I'm in the same boat as you - cycle 05 and filed in early February with no updates yet. From what I've gathered lurking in various tax forums, the IRS definitely processes in continuous batches rather than one big dump. What's frustrating is that cycle 05 is supposed to update on Thursdays, but I've seen people with the same cycle get updates on different days of the week. It seems like there are sub-batches within each cycle depending on your specific tax situation. Since you mentioned you just graduated, did you claim any education credits? I've read that returns with education credits (AOTC, LLC) often get flagged for additional review which can add 2-3 weeks to processing time. Might be worth checking if that's what's causing the delay. Hang in there - the apartment hunt stress is real but most landlords are understanding about tax refund timing, especially this time of year when everyone's in the same situation.

I work in tax preparation and can confirm that the IRS processes returns in continuous batches throughout the week, not just one big update. Your cycle 05 assignment means you're typically in the Wednesday night/Thursday morning processing group, but there are several factors that can cause delays. Since you mentioned you just graduated, I'm guessing you filed with education credits (AOTC or Lifetime Learning Credit). These returns often get pulled for additional verification, which can add 2-4 weeks to your processing time. The IRS has to cross-reference your 1098-T forms with your return, and this happens in a separate department. For your apartment situation, here's a practical tip: most landlords will accept a signed lease contingent on receipt of your tax refund, especially if you can show them your filed return and explain the expected timeline. You could also ask about a smaller holding deposit that you can afford now, with the security deposit due upon refund receipt. Keep checking your transcript daily - once you see transaction code 150 (tax assessment) post, you're usually within a week of getting your deposit date. Hang in there!

I'm confused about why gross income matters more than AGI for your analysis? Wouldn't AGI be more meaningful since it reflects income after certain necessary adjustments?

Have you considered looking at the IRS's Individual Income Tax Returns Complete Report (Publication 1304) tables in conjunction with their Form 1040 line item statistics? While the main tables focus on AGI, some of the supplementary tables break down specific income components before adjustments. The IRS also publishes detailed line-by-line statistics that show the distribution of various income types (wages, business income, capital gains, etc.) and deductions by income bracket. By combining these with the total income figures, you might be able to reconstruct gross income distributions. Another resource is the Treasury's Office of Tax Analysis - they sometimes publish studies using broader income measures than standard IRS publications. Their distributional analyses occasionally include pre-adjustment income figures that could be what you're looking for.

This is such a common source of confusion! I went through the exact same thing when I started freelancing for US companies from Toronto. The key thing to understand is that there's a difference between where your income is "sourced" for tax purposes and what documentation the US company needs to have on file. You're right that your income is sourced to Canada since that's where you're physically performing the work, which means you won't owe US taxes on it. However, the US company still needs the W-8BEN form as proof that you're a foreign person not subject to US withholding tax. Think of it this way: without the W-8BEN, the default assumption is that they need to withhold 30% from your payments and send it to the IRS. The form is what tells them "hey, this person is Canadian and exempt from withholding under the tax treaty." I'd definitely recommend filling it out. It only takes about 10 minutes and it protects both you and your client. Plus, many US companies won't even process payments to foreign contractors without having this form on file first.

I'm dealing with this exact same situation right now! I'm a Canadian web developer working for a tech startup in Silicon Valley, and I was also confused when they sent me the W-8BEN form. After reading through all these responses, it's clear that filling out the form is the right move. What really helped me understand is the distinction between where your income is "sourced" (Canada, since that's where we're doing the work) versus the documentation the US company needs to avoid withholding taxes from our payments. One thing I'd add is that when you fill out Part II of the form to claim treaty benefits, make sure you reference Article VII of the US-Canada tax treaty like Elijah mentioned. I put "Business profits exempt under Article VII of the US-Canada Income Tax Convention" in the explanation box. Also, keep a copy for your records! My accountant told me it's good documentation to have when filing my Canadian tax return to show that no US taxes were withheld from this income source. The whole process took me maybe 15 minutes once I understood what I was doing. Way better than stressing about conflicting information or risking the client having to withhold 30% of my payments!

I ran into this exact problem last year with some Coca-Cola stock from my great-aunt. If you contact the company's investor relations department directly (not the transfer agent), they sometimes have historical information about stock prices, splits, and dividend reinvestments that can help you piece together a reasonable cost basis. The IRS publication 551 also covers this scenario specifically and allows for reasonable reconstruction of basis when records are unavailable.

For gifted stocks where the original cost basis is unknown, you'll need to use the donor's basis (carryover basis) as your starting point. Since you can't find records from the 1960s/70s, here's what I'd recommend: 1. **Document your search efforts** - Keep records of all your attempts to find the original basis (calls to Computershare, BofA, etc.). The IRS appreciates good faith efforts. 2. **Use historical price reconstruction** - Since you know the approximate purchase timeframe and the company had multiple stock splits, you can research historical prices from that era. Many financial websites and libraries have historical stock data going back decades. 3. **Consider IRS Publication 551** - This publication specifically addresses situations where basis records are unavailable and provides guidance on reasonable reconstruction methods. 4. **Account for all corporate actions** - Make sure to adjust for all stock splits, dividends, and other corporate actions that occurred between the original purchase and when you received the gift in 2008. 5. **When in doubt, be conservative** - If you can't determine a reasonable basis, using zero basis (paying tax on the full sale amount) is the safest approach, though it results in higher taxes. The key is thorough documentation of your research process. The IRS understands that very old securities often lack complete records, so they generally accept reasonable reconstruction efforts when properly documented.

Has anyone successfully negotiated a lower overall payment when adding a new year? Asking for a friend... 👀

@Fatima Al-Suwaidi - I went through this exact same situation last year! Don't stress too much about it. Here's what worked for me: Call the IRS at 1-800-829-1040 early in the morning (like 7-8 AM) to avoid the worst hold times. When you get through, just be honest and straightforward: "I have an existing installment agreement and I need to modify it to include my 2024 tax liability." They'll ask for your SSN and pull up your account. Have these ready: - Your 2024 tax return (they might want specific numbers) - Your current payment plan details - Bank account info if you want to change payment method In my case, they recalculated everything and gave me options - I could either increase my monthly payment slightly or extend the plan duration. I chose to extend it since my budget was tight. The whole call took about 45 minutes including hold time. They sent me a confirmation letter within 2 weeks. You've got this! 💪