Has anyone here had Form 8962 delay their refund for more than a month? I'm in the same situation and wondering what the worst-case scenario might be...

I can share my experience from last year - filed with Form 8962 in early February and got my refund about 5 weeks later. The extra delay was definitely frustrating since I was also counting on that money for expenses. Here's what I learned: The IRS has to verify your Premium Tax Credit information against what the marketplace reported, which adds processing time. In my case, there was a small discrepancy in the amounts that required manual review. My advice: Check your 1095-A very carefully against what you're reporting on Form 8962. Even small differences can trigger additional review. Also, don't panic if you see codes like 570 on your transcript - that's normal for APTC reconciliation and doesn't mean there's a problem with your return. The good news is that once the verification is complete, the refund usually processes pretty quickly. Just plan for 4-6 weeks total instead of the standard 21 days.

Have you considered whether it might be easier to just dissolve the S-Corp entirely? Since it's just holding investments, you could potentially move everything to a single-member LLC or even just hold the investments personally. I had a similar "dormant" S-Corp I was maintaining for years and eventually realized I was spending more on annual filing fees and tax prep than I was gaining from any tax advantages.

This is a really nuanced situation that highlights an important distinction many people miss about S-Corp reasonable compensation rules. Since your entity is truly passive with no services being performed, you're likely in good shape to take distributions without salary. The key is documentation. I'd suggest drafting corporate minutes that clearly state: (1) the corporation was formed solely as a passive investment vehicle, (2) no shareholder services are performed that would warrant compensation, and (3) all income is derived from passive investments requiring no labor or expertise. One practical tip - consider taking distributions gradually rather than all at once. This creates less of a "red flag" appearance and gives you time to see how the IRS responds to your tax filings. Also, make sure your distributions don't exceed your stock basis, as anything over basis becomes taxable as capital gains. Given the complexity and the dollar amounts involved, you might want to run this by a tax professional who specializes in S-Corp issues. They can review your specific fact pattern and help ensure you're documenting everything properly to support your position if questioned.

Has anyone tried the free fillable forms directly from the IRS website for 1120-S? I'm wondering if that's a viable option to save on software costs while still getting the calculation help.

One thing I haven't seen mentioned yet - if you're mailing your 1120-S, make sure you're aware of the March 15th deadline (or September 15th if you filed an extension). The IRS considers it timely filed if it's postmarked by the deadline, not when they receive it. This is different from some other tax situations where actual receipt date matters. Also, double-check that you're using the most current forms for tax year 2024. The IRS sometimes makes small changes to forms between years, and using an outdated version can cause processing delays. You can download the latest versions directly from irs.gov to make sure you have the right ones. One last tip - if your S-Corp had any unusual transactions during the year (like asset purchases, loans, or changes in ownership), you might want to consider at least getting a consultation with a tax professional even if you prepare the return yourself. The basic 1120-S isn't too complicated for simple situations, but certain transactions can have tricky reporting requirements that aren't obvious.

Listen, the IRS site is notoriously glitchy on mobile. Been that way for yrs. Most ppl don't realize their system runs on ancient tech that barely works w/ modern browsers. Quick fixes that work for most: - Try incognito/private browsing mode - Desktop comp > phone ALWAYS - Clear cookies/cache before trying - Try diff browser (Firefox tends to work better) - Log in super early AM or late PM If none of that works, just call the transcript req line (800-908-9946). Takes 5-10 days but way less hassle than fighting w/ their garbage website. Trust me, I've been down this rabbit hole many times.

I've been dealing with this same frustrating issue! What worked for me was switching to a different network entirely - I was on my home WiFi when having problems, but when I tried using my phone's cellular data instead, it worked perfectly. Sometimes the issue isn't just the browser or device, but the network connection itself. The IRS authentication system can be really finicky about certain internet providers or network configurations. If you have access to a different WiFi network (maybe at a library, coffee shop, or friend's house), give that a try. Also, make sure your phone's date and time are set correctly - I know it sounds weird, but security certificates can fail if your device clock is off by more than a few minutes. This happened to me with a different government site last month. Hope this helps! The transcript system really shouldn't be this difficult to use in 2025.

Has anyone here successfully claimed wigs as a medical expense? My oncologist wrote me a prescription for a "cranial prosthesis" (medical term for wig) after my chemo caused hair loss. I spent $2,400 on two decent wigs last year but not sure if I can include that with my other cancer-related expenses.

I'm so sorry to hear about your diagnosis, Olivia. I hope your treatment is going well and you're getting the support you need. I went through a similar situation with my father's cancer treatment that spanned 2023-2024. The key thing to remember is that medical expenses are deductible in the year you actually pay them, not when the services were rendered. So your $3,400 from 2024 can be claimed on your 2024 return (due this year), and all the expenses you're paying in 2025 would go on your 2025 return. One thing that helped us tremendously was keeping a dedicated folder for ALL medical receipts - not just the obvious ones like surgery and chemo, but also parking fees at the hospital, mileage logs for every trip to appointments, prescription receipts, and even things like special foods recommended by his oncologist. You'd be surprised how much these "smaller" expenses add up. Also, make sure you're tracking any insurance reimbursements carefully. You can only deduct what you actually pay out-of-pocket after insurance coverage. If you get reimbursed later, you might need to adjust future returns. The 7.5% AGI threshold can be tough to meet in normal years, but unfortunately cancer treatment costs often push people over that limit. Keep meticulous records - the IRS can be very particular about medical expense documentation. Wishing you strength through your treatment journey!