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What software does everyone recommend for high-income tax situations? I've been using TurboTax Premier but wondering if there's something better for managing more complex investments and deductions?
I switched from TurboTax to a combination of TaxAct for initial preparation and then have a CPA review. Saves me about 60% on prep fees but still gives professional oversight. For high income with investments, I wouldn't self-file without at least a review.
I'm a tax attorney and see these schemes regularly. What you're describing is almost certainly a syndicated conservation easement or similar abusive tax shelter. The IRS has these on their "Dirty Dozen" list and actively pursues participants with penalties that can exceed the claimed tax savings. The key red flags: 1) 4:1 or 5:1 deduction ratios, 2) vague explanations about the mechanics, 3) promises of 80% tax reduction, and 4) high-pressure sales tactics emphasizing secrecy or exclusivity. Real tax planning for high earners involves maximizing retirement contributions, strategic charitable giving, tax-loss harvesting, proper business entity selection, and timing strategies. These provide meaningful but realistic benefits - maybe 15-25% reduction in effective tax rate through legitimate means. I strongly recommend getting a second opinion from an independent CPA or tax attorney before proceeding. The IRS settlements I've seen from these schemes often result in participants paying more in penalties and interest than they originally "saved" in taxes.
Thank you for the legal perspective! As someone new to higher income brackets, this is exactly the kind of professional insight I needed. The fact that penalties can exceed the "savings" is terrifying. When you mention getting a second opinion from an independent CPA, how do I make sure they're truly independent and not also trying to sell me investment products? I'm worried about getting caught between competing sales pitches disguised as professional advice.
Last year my 1099 from Instacart had errors on it. Double check all the numbers when you get yours! They included some customer tips in the wrong box which messed up my tax calculations.
What did you do when you found errors? Did you contact them to get a corrected form?
I contacted their shopper support through the app and explained the specific errors. It took about two weeks, but they eventually issued a corrected 1099-NEC. If you find any errors, take screenshots of your weekly earnings summaries as evidence before contacting them. While waiting for the corrected form, I delayed filing my taxes. If you're up against the April deadline and still don't have a corrected form, you can either file for an extension or file with the information you have and then submit an amended return later when you get the correct form.
Just wanted to chime in as someone who's been doing Instacart for 3 years now - the 1099 timing varies but they're usually pretty good about meeting the January 31st deadline. One thing I learned the hard way is to always keep your own records throughout the year rather than relying solely on their forms. I use a simple spreadsheet to track my weekly earnings, miles driven, and any expenses like phone mounts or insulated bags. This has saved me multiple times when there were discrepancies or delays with the official forms. The IRS cares more about accurate reporting than having the exact form in hand, so if you have your own records, you can file on time even if Instacart is running late.
According to the IRS website (https://www.irs.gov/individuals/get-transcript), code 570 means "additional account action pending" but that's pretty vague. I'm seeing this on my transcript for the first time and I'm not sure what to expect. Has anyone else gotten this code this tax season? I'm trying to gather some real experiences before I panic. I checked TaxAct forums and r/tax but there are so many different situations.
I'm new to this community but wanted to share my recent 570 code experience since everyone's stories have been so helpful! I got the 570 code on March 3rd (about 6 days ago) and immediately started panicking. After reading through all your experiences, I feel much better about the situation. Like several others mentioned, I also claimed EITC for the first time this year after a career change, so that might explain the hold. What's interesting is that I can see on my transcript that the 570 appeared exactly 21 days after I filed electronically on February 10th. Based on the timelines shared here, I'm hoping to see either a 571 code or some movement in the next week or two. Has anyone noticed if filing early in the season (like February) versus later affects how long the 570 review takes? Thanks for creating such a supportive space to discuss these stressful tax situations!
