Has anyone actually calculated whether Roth or Traditional is better for a 1099 contractor? I'm in a similar situation but I'm not convinced Roth is automatically better just because I'm over the deduction limit for traditional contributions. Couldn't I still make non-deductible traditional contributions and benefit from tax-free growth, then strategically convert portions during lower-income years? I'm wondering if the math works out better that way vs paying full taxes now on Roth contributions.

Great thread! I wanted to add that I recently went through this exact same process. After reading through all the helpful suggestions here, I ended up calling Schwab directly using the retirement specialist department approach mentioned earlier. What I learned is that even though Schwab can technically handle Roth SEP contributions now, they require you to specifically request it during account setup - it's not offered as a default option. The rep I spoke with said many customers don't realize this and end up with traditional SEP IRAs when they actually wanted Roth contributions. One thing to keep in mind is that unlike regular Roth IRAs, there are no income limits for Roth SEP contributions. So even high earners can take advantage of this option, which makes it particularly valuable for successful 1099 contractors. I'd definitely recommend calling the retirement specialist departments at the major brokerages rather than going through general customer service. They seem much more knowledgeable about these newer options and can walk you through the specific forms needed.

Think of SBTPG like a toll bridge between the IRS and your Credit Karma account. The "funded" status means your money has arrived at the toll booth, but still needs to pay the fee and cross the bridge. In my experience with Credit Karma deposits, they typically arrive 1-2 days after showing as "funded" in the SBTPG portal. Sometimes this means you get it a day early, sometimes right on the projected date. It's like ordering a package that says "out for delivery" - it's close, but not quite in your hands yet. The good news is that once SBTPG shows funded, you're in the final stage of the process and should see your money very soon.

Be careful with timing expectations. On March 15th, 2024, my SBTPG portal showed "funded" but the money didn't appear in my Credit Karma account until March 18th. This caused me to miss a payment deadline on March 17th because I was counting on having those funds available. The specific dates matter because SBTPG doesn't process on weekends, so if your "funded" status appears on Friday, you likely won't see the deposit until Monday or Tuesday. I'd strongly recommend not making any critical financial plans based on the assumption that you'll receive the funds before the official deposit date, even if many people report getting it early.

Just to clarify a few things for everyone: Have you checked if there's an 846 code yet? That's your actual refund issued date. The cycle code just tells you how often your account updates. And yes, 0504 is definitely daily processing, which is good news, but doesn't guarantee an immediate refund. The PATH Act verification processes are complete, but there could still be other verification steps happening in the background, wouldn't you agree?

Congrats on getting the 0504 cycle code! That's definitely daily processing and a huge step forward from weekly. As someone who's been through this exact situation, I can tell you that 0504 typically means you're very close to seeing an 846 refund issued code appear on your transcript. For PATH Act filers specifically, once you hit daily processing, the IRS usually releases funds within 3-5 business days assuming no other holds. Keep checking your transcript daily now - you'll want to look for that 846 code with your actual deposit date. The fact that you moved from weekly to daily processing means all the PATH Act verification is complete and you're in the final stretch!

For future reference, you can actually track both your federal and state refunds online: Federal: Use the "Where's My Refund" tool on IRS.gov with your SSN, filing status, and exact refund amount. State: Most states have their own version of refund tracking. Google "[your state] where's my refund" and you should find it. You'll usually need your SSN and the exact amount you're expecting.

Don't stress too much about this! What you're experiencing is completely normal for first-time filers. Federal and state refunds are processed by completely different agencies - the IRS handles federal, and your state's department of revenue handles state taxes. They almost never arrive at the same time. Since you mentioned getting $3,388 and expecting $7,119 total, it sounds like you've received your federal portion and are waiting on the state refund. State processing times vary widely - some states are quick (1-2 weeks) while others can take 6-8 weeks, especially during busy filing season. The good news is that your money isn't lost! Check your TurboTax account to confirm the federal vs. state breakdown, and then look up your state's "Where's My Refund" tool online. Most states have one similar to the IRS version where you can track the status. Also remember to account for any tax prep fees that might have been deducted from your refund if you chose that payment option.

Most of us have been through this waiting game. The community consensus is that you shouldn't worry about transcript availability for at least a week after acceptance. If you're really concerned about your refund timing, you might want to sign up for direct deposit if you haven't already - it's typically 5-7 days faster than paper checks. Also, checking the transcripts daily won't make them process any faster, though we all do it anyway!

I totally get the stress! 😅 Just went through this exact same thing last month. My return was accepted on a Friday and I was checking transcripts obsessively all weekend (like every few hours - not my proudest moment lol). Finally saw my transcript appear the following Wednesday. The "no record" message is super misleading because it makes you think something went wrong, but it's just how their system works. Try to distract yourself this weekend and check again Monday/Tuesday - that's when most people see their transcripts pop up. Hang in there! 💪