I'm going through the exact same thing right now! My "As Of" date just changed from May 22 to June 5 yesterday and I've been refreshing my transcript obsessively trying to understand what it means. Filed in February like so many others here and still waiting - the anxiety is real when you're depending on that money for overdue bills. This thread has been incredibly reassuring though! It's wild to see how many February filers are experiencing identical situations with these date changes. I was starting to think my return got lost in some IRS black hole, but reading everyone's experiences makes it clear this is just the unfortunate normal for this year's processing delays. Based on what everyone's sharing, it sounds like these "As Of" date changes are actually signs that the IRS is actively working on our accounts rather than something being wrong. I've been that person checking my transcript probably 20 times a day hoping for some magical update 😅 but now I know to focus on watching for those important transaction codes (570, 571, 846) instead of just panicking over date shifts. The waiting is absolutely brutal when you've been counting on that refund for months, but knowing we're all in this together definitely helps! Hopefully we February filers will start seeing some real movement soon 🤞

I'm dealing with this exact same situation! My "As Of" date just changed from May 7 to May 21 this morning and I've been frantically searching for answers. Filed in February like everyone else here and still waiting on my refund - the stress is overwhelming when you're counting on that money for rent and utilities. Reading through all these comments has been so helpful and reassuring though! It's incredible to see how many February filers are going through identical experiences with these mysterious date changes. I was starting to panic that something was seriously wrong with my return, but it sounds like these changes are actually pretty normal during processing and might even indicate the IRS is actively working on our accounts. I've definitely been guilty of checking my transcript way too often (probably 10+ times a day 😅) hoping for some kind of breakthrough. But now I understand I should focus on watching for those specific transaction codes everyone keeps mentioning - 570, 571, and especially that golden 846 code. The waiting game is absolutely brutal when you've been budgeting around that refund, but knowing so many of us are in the same boat makes it feel less isolating. Thanks for posting this OP - sometimes just knowing you're not alone in the stress makes all the difference! Hopefully we'll all see some real movement soon 🤞

As someone new to this community who just executed a $240k Roth conversion in September, I can't thank everyone enough for this incredibly detailed discussion. Reading through all these real-world experiences has been more educational than hours of trying to parse IRS publications on my own. I was initially terrified about getting the quarterly payment calculations wrong and potentially facing penalties. The consistent advice throughout this thread about using the 110% safe harbor approach for first-time large conversions has given me so much clarity and peace of mind. What really opened my eyes was learning that maximizing W-4 withholding is treated as occurring evenly throughout the year, regardless of when it actually happens. This makes it so much more forgiving than estimated payments where timing can make or break you. I had no idea this option even existed until reading this thread. The real penalty examples shared here were sobering but incredibly valuable. It's clear that trying to optimize quarterly payments without deep expertise can backfire quickly. The "insurance premium" of potentially overpaying through safe harbor is absolutely worth it compared to the stress and actual financial penalties that can result from miscalculations. I'm calling my HR department first thing Monday morning to increase my withholding for the remainder of the year. Based on everyone's experiences, it sounds like they'll be able to help me calculate exactly what I need to hit that 110% safe harbor threshold. Thank you to everyone who shared their stories - this kind of practical, community-driven guidance is invaluable for those of us navigating our first major conversion!

As a newcomer to this community who recently completed a $200k Roth conversion in late September, I wanted to add my voice to this incredibly helpful discussion. Reading through everyone's experiences has been far more valuable than the countless hours I spent trying to decipher IRS publications and online calculators on my own. I was initially paralyzed by the complexity of estimated payment calculations and terrified of making a costly mistake. The overwhelming consensus throughout this thread about using the 110% safe harbor approach for first-time large conversions has provided tremendous clarity and relief. What's been most eye-opening is learning that maximizing W-4 withholding gets treated as if it occurred evenly throughout the entire year, regardless of the actual timing. This makes it incredibly more forgiving than estimated payments where quarterly timing can be make-or-break. I had no clue this strategy even existed before finding this discussion. The real-world penalty examples shared here were sobering but essential learning. It's abundantly clear that attempting to optimize quarterly payments without deep tax expertise can backfire spectacularly. The "insurance premium" of potentially overpaying through safe harbor is absolutely worth avoiding the stress and actual penalties that can result from miscalculations. I'm contacting my payroll department tomorrow to maximize withholding for the remaining months of 2024. Based on everyone's shared experiences, they should be able to help calculate exactly what I need to reach that 110% safe harbor threshold without the guesswork. Thank you to everyone who contributed their stories and expertise - this type of practical, community-driven guidance is exactly what newcomers need when facing these intimidating financial decisions for the first time!

