If your looking at account transcript, the cycle code is usually next to the 150 transaction code. But seriously just use taxr.ai, it explains everything way better than we can here

Pro tip: once you know your cycle code, you can also check the IRS processing calendar to see which weeks they're processing returns. They usually skip holiday weeks and sometimes have maintenance periods. Also, if you e-filed, your transcripts typically show up faster than paper filers. The cycle code system has been the same for years so once you understand it, you're set for future filings too!

Does the type of LLC matter? I thought there was something called an S corp LLC that's treated differently for tax purposes? Would that change anything about staying on a spouse's insurance?

I was in almost the exact same situation two years ago - health issues forcing me out of work but needing some income, and terrified of losing my husband's excellent insurance coverage. I can confirm what others have said: forming a single-member LLC did NOT affect my eligibility for my husband's health plan. The key is that it's treated as self-employment, not as having your own employer. I specifically asked our HR department about this before filing my LLC paperwork, and they confirmed that spouse coverage isn't affected by self-employment. One thing I wish I'd known earlier - make sure to keep detailed records of all your business expenses from day one. Since you'll be filing Schedule C with your joint return, having good documentation makes tax time much easier. Also, depending on your income level, you might need to make quarterly estimated tax payments. The peace of mind of keeping that insurance coverage while building a small business has been incredible. Good luck with your venture!

Another option you might consider is reporting the income on Schedule C but then deducting expenses against it to reduce the self-employment tax impact. Even if you don't have direct expenses for earning those referrals, you could potentially allocate a portion of your internet bill, cell phone, etc. if you used those to communicate with friends about the platform. Just make sure you keep good records of any expenses you claim! But honestly, for $780, it might not be worth the extra complexity of Schedule C filing.

What box on the 1099-MISC is the referral income reported in? That makes a huge difference. If it's in Box 3 (Other Income), then it's NOT self-employment income and TurboTax is categorizing it wrong. You'd need to override their default handling.

Be careful about assuming this means your refund is coming soon. According to the National Taxpayer Advocate's 2023 report (available at taxpayeradvocate.irs.gov), approximately 8% of offset cases experience additional delays due to systemic errors. In these cases, the debt disappears but the refund gets stuck in a secondary review process. If you don't see your refund within 21 days of the debt disappearing, you should contact the IRS directly to ensure there isn't an additional hold on your account that needs to be addressed.

This is exactly what happened to me last year! My $2,100 tax debt vanished from my account on a Thursday, and I was panicking thinking there was some kind of error. But then exactly 10 days later, my remaining refund of $890 hit my bank account. The whole process felt like watching a magician - first the debt disappears, then there's this suspenseful waiting period, and finally the refund appears! One thing I learned is that during those waiting days, it's totally normal for the Where's My Refund tool to still show "processing" even though the offset has already been applied behind the scenes. The system updates different parts at different times. I'd recommend checking your account every few days but try not to obsess over it (easier said than done, I know!). Also, keep an eye on your mail for any offset notices - they usually send confirmation that they applied your refund to your previous balance. Good luck, and congratulations on getting that debt cleared!

Has anyone actually gone through this process of changing from IT to lending? I'm considering something similar and wondering about the actual paperwork involved. Did you have to refile your EIN or get new business bank accounts? Did it affect existing contracts you had with IT clients?

Just went through a similar transition last year - changed my LLC from marketing consulting to real estate investing. Here's what I learned that might help with your IT to lending switch: The good news is you can definitely keep your existing LLC, but you'll need to handle several steps properly. First, check if your state requires you to amend your Articles of Organization to reflect the new business purpose. Some states are strict about this, others are more flexible. For lending specifically, you'll absolutely need to research your state's lending laws and licensing requirements. This is heavily regulated - much more so than IT services. Look into whether you need a money lender's license, what your state's usury laws are, and if there are any bonding requirements. Don't forget about the practical stuff either: new business insurance (your current policy definitely won't cover lending activities), potentially new banking relationships (some banks have stricter requirements for lending businesses), and updated contracts/agreements. The tax implications are also significant - interest income is taxed differently than service income, and you'll have different allowable deductions. I'd strongly recommend consulting with both a business attorney familiar with lending regulations and a CPA before making the switch. Timeline-wise, plan for 2-3 months to get everything properly sorted. The licensing part usually takes the longest, so start there first.