As a newcomer to this community, thank you so much for this incredibly helpful breakdown! I just completed my identity verification yesterday (March 15th) and was feeling really anxious about the "up to 9 weeks" timeline they gave me over the phone. Reading through everyone's real experiences here is so much more reassuring than the vague official information. It's really encouraging to see that most people are getting their refunds in the 4-6 week range rather than the full 9 weeks, and your step-by-step explanation of what actually happens during the process makes the waiting feel much more manageable. My verification was for what they called "standard identity verification" - the agent mentioned it was routine and didn't indicate any specific issues with my return. Based on what others have shared here, I'm hoping that puts me in the faster processing timeline. I'm definitely going to follow the advice about setting up bank account alerts after week 4 instead of constantly checking WMR and transcripts. It sounds like those tools aren't very reliable for post-verification tracking anyway, and several people mentioned their refunds appeared without warning. Has anyone noticed if the IRS tends to process these final approvals in batches on certain days of the week? I'm trying to manage my expectations and wondering if there are any patterns to when refunds actually get released. Thanks again for creating this thread - it's exactly the kind of real-world information that helps reduce the anxiety of not knowing what to expect!

As a newcomer to this community, this breakdown is exactly what I needed to see! I just completed my identity verification on March 16th and was feeling overwhelmed by the vague "up to 9 weeks" timeline they gave me. What I find most reassuring from reading everyone's experiences is how much more realistic the actual timelines are compared to the worst-case scenario the IRS quotes. The 4-6 week range that most people are experiencing gives me so much more hope than expecting the full 9 weeks. My verification was for what they called "routine identity verification" with no specific issues mentioned about my return, so based on what others have shared here, I'm optimistic that puts me in the faster processing category. I'm definitely going to follow the advice about setting up bank account alerts after week 4 instead of obsessively checking WMR and transcripts - it sounds like those tools aren't reliable for post-verification tracking anyway, and I love that several people mentioned their refunds just appeared without any warning from the system updates. One thing I'm curious about - has anyone tracked whether having a simple return (just W-2 and standard deduction) versus a more complex one affects the post-verification timeline? Mine is pretty straightforward and I'm hoping that might help with processing speed. Thanks for creating this thread and to everyone sharing their real experiences - it's such a relief to have actual data instead of just generic government timelines!

This is exactly the kind of complex situation that makes inherited stock transfers so challenging. From reading through all the great advice here, it sounds like you have a solid plan forming. Just wanted to add one more consideration that might save you some headaches down the road. Before you finalize the UTMA transfer, consider having a brief consultation with a tax professional who specializes in inherited securities. Even if you end up using one of the online tools that others have mentioned, having a CPA review your final cost basis calculations could be worth the investment. The IRS tends to scrutinize inherited stock transactions more closely, especially when there are multiple spinoffs involved. Also, make sure to request copies of all historical statements from your current UTMA custodian before you transfer. Sometimes older records get lost in transitions between brokerages, and you'll want that paper trail showing the original share counts and any dividend reinvestments over the years. Good luck with getting everything sorted out!

Welcome to the community @Liam McGuire! Your Altria/Philip Morris International situation is actually a great example of how these spinoffs can create lasting complexity. The PMI spinoff happened in 2008, so if you inherited Altria stock before then, you would have received both the remaining Altria shares and the new PMI shares based on the allocation ratio at that time. One thing that might help with your situation - Altria has historically been pretty good about maintaining detailed records of their corporate actions and providing allocation information to shareholders. Their investor relations department should be able to provide you with the exact allocation percentages used for the PMI spinoff. The key principle that applies to both your Altria situation and the original poster's GE situation is that the total cost basis from the inheritance gets split proportionally based on the fair market values of each company immediately after the spinoff. So if your inherited Altria was worth $10,000 at death, and after the spinoff the remaining Altria was 60% of the value and PMI was 40%, your cost basis would be $6,000 for Altria and $4,000 for PMI. Keep track of any dividend reinvestments that happened after the spinoff too - those create separate tax lots with their own cost basis equal to the reinvestment price on each date.

Has anyone here dealt with depreciated assets when closing their S corp? I've got about $40k in equipment that's been partially depreciated, and I'm thinking of just keeping it personally after dissolution instead of selling it.

Great question about the Series I bonds strategy! One additional consideration for your situation - since you're a financial advisor, you might want to think about how having significant business assets in I bonds could impact your professional liability insurance or regulatory requirements. Some compliance frameworks have specific rules about where business funds can be invested. Also, regarding the tax efficiency piece - you might consider timing the dissolution strategically. If you expect to be in a lower tax bracket in a future year (perhaps due to retirement or reduced income), it could make sense to delay the dissolution until then, especially given that any accumulated interest and potential capital gains will flow through to your personal return. One more thought on the payroll tax question - while the interest income and capital gains from liquidation won't be subject to self-employment tax, make sure you're current on reasonable compensation requirements for S corp owners who work in the business. The IRS scrutinizes this closely for service-based S corporations like financial advisory practices.

Has anyone actually had their Parent PLUS loan 1098-E audited? My parents claimed the interest deduction last year even though I filed independently (I didn't know any better at the time). Should we be worried about getting in trouble with the IRS?

Great question about voluntary corrections! If you file an amended return (Form 1040X) to correct the mistake voluntarily before the IRS catches it, there typically aren't penalties - you'll just need to pay back any refund you shouldn't have received plus interest from the due date of the original return. The IRS is generally much more lenient when taxpayers proactively correct errors versus waiting to be audited. Since this sounds like an honest mistake rather than intentional tax fraud, voluntary correction through an amended return is definitely your best bet. Just make sure to include a clear explanation with the amended return about why you're making the change (student filed independently, so parents can't claim Parent PLUS loan interest deduction). This helps prevent any follow-up questions from the IRS. You have up to 3 years from the original filing date to amend, so you're not under immediate time pressure, but sooner is better than later for peace of mind!

Quick tip from someone who's been there - KEEP EVERY RECEIPT for anything remotely school related. My professor required this specific calculator for stats class, and I almost threw away the receipt. That $129 ended up being deductible as a required course material! Same goes for any required subscriptions to online platforms or software.

As someone who just went through this exact situation last year, I can definitely relate to the confusion! One thing that really helped me was organizing all my education-related expenses into categories first - tuition, required materials, technology, etc. Since you mentioned your parents still claim you as a dependent, they'll be the ones who can claim the American Opportunity Credit for your tuition expenses. But don't worry - you can still benefit! They can potentially get up to $2,500 back, which many parents are happy to share with their student. For your DoorDash income, make sure you're tracking your mileage religiously if you haven't been already. The standard mileage deduction is 67 cents per mile for 2024, and that can add up quickly with delivery work. Also keep track of any phone expenses related to the app, car maintenance, etc. One thing I wish someone had told me earlier - if you paid any student loan interest, that's deductible up to $2,500 even if you're claimed as a dependent. It's an "above-the-line" deduction, so it reduces your adjusted gross income. The laptop situation can be tricky, but if you have documentation from your graphic design program showing it was required, you should be good. Keep that syllabus or program requirements handy!