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Don't forget about state tax records too! Some states have different requirements than the federal government. In California, for example, they have a 4-year statute of limitations instead of the IRS 3 years. Always check your specific state rules.
What about if you've moved between states? Do you need to follow both state rules?
I personally keep all my W-2s indefinitely since they're small and good for proving employment history. But for the bulkier stuff like all the supporting documents, I follow the 7-year rule just to be extra safe. Once a year during tax season, I shred anything that's older than 7 years except for property records.
@Nathaniel Stewart I d'rather be safe than sorry! The extra storage space is worth the peace of mind, especially since you never know when you might need older records for things like Social Security benefit calculations or proving work history for background checks. Plus, if there s'ever a major discrepancy that takes years to discover, having those older records could save you thousands in penalties and interest.
Just wanted to share that I was cycle 0505 last year and this year too. Last year I was checking constantly and driving myself crazy. This year I just waited patiently after seeing my cycle code. Like clockwork, my transcript updated exactly when expected (Friday morning) and my refund hit my account the following Wednesday. The cycle codes are actually quite reliable once you understand how they work. I remember feeling just as anxious as you are now!
I'm also cycle 0505 and filed in early February with the Child Tax Credit! Still showing "Return Received" on WMR and my account transcript has the same April 1st processing date. Reading through everyone's responses here is actually making me feel so much better - it sounds like we should see movement by Friday morning if the pattern holds true. The waiting game is definitely stressful when you're planning around that refund money, but it's reassuring to know others are in the exact same situation. I'll try to be patient and check my transcript Friday morning instead of obsessively refreshing it every few hours!
In my experience, the transcript updates are somewhat predictable, but not entirely consistent. I received my 2023 refund last month, and I noticed that my transcript updated on a Friday morning (around 3am Eastern, I believe), showing processing codes. Then, approximately 5 days later, the direct deposit hit my account. This timeline seems to be fairly typical for uncomplicated returns, though there are certainly exceptions.
Based on my experience monitoring transcripts for the past few tax seasons, the updates definitely follow weekly cycles rather than daily. Most accounts seem to update Thursday night into Friday morning (around 3-6 AM Eastern), but I've also noticed some accounts update on Tuesday nights during busy periods. The key thing to understand is that your update schedule is tied to your SSN - the IRS processes accounts in batches based on the last two digits. So once you figure out your pattern, it's pretty consistent. I'd recommend checking Friday mornings first, and if you don't see updates there for a couple weeks, try checking Wednesday mornings to see if you're on the Tuesday night cycle.
FYI for anyone who needs this - if ur transcript shows N/A for 2023, it doesn't mean ur return isn't in the system. It just means it hasn't been fully processed yet. Mine was N/A for 3 wks then suddenly appeared w/ all processing steps completed at once. Checked at 6am on a Friday and boom - full transcript w/ DDD. Def check early AM for best results.
This is incredibly helpful information! I've been part of the daily refresh crowd myself, but understanding the cycle code system changes everything. For anyone still confused about finding their cycle code - it's typically visible on your Account Transcript in the top right section. One thing I'd add: if you're in a situation where you need updates faster than your cycle allows (like for loan applications or other time-sensitive matters), the IRS does offer expedited processing in certain circumstances. You can request this through their practitioner priority service if you're working with a tax professional, or sometimes directly if you can demonstrate financial hardship. Also worth noting that during peak filing season (January-April), the system can experience delays even on your designated update day, so don't panic if your Monday update doesn't appear until Tuesday - the IRS typically catches up within 24-48 hours during high-volume periods.
Chris King
One thing nobody mentioned - make sure you keep REALLY good records of when you physically left Hawaii and arrived in Guam. My friend got audited over his USVI status and they wanted exact dates with proof (flight itineraries, etc).
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Rachel Clark
ā¢This is super important. I got questioned about my PR residency and had to provide bank statements showing transactions in PR starting from my move date. Also had to show my last transactions in Florida before I left.
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Freya Larsen
Great advice from everyone here! As someone who went through a similar transition moving to Puerto Rico, I wanted to add that you should also be aware of Guam's specific territorial tax laws since they can differ from other territories. Since you're working for the Guam government, you'll likely need to file Form 1040GU (Guam's version of the 1040) rather than a standard U.S. return. Guam follows most federal tax laws but has some unique provisions, especially for government employees. Also, regarding your savings bonds - definitely keep all the documentation from when you cashed them out, including the exact dates and amounts. Even though you'll report this on your Guam return rather than federal, having clear records will help if there are any questions later. One last tip: consider getting a Guam tax ID number if you haven't already. It makes the filing process smoother and establishes another paper trail for your residency status. You can apply through the Guam Department of Revenue and Taxation. Sounds like you're well on your way to establishing bona fide residency with all those connections you mentioned! The anxiety is totally normal - territorial tax situations can feel overwhelming at first, but you're asking all the right questions.
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Keisha Jackson
ā¢This is really helpful info about Form 1040GU! I had no idea Guam had its own version of the 1040. Quick question - do you know if there are any differences in how government employee benefits are taxed on the Guam return versus federal? I get some local benefits that I'm not sure how to handle. Also, thanks for mentioning the Guam tax ID. I'll definitely look into getting one. Is there a specific deadline for applying, or can I do it anytime during the year?
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