I filed on February 2nd this year and got my acceptance notification 3 hours later! 😂 But last year when I filed on April 12th (cutting it close, I know), it took 2 full days to get the acceptance. The IRS systems are probably like me after the holidays - moving a bit slower with all that extra weight to process. My advice is to check your tax software account rather than your email - sometimes the software updates before they send the notification.

Same-day acceptance is definitely possible, especially if you filed early in the day! I usually file around 8-9 AM and have gotten acceptance notifications as early as 2 PM the same day. The IRS processes e-filed returns in batches throughout the day, so timing can make a difference. If you filed later in the evening, you might have to wait until the next business day for the first batch processing. Since you need this for rent, I'd recommend checking your tax software portal every few hours rather than just waiting for an email - sometimes the status updates there first. Fingers crossed you get that acceptance notification soon! 🤞

I went through a very similar situation last year and wanted to share what worked for me. I was also filing jointly for the first time after my spouse's status change, which put us over the Form 8938 threshold unexpectedly. Like you, I had always been compliant with FBAR requirements but was completely unaware of the additional Form 8938 obligation. The most important thing is that you've already reported all the income from those foreign accounts on your tax return - this puts you in a much better position regarding penalties. The IRS is generally more concerned about unreported income than missing information forms when the income has already been disclosed. When I filed my late Form 8938, I included a brief cover letter explaining that this was my first year above the reporting threshold due to joint filing status, that all foreign income had been properly reported on the return, and that I was filing the form promptly upon discovering the requirement. I emphasized my history of compliance with other international reporting obligations like FBAR. The form was accepted without any penalties or follow-up questions. Since you're planning to file within the next week, you're acting promptly, which demonstrates good faith compliance. The reasonable cause exception typically applies in situations like yours where there's a legitimate first-time filing scenario and you're taking corrective action quickly. Don't let the anxiety overwhelm you - based on your description, you're handling this exactly the right way!

I'm dealing with a very similar FATCA situation right now and this thread has been incredibly helpful! Like several others here, I'm filing jointly for the first time after my spouse's green card approval, which pushed us over the Form 8938 threshold unexpectedly. What's giving me some comfort is reading about everyone's experiences with the reasonable cause exception. I've also always been compliant with FBAR requirements and reported all foreign income correctly - it's just this additional form I missed. The consensus seems to be that the IRS is much more understanding when you're proactive about correcting the oversight and when all income was already properly reported. For those asking about mailing addresses, I called the IRS practitioner priority line (after a very long hold!) and confirmed that you should mail standalone Form 8938 submissions to the same processing center where you filed your original return. Include your SSN prominently on the cover letter and reference your already-filed return. One tip I learned from my tax preparer: if you're still within a reasonable timeframe of discovering the requirement (within a few months), emphasize in your reasonable cause letter that you acted "promptly upon discovery" rather than focusing on how late you are from the original deadline. The IRS seems to give more weight to your response time after becoming aware of the obligation. Thanks to everyone who shared their experiences - it's made this stressful situation much more manageable!

Question - have you checked the SBTPG site using both mobile and desktop? Their site is janky AF and sometimes shows different info depending on how you access it. On my phone it showed no trace number but on desktop it was there! worth a try

I'm going through the exact same thing right now! Filed in early March, got accepted, transcript shows 846 code with April 1st issue date, but SBTPG has been showing a blank trace number field for over two weeks. It's so stressful when you're counting on that money. I've been checking their site multiple times a day hoping something will show up. Based on what everyone's saying here, it sounds like this is unfortunately pretty common with SBTPG this year. I'm going to try calling the IRS tomorrow morning and see if they can give me any insight into what's actually happening on their end. Really hoping we both get some answers soon - the waiting is killing me!

Great question! I went through this exact same decision last year when I converted my LLC to S-Corp status. After researching and consulting with my tax professional, I ended up having my S-Corp pay 100% of my health insurance premiums. The math is pretty straightforward - at your $780/month premium ($9,360 annually), having the S-Corp pay saves you about $1,430 per year in FICA taxes (15.3% of $9,360). There's really no downside to going with 100% since you get the full deduction either way, but maximize your payroll tax savings. Just make sure you document everything properly. I have my S-Corp pay the insurance company directly each month, and my payroll service adds the premium amount to my W-2 wages (Box 1) but excludes it from Social Security and Medicare wages. Then I deduct the full amount on Line 17 of my personal return. One tip - if you're doing your own payroll, double-check that you're coding the health insurance correctly. It should be included in federal wages but excluded from FICA wages. I use QuickBooks Payroll and there's a specific payroll item for "Health Insurance (S-Corp >2% Owner)" that handles this automatically. With your $75k salary on $125k revenue, you're in a great position - very reasonable compensation ratio that won't raise any IRS eyebrows!

One thing I haven't seen mentioned yet is the impact on your Affordable Care Act (ACA) compliance if you ever have employees. Right now as a single-member S-Corp you're fine, but if you plan to hire employees in the future, you'll want to make sure your health insurance arrangement doesn't create complications with ACA employer mandate requirements. Also, don't forget that if you have a spouse who could potentially be covered under your plan, the S-Corp can pay for family coverage too and you'd get the same FICA tax savings on the entire premium amount. Just make sure any family members covered are properly reflected in your documentation. The 100% S-Corp payment approach is definitely the way to go for maximizing your tax benefits. At your income level and premium amount, you're looking at saving around $1,430 annually in payroll taxes compared to paying personally - that's basically 1.8 months of free health insurance!

This thread has been incredibly helpful! I'm dealing with a similar K-1 situation and wanted to add one more consideration that might be relevant for some folks here. If your partnership is involved in oil, gas, or other natural resource activities, some of those box 13, code W expenses might actually be depletion-related costs that could be handled differently. I learned this the hard way when I assumed all my box 13 expenses were the same suspended miscellaneous deductions. Also, for anyone tracking these expenses for future deductibility after 2025 - make sure you're also keeping records of any AMT adjustments related to these items. Some partnership expenses that aren't deductible for regular tax purposes might still affect your alternative minimum tax calculations, and you'll want that documentation if the rules change again. One last tip: if you're working with a tax professional, bring them the entire K-1 instructions booklet that came with your K-1, not just the form itself. Those instructions often contain partnership-specific explanations for the various codes that can be really helpful in determining the exact nature of your box 13 items.

This has been such an educational thread! As someone who's been wrestling with these same box 13, code W expenses from my real estate partnership K-1, I wanted to share what I learned from my state tax research. For those asking about state deductibility - it's really worth checking your specific state's conformity rules. I'm in Illinois, and while IL generally conforms to federal tax changes, they specifically chose NOT to suspend miscellaneous itemized deductions for state purposes. So I was able to deduct my $6,200 in management fees on my IL-1040, saving me about $310 in state taxes. The key is understanding that each state made its own decision about whether to conform to the TCJA changes. States like California, New York, Pennsylvania, and Illinois maintained these deductions, while others followed the federal suspension. Don't assume either way - check your state's specific rules or consult their tax website. Also, for those tracking these expenses for future years - I created a simple spreadsheet with columns for the tax year, partnership name, amount, and notes about the specific nature of the expenses. When 2026 rolls around and these become federally deductible again, you'll have a clean record of everything you've accumulated over the years. One more thing - if you're in a state that still allows these deductions, make sure you're actually itemizing on your state return. Some states require you to itemize state even if you take the standard deduction federally, which could make these partnership expenses valuable even if your other itemized deductions aren't high enough to beat the federal standard deduction.