - your 04-15-2024 processing date proves they have your return. Keep checking your transcript on Friday mornings when updates typically happen. Once you see that 571 code or an 846 refund sent code, your money should hit your account within days. I know the wait is torture, but you're almost there! 🤞

Don't stress too much about the exact math breakdown - sometimes there are additional small credits or adjustments that don't show up clearly in the main transaction lines. What matters is your account balance shows -$9,350.00, which is what you'll receive as your refund. Your situation is actually pretty textbook for post-ID verification processing. The 570 hold with zero penalties/interest is exactly what you want to see - it means they're not finding problems, just taking time to complete their review. Since you verified 2 weeks ago, you're right on track for the typical 9-12 week processing window. I'd recommend checking your transcript every Friday morning rather than daily (trust me, daily checking will drive you insane!). Once you see that 570 code reverse with a 571, or better yet an 846 refund sent code, you're golden. Most people get their deposit within 3-5 business days of seeing the 846 code. Hang tight - that $9,350 is coming your way! 💪

Another option is to request a "Tax Return Transcript" from the IRS, which is different from the Account Transcript someone mentioned above. A Tax Return Transcript will only be available for years you actually filed a return. So if you request one for 2019 and they say no transcript is available, that's a pretty clear sign you didn't file for that year.

Just wanted to share my experience with a similar situation. I had unfiled returns from 2018 and 2019 that I wasn't sure about, and like you, my IRS online account showed zero balance. I ended up using a combination of the approaches mentioned here. First, I requested Tax Return Transcripts for both years through the IRS website. For 2018, no transcript was available (meaning I hadn't filed), but for 2019, there was a transcript showing I had filed but with incorrect information. This gave me a clear picture of what I needed to fix. The key thing I learned is that zero balance doesn't mean you're fully compliant - it just means you don't owe money right now. The IRS can still come after you for unfiled returns even if you don't owe anything, and there can be penalties for late filing regardless of whether you owe taxes. Since you already mailed in your 2019 W2, I'd recommend requesting that Tax Return Transcript for 2019 in a few weeks to see if the IRS processes it and updates your filing status. That way you'll know for sure if everything is squared away.

Just to add something that hasn't been mentioned - the "wash sale" rule that applies to stocks (where you can't claim a loss if you buy the same or substantially similar security within 30 days) technically doesn't apply to crypto right now. But there's talk about changing that. So technically, you could sell your crypto at a loss and immediately rebuy it to harvest the tax loss while maintaining your position. This is still allowed for crypto (unlike stocks) but the IRS might close this loophole in the future.

One thing to keep in mind is that the character and timing of your losses matters for carryforward purposes. Make sure you're distinguishing between short-term and long-term capital losses, as they have different netting rules. Short-term losses (assets held for one year or less) must first offset short-term gains, and long-term losses (assets held for more than one year) must first offset long-term gains. Only after this initial netting can losses of one type offset gains of the other type. So if your 2023 crypto losses were short-term but your 2024 gains are long-term (or vice versa), the offsetting still works, but the IRS requires you to follow the specific netting order on Form 8949 and Schedule D. This doesn't change the fact that your losses can fully offset your gains - it just affects how you report it on your tax return.

Just wanted to add my experience as another single-shareholder S-Corp owner who went through this exact situation. I had an error in my basis calculation from 2021 that I didn't catch until preparing my 2023 return. Even though I was tempted to just keep corrected records for myself, I ended up filing the amended 1120-S after consulting with a tax attorney. The key point they made was that basis errors can compound over multiple years and affect future transactions like asset sales or distributions. Having the official IRS record corrected protects you from potential issues down the road. The amendment process wasn't as painful as I expected - took about 3 hours to prepare and the IRS processed it within 12 weeks. No penalties, no additional scrutiny, just a clean correction to the official record. Definitely worth doing it right rather than hoping it never comes up later.

As someone who's been through multiple S-Corp amendments, I'd strongly recommend getting this corrected sooner rather than later. The IRS has a three-year statute of limitations for most corrections, but basis issues can create problems that extend well beyond that timeframe. One thing that hasn't been mentioned yet is documentation. When you file your amended 1120-S, make sure to keep copies of everything - the original return, the amended return, and all supporting calculations. Also document exactly what the error was and how you discovered it. This creates a clear audit trail if questions ever arise. I've seen situations where taxpayers thought they could handle basis errors informally, only to run into major headaches years later during business sales or when the IRS selected them for examination. The few hours of work to file the amendment now could save you significant time, money, and stress down the road. Better safe than sorry with basis calculations!

Does anyone know if I need to keep track of these non-dividend distributions myself or if my brokerage will do that for me? I got some from my MLP investments last year and I'm not sure if my cost basis is being adjusted automatically in my account.

You're absolutely right to be thinking about this carefully! While it's true that non-dividend distributions lower your cost basis and potentially increase your taxable gain when you sell, there are some important timing benefits to consider. The key advantage is that you're getting cash now without any immediate tax consequences, while only paying taxes later when you sell. This tax deferral can be valuable because: 1. You have use of that money immediately (time value of money) 2. Your future tax rate might be lower than today's rate 3. You can control the timing of when you realize the gain by choosing when to sell Also, some non-dividend distributions might represent genuine returns of excess capital that the company doesn't need for operations, rather than just accounting maneuvers. In those cases, you're getting back money that might otherwise just sit on the company's balance sheet earning minimal returns. That said, you're right to be cautious - make sure you're tracking these basis adjustments properly since they'll affect your taxes when you eventually sell!