First timer with serve card here too! Transcripts updated last night with 846 code for 2/28! The wait is almost over yall 🎉

I'm in the same situation with JH and Serve card! Filed Jan 30th and accepted same day. Been obsessively checking transcripts but still no 846 code. Seeing Oliver got his 846 for 2/28 gives me hope though! The anxiety is real when you see people with other banks already getting their deposits. Thanks for posting this - nice to know we're all in the same boat waiting for PATH to lift 🤞

Do most small business tax software programs handle this credit correctly? I've been using TaxAct for my coffee shop and it never asks specifically about FICA tip credits.

This is such a common confusion for restaurant owners! I made the same mistake in my first year running a diner - tried to claim both the deduction AND the credit for the same FICA taxes on tips. My CPA caught it during our year-end review and explained that the IRS specifically prohibits this double-dipping. What helped me understand it better: think of it as choosing between getting $1 off your tax bill (credit) versus reducing your taxable income by $1 (deduction). The credit is almost always more valuable since it's a direct reduction in what you owe, while the deduction only saves you money based on your tax bracket. One tip that saved me headaches - I now track all our tip-related FICA taxes in a separate spreadsheet throughout the year so I can easily calculate the maximum credit available when tax time comes. Makes the whole Form 8846 process much smoother!

Something nobody mentioned yet - look into the Qualified Business Income deduction (Section 199A). As a self-employed person, you might qualify to deduct up to 20% of your net business income. It's a HUGE tax break that many gig workers don't know about!

Just wanted to add some reassurance since you mentioned being terrified - I was in your exact shoes two years ago with Grubhub earnings and felt completely overwhelmed. The good news is that the IRS isn't out to destroy you, especially for first-time self-employment situations. A few practical tips from my experience: 1. Download a mileage tracking app NOW for future reference (I use MileIQ but there are free options) 2. Create a simple spreadsheet to track business expenses going forward 3. The penalty for not making quarterly payments isn't as scary as it sounds - it's usually just a few hundred dollars on $30k income 4. Consider getting an ITIN or making sure your SSN is correct on all 1099 forms to avoid processing delays Most importantly, don't let the stress paralyze you into doing nothing. Even if you file a basic return without maximizing every deduction, that's infinitely better than not filing at all. You can always amend your return later if you discover missed deductions. The IRS actually has pretty reasonable payment plan options if you can't pay everything at once. You've got this! It's way less complicated than it seems once you get through your first year.

Has anyone tried importing their trading data directly from their brokerage into tax software? I have accounts with Fidelity, TD Ameritrade and Interactive Brokers, and they all seem to offer some kind of direct import feature but I'm not sure if it's reliable for complex situations.

For handling thousands of trades with complex wash sales and 1256 contracts, I'd actually recommend FreeTaxUSA Deluxe as an alternative that many people overlook. I switched to it last year after TurboTax kept miscategorizing my futures trades, and it handled my 4,200+ transactions beautifully. What I really like about FreeTaxUSA is that it properly separates 1256 contracts automatically when you import broker statements, and the wash sale calculations seem more accurate than what I got with TurboTax. The interface isn't as flashy, but for complex trading situations it's actually more straightforward to review and verify your data. The best part? It costs way less than TurboTax Premier - I think I paid around $25 for the deluxe version vs $120+ for TurboTax. Given the complexity of your situation, you might want to consider it as a backup option if the other software gives you trouble. Just make sure to double-check that your futures contracts are properly going to Form 6781 and not getting mixed in with regular securities on 8949.

I'm a landlord and I always tell my tenants to just write checks to each other for their portion, then one person pays me the full amount. No digital trail, no 1099-K headaches. Old school but effective!

As someone who works in tax preparation, I can confirm that personal transfers between roommates for shared expenses like rent are not considered taxable income. The 1099-K reporting threshold is meant to catch unreported business income, not legitimate cost-sharing arrangements. However, I'd recommend keeping good documentation just in case. Save your lease agreement, rent receipts to your landlord, and a simple log showing the connection between your roommate transfers and actual rent payments. This creates a clear paper trail showing these are reimbursements, not income. The check suggestion from Mae is actually really smart - it completely sidesteps the digital reporting requirements while still being traceable if needed. Plus many banks now let you deposit checks by taking a photo, so it's not as inconvenient as it used to be. Don't stress too much about this. The IRS is primarily looking for people who receive significant payments for goods/services and don't report that income. Your rent-splitting arrangement is clearly documented and legitimate.