Something people forget about missed RMDs is that you should still take the distribution ASAP even while you're filing the 5329. The IRS looks more favorably on waiving the penalty if you've already corrected the error by taking the distribution, rather than just reporting the missed distribution while still not having taken it out.

One thing to keep in mind - if you and your spouse file jointly but the IRA is only in one name, make sure you're putting the correct SSN on the standalone 5329. I made this mistake and put both our names and SSNs on the form, which caused confusion and delayed processing. For an inherited IRA, you need just the account owner's information.

Anyone know if this is different in Quebec? I have a similar situation but with Revenu Quebec and they seem to have different rules for everything...

I went through almost the exact same situation last year with my first bit of freelance income. Here's what I learned from my tax preparer: You absolutely need to report the $520 income on your T2125 - there's no minimum threshold for reporting self-employment earnings. The good news is that with such a small amount, you likely won't owe any income tax on it due to the basic personal exemption. For the expenses without receipts, I'd strongly recommend NOT claiming them. I made the mistake of estimating some expenses my first year and it caused headaches later when CRA requested documentation during a routine review. It's better to miss out on legitimate deductions than risk issues with unsupported claims. One thing that helped me going forward was setting up a simple system: I use a dedicated email folder for all business-related receipts and confirmations, plus I take photos of physical receipts immediately. Even something as basic as a spreadsheet tracking expenses by date and category makes tax time so much easier. Since this is your first time with self-employment income, consider keeping better records even for small gigs - you never know when that side work might grow into something bigger!

Anyone know if you get interest on the refunded emergency tax? Been on emergency tax for 6 months now and still waiting for my code to be fixed. That's a lot of my money HMRC has been sitting on.

Just to add some reassurance - I went through exactly this situation about 8 months ago. Was on emergency tax for nearly 5 months due to a mess-up with my P45 from my previous job. When HMRC finally sorted my tax code, I got back over £1,400 in my next paycheck! The system really does work automatically once your code is corrected. Your payroll department will recalculate everything from April 6th (start of tax year) and you'll get the difference back. Just make sure to double-check the amount on your payslip - sometimes there can be small errors in the calculation, but in my experience it's usually spot on. The waiting is the hardest part, but once it's fixed, the relief is incredible. You should definitely see that refund in your next pay!

Dylan, I feel for you on this situation - it's a common misconception that many folks have about IRA rollovers. Just wanted to add a couple of points that might help minimize the damage: 1. Make sure you designate your LARGEST withdrawal as the one qualifying for the 60-day rollover treatment. This will minimize the taxable income from the distributions that don't qualify. 2. If you're still within the 60-day window for any of the distributions, complete that rollover ASAP. The clock started ticking from the date you received each distribution. 3. Consider whether you might qualify for any penalty exceptions on the taxable distributions. While the first-time homebuyer exception won't work for you, there might be other hardship exceptions depending on your specific circumstances. 4. When you file your taxes, you'll want to work with a tax professional who can help you properly report this on Form 8606 (for any after-tax basis you might have) and Form 5329 (to calculate any penalties and claim exceptions). The silver lining is that this is primarily a tax issue, not a permanent financial disaster. You'll owe taxes and potentially penalties, but you still have your house and the withdrawn funds served their purpose. Expensive lesson, but you're not alone in making this mistake!

Dylan, this is such a frustrating situation but you're definitely not alone in making this mistake. The IRS rollover rules are genuinely confusing, and even some financial professionals don't fully understand them. One thing I wanted to add that might be helpful - since you mentioned you're preparing to sell your current home, be mindful of how the timing of these distributions and your home sale might interact tax-wise. If you're going to have a significant capital gain from the home sale, you could end up in a higher tax bracket for the year, which would make the tax hit from these distributions even more painful. Also, I'd strongly recommend getting all the documentation together now - dates of each distribution, amounts, which IRA custodians they came from, etc. You'll need this for Form 8606 and Form 5329 when you file your taxes. The IRS can be pretty particular about the paperwork on retirement account distributions. The good news is that while this is an expensive lesson, you're not the first person to learn it the hard way. At least you caught the issue before making any additional moves that could have made things worse. Sometimes the best financial education comes from our mistakes, unfortunately!

One thing I've noticed from previous years that nobody's mentioned yet - US Bank sometimes shows pending deposits a day before they're available. So while they don't release the funds early, you might see it pending in your account the day before. Last year my tax refund showed as pending on a Thursday night but wasn't available until Friday morning. Might help you plan if you can at least see it's coming! I'm honestly impressed with how much detailed knowledge people have shared here about the specific banking policies.

I can add some insight as someone who's been with US Bank for about 4 years now. They're pretty consistent about depositing exactly on the IRS date - no early releases that I've ever seen. However, one helpful tip: if you have the US Bank mobile app, you can set up account alerts for ACH deposits over a certain amount. That way you'll get a notification the moment your refund actually hits, rather than constantly checking your balance. Also, since you filed on March 3rd and got accepted same day, you're probably looking at a deposit date around March 21st-24th based on the current processing times. The fact that WMR shows approved is a good sign - you should see a specific date appear within the next few days when it updates.