I've had both Chase and Truist over the past few tax seasons, and there's a clear difference. With Chase, I consistently got my refund 1-2 days before the official date. Since switching to Truist last year, I've noticed they strictly adhere to the exact date on the IRS transcript. Last month, my transcript showed a March 13th deposit date, and that's precisely when it appeared in my account - not a day sooner. If you're desperate for earlier access, you might consider opening an account with one of the fintech banks that advertise early direct deposits as a feature. Many of them offer 2-day early access to direct deposits, including tax refunds.

As someone who's been through this exact situation with Truist, I can confirm what others have said - they stick to the official IRS date. However, here's a tip that might help with your cash flow planning: you can actually get a pretty accurate estimate of when your refund will be processed by checking the IRS processing times on their website. They update these weekly during tax season. For e-filed returns with direct deposit (which yours is), it's typically 21 days from acceptance, but can be faster if there are no issues. Since you just got accepted yesterday, you're probably looking at mid to late March for the actual deposit. Also, make sure your bank account info is exactly correct on your return - even a small error can cause delays that push you to a paper check instead.

Was in your exact shoes last year with $38k self-employment and two kids over 18. Thought I was going to owe thousands, but you know what? After claiming my legitimate business deductions (home office, mileage, supplies, health insurance premiums), the QBI deduction, and finding out my 19-year-old still qualified as my dependent because she was a full-time student, I only ended up owing $2,100. Not great, but way better than the $7k I was panicking about! Set up an IRS payment plan and now I'm making quarterly payments for 2024. Doesn't the whole self-employment tax system seem designed to trip us up?

I'm in almost the identical situation - self-employed with around $36k income and two adult kids (19 and 21). What I learned from my tax preparer last year is that the key factors are: 1) Whether your daughters qualify as dependents (the college student rule for the 20-year-old is crucial), 2) Tracking every possible business expense you can legitimately claim, and 3) Don't forget about the QBI deduction which can reduce your taxable income by up to 20%. Based on similar situations I've seen in this community, you're probably looking at owing somewhere between $3,000-$5,000, but it could be significantly less with proper deductions. The good news is the IRS offers reasonable payment plans if you can't pay it all at once. Have you been keeping receipts for business expenses throughout the year?

Don't panic! This is actually a pretty common situation and you're handling it the right way by wanting to correct it. Since your return hasn't been accepted yet, you have some options. Based on your numbers, the impact might not be as dramatic as you think. With only $142 withheld on that W2, you're not looking at a huge change in your refund amount. However, as others mentioned, the earned income credit could be affected either positively or negatively depending on your exact situation. Here's what I'd recommend: Wait for your original return to be processed and your refund to arrive (usually 2-3 weeks). Then file Form 1040-X to amend. This approach avoids potential processing delays and confusion in the IRS system. The IRS won't penalize you for an honest mistake, especially when you proactively correct it. They receive millions of amended returns each year - you're definitely not the first person to forget a W2! The key is filing that amendment before they send you a notice about the discrepancy. Keep copies of everything and document when you discovered the error. This shows good faith effort to comply, which the IRS appreciates. You've got this! 😊

I'm going through almost the exact same situation right now! I forgot to include a W2 from a part-time job I had earlier in the year and just realized it after submitting my return. Reading through all these responses has been incredibly helpful and reassuring. It sounds like the consensus is to wait for the original refund to process, then file the amendment. I was initially panicking thinking I'd get in huge trouble, but it seems like this happens more often than I thought and the IRS is pretty reasonable about honest mistakes when you correct them proactively. One thing that's been mentioned a few times that I hadn't considered is how this might affect my earned income credit. I have one dependent and my total income is in a similar range to yours, so I'll definitely need to calculate whether the additional income helps or hurts my EIC. Thanks to everyone who shared their experiences - it really helps to know I'm not the only one who's made this mistake! I feel much more confident about handling this properly now.

Has anyone here used TurboTax for their home office deduction? I've been using it for years but it seems like it doesn't handle Form 8829 well when there's a business loss. I'm wondering if FreeTaxUSA or others do a better job with this specific situation.

Just wanted to share my experience with the home office deduction as someone who went through the exact same situation! I have a small freelance writing business that I run from a dedicated room in my house while working my regular W-2 job. One thing that really helped me understand the Form 8829 vs Schedule C confusion was learning that Form 8829 is specifically for expenses related to the physical space of your home office, while Schedule C is for general business expenses. So your mortgage interest and property taxes definitely go on Form 8829 as indirect expenses (since they benefit your whole house), and then Form 8829 calculates what portion can be deducted based on your 15% usage. The carryforward aspect was a game-changer for me. Even though my business showed a loss the first year, I still completed Form 8829 because those unused deductions carried forward to the next year when I became profitable. My tax software (I use FreeTaxUSA too) automatically tracked this, but I also kept my own spreadsheet just to be safe. One tip: make sure you're measuring your office space correctly for that percentage calculation. The IRS can be picky about this, so I actually drew a floor plan with measurements to document it properly.

I can definitely confirm that Navy Federal typically releases tax refunds 1-2 days earlier than the IRS direct deposit date! I've been with them for about 4 years now, and they've been consistently good about this. What happens is they release the funds as soon as they receive the ACH notification from the IRS, rather than waiting until the official deposit date like some banks do. Since you mentioned you're caring for your mom and need to plan finances carefully, I'd suggest budgeting as if the refund will arrive on the IRS date, but you'll likely get that pleasant surprise of early access. Also, make sure to set up mobile alerts in their app - you'll get notified the moment any deposit hits your account, which is super helpful for timing bill payments and other expenses. The early deposit isn't 100% guaranteed since it depends on when the IRS sends the files, but Navy Federal has been very reliable in my experience. Hope this helps with your financial planning!

I've been with Navy Federal for about 8 months and can confirm they do typically release tax refunds early! Mine hit my account about 30 hours before the IRS direct deposit date. What I found really helpful was checking my account transcript on the IRS website - it gave me a more accurate timeline than the Where's My Refund tool. Since you're managing caregiving finances, I'd definitely recommend setting up their mobile banking alerts so you know immediately when the deposit posts. Navy Federal seems to release funds as soon as they receive the ACH file rather than holding it until the official date, which is honestly refreshing compared to traditional banks. Just plan for the IRS date to be safe, but you'll likely get that nice early surprise!