I just completed my ID.me verification yesterday (March 6th), so I'm really early in the process but this thread has been incredibly informative! It's reassuring to see so many recent success stories with people getting their refunds within 3-4 weeks. I had no idea about checking the transcript for the TC 971 code - I just logged in and can see it's there with Action Code 111, which gives me confidence that the verification actually worked. The WMR tool is showing the usual "still processing" message, but based on everyone's experiences here, it sounds like that's pretty normal and the transcript is much more reliable. I'm trying to stay patient since I'm literally day 1, but it's so helpful to have realistic expectations from people who've actually been through this recently. Thanks to everyone for sharing your timelines and tips!

Just completed my ID.me verification this morning (March 7th), so I'm at day zero but this entire thread has been a goldmine of information! It's amazing how much more helpful real experiences are compared to the vague timelines on the IRS website. I immediately checked my transcript after reading all your comments and can confirm I have the TC 971 with Action Code 111 - such a relief to know the verification actually processed correctly. Based on everyone's shared timelines here, it looks like I'm looking at roughly 2-4 weeks which is actually much better than I was expecting. The WMR tool is predictably showing "still processing" but I'm not even going to bother checking that daily since you've all confirmed the transcript is where the real updates happen. Thanks for creating such a helpful resource for those of us going through this process - it really takes the anxiety out of the unknown!

Might be an unpopular opinion, but I've claimed QBI on my single rental property for the past two years and haven't had any issues. I manage everything myself, find tenants, do minor repairs, etc. My accountant said as long as I can document my involvement, we can justify it as a business activity. IRS guidance on this isn't super clear, and there are different interpretations. The "trade or business" standard is somewhat subjective. If you're treating your rental like a business and not just a passive investment, there's an argument to be made. Just my experience though - your mileage may vary!

This has been a really enlightening discussion! As someone new to rental property ownership, I'm glad I found this thread before making any costly mistakes on my taxes. Based on everything I've read here, it seems like the conservative approach is the safest - assume single rental properties don't qualify for QBI unless you can clearly demonstrate you meet either the "trade or business" standard or the safe harbor requirements. The 250+ hours documentation requirement alone sounds like it would be difficult for most casual landlords to meet. I'm curious though - for those who do qualify, what kind of records do you keep to document your rental activities? I want to make sure I'm tracking everything properly from the start, even if I don't qualify for QBI right now. Maybe if I expand my rental portfolio in the future, I'll want to have that documentation history. Also, has anyone here actually been through an audit related to QBI claims on rental income? Would be interesting to hear what that process was like and what documentation the IRS focused on.

Does anyone know if there's a minimum business size where you don't have to worry about the inventory stuff? I heard somewhere that very small businesses can just use cash method and expense inventory when purchased...

This is exactly the kind of inventory confusion that trips up so many small business owners! I went through the same thing when I first started my retail business. One thing that really helped me understand it was thinking about it this way: that $135,000 of ending inventory isn't an expense yet - it's still an asset sitting on your shelves that you'll sell next year. So you can't deduct it as a business expense this year because you haven't actually "used it up" to generate revenue yet. The COGS calculation essentially says "okay, you bought $675,000 worth of stuff, but $135,000 of it is still unsold, so you only actually 'consumed' $540,000 worth of inventory to generate this year's sales." I'd also recommend keeping really good records of your physical inventory counts at year-end. The IRS can get picky about this stuff during audits, and having solid documentation of what you actually had on hand makes everything much smoother. Good luck with tax season!

Another approach - if you have any tax documents from that bank (like foreign equivalents of 1099-INT), sometimes the account numbers are listed there. Worth checking any tax documents the bank may have sent you over the years.

Great point about checking tax documents! I'd also suggest looking at any wire transfer receipts or international money transfer records you might have. When I was dealing with overseas accounts, I found that Western Union and bank wire transfer receipts often included the full destination account numbers, even when the bank wouldn't provide them directly. Also, if you used any financial apps or services to manage these accounts (like currency conversion apps or international banking apps), they sometimes store account details in your transaction history that you can access even after the accounts are closed or restricted. The key thing is to keep detailed records of every attempt you make to get the full account numbers. Take screenshots of online banking error messages, save emails from customer service, and document phone call dates and reference numbers. This paper trail will be invaluable if the IRS ever questions your filing.

Has anyone tried checking their account transcript rather than just the return transcript? I've noticed in previous years that sometimes the account transcript shows pending refund adjustments before they appear on the return transcript. Might give you earlier insight into what's happening with the 570/971 codes.

I work with tax clients and can confirm this pattern is generally accurate. Last year, I had a client with 570/971 codes sharing the March 11 date. Their transcript updated exactly 8 days later with code 846. Another client had 570 dated April 3 and 971 dated April 10 - their case took 5 weeks to resolve because they needed to verify identity. One thing I've noticed is that the cycle code on your transcript (the 8-digit number at the top) can tell you which day of the week your account updates. For example, if your cycle code ends in 05, you're on a Thursday update schedule. So checking your transcript that specific day gives you the most current information.