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Same here with the 2/24 DDD! I've been refreshing my Chime app way too much today. From what I've seen in this community, it really seems to depend on when exactly the IRS sends out the payment batches. Some people get lucky with the early deposit, others have to wait until the exact date. I'm trying not to get my hopes up too high, but fingers crossed we see something by tomorrow or Wednesday. The 846 code is definitely a good sign though - at least we know it's actually coming this time instead of being stuck in processing limbo!
I'm in the exact same boat! Got my 846 code this morning with 2/24 DDD and I'm with Chime too. I've been obsessively checking my account every few hours - glad I'm not the only one doing that! π This is my first year with Chime for tax refunds, so I wasn't sure what to expect with their early deposit feature. Reading through all these comments is actually making me feel more optimistic that we might see something by Wednesday. The waiting game is the worst part, especially when you've got bills lined up waiting for that money to hit!
I'm in the exact same situation! Got my 846 code this morning with a 2/24 DDD and I bank with Chime too. This is actually really reassuring to see so many others with the same timeline. From what I've read in other threads, Chime's early deposit usually kicks in 1-2 days before the DDD, so I'm cautiously optimistic we might see something by Wednesday. I've been burned before by getting too excited about dates, but the 846 code is definitely a relief after weeks of checking transcripts and seeing nothing but processing codes. Keeping my fingers crossed for all of us with 2/24 dates - seems like we're finally in the home stretch!
Same here with the 2/24 DDD! I just got my 846 code yesterday and I've been checking my Chime account way too often already π This is such a relief after being stuck on "still processing" for what felt like forever. Based on what everyone's saying here, it sounds like there's a pretty good chance we'll see something by tomorrow or Wednesday. I'm trying to stay realistic but honestly after dealing with the IRS processing delays this year, even just having that 846 code feels like a huge win. Really hoping Chime comes through with the early deposit like they usually do!
Quickbooks Self-Employed has been a lifesaver for me with this exact problem. It lets you swipe left/right to categorize transactions as business or personal, and you can split transactions too if needed. Way easier than sorting through everything manually at tax time.
Does it automatically pull in all your accounts? I use multiple credit cards and want something that consolidates everything.
Yes, it connects to basically all financial institutions and imports transactions automatically. I have it connected to three personal credit cards, my checking account, and my business account. You just need to go through and categorize which charges are business vs personal. Takes me about 10 minutes a week to stay on top of it all.
I went through this exact same situation with my consulting LLC last year! What really helped me was setting up a formal reimbursement system retroactively. I created expense reports for all the personal funds I'd used for business expenses, then had my LLC "reimburse" me by transferring money from the business account to my personal account. The key is maintaining that paper trail showing these were legitimate business expenses that you temporarily covered. I used a simple Excel template to document each expense with date, amount, vendor, business purpose, and which personal account I used. Then I'd do monthly reimbursements to myself. Your accountant will definitely appreciate that you've been tracking everything - that's honestly the hardest part. The fact that you have receipts and documentation puts you way ahead of most small business owners. Just make sure going forward you try to use business accounts when possible, but don't stress too much about the occasional personal payment as long as you document it properly.
This is exactly the approach I wish I had taken from the beginning! The retroactive reimbursement system sounds like a smart way to clean things up. Do you happen to have a template for those expense reports you mentioned? I'm trying to get organized before meeting with my accountant and want to make sure I'm documenting everything the right way. Also, did you find any issues when you started doing the monthly reimbursements - like did it affect your business cash flow or create any complications?
I've been through this exact situation! Made about $12K selling collectibles last year and was completely lost on the tax implications. Here's what I learned after consulting with a tax professional: The key thing to understand is that you're likely dealing with two different types of sales: 1. **Personal items sold at a loss** (most of your old collectibles) - These aren't taxable income since you're selling them for less than you paid 2. **Items sold for profit** - Only the profit portion is taxable For tracking purposes, I created a simple spreadsheet with columns for: - Item description - Original purchase price (best estimate if no receipt) - Date sold - Sale price - eBay/PayPal fees - Net gain/loss The tricky part is proving original purchase prices for old items. I used a combination of: - Old receipts where available - Online research for retail prices from that era - Conservative estimates documented in writing Don't panic about the 1099-K! That form just shows gross payments - it doesn't mean all of that is taxable income. You'll report the actual taxable gains/losses on Schedule C. Since you're over $9K, definitely consider quarterly estimated payments for next year if you plan to continue selling. The penalty for underpayment can be annoying. One last tip: Keep excellent records going forward. Take photos of items before listing, save all eBay transaction emails, and track every expense. Future you will thank present you!
This is such a comprehensive breakdown, thank you! I'm definitely going to use your spreadsheet template approach. One question about the conservative estimates - did you have any issues with the IRS accepting your estimated original purchase prices, or do you have tips for making those estimates more defensible? I'm particularly worried about some collectibles I bought 15+ years ago where I honestly can't remember if I paid $20 or $50 for them. Also, when you say "conservative estimates," do you mean estimating on the lower side for purchase price (which would increase taxable gain) or higher side (which would decrease it)?
Great question! By "conservative estimates," I meant being reasonable but not overly aggressive in either direction. The IRS wants to see good faith efforts to determine actual values, not estimates designed to minimize taxes. For items where you're unsure between $20-$50, I'd research what similar items were selling for during that time period. Check old eBay completed listings (if available), collector price guides, or even inflation-adjusted retail prices from that era. Document your methodology - like "2008 Pokemon cards, estimated $35 based on retail prices found on [specific website] adjusted for condition." The IRS hasn't questioned my estimates, but I think that's because I: 1. Used reasonable methodologies I could explain 2. Didn't make estimates that seemed obviously self-serving 3. Kept detailed notes about how I arrived at each estimate 4. Was honest when I truly didn't know and used middle-ground estimates If you're genuinely torn between $20 and $50, going with something like $35 and documenting why shows good faith. The key is being able to defend your logic if ever asked, not necessarily having perfect documentation. Also remember - if you're selling most items for less than you paid originally (like typical collectibles), small differences in your cost basis estimates won't dramatically impact your tax liability since you're dealing with losses anyway.
