This is incredibly helpful information! I've been using TurboTax for years but never really understood how their early deposit feature worked behind the scenes. My DDD is showing as 3/3/25 on my transcript, so based on this timeline I should expect my deposit by 2/26/25. It's reassuring to see so many people confirming the accuracy of this 5-day calculation. I was debating whether the early deposit fee was worth it, but knowing I can count on this precise timing definitely helps with my monthly budgeting. Thanks for taking the time to call and get the official details from their customer service!

This is super helpful timing-wise! I just checked my transcript and have a DDD of 2/28/25, which means I should get my early deposit by 2/23/25 if I'm understanding the pattern correctly. I've been on the fence about paying for the early deposit feature but honestly, getting my refund 5 days early would help me avoid some late fees on my credit card. Has anyone noticed if the deposits typically come in the morning or afternoon? Trying to figure out if I should plan for it to be available first thing in the morning or later in the day.

For married couples, you almost always come out ahead filing jointly rather than separately. Filing separately comes with a lot of limitations and usually results in paying more tax overall. In 2023, if filing separately, each spouse gets a standard deduction of $13,850 (not the full $27,700 joint amount). Plus, if one spouse itemizes, the other MUST itemize too - even if that results in a higher tax bill. You lose a bunch of tax benefits when filing separately too.

Great point about the student loan repayment plans! There are definitely exceptions to the "married filing jointly is always better" rule. Income-driven repayment plans, potential eligibility for certain tax credits, and situations involving significant medical expenses or casualty losses can sometimes make married filing separately worthwhile. For the original poster though, with only $15,000 in business income and likely no major itemized deductions, married filing jointly would probably be the way to go. You'd get the full $25,900 standard deduction (or $27,700 for 2023) which would eliminate your income tax liability entirely. Just make sure to factor in that self-employment tax that Ashley mentioned - that's going to be your main tax burden here, not income tax.

I went through this exact scenario two weeks ago! SBTPG showed "FUNDED" on a Wednesday afternoon, and I didn't see the deposit until Friday morning. What helped me stay sane was calling my bank's customer service line - they were able to see the incoming ACH transfer in their system even though it wasn't showing in my account yet. The rep told me exactly when it would post (around 5 AM the next business day). Also learned that some banks have different cut-off times for processing ACH transfers, so if SBTPG sent it after 2 PM, it might not process until the next business day. Hang in there - the "FUNDED" status is really reliable, it's just the banking system that moves at snail speed! 🐌

This is such a relief to read! I'm literally in the exact same situation right now - SBTPG has shown "FUNDED" since yesterday morning and I've been checking my account obsessively. The waiting is torture when you're already stressed about money! 😰 What really helps is seeing everyone confirm this is totally normal. I had no idea about the whole ACH transfer process and how banks can hold things for additional processing time. Based on all these responses, it sounds like I should definitely see it by tomorrow or the day after. Going to try calling my bank in the morning to see if they can spot the incoming transfer like some of you mentioned. Thanks Jessica for asking this question - knowing I'm not the only one going through the SBTPG waiting game makes me feel so much better! The "FUNDED" status really seems to be trustworthy, it's just the banking system being slow as usual.

Just wanted to share my recent experience with this exact situation. We missed an RMD from my wife's inherited IRA in 2023 and discovered it after already filing our return. I was really stressed about the potential $1,800 penalty. We filed the standalone Form 5329 with a reasonable cause letter explaining that we were confused by the new SECURE Act rules and thought we had until age 73 (like regular IRAs) rather than continuing the original owner's RMD schedule. We also mentioned that we immediately took the missed distribution once we realized the error and set up automatic distributions going forward. The IRS completely waived the penalty! The key things that seemed to help were: 1) We took action immediately after discovering the mistake, 2) We showed we put measures in place to prevent it happening again, and 3) We were honest about the confusion without making excuses. The whole process took about 6 months from filing the 5329 to getting the penalty waiver confirmation. Don't lose hope - the IRS really can be reasonable about first-time mistakes if you handle it properly!

I went through this exact same situation last year with my father's inherited IRA. You absolutely can file Form 5329 separately - no need to amend your 1040. Just make sure to check the box indicating it's a standalone filing and include both your husband's name and SSN since it's his inherited IRA. The reasonable cause letter is crucial and "we forgot" can actually work if you frame it right. Focus on how this was your first experience with inherited IRA RMDs, mention any confusion about the rules (especially with all the SECURE Act changes), and emphasize that you're taking immediate corrective action. I included language about setting up automatic distributions going forward to show we were preventing future occurrences. Most importantly, make sure your husband takes that missed $2,500 distribution BEFORE you file the 5329. The IRS is much more likely to waive the penalty when they see you've actually corrected the underlying problem, not just reported it. We ended up getting our full penalty waived using this approach. Good luck!

Anyone know if this is different in Quebec? I have a similar situation but with Revenu Quebec and they seem to have different rules for everything...

I went through almost the exact same situation last year with my first bit of freelance income. Here's what I learned from my tax preparer: You absolutely need to report the $520 income on your T2125 - there's no minimum threshold for reporting self-employment earnings. The good news is that with such a small amount, you likely won't owe any income tax on it due to the basic personal exemption. For the expenses without receipts, I'd strongly recommend NOT claiming them. I made the mistake of estimating some expenses my first year and it caused headaches later when CRA requested documentation during a routine review. It's better to miss out on legitimate deductions than risk issues with unsupported claims. One thing that helped me going forward was setting up a simple system: I use a dedicated email folder for all business-related receipts and confirmations, plus I take photos of physical receipts immediately. Even something as basic as a spreadsheet tracking expenses by date and category makes tax time so much easier. Since this is your first time with self-employment income, consider keeping better records even for small gigs - you never know when that side work might grow into something bigger!