Has anyone noticed the refund amounts changing? My estimated refund in TurboTax was $2,431 but the actual deposit was $2,407. Not a huge difference but wondering if it's interest adjustments or something?

TD Bank customer here as well! I'm in the exact same situation - WMR shows 2/28 deposit date but nothing yet. I called TD's customer service this morning and they confirmed they haven't received any pending deposits from the IRS for my account. The rep mentioned that even though today is a holiday, they do process ACH transfers if they receive them, but it sounds like the IRS batch for TD Bank customers might not have been sent out yet. Fingers crossed we see something tomorrow morning! I'm checking my account obsessively at this point.

18 Check your employee handbook too! Ours specifically states that mileage and phone reimbursements are provided under an accountable plan and therefore non-taxable. If yours says the same but they're still taxing it, that's a clear payroll error. Bring a copy of that section to your HR meeting.

Just wanted to add that if your company is resistant to fixing this, you might also want to document everything for your own tax return. Even if they don't correct the payroll issue immediately, you can potentially claim these as unreimbursed employee expenses (though the rules changed with the 2017 tax reform). Keep detailed records of your mileage logs, phone bills, and any correspondence with HR about this issue. If they continue to incorrectly withhold taxes on legitimate business reimbursements, you'll want that documentation when you file your taxes. The IRS is pretty clear that properly documented business expense reimbursements under an accountable plan shouldn't be taxed, so you have solid ground to stand on. Also, don't let them tell you this is "just how we do it" - tax law doesn't change based on company preference!

Just as a heads up - I used TurboTax last year for my SEP IRA contributions and it was super confusing about the catch-up part. Make sure whatever software you're using is calculating everything correctly! My software kept trying to add catch-up contributions directly to the SEP calculation which isn't correct.

Thanks for all the helpful responses everyone! I really appreciate the clarification on how SEP IRA catch-up contributions work. Based on what I'm reading here, it sounds like I can make my regular SEP contribution (the 25% of net self-employment income) plus add a $1,000 catch-up contribution as a traditional IRA contribution to the same account. I'm definitely going to look into the solo 401k option for 2024 that Harmony mentioned - the higher catch-up limit of $7,500 sounds much better than the $1,000 IRA limit. And good point about double-checking the tax software calculations, Rudy. I'll make sure my software isn't trying to add catch-up directly to the SEP calculation. One follow-up question though - when I make that $1,000 catch-up contribution as a traditional IRA contribution, do I need to do anything special to designate it as such, or does the account custodian handle that automatically?

Don't forget that if your spouse has solid W-2 income, you might qualify for the mortgage based mostly on their income, with yours as supplementary. My husband is a 1099 contractor and I have a steady government job with a W-2. We qualified based primarily on my income, and they just counted a portion of his as additional. Obviously depends on the price of the house and the income levels involved, but worth considering if one partner has stable W-2 income that could potentially carry the loan. Then your 1099 income becomes less critical to the approval.

I went through this exact situation about 18 months ago as a freelance graphic designer with 1099 income. Here's what I learned that might help: 1. **Get pre-qualified early** - Don't wait until you find a house. Start the mortgage process now so you know exactly what you can afford and what documentation you'll need. 2. **Organize your financials meticulously** - I created a folder with 3 years of tax returns, all 1099s, bank statements, and a spreadsheet showing my monthly income consistency. Lenders love organized borrowers. 3. **Consider timing your application strategically** - If you're planning any major business purchases or want to take big deductions, think about how that affects your net income for mortgage qualification purposes. 4. **Shop around aggressively** - I got quotes from 6 different lenders and the terms varied significantly. Some were much more comfortable with 1099 income than others. With your wife's W-2 income, strong credit scores, and solid down payment, you're in a much better position than many self-employed borrowers. The key is finding the right lender who understands your situation. Don't get discouraged if the first one says no - keep shopping around! Good luck with your home search!

Has anyone here actually used all three? I'm curious about one specific feature - tracking mileage. I drive A LOT for my mobile pet grooming business. Does QuickBooks Self-Employed have better mileage tracking than Wave?

I went through this exact same decision last year for my freelance consulting business! Here's what I learned from actually using these systems: The bundled TurboTax with QuickBooks Self-Employed is definitely more limited than standalone Home & Business. If you think you might ever need to handle rental properties, multiple business types, or complex deductions, go with Home & Business. For your situation with sporadic income and lots of expenses, I'd actually lean toward Wave + TurboTax Home & Business. Here's why: Wave's expense categorization is really solid, and since you're already using a receipt app, you can easily import those into Wave. The manual transfer to TurboTax at year-end isn't that painful when you only have a few transactions per month. The QuickBooks integration is nice, but you're paying $15-25/month for convenience you might not need. That's $180-300 annually vs. Wave (free) + Home & Business (~$120). For someone just starting out with infrequent transactions, that savings adds up. One tip: Whatever you choose, set up your expense categories early to match what you'll need for Schedule C. This makes tax time so much smoother regardless of which software combo you use!