As someone who went through a similar learning curve with eBay sales taxes, I'd recommend focusing on three key areas right away: **1. Separate your personal losses from actual profits** Since you mentioned most items are selling for less than you originally paid, those are personal losses and not taxable. Only items sold for MORE than your original cost create taxable income. This distinction alone could save you hundreds in unnecessary taxes. **2. Start tracking everything now** Even though it's mid-year, begin documenting every sale going forward. Create a simple record with: item sold, your best estimate of original cost, sale price, and eBay fees. For items you can't remember the exact purchase price, make reasonable estimates and note your methodology. **3. Consider your selling pattern** The IRS looks at whether you're a casual seller clearing out personal items vs. someone running a business. Since you started just clearing your basement but it "took off," you might be transitioning into business territory. This affects how you report income and what deductions you can take. Given you're at $9,800, you should definitely prepare for quarterly estimated payments next year if you continue selling. The good news is that eBay fees, shipping costs, and packaging materials are all deductible business expenses that reduce your taxable income. Don't let the 1099-K scare you - it just reports gross sales, not your actual taxable profit after costs and losses are factored in.
This is exactly the kind of clear, actionable advice I needed! I'm definitely in that transition zone you mentioned - started as just clearing out personal items but now I'm actually looking for things to buy and resell, so I think I'm moving into business territory. Your point about separating personal losses from actual profits is huge. I was getting overwhelmed thinking I'd owe taxes on the full $9,800, but when I really think about it, most of my collectibles have probably depreciated from what I originally paid years ago. Only maybe 20-30% of my sales are likely actual profits. Quick follow-up question - when you say "consider your selling pattern," is there a specific threshold or test the IRS uses to determine if you've crossed from casual seller to business? Like, is it based on dollar amount, number of transactions, or time spent? I'm trying to figure out if I should just embrace the business designation or try to stay in casual seller territory. Also, for the quarterly payments - do you know if there's a safe harbor rule where I can base the estimates on last year's total tax liability instead of trying to project this year's eBay income? Since this is all new for me, predicting what I'll make the rest of the year feels impossible.
Just a quick tip - if you're using TurboTax to file back taxes for a partnership, make sure you buy the BUSINESS version, not just Self-Employed. I made this mistake and had to repurchase the correct software.
Actually, you might want to look at alternatives altogether. I found TaxAct Business to be much more affordable for partnership returns, and it handled our late filings with no issues. TurboTax Business was quoting me like $200+ for a single year.
I went through almost the exact same situation last year with my consulting partnership. The key thing to remember is that you're not the first people to fall behind on partnership filings - the IRS sees this regularly with small businesses. Here's what worked for me: I found a local CPA who specializes in small business tax issues rather than trying to DIY it with software. Yes, it cost more upfront (around $800 for both the late 1065 and help with our personal returns), but they knew exactly how to handle the penalty abatement requests and got us set up properly going forward. The CPA was also able to file everything electronically, which was faster than paper filing, and they included a letter explaining our situation as first-time filers who were unaware of the partnership requirements. We ended up getting most of the penalties waived under the First Time Abatement program. Don't panic - just act quickly. The longer you wait, the more penalties accumulate. And once you get caught up, set up quarterly estimated tax payments to avoid this situation in the future.
This is exactly what I needed to hear! I've been so overwhelmed trying to figure out if I should handle this myself or get professional help. $800 sounds like a lot, but when you factor in the potential penalties and the peace of mind, it's probably worth it. Did your CPA help you with the state filings too, or was that separate? Also, how long did the whole process take from start to finish once you got the professional help?
Honorah King
Another option nobody's mentioned is to contact your HR department directly and request a duplicate W-2. They're legally required to provide it. My company actually has a self-service portal where I can download my W-2 anytime. Might be worth checking if yours has something similar?
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Melina Haruko
β’I tried reaching out to HR but they're taking forever to respond. I used to work for a small company and their HR department is just one person who's always swamped. Do you know if there's a legal timeframe they have to provide it within? I'm worried about missing the filing deadline.
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Honorah King
β’There's no specific legal timeframe for providing a replacement W-2, unfortunately. Employers are only legally required to provide the original W-2 by January 31st. For replacements, they should provide it in a "timely manner," but that's pretty vague. If you're concerned about the filing deadline, you might want to consider filing Form 4868 for an automatic six-month extension. Just remember that this only extends the time to file, not the time to pay any taxes owed. You'd still need to estimate and pay any taxes due by the original deadline to avoid penalties and interest.
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Oliver Brown
Has anyone tried using the last paystub method? My accountant told me I could use my last paystub of the year as a substitute for a W-2 in a pinch, but I'm not sure how to report it properly on the tax forms.
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Mary Bates
β’I did this a couple years ago when my W-2 got lost in the mail. You have to fill out Form 4852 (Substitute for W-2) along with your tax return. Just be careful because the paystub might not include taxable benefits or year-end adjustments that would show up on the actual W-2.
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Oliver Brown
β’Thanks for the info on Form 4852! I found it on the IRS website and it looks straightforward enough. Did the IRS give you any trouble when you submitted this form instead of having the actual W-2?
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