I feel you on needing the money fast! Just wanted to mention that if you do go with TurboTax's refund advance through First Century Bank, make sure you read all the fine print on fees. Sometimes it's worth calling the IRS refund hotline (1-800-829-1954) to get a better idea of your refund timeline first - they might be able to give you more specific info than the online tool. Also, some credit unions offer small emergency loans with way better terms than these tax refund advances if you have time to apply.

Another option to consider is FreeTaxUSA - they partner with Republic Bank for refund advances and typically have lower fees than TurboTax. You can also check if your bank offers any short-term loan products while you wait for your refund. Some banks will give you a small advance against your expected refund if you've been with them for a while. Worth calling to ask! And definitely avoid the payday loan places - those fees will eat you alive.

Yes, FreeTaxUSA will automatically generate Schedule 1 when you enter the 1099-MISC information in their "Other Income" section. The software handles all the form generation behind the scenes - you just need to find the right place to enter it. When you're going through FreeTaxUSA, look for a section called "Other Income" or "Less Common Income" rather than anything related to self-employment or business income. You'll enter the payer information and amount there, and the software will automatically put it on Schedule 1, line 8z and include it in your total income calculation. The process is pretty straightforward once you find the right section. Just make sure you're not accidentally categorizing it as business income, which would trigger self-employment taxes you don't actually owe on this type of one-time payment.

Just to add another perspective - I had a similar situation with a 1099-MISC for doing a product review video ($900). The most important thing is understanding that the IRS looks at whether this is a "trade or business" activity. Since yours was a one-time testimonial and you're not in the business of making videos or giving testimonials regularly, it's definitely "other income" not self-employment. I used TaxSlayer's free version which also handles this without forcing you to upgrade. When entering the 1099-MISC, they specifically ask if this was from self-employment activities or other sources - just select "other sources" and it goes to the right place on Schedule 1. One small tip: keep any documentation about the filming (emails, contracts, etc.) with your tax records. While you probably won't need it, it helps establish that this was truly a one-time payment rather than regular business income if the IRS ever has questions.

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.