Great discussion here! I wanted to add another perspective as someone who's been trading futures through an S corp for three years now. The 60/40 treatment definitely passes through as others have confirmed, but there are some practical considerations I wish I'd known upfront. One thing that caught me off guard was quarterly estimated tax payments become more complex with an S corp. You need to estimate not just your trading income but also plan for the reasonable salary requirements. I ended up underpaying in my first year because I didn't properly account for the salary portion. Also, if you're doing high-frequency futures trading, the bookkeeping gets more intensive. You'll need to track all trades at the entity level and ensure proper documentation for the mark-to-market accounting. It's not just about the tax benefits - there's real operational overhead that scales with your trading volume. That said, the self-employment tax savings on distributions above reasonable salary have been significant for me. Just make sure you run the numbers for your specific situation before making the jump. The break-even point varies a lot based on your trading profits and state requirements.

As someone who recently went through this exact decision process, I can confirm what others have said - the 60/40 split does pass through S corps unchanged. However, I'd strongly recommend getting a comprehensive analysis done before making the switch. One aspect that hasn't been fully covered here is the impact on your ability to deduct trading-related expenses. With an S corp, business expenses like trading software, data feeds, home office, etc. become corporate deductions rather than Schedule A itemized deductions (which are often limited). This can actually provide better tax treatment for your trading expenses. Also worth noting - if you're considering trader tax status, it's generally easier to establish and maintain TTS through a business entity like an S corp rather than as an individual. The IRS tends to view trading through a formal business structure as more credible evidence of being "in the trade or business" of trading. The key is running detailed projections that include ALL costs - state fees, payroll processing, additional accounting, reasonable salary requirements, etc. In my case, the break-even was around $75k in annual trading profits after accounting for all the extra costs and complexity. Below that threshold, the administrative burden wasn't worth the modest tax savings.

Did you file electronically or by mail? Makes a huge difference in processing time rn

Oof this sounds super frustrating! The fact that you have a refund freeze code 810 but it says "no return filed" is definitely weird. Code 810 usually means they're holding your refund for review, but if there's no return on file, that doesn't make sense. I'd suggest calling the IRS directly at 1-800-829-1040 and asking them to explain the disconnect between the transcript showing no return but having transaction codes. Also might be worth checking if your SSN or other info got mixed up somehow during filing. Keep all those papers they sent you - you'll probably need them when you call!

Has anyone noticed the tracker works better if you check it only once per day? When I was checking multiple times a day it never updated, but when I forced myself to only look in the mornings, I started seeing movement. Maybe just coincidence but worth a try if you're stuck!

I filed around the same time as you (March 1st) and I'm in the exact same situation - still showing "received" on WMR and getting more anxious each day. It's reassuring to know I'm not the only one! One thing that's helped my peace of mind is remembering that the IRS processes millions of returns and they don't all move through the system at the same speed, even simple ones. I've been trying to only check WMR once a day in the morning like someone mentioned below, and I'm focusing on the fact that we're still well within that 21-day window. Hang in there - from what I'm reading in this thread, it sounds like many people's refunds are showing up without much warning once they finally process. Fingers crossed we both see movement soon!

Have you checked your tax transcript? Sometimes that shows more info than the WMR tool. You can access it online through your IRS account. I had a similar situation last year and my transcript showed a review code that the WMR tool didn't display.

I've been in your exact situation before, Zachary. The 21-day mark can feel like a deadline, but it's really more of an estimate. I had a similar delay two years ago with a straightforward return like yours. Since you mentioned your return wasn't complicated, the delay might be something minor like verification of your W-2 information against what your employer reported, or even just processing backlogs from the February filing rush that Caleb mentioned. A few things that helped me during my wait: First, resist the urge to check the WMR tool multiple times a day - it really does only update once every 24 hours and checking constantly just adds to the stress. Second, if you haven't already, definitely set up that IRS online account that Mia suggested and check your tax transcript as Jade recommended. The transcript codes can give you more specific information about what's happening. Given that you need the money for car repairs, I understand the urgency. If you hit the 28-day mark with no movement, definitely call the IRS hotline. Sometimes a simple phone call can resolve minor verification issues immediately. Hang in there - in my experience, these delays almost always resolve themselves, just not always within the timeframe we'd prefer!

I'm in the same boat! Filed Feb 8th, got the acceptance right away, but still waiting. Called IRS after 4 weeks and they said I'm under a "random review" whatever that means. They told me it could take up to 120 days!!! Has anyone ever been through a random review?

I'm in a similar situation - filed 4 weeks ago through H&R Block and still showing "processing" with a decent refund expected ($1,800). Like others mentioned, I also claimed EIC for the first time this year which seems to be the common thread for delays. What's been helpful for me is setting a realistic expectation. After reading through all these experiences, it sounds like EIC claims routinely take 6-8 weeks, not the standard 21 days. I've stopped checking the "Where's My Refund" tool daily since it just increases my anxiety. One thing that gave me some peace of mind was calling my tax preparer. They confirmed that delays for EIC claims are totally normal this year and that as long as you're not getting error messages or letters from the IRS, your refund is just in the extended review queue. Hang in there - sounds like most people eventually get their refunds, it just takes longer than we'd like!