I'm still waiting after verifying my identity 6 weeks ago. Called twice and both times was told "just keep waiting." This system is completely broken. 🙄

Based on my experience and what I've seen others go through, the timeline really varies but here's what you can expect: Most people see their refunds 2-4 weeks after successful ID verification through ID.me. Since you just verified last week, you're still well within the normal timeframe. A few tips while you wait: - Check your IRS account transcript online if you haven't already - it often updates before WMR does - Don't panic if you see codes 570/971 on your transcript right after verification - that's normal - If you claimed EITC or Child Tax Credit, it may take longer due to PATH Act holds The good news is that once you've successfully verified through ID.me, that step is completely done. Now it's just a matter of normal processing time. Hang in there!

I'm so glad I found this thread! I'm in my second year of self-employment and just set up a SIMPLE IRA last month. I was planning to make my first contribution in January for the 2024 tax year, but after reading all of this I'm wondering if I should just wait until I have a better handle on my income for the year. It sounds like the timing mismatch between Form 5498 and tax returns is totally normal, but as someone who's never dealt with this before, it's still pretty intimidating. Has anyone here made their very first SIMPLE contribution for a prior year? I'm curious if there are any additional gotchas for first-time contributors that I should be aware of. Also, for those who mentioned keeping documentation of the tax year designation - what exactly should I be looking for from my broker when I make the contribution? Want to make sure I'm keeping the right paperwork from day one!

This thread has been incredibly helpful! I'm dealing with a similar situation but with a SEP-IRA instead of SIMPLE. Made a $8,200 contribution in February 2024 for tax year 2023, and just like everyone here described, it's not showing up on my 2023 Form 5498. What's reassuring is seeing so many people confirm this is normal and that the IRS expects these timing differences. I was starting to think I had messed up the designation somehow, but it sounds like this is just how the system works. One thing I'm curious about - does anyone know if there's a deadline for when the "prior year" contributions need to be made? I know with regular IRAs it's the tax filing deadline (usually April 15), but I haven't been able to find clear guidance on whether SEP and SIMPLE IRAs follow the same timeline. My tax preparer mentioned something about it possibly being different for employer-sponsored plans like these, but wasn't 100% certain. Thanks to everyone who shared their experiences and especially those who got direct confirmation from the IRS. It's saved me a lot of stress knowing this mismatch is expected and routine!

Call the tax advocate service! They helped speed up my process after verification

Pro tip: check your transcript every Tuesday and Friday morning. Thats when they usually update the system.

I've been selling my handmade jewelry as a "hobby" for years and ended up getting audited because I was inconsistent in how I reported it. Here's what I learned the hard way: If you're making things with the intent to sell them, even occasionally, and you're trying to make money (not just recover material costs), the IRS will likely consider it a business. The "hobby vs business" distinction matters MUCH more after the 2018 tax law changes eliminated hobby expense deductions. Now if it's a hobby, you pay tax on ALL income with NO deductions for materials. My advice: if you're regularly creating items specifically to sell them (vs. occasionally selling things you made for fun), just treat it as a business from the start. Keep good records, deduct legitimate expenses, and pay the self-employment tax. It's actually cheaper in most cases than paying income tax on the gross sales amount with no deductions.

Great question! The hobby vs. business distinction can be really tricky, especially for craft sales. Based on what you've described - creating handmade items specifically to sell on eBay and Facebook Marketplace - you might actually benefit from treating this as a business even at $1,300/year. Here's why: if you report it as hobby income, you'll pay tax on the full $1,300 with zero deductions for your materials (paints, canvas, fabric, etc.). But if you file Schedule C, you can deduct all those material costs plus other legitimate business expenses like packaging supplies, listing fees, or even a portion of your internet if you use it for business communications. The self-employment tax on Schedule C might seem scary, but it's only 15.3% of your NET profit (after expenses). If your materials cost $600-800, you'd only pay SE tax on $500-700 instead of income tax on the full $1,300. Regarding 1099s - you're required to report the income whether you get forms or not. If you do get them from both eBay and PayPal, just make sure not to double-count the same transactions. My suggestion: keep detailed records of all your craft-related expenses and consider Schedule C. The paperwork is manageable and you'll likely save money compared to the hobby route.

My accountant told me to start keeping track of all possible itemized deductions NOW, even though I take the standard deduction. That way when 2026 rolls around, I'll have the documentation ready in case itemizing becomes better than the lower standard deduction. Things like medical expenses, charitable donations, mortgage interest, property taxes, etc.

This is really helpful information everyone! As someone who's been dreading 2026, I'm feeling a bit more informed now. I think the key takeaway for me is that I need to start being more proactive about tracking potential deductions, even though I've always just taken the standard deduction. @Ethan Brown - your calculation showing roughly $2,100 more in taxes for a $100k married couple is actually not as bad as I feared. And @Mei Liu - I had no idea personal exemptions would come back! That's a huge detail that wasn't mentioned in the articles I was reading. I'm definitely going to start keeping better records of charitable donations, medical expenses, and other potential itemized deductions. Better to have the documentation and not need it than to be caught unprepared. Has anyone found that switching from standard to itemized deduction made a big difference in their tax planning year-to-year?