I'm going through something similar! Filed on Feb 8th and my transcript has been showing the same "RETURN NOT PRESENT FOR THIS ACCOUNT" message for over a week now. Got my 4464C letter yesterday and was worried I did something wrong on my return. Reading through these responses is really reassuring though - sounds like this is just the normal waiting game during busy season. The fact that your filing status is showing up is definitely a good sign that they have your return in the system. I've been checking my transcript obsessively but I think I need to just chill and wait for those transaction codes to appear. Thanks for posting this - at least now I know I'm not alone in having a completely blank transcript! 🤞

This is totally normal for February filers! I went through the exact same panic last year when my transcript looked identical to yours. Filed Feb 14th and didn't see any transaction codes for almost 3 weeks - just that scary "RETURN NOT PRESENT" message with everything blank. The 4464C letter is actually routine during peak season. It just means they need extra processing time due to the volume of returns. Your transcript showing Head of Household filing status is proof positive they have your return - that wouldn't populate if they didn't receive it. Keep checking Friday mornings when transcripts update. You'll likely see a 150 code (return filed) appear first, then eventually the 846 code (refund issued) with your actual refund date. The waiting is brutal but you're definitely on track! My refund came exactly 21 days from when I filed once the codes finally showed up.

Thanks for the info about First Century Bank! Does anyone know if they have the same deposit limits as Santa Barbara TPG did? I remember there being some cap on how much you could get early but can't remember the exact amount.

Just wanted to add that I called TurboTax customer service yesterday and they confirmed First Century Bank is handling all the refund advances and early deposits for 2025. The rep also mentioned that if you're doing the 5-day early deposit, you don't need to do anything special - it's automatic once your return is accepted. But definitely double-check your bank info in your profile before filing!

This is a really complex area where getting it wrong can be extremely costly. From what I understand, the IRS has been pretty strict about the "substantially all" requirement for QSBS eligibility. One thing that might be worth exploring is whether there are any recent private letter rulings or tax court cases that have addressed similar fact patterns. The tax code is one thing, but how the IRS actually interprets and applies these rules in practice can sometimes be different. Also, have you considered the potential impact of the Tax Cuts and Jobs Act changes? Some of the QSBS provisions were affected, and there might be transition rules that could impact your timing strategy. I'd strongly recommend getting a formal tax opinion from a law firm that specializes in this area before making any final decisions. The potential tax savings from QSBS (up to $10M or 10x basis exclusion) are significant enough that it's worth paying for expert advice upfront rather than discovering problems later.

This thread has covered the key issues really well. I'd just add one practical consideration that hasn't been mentioned - the compliance burden of switching tax elections mid-stream. When you elect S-Corp status and then revoke it later, there are specific forms and timing requirements that can trip you up. Form 1120S needs to be filed during S-Corp years, then you switch back to Form 1120 for C-Corp status. Missing deadlines or filing incorrectly during these transitions can create additional problems beyond just the QSBS eligibility issues. Also, if you have multiple shareholders, the S-Corp election requires unanimous consent, and revoking it later requires majority consent. This can get complicated if your shareholder base changes over those 4-5 years. Given all the complexity and the fact that you'd lose QSBS eligibility anyway, starting as a C-Corp from day one really does seem like the cleaner approach, especially if you're confident about meeting the other QSBS requirements.

According to the latest IRS processing data, returns filed on March 15, 2024 should be in the 21-30 day processing window right now. The current backlog shows approximately 4.3 million returns in various stages of processing. Returns claiming certain credits (EITC, ACTC, etc.) typically take 6-8 weeks rather than the standard 21 days. If you check your tax transcript online, look specifically for codes 570 (refund hold) or 971 (notice issued), as these would explain the delay and status change from one bar to none.

I'm dealing with this exact same frustrating situation right now! Filed on March 12th and my bars disappeared about 10 days ago. What's really helped me is checking my account transcript online at irs.gov - you can see processing codes that aren't shown on the basic "Where's My Refund" tool. Mine shows a 971 code which means they issued a notice (still waiting for it in the mail). The transcript gives you much more detailed info about what's actually happening with your return than the vague "still processing" message. Also, I've found that calling right when they open at 7 AM seems to have shorter wait times, though it's still usually 20-30 minutes on hold.

I went through this same anxiety last year! Based on my experience, transcripts typically show up around the 2-3 week mark for e-filed returns. What helped me was checking specifically on Friday afternoons since that's when the IRS tends to update their systems in batches. Also, don't worry if your Account Transcript appears before your Return Transcript - that's completely normal and they usually show up 1-2 days apart. The waiting is definitely frustrating but try not to check more than once a week to save your sanity! Your return will process, just takes time during busy season.

I totally get the anticipation! I went through this exact same thing last month. Filed on January 15th and my transcripts showed up exactly 18 days later on a Friday morning. The key thing I learned is that the IRS processes returns in waves, not continuously, which is why some people see theirs in 10 days while others wait the full 3-4 weeks. Since you e-filed, you're definitely in the faster category compared to paper filers. My advice: check once a week on Friday afternoons and try to forget about it the rest of the time. The constant checking really does drive you crazy and won't make it appear any faster! Your return will show up, just hang in there 🙂