Just wondering - does being in CNC status stop penalties and interest from accruing on the tax debt? I'm considering applying for it myself.

I went through this exact same situation about 6 months ago! Got the 433-F request after being in CNC for about 20 months. I was terrified they were going to kick me out because my freelance income had gone up slightly. Here's what I learned: The key is being thorough and honest about ALL your expenses, not just focusing on income changes. Document everything - rent, utilities, groceries, car payments, insurance, medical costs, childcare, etc. The IRS uses standard allowable living expense amounts, but they'll consider documented expenses above those standards if you can prove they're necessary. In my case, even though my income increased by about $6k annually, my rent had gone up significantly and I had new prescription costs that weren't there before. I made sure to include every receipt and explanation. They kept me in CNC status because my actual ability to pay hadn't really improved. The review process took about 6 weeks total from when I submitted the form. Don't ignore it - that's the one thing that will definitely get you kicked out of CNC. But don't panic either. If your financial situation is still legitimately tight, you'll likely be fine.

It's worth mentioning that if this is a side gig on top of your regular W-2 job, you might need to make quarterly estimated tax payments next year if you expect to owe more than $1000 in taxes from your self-employment income. You can get penalties if you wait until filing season to pay everything!

Yes, you absolutely need to report both income sources! The $950 from DoorDash and $135 from Grubhub must both be reported on your tax return, regardless of how small the amounts seem. Here's the key rule: There's NO minimum threshold for reporting self-employment income. While companies only send 1099-NEC forms when you earn $600 or more (so you might not get one from Grubhub), you're still legally required to report ALL income you receive. Since your combined total is $1,085, you'll also need to pay self-employment tax (15.3% for Social Security and Medicare) because you're over the $400 threshold. You'll report everything on Schedule C and calculate the SE tax on Schedule SE. The good news? You can deduct legitimate business expenses like mileage (67¢ per mile for 2024), portion of your phone bill, insulated bags, car chargers, etc. These deductions reduce your taxable income and can make a significant difference in what you owe. Since both gigs are delivery work, you can combine them on a single Schedule C rather than filing separate forms for each app. Keep good records of everything in case of questions later!

This is such a common issue during tax season! The same thing happened to my sister last year - the IRS "Where's My Refund" tool kept showing her refund as deposited even though her account had been closed months earlier. What typically happens is the bank returns the deposit to the IRS within 1-3 business days of the attempted deposit, but the IRS system doesn't update to reflect this. The paper check process then takes an additional 2-4 weeks from the date of the rejected deposit. Since your refund shows as deposited on February 15th, your bank likely rejected it around February 16th-18th. This means your paper check was probably issued sometime in early to mid-March, so you should be receiving it very soon if you haven't already! A few things you can do: Call your old bank to confirm they rejected and returned the deposit (this will give you peace of mind), make sure your current address matches what's on your tax return, and if you moved recently, set up mail forwarding with USPS just in case. The money isn't lost - it's just taking the IRS time to process the returned funds and mail the check. Hang in there!

I've been following this thread as I'm dealing with a very similar situation myself! My refund was supposedly "deposited" on February 20th, but I just realized my savings account was closed in January due to minimum balance issues after some unexpected expenses. Reading through everyone's experiences here has been incredibly helpful - especially learning that the "Where's My Refund" tool basically lies to you about the actual status when deposits get rejected. It's frustrating that the IRS system doesn't update to show what's really happening. Based on the timelines everyone has shared, it sounds like I should expect my paper check sometime in the next week or so (if the 2-4 week processing window holds true). I'm definitely going to call my old bank tomorrow to confirm they rejected and sent the funds back - that seems like the best way to get actual confirmation that the process is moving along. Has anyone here actually received their paper check yet? I'd love to hear if the timelines people predicted actually matched reality. This whole situation has been so stressful, but this community discussion has given me hope that my refund isn't lost forever!

Has anyone compared what happens with futures and section 1256 contracts under regular vs MTM? I trade a lot of ES and NQ futures and right now I'm getting that sweet 60/40 split between long-term and short-term rates. Wondering if MTM would hurt or help in my case?

Great thread! As someone who made the MTM election two years ago, I wanted to add a few practical considerations that might help with your decision: One thing to consider is the timing of when you actually start generating significant trading income under MTM. If you're planning to scale up your trading activity significantly in 2025, the ordinary income treatment might actually work in your favor if you're able to deduct business expenses that you couldn't before (like a home office, equipment, education, etc.). Also, regarding your multiple brokerage accounts - while the MTM election does apply to all securities under your SSN, I've found it helpful to designate one account specifically for "business trading" and another for "personal investments" even before setting up any entities. This makes the record-keeping much cleaner if you do decide to go the LLC route later. One more tip: if you do sell your NVDA position before year-end to lock in those long-term gains, be mindful of the wash sale rules if you plan to repurchase it within 30 days. Even though MTM eliminates wash sales going forward, the rules still apply to your 2024 transactions under regular tax treatment. The complexity definitely increases, but the benefits can be substantial if you're doing high-volume trading. Just make sure you have a solid bookkeeping system in place!

Has anyone used tax software to handle refinance points? I tried doing this in TurboTax last year and found it super confusing. It asked if I paid points but didn't clearly separate refinance vs purchase points.

I went through this exact same frustration when I refinanced two years ago! The timing really stings because you're paying thousands upfront but can only deduct a tiny portion each year. One thing that helped me feel better about it: even though you have to spread the deduction over 30 years, you're still getting the same total tax benefit - it's just delayed. And if you ever pay off the loan early or refinance again, you get to deduct all the remaining unamortized points in that year. Also, make sure you're tracking this properly each year. I created a simple spreadsheet showing my annual deduction amount ($4,300 ÷ 30 years = about $143/year in your case) so I don't forget to claim it. It's easy to overlook such a small annual amount, but over time it adds up. The IRS logic is frustrating but at least the benefit isn't completely lost!