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Protip: call your local taxpayer advocate if it goes longer than 30 days after completion. They can sometimes speed things up
Been there! Mine took about 3 weeks after all bars completed to see the 846 code. The key is checking your account transcript on Fridays when they do weekly updates. Also, make sure your bank info is still current because sometimes they'll hold the refund if there's any mismatch. The waiting is the worst part but you're almost there! π€
11 Make sure you're sending your forms to the correct IRS address! The mailing address depends on where the business is located and whether you're including a payment. I sent my S Corp return to the wrong address last year and it delayed processing by months.
For Texas S Corporations, you'll mail your Form 1120-S to: Department of the Treasury Internal Revenue Service Austin, TX 73301-0012 This is the address if you're NOT including a payment. If you ARE including a payment with your return, use: Internal Revenue Service P.O. Box 1302 Charlotte, NC 28201-1302 You can double-check the current addresses in the instructions for Form 1120-S or on the IRS website, as these occasionally change. Also consider using certified mail or a delivery service that provides tracking, especially since you're filing close to the deadline.
I had this exact issue last year. The problem might be that TurboTax is using the nonfarm optional method calculation by default instead of the regular method. Try this: 1) Go to the Self-Employment Tax section in TurboTax 2) Look for "Optional Methods" or "Methods for Calculating Self-Employment Tax" 3) Make sure it's set to use the regular method, not the optional method The optional method is rarely beneficial unless you have very low profits or losses but want to qualify for Social Security credits. With $58k in earnings, you definitely want the regular method.
Do you know if this affects state taxes too? I'm in California and my state tax bill seems weirdly high as well after entering my K-1 info.
This is a common issue with TurboTax and K-1 forms! The key thing to understand is that Box 14C is only used for the "nonfarm optional method" of calculating self-employment tax, which is almost never beneficial for partnerships with decent profits like yours. Here's what's likely happening: TurboTax is automatically applying the optional method when you enter Box 14C, even though you should be using the regular method based on Box 14A ($58k). To fix this in TurboTax: 1. Go to the Federal Taxes section 2. Find "Self-Employment Tax" 3. Look for a question about "Optional Method" - make sure you select NO 4. Verify that your SE tax is being calculated on the Box 14A amount, not Box 14C The optional method is really only useful if you have very low net earnings but want to ensure you get Social Security credits. With $58k in net earnings, you're way better off with the regular method. Your SE tax should be calculated on roughly $58k, not $81k. If you can't find these settings, try deleting the Box 14C entry temporarily to see if your tax bill drops back down, then re-enter it while specifically declining the optional method.
This is exactly what happened to me! I was panicking when my tax bill jumped by thousands just from entering that one box. Your step-by-step instructions worked perfectly - I found the optional method setting buried in the self-employment section and switched it to "NO." My tax calculation immediately dropped back to what it should be. It's crazy that TurboTax doesn't make this more obvious since most people with profitable partnerships shouldn't be using the optional method. Thanks for the clear explanation!
Filed mine on 2/7 and still waiting here in Lawton. Week 4 now with direct deposit to First National Bank. My return is pretty basic - just W-2 income and standard deduction. Starting to get worried since some people who filed after me are already getting theirs. Anyone else from the Lawton area heard anything? The waiting is killing me since I need it for some unexpected medical bills that came up.
Hey @Jamal Harris, I'm not in Lawton but I'm in a similar situation - filed 2/5 and still waiting on week 5. It seems like the processing is really inconsistent this year. Some people are getting theirs in 4 weeks, others are waiting 6+ weeks even with basic returns. I wouldn't worry too much about people who filed after you getting theirs first - from what I'm seeing it's not strictly first-in-first-out. The new fraud detection system they mentioned seems to be causing random delays. Hopefully yours comes through soon, especially with those medical bills! π€
Filed on 2/4 and got mine this morning! Took exactly 4 weeks to the day. Used direct deposit with Arvest Bank here in Broken Arrow. Pretty standard return - just W-2 and took the standard deduction. I was starting to get anxious since I've been seeing all the posts about delays, but it finally came through. For anyone still waiting, it seems like they really are processing them, just much slower than usual. Hang in there! π
Hattie Carson
Called the IRS this morning and got through after 2hrs on hold. They said OK returns are backed up cause of some new state tax credit verification process. Could take up to 6 more weeks smh
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Destiny Bryant
β’6 WEEKS??? nah this is ridiculous fr
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Hattie Carson
β’ikr? whole system is broken
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Oliver Wagner
Oklahoma filer here too - filed Jan 15th and just got mine this morning! Hang in there everyone, they seem to be coming through in waves. For those still waiting, I'd definitely recommend checking your transcript like Xan mentioned. Mine showed a 846 code about a week before the deposit hit my account.
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Isaac Wright
β’That's encouraging to hear! I filed around the same time and still waiting. Quick question - did you have any unusual deductions or credits that might have triggered extra review? Trying to figure out if there's a pattern to who's getting theirs first.
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Connor Murphy
β’@Oliver Wagner congrats on getting yours! I filed Jan 20th and still waiting. Did you use direct deposit or are you getting a paper check? Wondering if that makes a difference in timing. Also curious what bank you use - some people say certain banks process IRS deposits faster than others.
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