All Posts

The proceeds from selling and cashing out the bitcoin could be taxable.     It would be a similar situation if they had inherited stock from their son.  The bitcoin would have had a certain value as of the son's date of death.  This value would be converted into dollars and that is the basis for the bitcoin.  Then, when it was cashed out or sold, the proceeds in dollars is compared to the basis to determine if it was a gain or a loss.     The overall transaction is reported on Schedule D as the sale of an inherited holding.

IRS error FPYMT-072-01 indicates that the electronic payment date for a tax return is invalid, typically because it is set for a date that is too far in the past or after the filing deadline. To resolve, update the direct debit payment date to a valid, current date (on or before 4/15/2026) in your tax software, then re-submit

Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.   Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.  Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.   To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...   After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.

Your date of payment stays valid.  It may take the IRS up to 10 days to debit your account during this time of the tax season.   Call IRS e-file Payment Services 24/7 at 888-353-4537 to inquire about or cancel your payment, but please wait 7 to 10 days after your return was accepted before calling.

Since both extensions were filed electronically, it is likely that the first one that is processed will cause the second one to just be a duplicate submission.  The duplicate one will either be rejected or simply ignored.  Everything should be fine with the first that goes through.

ADDENDUM If you have an online IRS account, the 2024 AGI should be displayed on a page in the account.   Also see this FAQ and video   FAQ: How do I find last year's AGI? https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/find-last-year-...

MY RETURN IS UNDER REVIEW The IRS is getting more and more vigilant to prevent identity theft and fraud.   People who file very early in the season are sometimes scrutinized more.  Do not take it personally.   TurboTax does not get any information from the IRS after they accept your return, so no one at TT knows that your refund is delayed or why.  All you can do is wait for the IRS to finish processing your return.  Watch the refund site.  If the IRS wants more information from you they will request it. If they want you to verify your identity, you must follow the IRS’s instructions in order to do that.   In many cases they will send you a letter—and you will have to wait for that letter.  

To get a list of your User IDs, reset password, and recover account access, etc., you can use the tool at the link below.  When using the Account Recovery tool, try using your phone number first if you can still access it.   After that, if necessary, then run the tool on your email address(es) you can access. NOTE: Before running the account recovery tool below, log out of all Intuit accounts including this user forum, or you might end up in a loop.  Then clear your browser Internet cache, close your browser, then reopen it, and go to the link below.  You may wish to copy this link so you can paste it into the new browser session. https://myturbotax.intuit.com/account-recovery If still no luck after running that on your phone number you can still access and email address(es) that you can access,  here's another method: Go back to the tool again, but this time leave the data field blank, scroll down a bit, then choose the small blue link that says "Try something else", and it will look you up by other parameters.

TurboTax transfers the information to the IRS or state taxing agency.  TurboTax does not make the withdrawal or have any control over it.  It may take the agency you are paying a few days to process the payment. 

Which form?  Are you sure? You may be able to delete it.  To do so online, follow the steps below.  To do so in desktop, switch to forms mode and delete the form.    From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.) On the drop-down select Tools On the Pop-Up menu titled “Tools Center,” select Delete a Form  This will show all of the forms in your return  Scroll down to the form you want to delete  Select the Form  Click on Delete.  Always use extreme caution when deleting information from your tax return.  There could be unintended consequences.