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Just wanted to throw in my experience. Last year I messed up and left line 32 blank on my Schedule C because I didn't understand it. Got a letter from the IRS about 3 months later asking me to clarify. Wasn't a big deal - just had to respond saying "Yes" all investments were at risk (since I just had a simple freelance writing business with my laptop and some software). But it delayed my refund by about 6 weeks, so definitely worth just answering it correctly the first time!
Did you have to file an amended return or was just responding to the letter enough?
Thanks for asking this question - I was literally stuck on the same line yesterday! After reading through all these responses, I'm feeling much more confident. I have a small graphic design business and invested about $2,500 in software licenses and equipment. Based on what everyone's saying, it sounds like "Yes" is definitely the right answer since I could potentially lose that money if my business doesn't work out. Really appreciate everyone sharing their experiences - it's so much clearer than the official IRS instructions. Going to mark "Yes" and finally submit this thing!
You're making the right call! As someone who was also confused by this line when I first started my small business, I can confirm that "Yes" is definitely correct for your situation. The $2,500 you invested in software and equipment is absolutely "at risk" since you personally funded it and could lose that investment if things don't work out. It's great to see this community helping each other navigate these confusing tax forms - the IRS really should write their instructions in plain English! Good luck with your graphic design business!
idk why everyone's obsessed w these advance loans when they take like half ur money in fees. just wait for the real refund imo
not everyone can wait weeks/months for their money karen š
Had the exact same thing happen to me last year! Got the acceptance screen but didn't receive the email until the next morning. TurboTax's email system can be pretty delayed especially during busy periods. I'd give it until tomorrow before worrying - the acceptance screen is usually a good indicator that you're approved. Just keep checking your spam folder too just in case!
This is so reassuring to hear! I was starting to think something went wrong with my application. Did you end up getting the full amount you applied for when the email finally came through? Also wondering if the delay affected when you actually received the funds or if that was still pretty quick once approved.
Hey! I just went through this exact same thing last month. Filed on a Tuesday, got accepted Wednesday morning, and didn't see the advance until Friday evening. The 1-3 business day window is pretty accurate but it can feel like forever when you're watching for it! One thing that helped me was checking both the Credit Karma app AND logging into their website - sometimes one updates before the other. Also make sure you didn't accidentally set up the advance to go to a different account. Hang in there, it should show up soon! š¤
This is super helpful! I'll definitely try checking both the app and website - didn't think about that. Also good point about double checking which account it's going to. The waiting game is brutal but your timeline gives me hope it'll show up by Friday š¤
I'm going through the exact same thing! Filed my return through TurboTax yesterday evening, got the acceptance email this morning around 9am, but still no advance showing up in my Credit Karma account. It's so stressful when you're counting on that money! I've been refreshing the app every hour like it's gonna magically appear š Reading everyone's responses is really reassuring though - sounds like 24-72 hours is totally normal. Fingers crossed we both see our advances by tomorrow!
I feel you on the constant refreshing! š I've been doing the same thing since this morning. It's crazy how much anxiety waiting for money can cause, especially when bills are breathing down your neck. At least we're all in this together - misery loves company right? Hopefully tomorrow brings good news for all of us waiting on our advances! š¤š°
This happened to me last year too! My bank (PNC) rejected my direct deposit and I had no idea until I called the IRS after waiting forever. Here's what I learned from the experience: Your transcript will definitely update with code 846 and the date they mail the check - that's your best source of accurate info. From that 846 date, it took exactly 10 business days for my check to arrive (I'm in the Midwest). A few tips that helped me: 1. Check your transcript every 2-3 days rather than calling the IRS - their phone system is terrible for getting real updates 2. Sign up for USPS Informed Delivery ASAP - you'll get email previews of your mail each morning so you'll know exactly when the check is coming 3. Consider calling your bank to ask why they rejected it - mine said it was "fraud protection" but they could have called me first! The waiting is absolutely nerve-wracking when you need the money, but once that 846 code appears you can start the real countdown. Paper checks are actually pretty reliable once they're in the mail system. Hang in there! š¤
This exact thing happened to me earlier this year! So frustrating when you're expecting direct deposit and suddenly you're back to waiting for snail mail. Here's what I learned from my experience: Your transcript will update with code 846 and the actual date they mail the check - that's your most reliable source of info rather than calling the IRS hotline. From that 846 date, mine took 9 business days to arrive (I'm in the Southeast). A couple things that really helped while I was waiting: - Sign up for USPS Informed Delivery if you haven't already - you get email previews of your mail each morning so you'll know exactly when it's coming instead of checking your mailbox obsessively - Check your transcript every few days rather than calling - way more accurate and less frustrating than trying to get through to an agent The whole situation sucks when you need the money, but once you see that 846 code pop up you're basically in the final stretch. Paper checks are pretty reliable once they're actually sent. Keep your head up! šŖ
Liam Sullivan
LPT: Check your credit karma money account if you have one. Sometimes it shows up there before the TT account for sum reason
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Wesley Hallow
Same issue here! Filed on the 16th, got IRS acceptance within hours, but it's been 6 days with zero communication from TurboTax about the advance status. Not even a denial email. Starting to think they oversold their advance capacity this year and are just hoping people forget about it š¤ Anyone know if there's a way to check advance status without calling their useless support line?
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