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anyone know if 290 usually updates to 846 this fast? mine's been on 290 for weeks
Congrats on finally getting that 846! š That EIC reduction mess sounds like a nightmare - had something similar happen to me last year where they reduced my credit and it took forever to sort out. The fact that you got interest added too is nice, even if it's not much. 10 months is way too long but at least you're finally getting your money! Hope it hits your account on time š¤
everyone here is overthinking this lol. just run ur numbers both ways and pick whichever gives you the bigger refund. thats literally all that matters. tax software makes this super easy now. enter all your info once and then just toggle between filing statuses to see the different refund amounts. takes like 2 seconds to compare.
This is bad advice. The refund amount isn't all that matters! You need to consider: 1. Impact on student loans if you have income-based repayment 2. Eligibility for certain credits and deductions 3. Community property rules in certain states 4. Impact on health insurance subsidies 5. Potential for audit if there are unusual deductions A bigger refund this year might cost you thousands in other ways.
@Aisha Mahmood, given your specific situation with the significant income drop and new businesses, I'd strongly recommend actually consulting with a tax professional rather than just using software to compare. With your income going from $85k to $25k, you might qualify for certain credits or deductions that weren't available before - like the Earned Income Tax Credit or premium tax credits if you get health insurance through the marketplace. These can be substantial and the eligibility rules are complex. Also, since you mentioned two new businesses with $3k combined profit, there might be startup costs, equipment purchases, or other business expenses you can deduct that could significantly impact which filing status is better. A good tax pro can help you identify legitimate business deductions you might miss. The audit concern is really overblown - the IRS doesn't care if you switch filing status year to year. They're much more interested in unreported income, excessive business deductions relative to income, or mathematical errors. Given the complexity of your situation (income change + new businesses), spending a few hundred on professional advice could easily save you more than that in taxes and give you peace of mind.
@Chad Winthrope makes an excellent point about consulting a tax professional given your unique circumstances. I m'new to this community but have been following tax discussions closely since I m'in a similar boat with changing income situations. One thing I d'add - if you do decide to go the professional route, make sure to find someone who specializes in small business taxes since you mentioned the two new ventures. Even though they only made $3k combined, there could be startup expenses from earlier in the year or equipment purchases that could create deductions larger than the actual profit. Also, with your income dropping so dramatically, you might want to look into whether you qualify for any retroactive credits or if there are estimated tax payment adjustments you should make for next year to avoid penalties. A good CPA can help map out a multi-year strategy rather than just optimizing this one return. Thanks for sharing your situation - it s'really helpful to see how others navigate these filing status decisions!
I'm currently waiting for my STPG cashier's check as well and this thread has been incredibly helpful! My tax preparer told me to expect it by April 15th, but after reading everyone's experiences, I'm cautiously optimistic it might arrive a few days earlier. One thing I've learned from previous years is to make sure your mailing address with your tax preparer is exactly correct - I had a friend whose check was delayed because of a small address discrepancy. Also, for anyone still waiting, I've found that the STPG portal updates seem to happen in batches, so don't panic if the status doesn't change immediately. Thanks to everyone who shared their timelines and tips about contacting customer service through tax preparers - definitely keeping that in mind if I don't see my check by the expected date!
Thanks for sharing your experience and those practical tips! The address accuracy point is so important - I almost had an issue with that myself when I moved recently. I'm also waiting for my STPG check (expected around April 10th) and have been nervously checking the portal daily. It's reassuring to hear from others going through the same process. The batch update explanation makes a lot of sense - I was wondering why the status seemed to sit unchanged for days at a time. Fingers crossed we both get our checks on time or maybe even a bit early like some of the lucky folks mentioned earlier in the thread!
