Called my bank and they said they release irs deposits immediately when recieved no matter what the scheduled date is

Usually takes 1-3 business days once you see the 846 code! I've been tracking mine for years and it's pretty consistent. The date on your transcript is when the IRS releases the funds, but your bank might post it earlier or on that exact date. Since you're with Chase, they typically don't hold federal deposits - you'll probably see it Monday or Tuesday if your date shows 2/14. Good luck! 🤞

One thing to keep in mind - the IRS gets a copy of all 1099 forms, so make absolutely sure you report this! Years ago I forgot to include a small 1099-INT from a bank bonus (was only like $150) and got a letter from the IRS about the "discrepancy" a few months later. They automatically added the missing income plus a small penalty/interest for the underpayment. Not a huge deal but definitely annoying paperwork to deal with.

Just wanted to add that if you're doing your taxes yourself using software like TurboTax or FreeTaxUSA, most of them have a section where you can search for "missing tax documents" or "document checklist." They'll ask you questions about your financial activity during the year and help identify what forms you should expect to receive. For bank bonuses specifically, the software usually asks something like "Did you receive any bank account opening bonuses or promotional payments?" and then walks you through how to report it even if you don't have the physical 1099-INT in hand. As long as you have the amount and the bank name, you can usually complete your return. Also, since you found your form online, make sure to save a copy to your computer or print it out for your records. I learned this the hard way when I needed to reference an old 1099 months later and the bank's online system only kept the current year's documents available.

been on hold with irs for 3 hrs today trying to figure out my codes. wish id known about that ai thing sooner ngl

Congrats on the 846! That's the golden code we all wait for 🎉 You should see your refund in your account within 2-5 business days. I remember that feeling of relief when I finally saw mine after months of waiting. Chase usually processes pretty quickly so you might even see it sooner than expected!

I did a single photography job last year for a wedding and wondered the same thing. Ended up having to pay self-employment tax and it sucked. Don't forget you'll need to pay ESTIMATED taxes next year if he does something like this again!! I got hit with a penalty because nobody told me about that rule.

I was in a very similar situation a few years back with some freelance web development work I did for a neighbor's small business. The amount was around $3,800, so pretty close to what your husband earned. Even though it felt like "just helping someone out," the IRS treats any income from services as self-employment income regardless of whether it's a one-time thing or an ongoing business. I learned this the hard way when I tried to report it as "other income" initially. One thing that helped me was keeping detailed records of all the expenses related to the project - software licenses, the portion of my home internet used during those work hours, even some office supplies I bought specifically for organizing the project files. These deductions on Schedule C helped offset some of the self-employment tax burden. Also, since your husband's friend didn't send a 1099, make sure to keep any records of the payment (bank deposits, checks, PayPal records, etc.) in case the IRS ever has questions. The lack of a 1099 doesn't mean the income doesn't need to be reported, but having your own documentation makes everything cleaner.

Another thing to consider is that your company might be withholding for things beyond just taxes. When I received severance, they took out: - Health insurance premiums for extended coverage - Repayment of a company laptop I kept - Outstanding 401k loan balance Check your severance statement and see if there are any deductions beyond the standard tax withholdings. Sometimes companies will use the severance payment to settle any outstanding balances or advance payments you've received. Also, make sure they didn't continue deductions for benefits you're no longer eligible for. I had to fight to get back money they withheld for parking garage access I obviously wasn't going to be using anymore!

Has anyone dealt with getting a severance paid out over multiple payments instead of one lump sum? My company is offering me either option, and I'm wondering if taking it over 3 months would result in less tax withholding upfront compared to a lump sum.