Something nobody mentioned yet - since you have a regular W2 job, you could increase your withholding there to cover the taxes from your self-employment income. Just submit a new W-4 to your employer and put the additional amount you want withheld on line 4(c). This way you don't have to mess with quarterly estimated payments, and as long as you withhold enough through your W2 job, you won't face underpayment penalties. It's what I do with my teaching job to cover taxes for my tutoring side gig.

Great question about the W2/1099 combo! I went through this exact same situation a few years ago and learned some hard lessons. A couple additional points that might help: First, don't panic too much about the underpayment penalty - it's usually not as scary as it sounds. The IRS charges interest on what you owe, but if this is your first year with significant 1099 income, the penalty might be relatively small compared to the stress you're feeling about it. Second, make sure you're tracking ALL your business expenses throughout the year, not just the obvious ones. Things like mileage to client meetings, business meals (50% deductible), professional development courses, and even bank fees for your business account can add up. I use a simple spreadsheet to log everything monthly. Also, consider opening a separate checking account for your freelance income and expenses - it makes record keeping so much easier and looks more professional if you ever get audited. Even if it's just a free account, having that separation between personal and business finances will save you headaches later. One last tip: start putting 25-30% of each freelance payment into a separate savings account immediately when you get paid. That way you're not scrambling to find tax money later, and if you end up owing less than expected, it's like getting a bonus!

I'm also dealing with this exact situation and it's such a relief to find this thread! Filed my Form 2553 about 4 months ago and have been operating as an S Corp (reasonable salary, quarterly payments, etc.) but the lack of confirmation has been causing so much anxiety. What's particularly frustrating is that I've called the IRS business line at least 6 times over the past two months with zero success - either can't get through or wait hours just to get disconnected. The uncertainty makes every payroll decision feel like I'm gambling with my tax compliance. After reading everyone's experiences here, I'm definitely going to try that 7 AM calling strategy first thing Monday morning. It's genius - I never thought about timing it for when they first open instead of trying during regular business hours when everyone else is calling. The advice about documenting everything while operating in good faith is really helpful too. I've been keeping my certified mail receipt and copies of everything, but I should probably start logging all my call attempts as well. It sounds like most people eventually get confirmation that their election went through, just way later than it should due to processing backlogs. This community has been incredibly valuable for understanding that these delays are unfortunately normal right now rather than a sign that something went wrong with my filing. Thanks to everyone for sharing their experiences - it really helps to know we're not alone in this frustrating waiting game!

I'm new to this community but facing the exact same stressful situation! Filed my Form 2553 about 10 weeks ago and haven't received any confirmation from the IRS. Like so many others here, I've been operating as an S Corp - paying myself reasonable salary, making quarterly payments - but the uncertainty is really eating at me. I've tried calling the IRS business line probably 8 times over the past month with zero success. Either I can't get into the queue at all, or I wait 2+ hours just to get disconnected. It's incredibly frustrating when you're trying to make important tax decisions without knowing your actual status. This thread has been absolutely invaluable though! The 7 AM calling strategy that multiple people have mentioned is brilliant - I never would have thought to time calls for right when they open instead of during regular business hours. I'm definitely going to try that approach this week. What really gives me hope is reading that most people who eventually got through were told their elections had been approved months earlier but just got stuck in processing backlogs. It sounds like the IRS is just completely overwhelmed right now, which explains the radio silence. I'm also going to look into that written inquiry option to the Ogden Service Center as backup. Having that paper trail of trying to get confirmation seems smart, especially as I'm getting closer to filing my first 1120-S. Thanks to everyone for sharing their experiences - it's such a relief to know these massive delays are unfortunately normal right now rather than a sign something went wrong with my filing!

I'm having the exact same Transaction 107461598510 error since around 5:30am this morning! Also a PATH Act filer with EITC for my kids and was really hoping to finally see some progress today after waiting through that whole restriction period. Yesterday my transcripts were accessible and showing code 570, but now I can't get past that Treasury error screen no matter what I try. It's actually really comforting to see so many others experiencing the same thing - means it's definitely just system overload and not issues with our individual returns. The timing is so frustrating though! Right when we can finally check after the PATH lift, the whole system decides to crash from everyone rushing to access at once 😤 Definitely going to try that 1-3am window trick that others mentioned. Hopefully the servers will be less overwhelmed during those off-peak hours. This waiting game is killing me when I'm counting on that refund for bills! Thanks for posting this - it's such a relief to know we're all dealing with the same mess together! 🤞

