Just want to add something important: even if you're below the minimum filing threshold, you might WANT to file anyway. I didn't have to file last year (made about $10,200), but I filed anyway and got back all my withheld income tax PLUS qualified for a partial Earned Income Credit. Ended up getting almost $1,800 back! Don't leave money on the table by not filing when you don't "have to.

Just to clarify something I learned the hard way: the $400 self-employment threshold is separate from the standard filing threshold. I made $12,000 from my regular job and $350 from selling crafts online last year. My tax software said I didn't need to file because I was under the standard threshold AND under the self-employment threshold. But if I had made $420 from my crafts, I would have needed to file even though my total income was still below the standard threshold. The thresholds work separately, not together.

Count me in for tracking! I have the exact same codes (570 and 971) both dated March 10, 2025, so we're definitely in the same processing batch. This is my first time dealing with these codes and honestly, I was starting to panic until I found this thread. My cycle code is also 20251405, which confirms we're all being processed together. I've been checking my transcript religiously every morning around 6am based on the advice here, but no changes yet. Haven't received any mail notice either, but from reading everyone's experiences, it sounds like that's normal for the first week or so. Really hoping we follow the shorter timeline patterns rather than the longer ones! I'll definitely keep everyone updated with any changes. Thanks for creating this tracking system - it's so much better than trying to figure this out alone. The community support here is amazing, and it's reassuring to know that so many others have gone through this exact situation successfully.

Adding myself to the March 10th tracking group! I also have 570 and 971 codes with identical dates of March 10, 2025, and my cycle code is 20251405 as well. This is actually my second time dealing with these codes - last year I had a similar situation that resolved in about 23 days, so I'm trying to stay patient based on that experience. What's interesting is that last year my codes appeared in mid-February and this year they're appearing in March, but the cycle code pattern looks identical. I've been checking my transcript every morning around 5:45am and haven't seen any changes yet, but no mail notice either which seems consistent with everyone else's timeline. Really appreciate this tracking thread - it's so helpful to have others going through the exact same situation with the same dates and codes. I'll definitely keep everyone posted on any updates. Based on my previous experience, I'm expecting to see movement sometime in the next 2-3 weeks, but it's reassuring to have this community to compare notes with!

I've been dealing with oil and gas K1s for several years now, and I completely understand your frustration. The tax benefits are real, but they're often misunderstood by general tax preparers who don't specialize in these investments. Here's what you should specifically look for on your K1: Box 13 is where most of the magic happens. Look for code "V" which represents your share of intangible drilling costs (IDCs) - this is typically the largest deduction and can often be taken in full in the first year. You might also see code "W" for depletion allowances. Don't forget that some oil and gas partnerships also provide separate statements or schedules that break down the tax treatment of your investment. The partnership should have sent you supplementary information explaining how your investment dollars were allocated between IDCs (immediately deductible), tangible drilling costs (7-year depreciation), and lease acquisition costs (recovered through depletion). If your current accountant isn't familiar with these specialized deductions, it's worth getting a second opinion from someone who regularly handles oil and gas investments. The tax code has specific provisions for these investments that many general practitioners simply aren't familiar with.

I went through something very similar with my oil and gas K1 last year. The key thing I learned is that you really need to understand the different "buckets" your investment gets divided into for tax purposes. Most drilling partnerships allocate your investment roughly like this: 60-80% goes to intangible drilling costs (IDCs) which are immediately deductible, 15-25% to tangible equipment that gets depreciated over 7 years, and the remainder to lease costs recovered through depletion allowances over time. The IDCs are the big win - they should show up in Box 13 of your K1 with code "V" and can typically offset your regular income dollar-for-dollar in year one. This is probably what the promoter was referring to when they talked about tax benefits. One red flag: if your accountant isn't familiar with oil and gas investments, they might be treating everything as subject to passive loss limitations, which would be incorrect for IDCs. The tax code has special provisions (Section 469(c)(3)) that exempt IDCs from these limitations. I'd suggest asking your accountant to specifically look at Box 13 codes V and W, and if they're not comfortable with oil and gas taxation, definitely get a second opinion from someone who specializes in energy investments. The tax benefits are real, but you need someone who knows where to find them on the K1.

I ran into this same issue when I was doing my quarterly business tax reconciliation. The key thing to remember is that the IRS transcript uses different terminology than their public-facing tools. The 846 code with its associated date IS your DDD - it's just not labeled that way on the transcript itself. I've found that most major banks (Chase, Bank of America, Wells Fargo) typically post these IRS direct deposits in the early morning hours (usually between 12:01 AM and 6:00 AM) on the 846 date. For your Q1 reconciliation purposes, you can confidently use that 846 date as your expected deposit date in your financial records.

Just wanted to add my experience from this tax season - I had the same confusion about finding the DDD on my transcript! Like others mentioned, the 846 code date is indeed your direct deposit date. What helped me was understanding that IRS internal systems use different language than their taxpayer-facing tools. My transcript showed code 846 with March 12th, and I got my refund deposited at 4:23 AM that exact day. For anyone doing business reconciliation like the original poster, I've found it helpful to screenshot both your transcript (showing the 846 code/date) and your bank statement when the deposit hits - makes it much easier to match everything up for your records later.

One thing to consider - if you don't file your taxes with this 1099-NEC income reported, and your family member already submitted it to the IRS, you're gonna get a lovely letter from the IRS eventually asking why the income they know about doesn't match what you reported. Trust me, you don't want that headache!!

The bottom line is you need to report this income since your family member is treating it as payment for services (which it sounds like it was - you mentioned doing "odd jobs" for them). The $8,000 you received is definitely over the $600 threshold that requires a 1099-NEC. Since they've already filed their taxes and issued the 1099, the IRS has a record of this income being paid to your SSN. If you don't report it on your return, you'll get an automated notice from the IRS asking about the discrepancy, and that usually comes with penalties and interest. The good news is that as a contractor, you can deduct legitimate business expenses - things like gas to get to their place, tools you bought for the work, etc. This can significantly reduce what you actually owe in taxes on that $8,000. Don't panic about being behind on filing - the IRS would much rather you file late and pay what you owe than not file at all. You might face some penalties for late filing, but it's way better than ignoring it completely.