This thread has been incredibly helpful! I'm a newcomer here but going through the exact same situation right now. My transcript updated two days ago with code 846 and a refund date of next Wednesday, but WMR is still showing "processing" which has been making me anxious. Reading through all these detailed responses has really put my mind at ease though. Like many others here, I only see the 846 code with no 841 or offset codes, I double-checked that my banking info was correct when I filed, and I just called my bank this morning to confirm my account is in good standing with no restrictions. The explanation about the IRS honoring direct deposit unless there's a specific issue makes a lot of sense, and it's reassuring to see so many success stories from people who had the same pattern of codes. The tip about the automated refund hotline (1-800-829-1954) is something I'm definitely going to try today too. As someone new to tracking refunds this closely, I had no idea about things like the 3-deposit annual limit or how banking verification failures could trigger automatic paper checks. This community is amazing for sharing all this technical knowledge that you just can't find easily elsewhere! I'll make sure to update once my refund comes through to add to the collection of experiences here. Fingers crossed it's a smooth direct deposit as expected! Thank you to everyone who has shared their knowledge and experiences - it makes this stressful waiting period so much more manageable.

I'm also new to this community and currently going through the exact same situation! My transcript updated yesterday morning with code 846 and a refund date for next Tuesday, but WMR is still stuck on "processing." This thread has been absolutely invaluable - I had no idea about most of these technical details before finding this discussion. Like others have mentioned, I only see the 846 code with no 841 or offset codes, my banking information was correct when I filed, and I just verified with my bank that my account is in good standing. One thing I'm curious about that I haven't seen mentioned yet - has anyone noticed if the day of the week your refund date falls on affects anything? Mine is scheduled for a Tuesday, and I'm wondering if that makes any difference for direct deposit timing. The automated hotline tip (1-800-829-1954) that @Natasha Orlova mentioned sounds really helpful for additional peace of mind. I'm definitely going to try calling that today to see if the information matches my transcript. It's such a relief to see so many success stories from people who had similar patterns of codes and ended up getting their direct deposits as expected. The waiting is definitely nerve-wracking when you're counting on that money, but this community knowledge has made it so much more bearable! I'll absolutely update everyone once my refund comes through. Thank you to everyone who has shared their experiences and expertise here - it's making a huge difference for us newcomers navigating this process!

Hey! I totally get the confusion - I was in the exact same boat when I started my first job last year. The W-4 form is honestly not designed to be user-friendly, especially for teens. For your wage estimate, here's what I did: I asked my manager roughly how many hours I'd get per week, then did the math. So if you're making $12/hour and expect to work about 16 hours a week for, say, 35 weeks (accounting for school breaks), that's $12 × 16 × 35 = $6,720. Don't stress about being exact - it's just an estimate! For the additional withholding section, definitely put $0 or leave it blank. That's for people who want extra money taken out of their paychecks, which you probably don't need. One thing that really helped me was talking to someone in HR or payroll at work. They deal with W-4s all the time and can usually walk you through it. Way less intimidating than calling the IRS, and they know your specific pay situation. Also, don't feel dumb about this! Literally everyone is confused by tax forms the first time. Your parents probably just forgot how overwhelming it was when they started working. You're being responsible by asking questions instead of just guessing randomly.

Don't worry - you're definitely not alone in feeling overwhelmed by the W-4! I remember staring at mine for like an hour when I got my first job at 16. Here's the simplest way to think about the wage estimate: Just make your best guess based on what you know right now. If you're working at a coffee shop, maybe ask your manager what a typical part-time schedule looks like. Let's say it's 12 hours/week at $13/hour - that would be about $156/week. If you work for 30 weeks this year (accounting for school and breaks), that's roughly $4,680. The key thing is not to stress about being exact. The IRS isn't going to come after you if you estimate $5,000 and actually make $4,500. This is just to help determine how much tax to withhold from your paychecks. For that additional withholding section - definitely just put $0. That's for people who want extra money taken out, which you almost certainly don't need with a part-time job. One last tip: if you make less than about $13,850 this year, you probably won't owe any federal income tax anyway. So even if you mess something up slightly, you'll likely get any withheld money back as a refund when you file your taxes. You've got this! And honestly, your parents should be more helpful - everyone needs guidance on their first tax forms.

The key thing to remember is that you're not actually "losing" that principal payment - you're converting it into equity. I went through the same confusion when I started with rental properties. What helped me understand it better was thinking about the complete financial picture: Yes, your cash flow is reduced by the full mortgage payment, but your net worth is only reduced by the interest portion. The principal portion just moves from your cash account to your property equity. Also consider that depreciation often more than makes up for this. I typically show a paper loss on my tax return even though I have positive cash flow, thanks to the depreciation deduction. This "phantom loss" actually reduces my overall tax burden on other income. The real benefit becomes clear over time - your tenant is essentially paying down your mortgage for you while you get tax benefits and (hopefully) appreciation. It's a long-term wealth building strategy, not just a cash flow play.

I think you're getting caught up in the cash flow vs. tax reporting distinction, which trips up a lot of new rental property owners. The IRS tax code is designed around economic principles, not cash flow convenience. Here's another way to think about it: If you bought a $200,000 rental property with cash, you'd have $200,000 less in your bank account but $200,000 more in real estate equity - your net worth stays the same. When you finance that same property and make principal payments, you're essentially doing the same thing over time - converting cash to equity. The mortgage interest is the true "cost" of using someone else's money to buy an asset. The principal payments are you gradually buying back that asset from the lender. That's why only the interest is deductible as an expense. Also remember that when you eventually sell the property, that built-up equity from all those principal payments becomes real cash in your pocket. The tax code treats it as what it actually is - a transfer of value, not an expense. If principal payments were deductible, you'd essentially get to deduct the same dollar twice (once as principal, once when you recognize the loss of that cash as a cost basis reduction upon sale). The depreciation deduction is actually quite generous and often results in showing tax losses even with positive cash flow, which can offset other income.

This thread has been super helpful. One thing I realized after making this mistake last year - check your state's specific rules on USGO exemptions. Some states (like NY where I live) have specific forms just for claiming the govt obligation exemption that require detailed breakdowns by fund.

As someone who went through this exact confusion last year, I can confirm what others have said - keep Section 199A dividends and USGO calculations completely separate. I made the mistake of applying my Treasury money market fund's 98% USGO percentage to ALL dividends including the Section 199A amounts, which was wrong. Section 199A dividends (Box 5 on your 1099-DIV) are already classified for their specific tax treatment and shouldn't be adjusted with USGO percentages. The key insight that helped me: USGO is about WHERE the income came from (federal obligations vs other sources), while Section 199A is about WHAT TYPE of business income it represents (qualifying business income from REITs, etc.). They're answering different tax questions. For your SPTXX example with 75% government obligations, apply that percentage only to the amounts in Box 1a and 1b, not to any Section 199A amounts that might also be reported from that same fund.

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! 👍