I'm curious if anybody else has had this issue - when I tried to file my state return through FreeTaxUSA last year, it said my state (California) wasn't available for free filing even though I qualified based on income?

This is exactly the confusion I ran into last year! The key thing to understand is that FreeTaxUSA essentially operates two different versions of their software: 1. **Regular FreeTaxUSA** (if you go directly to their website): Federal is free, state costs $14.99 2. **IRS Free File version** (accessed through irs.gov/freefile): Both federal AND state are completely free if you qualify Since your AGI is $58,000, you definitely qualify for the IRS Free File program. The income limit this year is around $79,000. Unfortunately, if you already started your return on FreeTaxUSA's regular site, you'll need to start over through the IRS Free File portal to get the truly free version. I know it's frustrating to re-enter everything, but with just a W-2 and interest income, it should only take 20-30 minutes to redo. Just make sure to bookmark the IRS Free File link for next year so you don't run into this again! The IRS website can be confusing about this distinction, but once you know the trick, it's easy to avoid the fees.

This has been an incredibly helpful thread! I'm actually in a similar situation with an S-Corp sale coming up and had no idea there were so many nuances to consider. The depreciation recapture point especially caught my attention - I definitely have some computer equipment I've depreciated over the years that I hadn't thought about. One question I haven't seen addressed yet: How does the timing of the sale within the tax year affect things? My potential sale might close in late December vs early January, and I'm wondering if there are any advantages to timing it in one year versus another, especially considering things like tax rate changes or income thresholds? Also, for those who used the AI tools or services mentioned above - did you find them helpful even in the early planning stages, or are they more useful once you have a definitive purchase agreement in place? I'm still in negotiations and trying to understand my options before we finalize terms.

Adding to the timing discussion - one thing that helped me was running projections for both scenarios with my tax preparer before finalizing the sale date. We looked at my expected income for both years and realized that closing in January would actually put me in a higher bracket due to some other income sources I had lined up. Also wanted to mention something about installment sales that hasn't come up yet - if you're considering spreading the payments over multiple years, that can only be done with asset sales, not stock sales. This could be another factor in your decision-making process, especially if spreading the tax burden across multiple years would be advantageous for your situation. For the S-Corp basis calculation, make sure you have all your K-1s from previous years handy. Your basis affects your gain calculation significantly, and it includes things like your initial investment plus your share of undistributed income over the years, minus any distributions you received. I found old K-1s I had forgotten about that actually increased my basis and reduced my taxable gain.

Don't make the mistake I did last year! I bought all new appliances and just assumed they qualified, but didn't keep the proper documentation. My tax preparer said I needed the Manufacturer's Certification Statement proving they meet the energy requirements, but I had thrown everything away. Ended up not being able to claim anything. 😭

This is exactly the kind of situation where it's worth doing some research before assuming you'll get tax benefits. I learned this the hard way when I bought a new HVAC system thinking I'd get huge credits, but ended up only qualifying for a fraction of what I expected. The key thing to understand is that the current federal energy credits are very specific about what qualifies. Most standard kitchen appliances (even Energy Star ones) don't make the cut anymore. The credits now focus mainly on heating/cooling equipment like heat pumps, water heaters, and home insulation improvements. If you still have your receipts and documentation, I'd suggest checking if any of your purchases were heat pump technology (like a heat pump dryer or water heater). Those are more likely to qualify. Also, definitely look into your state and local utility programs - sometimes those can be more generous than federal credits for regular appliances. Keep all your paperwork including energy efficiency ratings and model numbers. Even if they don't qualify for federal credits, you might find rebate programs you weren't aware of!