This thread has been incredibly helpful for understanding the 1099 requirements for nonprofit vendors! I'm dealing with a similar situation where we make payments to several different types of organizations, and I was getting confused about which ones need 1099s. Just to make sure I have this right: the determining factor is whether the organization is incorporated, not whether they're a nonprofit. So a for-profit corporation wouldn't need a 1099, but an unincorporated nonprofit would need one (assuming payments exceed $600). Is that correct? Also, I noticed someone mentioned backup withholding for vendors who won't provide W-9s. At what point are you required to start withholding, and how do you handle that administratively? I have one vendor who's been dragging their feet on providing their tax information and I want to make sure I'm handling this properly.

This is such a valuable discussion for small business owners! I'm dealing with a mix of vendors myself and this thread has really helped clarify the corporate exemption rule. One thing I'd add from my experience - don't forget to also consider the type of payment when determining 1099 requirements. Even for non-corporate vendors, certain types of payments are exempt from 1099 reporting. For example, payments for merchandise, freight, storage, and similar charges to non-corporate vendors don't require 1099s, but payments for services (like rent, as mentioned in the original question) do. So even if your 501(c)(3) nonprofit wasn't incorporated, rent payments would definitely trigger the 1099 requirement. But since they are incorporated, you're completely exempt regardless of the payment type. I've learned to think of it as a two-step process: 1) Is the vendor incorporated? If yes, no 1099 needed (except attorneys/medical). 2) If not incorporated, what type of payment was it? This framework has helped me avoid mistakes during our year-end 1099 preparation.

Hey Isaiah! I just went through this same process a few days ago. Filed on Saturday, got IRS acceptance Sunday morning, and my Chime advance hit Monday afternoon - so about 30 hours total. You should definitely get yours within the next day or two since you filed yesterday! Chime is usually pretty fast with their advances. Just keep your notifications on and try not to stress check your account every hour like I did 😅 The waiting is the worst part but it'll come through soon!

Just wanted to chime in (pun intended 😄) with my recent experience! Filed my taxes on Monday morning, got IRS acceptance that same afternoon around 3pm, and my Chime advance dropped Tuesday evening around 7pm. So about 28 hours total turnaround time. The notification came through about 20 minutes before the actual deposit hit my account, which was nice because it gave me time to mentally prepare for that sweet relief! The amount was exactly what I expected with no surprise deductions. Chime has been pretty reliable for me the past couple years with their advance program. Since you filed yesterday and got approved right away, I'd expect yours to hit sometime today or tomorrow. Good luck! 🤞💰

Don't forget about wash sale rules if you're planning to buy back into a similar fund later! If you sell at a loss and buy back within 30 days, you can't claim the tax loss.

Great thread everyone! As someone who's been through this exact situation, I wanted to add a few practical tips for when you actually execute the sale: 1. **Timing matters**: If you're close to the end of the tax year, consider whether it makes sense to delay the sale until January to push the tax liability to the following year's return. 2. **Document everything**: Take screenshots of your lot selection choices and keep records of which specific shares you sold. This will be helpful when you get your 1099-B and need to verify everything matches. 3. **Consider tax-loss harvesting**: Even though you're selling at a gain, check if you have any other investments with losses that you could sell to offset some of the gains. 4. **Emergency fund planning**: Since you're using investments for an emergency, consider rebuilding an actual cash emergency fund once you're back on your feet so you don't have to deal with tax implications next time. The 0% capital gains rate that @Nia Davis mentioned is huge - definitely verify your income situation before selling. You might be in for a pleasant surprise!

If you use tax software, all of this is pretty straightforward! I moved from Texas to Minnesota mid-year and used TurboTax. The software asked when I moved and then walked me through everything. Honestly way easier than I expected.

One additional tip since you mentioned the high withholding on your extra shifts and billing payments - keep detailed records of all your work locations and income sources throughout the year. As a physician who moved mid-year, you'll want to track not just which state you earned income in, but also where you were physically working when you earned it. This is especially important for those weekend ER shifts. If you're picking up shifts in different locations or even different states, each location might have different tax implications. Some states tax based on where the work was performed, others based on your residence at the time. Also, since you mentioned patient billing payments, make sure to track any business expenses related to your work (CME, licensing fees, professional memberships, etc.). These can often be deducted, and with your income increase, every deduction becomes more valuable. Keep receipts for everything work-related from both states - some expenses might be deductible in one state but not the other. The good news is that with your income tripling, you're likely in a much better position financially to handle any unexpected tax obligations that might come up!

Thanks so much for this clarification! I've been making the same mistake as the original poster, thinking weekends didn't count. It's actually really helpful to know that the automated systems are running 24/7 - that explains why I sometimes see status updates on Saturday mornings when I check the app. I'm also dealing with gig work income (mainly Instacart and some freelance graphic design), so it sounds like I should be expecting closer to 30+ days rather than getting anxious at the 21-day mark. The additional verification process for self-employment income makes total sense from a fraud prevention standpoint. Does anyone know if there's a way to tell if your return is in the additional verification queue, or do you just have to wait it out?

As someone who's been through this process multiple times with gig work, I can confirm what others have said - it's definitely calendar days for the 21-day timeline! I learned this the hard way after obsessively counting business days and getting frustrated when my refund seemed "late." One thing that really helped me was setting up an IRS account online to view my tax transcripts. While it doesn't give you a play-by-play of every step, you can at least see when different parts of your return get processed. For gig workers especially, I've noticed the transcript will show when they've matched your 1099s against what you reported - that's usually when the additional verification happens. The worst part is just the waiting and not knowing, but knowing it's calendar days and that the systems are working weekends definitely helps set realistic expectations. Good luck with your refund!