Make sure you're also considering the account statements! If the account was generating interest, dividends, or other income AFTER your uncle passed but BEFORE you took over the account, that income technically belongs to the estate and should be reported on the estate's income tax return (Form 1041). The bank will issue a 1099 for that income, and if it's in your name, the IRS will expect to see it on your personal return. You might need to file a separate schedule showing that this income belongs to the estate, not you personally.

One more thing to keep in mind - you'll want to get documentation from the bank showing when you were added as a secondary account holder and what type of account it was (joint tenants with right of survivorship vs. convenience account, etc.). This can matter for tax purposes. Also, check if your uncle's estate went through probate. If it did, the probate court records should show how this account was handled. Sometimes joint accounts are excluded from probate, but the estate executor should still account for them when calculating the total estate value. If you're unsure about any of this, it might be worth consulting with a tax professional who specializes in estate matters. The $43,000 amount is significant enough that you want to make sure you handle it correctly, especially since inheritance and estate tax rules can be complex and vary by state.

One thing I haven't seen mentioned yet - if you do get the retroactive S-Corp election approved, make sure your CPA prepares a reasonable compensation study to justify whatever salary you're setting for yourself. The IRS really scrutinizes S-Corps because they know owners try to minimize salary (which is subject to employment taxes) in favor of distributions. Have you actually calculated how much you might save by switching to S-Corp status for 2022? It's mainly the Medicare and Social Security tax savings on the distribution portion, but you need to weigh that against the additional complexity and compliance costs.

I went through a very similar situation about two years ago and successfully did the retroactive S-Corp election. A few things I learned that might help: First, yes, Rev. Proc. 2013-30 is absolutely legitimate, but timing is crucial. You have 3 years and 75 days from the original due date you wanted the election to be effective. So for 2022, you'd need to act soon. Second, the "reasonable cause" statement is critical. I used the fact that my previous tax preparer never mentioned S-Corp elections as an option despite my business income level. The IRS accepted this reasoning. Document everything - emails, conversations, even the lack of discussion about entity elections. Third, calculate the potential savings first before diving in. In my case, I saved about $18k in self-employment taxes, but I also had to establish a reasonable salary (I used about 60% of net income based on industry data) and file amended returns for multiple years. The process took about 6-8 months total to get fully resolved, but it was absolutely worth it. Make sure your new CPA has experience with late S-Corp elections - not all tax professionals are familiar with the process. Good luck!

I actually work in banking compliance and can offer some reassurance here. The backup withholding flag is purely a tax reporting setting in the account system - it doesn't trigger any deposit restrictions, account freezes, or unusual review processes. Your uncle's deposits will be processed exactly the same as any other new account. The confusion often comes from people thinking backup withholding affects all account activity, but it's specifically limited to interest, dividends, and certain other payments the bank makes to the account holder. Regular deposits (cash, checks, ACH transfers, etc.) flow through completely different systems that don't interact with the backup withholding flag. Since you've already submitted the corrected W-9, you've done everything right. The 14-day processing time is standard, but honestly, for a checking account that likely earns minimal interest, the practical difference between now and when it's corrected is essentially zero. Your uncle should feel confident making his deposits - the cash will be available immediately per normal policy, and the checks will follow the bank's standard funds availability schedule for new accounts (typically 1-2 business days for the first $200, then 5-7 business days for the remainder).

I'm dealing with a very similar situation right now! I accidentally marked "yes" for backup withholding when helping my elderly neighbor open a new account last week. The panic was real when I realized what I'd done. From my research and calls with the bank, I can confirm what others have said - the deposits themselves aren't affected. The backup withholding only applies to interest payments, not the money you're putting into the account. My neighbor has been making regular deposits while we wait for the W-9 correction to process, and everything has gone smoothly. One thing that really helped was asking the bank representative to walk me through exactly what would happen with each type of transaction. They confirmed that cash deposits are available immediately, check deposits follow their normal new account hold policy (which was 7 days for amounts over $200), and debit card transactions work normally from day one. The 14-day processing time seems to be pretty standard across banks. We're on day 8 now and haven't had any issues. Your uncle should definitely feel comfortable making those deposits - the backup withholding mistake is more of a paperwork inconvenience than an actual barrier to using the account.

I understand your concern about navigating taxes after a divorce - it's a lot to handle on your own! Based on what everyone has shared, Refund Advantage sounds like a legitimate service, but I wanted to add a few practical tips from my experience: 1. Keep all your tax prep paperwork together in one place - you'll likely need it to track your refund status 2. Set up text or email alerts if Refund Advantage offers them, so you know when your refund moves through each stage 3. Double-check that your bank account information is correct with your tax preparer - any errors can cause delays 4. Consider asking your tax preparer to walk you through exactly what services you're paying for next year, so there are no surprises The fees can be frustrating (I've been there!), but at least now you know what to expect. Most importantly, you're asking the right questions and being proactive about understanding the process. That's exactly what you should be doing to protect yourself financially during this transition. You've got this! 💪

I completely understand your concern, especially during such a major life transition! Refund Advantage is indeed legitimate - they're essentially a third-party service that processes refunds when you choose to pay your tax prep fees from your refund rather than upfront. Here's what typically happens: The IRS sends your refund to Refund Advantage (operated by Republic Bank & Trust), they deduct the tax preparation fees plus their service fee (usually $35-50), then transfer the remaining amount to your personal bank account. To check your status, visit refundadvantage.com and look for their "Where's My Refund" tool. You'll need your Social Security Number and the refund amount from your tax documents. The process usually adds 1-3 business days to your refund timeline. Don't worry - this is a common service used by many tax preparation companies, and while the extra fees can be frustrating, it's a legitimate way to handle payment. Just make sure to keep all your tax paperwork organized for future reference. Given that you're handling taxes independently for the first time, consider asking your tax preparer more detailed questions about any services or fees before signing next year. You're doing great by staying on top of this! 👍

Just a heads up - even if you confirm you need the 1095-A, don't panic if you haven't received it yet. The deadline for insurance companies and marketplaces to send them out was technically January 31, but many are still sending them out. My friend works for a state marketplace and said they're dealing with massive backlogs this year. If you absolutely can't get yours in time, you can still file for an extension until October to give yourself more time to track down the form.

Just wanted to add that if you're still not sure whether you went through the marketplace, check your bank or credit card statements from when you signed up. Marketplace payments usually show up as something like "CMS" or "Healthcare.gov" or your state's marketplace name, while direct Molina payments would just show as "Molina Healthcare." Also, if you received any advance premium tax credits (which would have lowered your monthly premium), that's a dead giveaway you went through the marketplace. Those credits are only available for marketplace plans, and if you got them, you absolutely need the 1095-A to reconcile them on Form 8962 when you file. One more tip - don't stress too much about the April deadline if you're still tracking this down. The tax filing deadline got moved to April 18th this year anyway, so you have a few extra days!