One thing nobody's mentioned yet - if you file for an extension and pay what you think you'll owe, you'll avoid the late filing penalty (which is much higher than the late payment penalty). The late filing penalty is 5% of unpaid taxes for each month your return is late, while the late payment penalty is just 0.5% per month.

Your plan is actually quite sound! As someone who's been through similar complexity with multiple 1099s and investment income, I'd suggest one additional consideration: make sure you're calculating your estimated payments correctly if you switch from accrual to cash accounting mid-year. The accounting method change can affect not just your current year taxes, but also create a Section 481(a) adjustment that might spread over multiple years. This could impact your estimated payment calculations for the rest of 2024. Also, regarding those K-1s - many partnerships and REITs routinely file extensions themselves, so don't be surprised if some don't arrive until September. Having that extension in place gives you flexibility to incorporate them into a superseding return rather than dealing with multiple amendments. One tip: keep detailed records of all your estimated payment calculations and the reasoning behind them. If you do face any underpayment penalties later, having documentation that shows you made reasonable estimates based on available information can help if you need to request penalty relief. The superseding return approach is definitely the way to go in your situation. Just make sure to file it before your extended deadline to maintain that advantage over an amended return.

Protip: sign up for informed delivery with USPS. Sometimes youll see your refund check in the mail before WMR even updates lol

Hang in there! I'm cycle 04 too and filed Jan 23rd. From what I've seen in other threads, cycle 04 has been running about 1-2 weeks behind compared to last year. The IRS is definitely processing slower this season. Just keep checking Thursday mornings like @Mei Chen said - that's really the only day that matters for us 04s. The waiting is brutal but we'll get there! 💪

Day 394829 of checking WMR and still nothing has changed 🤡

Same here! Filed with JH early January, accepted immediately, but still stuck on PATH message. The waiting is brutal when you're counting on that refund. At least we know it's not just us - seems like all cycle 4 filers are in the same boat right now. Hang in there, hopefully we'll see some movement after the 15th! 🤞

I'm in a similar situation as many of you! Filed on February 25th with my purple Wisely card and still waiting at day 15. This is actually my second year using the Wisely card - last year I got my refund in exactly 21 days, so I'm hoping for similar timing this year. What's interesting is that I'm also an independent contractor like the original poster, and I did notice last year that my refund seemed to come right on schedule despite having Schedule C income. I've been using the "Where's My Refund" tool daily (probably too much!) and it's still showing "processing." Thanks for creating this thread - it's reassuring to see I'm not the only one anxiously waiting and checking balances multiple times a day!

Just wanted to jump in as a newcomer to this community! I filed on February 28th with my purple Wisely card and I'm currently at day 10 of waiting. This is my first time using Wisely for tax refunds - I switched from direct deposit to my regular bank account because I heard these cards might be faster. Reading through everyone's experiences has been super helpful! It sounds like the 21-day timeline is pretty consistent regardless of the deposit method. I'm also self-employed with Schedule C income, so it's reassuring to see other independent contractors getting their refunds on schedule. Thanks to everyone for sharing their data points - it's making this waiting game much more bearable knowing what to expect!

Quick tip from someone who went through this: keep records of EVERYTHING. Print out all your crypto transaction histories, take screenshots, document your calculation methods. The more organized your amendment paperwork is, the smoother things will go. I made the mistake of not being super detailed, and ended up getting a request for additional information that delayed my whole process by months. Also, if you're dealing with multiple exchanges, make sure you're accounting for transfers between exchanges so you don't accidentally double-count anything.

Based on my experience helping clients with similar situations, you're definitely on the right track by coming forward voluntarily. Here are a few key points to keep in mind: 1. **File amendments chronologically** - Start with 2022 and work forward. This makes it easier for the IRS to process and shows a clear timeline of your corrections. 2. **Calculate interest carefully** - Interest compounds daily from the original due date of each return. The IRS interest rate changes quarterly, so make sure you're using the correct rates for each period. 3. **Consider reasonable cause** - Since this was an honest oversight and you're proactively correcting it, you may qualify for penalty relief under "reasonable cause." Include a detailed explanation letter with your first amended return explaining the circumstances. 4. **Track your cost basis properly** - Make sure you're using the correct method (FIFO, specific identification, etc.) consistently across all years. Switching methods between years can trigger additional scrutiny. The fact that you're being proactive will definitely work in your favor. I've seen cases where voluntary disclosure resulted in penalty waivers or significant reductions, especially when the taxpayer demonstrates good faith efforts to comply going forward.