Ya gotta love how the IRS can detect fraud but then makes it impossible to actually resolve it. Classic government efficiency right there 🤦‍♂️

This is definitely identity theft - you're right to be concerned! The 4883C letter means someone filed a fraudulent return using your SSN, but the good news is the IRS caught it before processing. Here's what you need to do immediately: 1. Call the verification number on the letter and confirm you didn't file 2. File Form 14039 (Identity Theft Affidavit) 3. Check all three credit reports for suspicious activity 4. Consider a credit freeze to prevent new accounts being opened 5. File a police report to document the theft 6. Report to IdentityTheft.gov Don't wait - that 30-day deadline is real. I know the phone lines are brutal, but keep trying or consider using a callback service like Claimyr if you can't get through. Also make sure to file your legitimate 2023 return ASAP (paper filing if e-file gets rejected). The IRS will then have both returns to compare and can resolve this faster. Stay on top of this - identity theft cases that get ignored tend to snowball into much bigger problems!

I've been dealing with IRS returns for years and this "info incorrect" message after weeks of "still processing" is actually very common. It typically happens when your return moves from one department to another or when they're about to issue your refund. The system basically hiccups during the transition. I'd give it another 5-7 days before getting too concerned.

I experienced the exact same thing last year! Filed in early February, got "still processing" for about 3 weeks, then suddenly the WMR system started saying my information was incorrect. I was panicking thinking someone had stolen my identity or something was wrong with my return. But it turned out to be just a system glitch - got my refund deposited about 10 days after that error message first appeared. The IRS systems are honestly pretty outdated and this seems to be a common bug when returns move between processing stages. Try not to stress too much about it, your return is probably fine and just moving through their internal processes.

Just dealt with this exact situation last month! You definitely need to amend - I made the mistake of thinking those small negative amounts weren't important, but the IRS computer systems automatically match K-1s to tax returns. The good news is those losses in Box 1 and Box 10 will likely reduce your tax liability. Box 1 ordinary business loss goes on Schedule E and flows to your 1040. Just make sure to check if you have any passive activity limitations since it sounds like this was an investment rather than active participation. I used FreeTaxUSA for my amendment and it walked me through the K-1 entries pretty well. The whole process took about 2 hours and I ended up getting an additional $300 refund from the losses. Don't wait too long though - amended returns can take 16+ weeks to process right now.

Those negative amounts on your K-1 are definitely reportable and will likely work in your favor! The (-$2,050) in Box 1 is an ordinary business loss that can potentially reduce your taxable income, and the (-$19) in Box 10 is a Section 1231 loss. Since you mentioned this was a Limited Partnership investment where you're not actively involved, these losses will likely be classified as passive. That means they can only offset passive income from other sources like rental properties or other partnerships. If you don't have passive income to offset them against, the losses get suspended and carried forward to future years - but you can still use them when you eventually sell your partnership interest. You should definitely file Form 1040-X to amend your return. The losses go on Schedule E which flows to your main 1040. Even though the amounts seem small, the IRS gets a copy of every K-1 and expects to see these items reported. Plus, those losses could reduce your tax liability or even result in a small additional refund. Don't wait too long to amend - the IRS is currently taking 16+ weeks to process amended returns, and there are time limits on when you can file amendments.

I know exactly how stressful this waiting period is! I went through this last month and wanted to share my positive outcome: • Amendment appeared on transcript: March 4th • Refund approved (code 846): March 19th • Money deposited: March 22nd So that was 15 days from transcript update to refund approval, and 18 days total until money in my account. What helped me was checking my transcript every Tuesday and Friday morning (they seem to update in batches those days). Hang in there - the waiting is the hardest part but it WILL come through!

I've been tracking IRS amended return timelines for my accounting practice, and here's what I've observed across multiple clients: Once your amended return appears on transcript, you're typically looking at 10-21 business days until you see the TC 846 (refund issued) code with a deposit date. However, Q1/Q2 processing tends to be slower due to regular filing season backlog. For your investment planning purposes, I'd recommend using a 25-business-day timeline from transcript appearance to actual deposit as your conservative estimate. One thing that might help - if you see TC 971 with AC 052 on your transcript, that usually indicates your amendment is in the final review stage before refund authorization.

Has anyone here successfully used the "Specific Project Allocation" method to minimize the impact of Section 174 capitalization? My accountant mentioned it but wasn't very clear on how to implement it properly. Supposedly you can allocate expenses to specific R&D projects in a way that might give you more favorable treatment?

I'm dealing with the same Section 174 headache for my consulting firm. One thing I discovered that might help others - the IRS has a specific FAQ section (Publication 5137) that addresses common Section 174 questions, including examples of what qualifies as R&E expenses versus regular business expenses. It's buried pretty deep on their website, but it helped me understand why some of my software development costs had to be capitalized while others could be immediately deducted. The publication includes flowcharts that walk you through the decision process, which was way more helpful than the general guidance I'd been finding. Also, keep in mind that if you're a small business with gross receipts under $27 million (averaged over 3 years), you might still qualify for certain immediate expensing options under other sections of the tax code, even if Section 174 requires capitalization. Worth checking with a qualified tax professional about your specific situation.