I'm currently going through this exact situation! My tax preparer used STPG and gave me an expected date of April 18th for my cashier's check. Reading through all these experiences has been really eye-opening - it sounds like there's a decent chance it could arrive a few days early, which would be amazing. I'm particularly interested in what @Miguel Silva mentioned about the 5-7 business day timeline after STPG shows "funds received" on their portal. My portal still shows "processing" so I'm guessing the IRS hasn't released my funds to them yet. One question for those who've been through this - do you get any kind of email notification when STPG actually mails out your check, or do you just have to keep checking the portal and your mailbox? This is my first year using the cashier's check option instead of direct deposit, and the waiting is definitely more nerve-wracking than I expected! Also planning to double-check my mailing address with my preparer tomorrow after reading about potential delays from address issues. Thanks everyone for sharing your experiences - it's really helpful to know what to expect!
I'm in almost the exact same situation! My preparer gave me April 20th as my expected date and I've been anxiously checking both the STPG portal and my mailbox daily. From what I've gathered reading through this thread, it seems like most people don't get email notifications when the check is actually mailed - you just have to monitor the portal status and watch for it to change from "processing" to "funds received" and then eventually to "check mailed" or similar. The waiting really is more stressful than direct deposit! I used to get my refund within days, but this cashier's check process feels like it takes forever. At least now I know from everyone's experiences that getting it a few days early is pretty common, so hopefully we'll both be pleasantly surprised. Good call on double-checking your address - I did the same thing after reading about those potential delays.
still waiting on mine from 2 weeks ago smh. IRS is playing games fr š¤”
Check if your mailbox is locked or if there's any forwarding issues with your address. Sometimes refund checks get returned to IRS if there's a delivery problem. Also double check the mailing address on your return matches exactly what's on file with USPS. Hope you get it soon!
Great advice! I had a similar issue last year where my check got returned because of a slight address mismatch. Had to call IRS and update my address on file, then they reissued it. Definitely worth double checking everything matches up perfectly.
Mateo Rodriguez
This is really helpful advice! I'm actually dealing with a similar situation right now where I received about $800 in PayPal reimbursements for concert tickets I bought for friends. I was panicking about getting a 1099-K and having to pay taxes on what was essentially just their money. The documentation tip about keeping communication records is gold - I have all the group chat messages where everyone was asking me to buy their tickets and promising to pay me back. I never thought to save those as tax documentation but it makes perfect sense. One quick question - do you know if there's a minimum threshold for PayPal to send a 1099-K? I'm hoping since mine was under $1000 maybe I won't even get one, but I want to be prepared either way.
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Paolo Ricci
ā¢Great question about the threshold! PayPal's current reporting requirement is $600 for the year, so unfortunately your $800 in reimbursements will likely trigger a 1099-K. The good news is that you're already thinking about this proactively and have great documentation with those group chat messages. I'd definitely recommend keeping those text conversations - they clearly establish that people were asking you to purchase on their behalf with the understanding they'd reimburse you. That's exactly the kind of evidence that shows these weren't business transactions or income. Since you're over the $600 threshold, I'd prepare to file a Schedule C just like others have described here. Report the $800 as income, then offset it with the $800 you spent on the concert tickets. Keep all your ticket purchase receipts along with those group messages. Even though it's extra paperwork, it's the safest way to avoid any issues with the IRS later.
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Nia Jackson
I've been following this thread closely since I'm dealing with a very similar PayPal reimbursement situation. What really strikes me is how many people seem to be in the same boat - it's clearly a common issue that more taxpayers are facing as digital payments become the norm. One thing I wanted to add based on my research: if you're using FreeTaxUSA like the original poster, they have a really helpful FAQ section specifically about 1099-K reporting that walks through the Schedule C process step by step. I found it easier to follow than some of the other tax software explanations. Also, for anyone still worried about this - I spoke with a tax preparer friend who confirmed that the IRS sees tons of these reimbursement situations every year. As long as you have proper documentation showing the money was just passing through (receipts, communications, matching amounts), they're not looking to penalize people for legitimate reimbursements. The key is just making sure you report it properly rather than ignoring it entirely. The peace of mind is worth the extra paperwork!
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