Keep that Credit Karma account closure documentation just in case you need it later. Sometimes these things come back to haunt you

Had this exact same situation happen to me two years ago with TurboTax and Chime. The IRS check definitely comes straight to you - they don't coordinate with the tax prep companies for refund advance repayments. Just make sure you keep enough to pay back the advance when TurboTax comes calling for it (usually within a few weeks). The advance and your actual refund are totally separate transactions in the IRS system.

I've been with Chime for about 6 months now and just went through my first tax refund experience with them! I can confirm they absolutely do process deposits on weekends. My refund hit my account on a Sunday morning around 10:20 AM when my DDD was for Tuesday. What really impressed me was how fast it processed once Chime received it from the IRS. I had been checking obsessively all weekend (like everyone here seems to do!), and when it finally appeared, it was literally within minutes of me checking the previous time. Based on what I've learned from this community and my own experience, the IRS typically sends refunds 1-2 days before the official DDD. So with your 5/26 date, you'll probably see the IRS release it Thursday or Friday, and then Chime will process it immediately regardless of it being the weekend. I'd definitely recommend checking Saturday and Sunday mornings between 8-11 AM like others have mentioned - that seems to be the sweet spot for weekend deposits. The weekend processing feature alone has made switching to Chime totally worth it compared to my old bank that would have made me wait until Tuesday! Fingers crossed you see your refund early this weekend! 🤞

I've been using Chime for tax refunds for about 4 years now, and yes, they definitely process deposits on weekends! My experience has been super consistent - I typically get my refund 1-2 days before the official DDD, often on Saturday or Sunday mornings. Just to add another data point to what everyone else is sharing: this year my federal refund hit on a Saturday at 9:47 AM when my DDD was Monday. Last year it was Sunday morning around 8:30 AM with a Tuesday DDD. The pattern seems really reliable. What I've learned is that the IRS usually releases funds to banks on Thursday or Friday before your DDD, and Chime processes them immediately - even at 2 AM on a Sunday if that's when they receive them! Traditional banks would hold those funds until the next business day, but Chime makes them available right away. With your cycle code 0605 and expected DDD of 5/26, I'd say there's a very good chance you'll see your refund this weekend. I'd definitely check Saturday and Sunday mornings between 8-11 AM like others have mentioned - that's when mine have consistently appeared over the years. The weekend processing feature is honestly one of the main reasons I've stuck with Chime. Hope you see yours early! 🤞

Just wanted to add one more important detail that hasn't been mentioned yet - make sure you're actually qualifying as a "trader" rather than an "investor" before making the 475(f) election. The IRS has specific criteria for this, including trading frequency, holding periods, and whether trading is your primary business activity. If you don't meet the trader status requirements, the election won't be valid and you could face issues down the road. The basic test is whether you're engaged in trading as a trade or business, not just for investment purposes. Things like having substantial trading activity, short holding periods, and deriving income from daily market movements rather than long-term appreciation all support trader status. I'd recommend documenting your trading activity thoroughly to support your qualification if the IRS ever questions it.

Great discussion everyone! As someone who's been through this process, I wanted to add a few practical tips that helped me. First, when you create your election statement, make sure to keep multiple copies - one for your records, one with your tax return, and a backup. I actually sent mine via certified mail just to have proof of delivery, even though I was filing electronically. Also, once you make the 475(f) election, remember it's generally irrevocable without IRS consent. This means you'll need to use mark-to-market accounting for all future years unless you get permission to change. Make sure you're really committed to being a full-time trader because switching back requires filing Form 3115 and getting IRS approval. One last thing - start keeping meticulous records right away. With MTM accounting, you'll need to mark all your positions to market value at year-end, which means tracking the fair market value of every security you hold on December 31st. This becomes much easier if you start organizing your record-keeping system early in the year rather than scrambling at tax time.

As someone who just went through this exact confusion last month, I can confirm what everyone's saying about FreeTaxUSA and TaxHawk being the same company! I actually started filling out returns on both sites before realizing they were identical - same questions, same interface, everything. I ended up going with FreeTaxUSA and had a great experience. Coming from TurboTax where I was paying around $90 annually, the free federal filing with just $15 for state was such a relief. The import feature worked perfectly for my W-2 and investment documents, and their step-by-step guidance was just as good as the expensive alternatives. One thing I'd add that hasn't been mentioned much - their tax document organizer feature is actually really helpful. It creates a checklist of all the forms you might need based on your answers, so you don't forget anything important. For anyone still on the fence about switching from the pricier options, I'd say definitely try that free federal preview. You literally have nothing to lose and potentially $75+ to save!

Wow, this thread has been incredibly enlightening! I came here with the exact same question as Rosie about FreeTaxUSA vs TaxHawk, and I'm so grateful for all the detailed responses. Learning that they're the same company completely clears up my confusion - no wonder their websites looked so similar when I was comparing them! I've been using TurboTax for years and paying around $95 annually, but after reading everyone's experiences here, I'm definitely ready to make the switch. The idea that I can get the same quality tax preparation for just $15 (state filing) while federal is completely free is mind-blowing. That's potentially $80+ I could save every year! I'm particularly impressed by the mentions of good customer support, audit assistance, and even live chat during tax season. For such an affordable service, those features really stand out. The tip about trying the free federal preview first is genius - I can test everything out with zero risk before committing to pay for state filing. My situation is pretty straightforward (W-2, some investment income, mortgage interest), so based on the tax professional's input that FreeTaxUSA handles 90% of situations well, I should be in good shape. Thanks everyone for such a thorough and helpful discussion - this community is amazing for getting real insights you can't find anywhere else!

Just wanna point out that TurboTax DOES actually have a way to handle this situation properly, but it's not obvious. Instead of just entering what's in box 10, you need to go to the property tax section and choose "I want to enter my property taxes manually" option. Then it gives you a field to enter your prorated amount with an explanation box where you can note why your number differs from the lender's form.

This is such a common issue that trips up so many new homeowners! I went through the exact same confusion when I bought my first house mid-year. One thing that helped me was creating a simple spreadsheet to track all the numbers - the full year's tax bill, the exact closing date, days of ownership, seller credits, and what my lender reported. Having it all laid out visually made it much clearer that I needed to use the prorated amount based on actual ownership days. Also, don't forget to save your closing statement (HUD-1 or CD) forever - the IRS might want to see how the taxes were allocated at closing if they ever question your deduction amount. I keep mine in the same file as my tax returns for easy reference. The key thing to remember is that tax law is based on actual ownership, not what comes out of your pocket or what your lender reports. You owned the house for X days, so you can deduct X/365 of the annual property tax bill - period. Everything else is just accounting between you and the seller/lender.