Submitted mine last Sunday and it got accepted within an hour but transcript didn't update till Wednesday

I filed through TurboTax last Friday evening and got my acceptance email around 11 PM the same night. The IRS definitely accepts returns 24/7, but like others mentioned, the real processing happens during business hours. My "Where's My Refund" tool didn't show any updates until Tuesday morning. So you'll probably get that acceptance notification pretty quickly, but don't stress if nothing else moves until the weekdays!

One trick that worked for me: look at the amounts on those mystery 1099Bs. If they're for small amounts (like under $10), they might be from fractional share dividends or micro-investments. I found that Acorns, Robinhood and some dividend reinvestment plans generate separate 1099s with different TINs than the main investment platform.

Another angle to consider - if you've done any cryptocurrency trading, those mystery 1099Bs might be from crypto exchanges or their payment processors. Many crypto platforms use third-party companies for fiat transactions, and these often have completely different TINs than the main exchange. I had this exact situation with Coinbase - turns out they use different entities for different types of transactions, and some of my crypto-to-USD conversions showed up as separate 1099Bs with TINs I didn't recognize. Check if any of the amounts or dates align with crypto activity you might have forgotten about. Also, don't overlook employer stock purchase plans or 401k brokerages - these often use specialized clearing firms that report separately from your main retirement account provider.

Here's what you need to do now: Step 1: Wait for the notice that corresponds with the 971 code. This will explain why they switched to a paper check. Don't take any action until you have this information. Step 2: Check your mailbox daily. Paper checks are typically mailed within 7-10 business days after the 971 code appears. Step 3: If you don't receive the check within 4 weeks, call the IRS at 800-829-1040 to request a payment trace. Step 4: For next year, consider filing early in the season and double-check that your bank account name exactly matches your tax return name. Step 5: If you need to update your bank information with the IRS for future payments, use Form 8822 or update it through your online account. This is a fairly routine issue and doesn't indicate any problems with your return itself.

I work as a tax preparer and see this situation frequently during filing season. One thing that hasn't been mentioned yet is that the IRS also switches to paper checks if there's any discrepancy in the Social Security number verification process with the Social Security Administration. This can happen even if your SSN is correct on your return - sometimes there are temporary delays in the SSA database updates. Another common cause is if you've moved recently and there's a mismatch between your current address and what your bank has on file. The IRS cross-references this information as part of their fraud prevention measures. The 971 notice should arrive within the next few days and will give you the specific reason. In the meantime, you can also try calling the Taxpayer Advocate Service at 877-777-4778 if you have a financial hardship situation that requires the refund urgently. They sometimes can expedite the process or provide more detailed information about the delay.

From what I've gathered from this community, the timeline seems to average around 3-4 weeks after verification, but can definitely vary. Have you checked your account transcript for any updates yet? Are you planning to call if it goes beyond a certain timeframe? Many people here recommend checking transcripts rather than WMR for the most accurate updates.

Congrats on getting through the in-person verification! That 47-minute wait sounds pretty typical from what I've seen others report here. Based on the experiences shared in this thread, it looks like you're looking at roughly 2-6 weeks for your account to update after verification. The range seems pretty wide depending on your return complexity. Since you mentioned needing to plan your budget precisely for the semester, I'd probably plan for the longer end (4-6 weeks) just to be safe, especially if you have any credits like EIC or education credits that might add processing time. Keep checking your transcript weekly - that tends to update before WMR shows any movement. The waiting is definitely the hardest part, but you've cleared the biggest hurdle by completing the verification!

Don't forget to check if the previous owners made any improvements too! Those also add to your basis. When I bought my house, the seller gave me a list of major improvements they'd made, but I never thought to ask about the bathroom they said was remodeled "years ago" - turns out it was a $24k remodel just before they bought the place! I found this out by chatting with neighbors who remembered the work being done.

This is such a helpful thread! I'm dealing with a similar situation but with improvements from even earlier - my house has additions from the 1960s that my grandparents made. Reading through all these suggestions, I think I'll start with checking the county assessor's office for old building permits, then try researching historical construction costs through the library archives. One question though - when you're estimating these old improvement costs, do you need to be super precise or is a reasonable range acceptable? Like if a bathroom remodel in 1984 could have cost anywhere from $8,000 to $15,000, should I go with the middle estimate or be more conservative? I want to maximize my basis adjustment but also don't want to be unreasonable if the IRS questions it. Also wondering if anyone has experience with whether things like landscaping improvements (like a deck or patio) from decades ago count toward basis adjustments?