Welcome to the community, Jamal! Your timeline is really helpful - I'm glad you shared the exact dates. I filed on February 12th (just 2 days after you) and got my 570 code on March 1st, so we're definitely on a similar schedule. From what I've been seeing in this thread and other tax forums, it seems like early filers might actually have slightly longer processing times this year, possibly because the IRS updated their systems in late January and February returns are getting caught in more verification checks. The good news is that most people who filed in early February seem to be getting their 571 codes and refunds now, so hopefully we're both in that next wave! I've been checking my transcript obsessively every morning, but trying to stay patient. Keep us updated on your progress - it's really reassuring to have people going through the same timeline to compare notes with!
I'm dealing with the 570 code too and this thread has been incredibly reassuring! Got mine on February 28th after filing on February 5th, so I'm at about 9 days now. What's really helpful is seeing everyone's different timelines and outcomes - it seems like while the waiting is stressful, the vast majority of cases do resolve within that 14-21 day window everyone mentions. I'm particularly interested in the pattern some of you noted about first-time credit claims potentially triggering reviews. I claimed the American Opportunity Tax Credit for the first time this year (going back to school), so that might explain my hold. One question for those who've been through this - did any of you see your "as of" date on your transcript change while the 570 was active, or did it stay the same until the 571 appeared? Trying to figure out if that's another indicator to watch for. Thanks again for sharing all your experiences - it's making this much less scary!
11 Make sure you're sending your forms to the correct IRS address! The mailing address depends on where the business is located and whether you're including a payment. I sent my S Corp return to the wrong address last year and it delayed processing by months.
For Texas S Corporations, you'll mail your Form 1120-S to: Department of the Treasury Internal Revenue Service Austin, TX 73301-0012 This is the address if you're NOT including a payment. If you ARE including a payment with your return, use: Internal Revenue Service P.O. Box 1302 Charlotte, NC 28201-1302 You can double-check the current addresses in the instructions for Form 1120-S or on the IRS website, as these occasionally change. Also consider using certified mail or a delivery service that provides tracking, especially since you're filing close to the deadline.
Jamal Carter
I've been through this exact scenario twice now and can share what I learned! The 570/971 combo with the same date is actually pretty standard - it's like the IRS saying "we need to double-check something, and we're sending you a letter to explain what." In my first case, it was for identity verification (just like @Yuki Tanaka mentioned) and took about 2 weeks total. Second time was because I claimed education credits and they wanted to verify my 1098-T form - that one resolved in about 10 days once I uploaded the documents through their online portal. The key thing is that $0.00 amount on both codes - that's actually good news! It means they're not adjusting your refund amount, just putting a temporary hold while they review something. Pro tip: set up informed delivery with USPS if you haven't already. That way you'll know when the notice is coming before it hits your mailbox. The waiting is seriously the hardest part, but most of these resolve pretty smoothly once you know what they need. Keep us posted on what the notice says when you get it!
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Cedric Chung
ā¢This is super helpful! I'm dealing with my first 570/971 situation and was honestly panicking a bit. The $0.00 detail being a good sign makes me feel way better - I was worried they found some major error with my return. The informed delivery tip is genius, definitely signing up for that today. It's so reassuring to hear from people who've actually been through this before. The IRS website explanations are so vague and confusing! Thanks for taking the time to share your experience @Jamal Carter - gives me hope that this will resolve soon š
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Anastasia Sokolov
I just went through this exact same thing about 3 weeks ago! Had the 570/971 combo on my transcript with the same February date and was freaking out because I really needed my refund for some unexpected car repairs. The notice I got was for income verification - they wanted me to confirm some 1099 income that didn't quite match what my employer reported. Turned out to be a simple reporting discrepancy that I was able to clear up by faxing them a copy of my actual 1099 form. What really helped my anxiety during the wait was understanding that these codes are WAY more common than you think, especially early in tax season when they're processing so many returns. The IRS customer service rep I spoke with said they see thousands of these cases every week and the vast majority are resolved without any issues. My timeline was: noticed codes on transcript ā got notice in mail 5 days later ā faxed documents ā transcript updated with 846 code about 8 days after that ā refund deposited 3 days later. So about 2.5 weeks total from start to finish. @Isabella Russo definitely wait for that notice like others said - it'll save you time and give you exact instructions on what they need. And try not to stress too much, I know easier said than done when you're counting on that money! š¤
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