I'm experiencing the exact same Transaction 107461598510 error since about 6am this morning! I'm also a PATH Act filer with EITC for my daughter and was really looking forward to finally checking my transcript today after waiting through that restriction period. Yesterday everything was working fine and I could see my return processing, but now I can't get past that Treasury Department error screen no matter what I try. It's actually really reassuring to read through all these comments and see that so many of us are dealing with the same issue - definitely confirms it's just massive system overload from everyone rushing to check their refund status now that PATH restrictions lifted. The irony is pretty funny though - IRS finally allows us to access our transcripts and then their servers immediately crash from the traffic! 😅 I'm definitely going to try that 1-3am window trick that several people mentioned. Hopefully the servers can handle the load better during those off-peak hours. This whole situation is so stressful when you're counting on that refund money, but at least we know we're all in this together! Thanks for posting this thread - it really helps to know it's not just us dealing with this mess.

When I filled out my insolvency worksheet, I took pictures of all my furniture and household items and asked a local thrift store manager to give me a rough estimate of what they would price them at. The IRS accepted this documentation when they questioned my values.

I went through this exact same process about two years ago with a 2017 debt cancellation. The IRS audit was stressful, but here's what I learned that might help: For household goods, I used a simple rule: whatever I could reasonably expect to get at a garage sale. For thrift store items, I valued them at about 25-50% of what I originally paid. The IRS examiner told me they're looking for reasonable estimates, not exact appraisals. Regarding missing records - I was able to recreate some utility bills by calling the companies directly. Even though it was years later, most kept basic account history that showed my average monthly payments during that period. For medical bills, I contacted my insurance company for explanation of benefits statements that showed what I owed. One thing that really helped was creating a simple spreadsheet with three columns: Asset/Liability, Value/Amount, and Notes explaining my reasoning. The IRS examiner appreciated the organized format and clear explanations. For your land contract situation, definitely include it as a mortgage liability. I had something similar and the IRS considered it a legitimate debt obligation since I was contractually bound to make payments. Don't stress too much about perfect accuracy - they understand records get lost over time. Just be reasonable and document your thought process.

Edward, my heart goes out to you during this incredibly difficult time. Losing your mother so unexpectedly at 64 must be devastating, and discovering this substantial cash inheritance adds such complexity when you're already dealing with grief. I'm really impressed by how you're approaching this situation - seeking guidance before acting shows real wisdom and integrity. Your mother clearly trusted you by making you a co-lessee on that safe deposit box, and that handwritten note about "something for the kids" is such a touching reminder of her love and foresight for you and your sister. The advice you've received here has been exceptional, and I want to echo the key points: use an estate account for the initial deposit, bring all your documentation to the bank (executor papers, death certificate, safe deposit box agreement), and don't worry about the Currency Transaction Report - it's just routine paperwork that actually protects you when you have legitimate inherited funds. What strikes me most about your situation is how your mother, even without sharing all the details, was thinking ahead to provide security for her children. Sometimes that generation preferred to keep financial matters private while still ensuring their loved ones would be taken care of. Her decision to keep cash accessible in the safe deposit box, while surprising, was likely her way of making sure you and your sister would have immediate resources when needed. Take your time with this process. There's no need to rush, and handling everything properly through estate administration will give you peace of mind for years to come. Your mother's final gift to you both deserves to be handled with the care and respect you're already showing. Wishing you strength as you navigate this process and honor your mother's memory.

Edward, I'm so sorry for your loss. Losing your mother unexpectedly is devastating, and finding yourself dealing with complex estate matters while grieving makes everything so much harder. The advice you've received here is excellent - particularly about using an estate account and being completely transparent with the bank. I went through something similar with my father's estate last year, and I can tell you that banks handle these situations more often than you might think. One small addition to the great guidance already given: when you visit the bank, consider asking to speak with a manager or someone experienced in estate matters. They can walk you through their specific procedures and may even provide you with a checklist of what documentation they prefer to see. This can make the whole process feel less intimidating. Your mother clearly loved you and your sister deeply. That handwritten note about "something for the kids" shows she was thinking of your welfare even if she didn't share all the details. By handling this properly through estate administration, you're honoring both her memory and her intentions for providing for you both. Take your time with this process - there's no need to rush. Getting professional guidance for an estate with this level of assets is really wise and will give you confidence that you're doing everything correctly.