Have you considered what the 846 code actually means in this process? It's simply the IRS saying "we've approved your refund and scheduled it." The money doesn't instantly move at that moment. What typically happens is the Treasury sends these in batches to the ACH network, which then distributes to financial institutions. Cash App's advantage is they don't wait for final settlement before showing the money in your account. I filed on January 15th and had an 846 date of February 3rd. The money appeared in my Cash App on February 1st around 2pm. But would I make financial plans assuming this will happen? Probably not. Is an extra day or two worth risking an important investment decision? That's the real question you should be asking.

Based on my experience with Cash App over the past few years, they do tend to release tax refunds early - usually 1-2 days before the 846 date. However, since you're making a time-sensitive investment decision, I'd strongly recommend having a backup plan. The timing isn't 100% guaranteed, and the difference between getting your money on 2/24 versus 2/26 could impact your investment window. Have you considered reaching out to Cash App support directly to ask about their typical processing time for tax refunds? They might be able to give you a more definitive answer about when to expect the deposit. Also, just curious - what type of investment has such a tight deadline? Sometimes there are ways to structure deals with contingencies if funding timing is uncertain.

I went through this exact same situation last year! My bank rejected my refund due to a closed account I forgot to update. Here's what actually happened with my timeline: Week 1: Bank rejected the deposit (found out when I called them) Week 2: IRS processed the returned deposit (saw this on my transcript as code 841) Week 3: Check was issued and mailed (code 846 appeared with new date) Week 4: Check arrived in my mailbox So about 4 weeks total, which was actually faster than I expected. The key thing is to monitor your transcript rather than relying on Where's My Refund - that tool is pretty useless once there's an issue. You can access your transcript through the IRS website (you'll need to verify your identity with ID.me first). Don't stress too much - the money isn't lost, it's just delayed. The IRS automatically processes paper checks when direct deposits are rejected, so you don't need to call them unless it's been over 6 weeks. Hang in there!

This exact thing happened to me two years ago! My bank rejected the deposit because I had switched to a new account but forgot to update my direct deposit info with my tax preparer. The whole process took about 3.5 weeks from rejection to receiving the paper check. Here's what I learned: The IRS "Where's My Refund" tool is pretty much useless once there's a hiccup like this. It kept showing the old direct deposit status for almost 2 weeks after my bank had already rejected it. The most accurate way to track what's happening is through your tax transcript on the IRS website - you'll see specific codes that show when the deposit was returned and when they issue the replacement check. In the meantime, if you're really strapped for cash, you might want to look into whether any of your bill companies offer payment extensions or grace periods. Most utilities and credit card companies will work with you if you explain the situation. It's way better than paying late fees while you wait for the IRS to get their act together! The silver lining is that once you get through this, you'll definitely double-check your banking info next year. I know I do now! Hang in there - the money is coming, just slower than expected.

11 Quick warning about the home office deduction - be careful with claiming this if you don't have a space that's EXCLUSIVELY used for business. The IRS is pretty strict about this. If you're just selling from your couch or bedroom that you also use for personal stuff, you probably can't claim it. Also, if you're making under $5k from this side hustle, consider if the home office deduction is worth it. Sometimes it can trigger more scrutiny than it's worth for a small business.

Great question! Yes, you can definitely claim business deductions for your reselling activities. Since you're making regular income ($300-400/month), the IRS would likely consider this a business rather than just casual selling of personal items. Key deductions you can claim include: - Home office space (must be used exclusively for business) - Business equipment (printer, phone, computer) - Shipping supplies and packaging materials - Mileage to/from post office or sourcing locations - Storage containers/organization supplies - Photography equipment for product photos - Portion of internet and phone bills used for business You'll report this on Schedule C with your tax return. Just make sure to keep detailed records of all expenses and sales throughout the year - don't wait until tax time! Also, separate your business activities from personal use as much as possible to support your deductions. Since you're making consistent income, it's definitely worth setting up proper bookkeeping now rather than trying to reconstruct everything later. The tax savings will likely make the extra organization worthwhile!

Another reason to file separately: if you suspect your spouse is doing something sketchy on their taxes! When you file jointly, you're both liable for the entire tax bill including penalties and interest. If you file separately, you're only responsible for your own taxes. My cousin found out her husband had been hiding income for years. She immediately started filing separately to protect herself. When the IRS eventually caught up with him, she wasn't on the hook for any of it. Not saying this applies to OP, but worth knowing that MFS can be a liability protection in some cases.

For your income level and situation, you're probably right that joint filing will be better, but definitely worth running the numbers both ways to be sure. With $340k combined income and $55k in mortgage interest, you'll likely benefit from itemizing, and the full mortgage interest deduction on a joint return should outweigh most potential benefits of filing separately. One thing to consider though - if you're planning for kids soon, definitely factor in how the child tax credit phases out. For 2025, it starts phasing out at $400k AGI for joint filers but only $200k for separate filers. So if your income grows or you have variable income from bonuses/investments, separate filing could potentially preserve some of that credit down the road. Also, don't forget about the state tax implications. Some states like California have different standard deductions or tax brackets for separate vs. joint filers that could swing the calculation. Your state's treatment of things like mortgage interest and retirement contributions might differ too. Given the complexity of your situation, it might be worth finding a CPA who will actually analyze both scenarios for you rather than just defaulting to joint. The potential tax savings could easily pay for the additional consultation fee.

From what I've seen in this community over the past few years, amended returns are consistently the slowest category of tax filings to process. Back in 2021, I waited 11 months for an amended return to process. In 2022, it took 6 months. Last year was better at about 4 months. This year seems to be running at about 3-4 months based on what others are posting. So you're still within the expected timeframe. The community wisdom is: don't count on amended return money until you actually see it in your account. I've seen too many people get into financial binds planning around refund money that was significantly delayed.

I'm in almost the exact same boat! Filed my original return on January 28th, then had to amend on February 15th because I completely spaced on my HSA contributions (facepalm). It's now been about 8 weeks and I'm seeing the same thing - amendment shows up on my transcript but no refund code yet. What's really helpful reading through everyone's responses here is understanding that 16-20 weeks is actually normal. I was getting worried at the 6-week mark thinking something was wrong. The fact that @Donna Cline just got her 846 code at exactly 12 weeks gives me hope that we're both probably in the home stretch. Thanks for posting this - it's reassuring to know I'm not the only one dealing with the amendment waiting game this year! 🤞