Check your wage and income transcript too. Sometimes employers report different numbers than what you put on your return

Code 570 with 971 typically means the IRS is doing a compliance review on your return, likely because of the Earned Income Credit claim. Since your AGI is $11,786 with self-employment income of $2,793, they're probably verifying your eligibility for the EIC amount. The good news is your math checks out - $427 SE tax minus $961 EIC minus $46.65 other credit = $580.65 refund. Just keep checking your transcript weekly for updates. The review usually takes 6-10 weeks from the processing date (March 20), so you should see movement by late May/early June if everything verifies correctly.

One creative approach I haven't seen mentioned: have you considered a Deferred Compensation Plan for the partnership? Instead of receiving equity upfront, you could structure it so the S-Corp promises to transfer shares over time based on performance metrics. This spreads out the taxable events and potentially reduces overall tax burden if your tax bracket varies year to year. For your loss from the business sale, look into Form 1244 stock treatment if applicable. If you originally qualified, you might be able to treat a portion of your losses as ordinary rather than capital, which would help offset your income.

Important question: Is the existing S-corp providing you these shares as compensation for services or are you buying in with your own money? The tax treatment is completely different. If they're compensating you with shares, that's ordinary income. If you're investing capital, you're creating basis in the shares without immediate tax consequences. From what you described, it sounds like they're gifting you equity as compensation, which creates the big tax hit. Consider restructuring as a capital contribution where you invest in the company (possibly with a loan to finance the purchase).

Just got mine today! Filed Jan 29, got regular refund Feb 12, CTC hit my acct this AM. Was getting worried tbh. Checked the IRS2Go app every day lol. No status updates until it suddenly appeared. Hang in there!

Same situation here! Filed Feb 8th, got my regular refund on Feb 28th, but still waiting on CTC. After reading through all these responses, I'm feeling a bit more reassured that it's normal to be in different batches. Going to check my account transcript tomorrow for any TC 766 codes like @Melissa Lin mentioned. It's frustrating not knowing which wave you're in, but sounds like most people are getting theirs within the expected timeframes. Thanks everyone for sharing your experiences - this thread has been super helpful!

I have a 570 code right now too. From March 1st. Been waiting three weeks. No letter yet. Checking transcript daily. Called IRS twice. No help. They just say wait. My refund was supposed to pay my property taxes. Now I'm worried. Hope yours resolves faster than mine.

I'm dealing with a 570 code too - mine showed up on 2/28 and I'm still waiting. What's really frustrating is that the IRS website says to expect 16 weeks for amended returns, but I've seen people wait 6+ months. The uncertainty is the worst part! I'd suggest setting up informed delivery with USPS so you don't miss any notices they send. At least that way you'll know immediately when correspondence is coming. Also, try calling the practitioner priority line if you know any tax professionals - sometimes they have better luck getting through than regular taxpayers. Hang in there!

Success story here! My return was in the errors department for EXACTLY the same reason. • Filed on February 2nd with unemployment income reported • Return went to errors department around February 15th • No communication from IRS during this time • Transcript updated on March 9th showing processing complete • Refund deposited on March 14th The key is patience. They're just verifying the information against state records. Unless they contact you specifically asking for something, there's nothing you need to do except wait.

Thanks for sharing your experience! I'm dealing with the same situation right now - my return has been in the errors department for about 10 days due to unemployment compensation reporting. It's reassuring to hear from so many people who've been through this process. The IRS agent I spoke with mentioned it could take 2-4 weeks, which aligns with what others are saying here. I'm trying to stay patient and avoid the temptation to call every day for updates. Has anyone found that checking the transcript daily actually shows meaningful progress, or does it just update all at once when the review is complete?