That's such a helpful perspective from someone in banking! I never thought about banks sending notifications for failed deposits - that would definitely give me peace of mind. Do you know if all banks do this, or is it more common with certain types of accounts? Also, approximately how long does it usually take for a bank to notify customers about a failed deposit attempt?

This is incredibly thorough advice! I especially appreciate the practical timeline you mentioned - knowing that even with an error, it's typically just a 3-4 week delay makes this much less stressful. The tip about checking email confirmations is brilliant too - I completely forgot that my tax software sent me a detailed filing summary. One question though: when you mention the "Where's My Refund" tool showing processing issues, are there specific status messages we should watch out for that might indicate banking problems? I've been checking it obsessively but I'm not sure what would signal a direct deposit issue versus other processing delays. Thanks for sharing your real-world experience - it's so much more reassuring than just reading the official IRS guidelines!

I actually tried using TurboTax first, but they wouldn't let me efile 2022 returns anymore. Something about the IRS cutting off electronic filing for prior years after a certain date. Do you know if TaxSlayer specifically allows efiling for prior years longer than other services?

The cutoff for efiling prior year returns through consumer tax software is usually around October/November for the previous tax year. After that, only tax professionals with certain credentials and professional software can efile older returns. TaxSlayer, TurboTax, TaxAct - they all follow the same IRS deadlines. That's why in your situation, you're left with either paying a professional or mailing it in. If you've already missed the consumer software deadline, the CPA route is your only option for efiling at this point.

Wait, there's a deadline to claim refunds? I haven't filed taxes for like 3 years because I've been living overseas... now I'm worried I might have lost money that's owed to me. Can you still file after the deadline even if you can't get the refund anymore?

@Giovanni Rossi Yes, there s'a 3-year deadline from the original due date to claim refunds. So for 2021 taxes, the deadline was April 15, 2025 - you might have just missed it! For 2020, that deadline already passed in April 2024. You can still file the returns after the deadline, but you won t'get any refunds the IRS owes you - that money just goes back to the Treasury. However, if you actually owed taxes for those years, you ll'still be responsible for paying them plus penalties and interest. I d'strongly recommend talking to a tax professional ASAP about your situation, especially with the overseas complications. There might be special rules or exceptions that could help you, and you definitely want to get current before you miss any more deadlines!

Wow, I had no idea insurance rates could be affected too. Do you know if it's possible to change your code later if you realize you picked the wrong one? Or are you kind of stuck with whatever you initially choose?

You can absolutely change your classification codes later if needed. Businesses evolve over time, and sometimes your primary activities shift. Just be aware that if you're changing them on existing accounts (like with your insurance company or bank), they might ask questions about why you're changing classification. The important thing is to be accurate and consistent. If you realize you've been using the wrong code, it's better to correct it than to continue with an inaccurate classification. Just make sure you update it everywhere - tax filings, loans, insurance, etc. - to avoid discrepancies that might raise red flags.

But doesn't picking certain codes make you more likely to get audited? I heard restaurants and cash-based businesses get flagged more often.

My broker (Fidelity) said they'll provide a specialized 1099-B that will show the cash portion as a sale with proceeds and cost basis. For the stock conversion portion, they'll transfer your cost basis to the new shares and note that it was part of a tax-free reorganization. You should get a detailed statement explaining everything in January that you can use for your taxes.

This is really helpful! I was wondering about the basis calculation. Just to make sure I understand - if I have VMware shares from different purchase dates with different cost bases, do I need to track the conversion for each lot separately? For example, if I have 50 shares at $40 basis and 50 shares at $60 basis, would the converted Broadcom shares maintain those different basis amounts proportionally?

@4870c5506e2b Yes, you're absolutely correct! You need to track each tax lot separately through the conversion. Each lot of VMware shares maintains its own identity with its specific purchase date, holding period, and cost basis. So in your example: - Your 50 shares at $40 basis ($2,000 total) would convert to 12.6 Broadcom shares (50 × 0.2520) with a basis of $158.73 per share ($2,000 ÷ 12.6) - Your 50 shares at $60 basis ($3,000 total) would convert to 12.6 Broadcom shares with a basis of $238.10 per share ($3,000 ÷ 12.6) The holding period for each converted lot also carries over from the original VMware purchase dates. This lot-level tracking is crucial for determining whether future sales qualify for long-term vs short-term capital gains treatment, and for calculating the correct gain/loss when you eventually sell the Broadcom shares. Most brokers will handle this automatically, but I'd definitely recommend keeping your own spreadsheet as backup documentation!

Do you ever regret that choice in years when everything goes smoothly with your taxes? That's a pretty hefty "marriage tax penalty" to pay every year just for some theoretical protection.

I can relate to Philip's situation. My husband has rental properties and some cryptocurrency trading that makes our taxes pretty complex. We've been filing separately for 2 years now and yes, we pay more in taxes, but I sleep better at night knowing I won't be on the hook if the IRS decides to audit his crypto transactions or question some of his property depreciation claims. The peace of mind is definitely worth something, especially when you're dealing with a spouse who might be taking tax positions that are more aggressive than you're comfortable with. Sometimes protecting your financial future is more important than saving money in the short term.