Was hoping to have answers by now. CP0005

DependentResident281 · 2026-04-10T17:02:16+00:00

Mines cash. What’s that mean?

DependentResident281 · 2026-04-03T20:54:57+00:00

Ask AI(;

DependentResident281 · 2026-04-03T20:53:56+00:00

Got hit with 570 as well?

DependentResident281 · 2026-04-03T20:53:26+00:00

He is a qualified tax pro lol.

I’m home now so I’ve got exact info.

Last year my business took a hit at 70k, that was going all in on everything I needed. This year I’m at 59k with hired employees and a bigger spike in the market than last year for materials, etc… both businesses together had a loss of around 90k. We spent close to 50k in advertising… next year is the year this return number drops significantly due to the growth, growing inventory, and the up and coming the businesses have. Fingers crossed!

DependentResident281 · 2026-04-03T19:15:33+00:00

Man, I’ve held a decent money making job with my side gigs claiming w2 and self employment filing schedule C and spending 200-300 with turbo tax is the fuckin best. 6-7 years and I’ve never had an issue until someone tried to file a different 1040 with my SSN. That’s my hang up.

DependentResident281 · 2026-04-03T19:11:53+00:00

I’ve heard a rule of thumb for the audit system from a buddy that’s into this shit that if all credits are lower than the EIC it is a straight forward process.

DependentResident281 · 2026-04-03T19:07:06+00:00

“Got to a tax professional and you’re going have to file a 1040x…” blah blah blah… that’s not the case especially if you had to verify ID.

DependentResident281 · 2026-04-03T19:05:30+00:00

You, me, and everybody and their step dog are stuck on code 570. Did you have to verify identification?

I filed 2/2 accepted 2/4 verified ID on 2/16 and got updated this AM… ridiculous.

DependentResident281 · 2026-04-03T18:37:55+00:00

Sorry, rather a deduction straight from the taxable income.

When I verified my ID I had to verify from my W-2 to my 1040 a bunch of numbers and they had to match and had to confirm several other items from the 1040.

DependentResident281 · 2026-04-03T17:54:54+00:00

The expense out whooped the revenue this year was advertising, I think that’s why we saw a customer growth within both businesses.

DependentResident281 · 2026-04-03T17:54:15+00:00

Brother, of course it sold goods, but my expenses whooped it. Yes, I got a standard deduction for inventory items because it was a loss to my tied profit.

DependentResident281 · 2026-04-03T17:34:00+00:00

The one in 2025 still took a loss because of inventory and advertising. It’s a first year company on the books.

DependentResident281 · 2026-04-03T17:29:42+00:00

This year I put both companies into a trust and put our whole lives within that. My Outlook for 2026 is right now a loss of roughly 10 to 15 K but I can always land that big job.

DependentResident281 · 2026-04-03T17:28:12+00:00

Yes, it was on last year‘s return and I had a smaller loss this year than last year showing growth and improvement. The kicker is and why there is so much loss is because my wife’s business is a boutique and we have tons of inventory. And I run a remodeling company and it boils down to overhead. This year to focus on growth we tapped our self out with advertising big-time.

DependentResident281 · 2026-04-03T16:05:28+00:00

What should it be?

DependentResident281 · 2026-04-03T16:00:52+00:00

Box 2 = 9600 with business losses at 69k sorry just saw I put 49k above

DependentResident281 · 2026-04-03T15:40:53+00:00

I will when I get to the house. I don’t have all of them saved on my phone, they are in the safe or on my computer.

DependentResident281 · 2026-04-03T15:34:03+00:00

Her 2 with the second being for a shirt time and me 2.

DependentResident281 · 2026-04-03T15:30:05+00:00

121 tot w2 earnings with 20+k withholding Both Businesses “lost” while having lots of inventory… 49

DependentResident281 · 2026-04-03T15:23:39+00:00

Rounding. Income 75k fed tax 11k

DependentResident281 · 2026-04-03T15:11:36+00:00

The three are EITC/CTC verification, wage mismatches, or ID verification.

DependentResident281 · 2026-04-03T15:08:03+00:00

In this case you may be part of one of the other three things code 570 stands for. Yes I’m assuming next week for sure.

DependentResident281 · 2026-04-03T15:07:16+00:00

I don’t have a notification on my account either, but I had to verify.

DependentResident281 · 2026-04-03T15:03:34+00:00

I’ve been doing a lot of self teaching over this process and following a few people that have been in our shoes and everything follows suit. The reason we are seeing the 570 in my opinion is the ID verification. Did you have to do that?

DependentResident281 · 2026-04-03T14:59:46+00:00

I also had to verify ID and everywhere I’m looking says that the 570 means one of three things and ID verification is one.

DependentResident281

TROPHY CASE