This is actually really common with TT and their banking partner SBTPG. They hold onto refunds for weird reasons sometimes. Best thing to do: 1. Call SBTPG directly (not TT customer service) 2. Check your IRS transcript 3. Make sure your bank info is correct There's also a TT forum specifically for these issues that might have more specific advice.

I had the exact same thing happen to me last year - filed early February, got accepted, then suddenly status switched to pending with zero explanation from TurboTax. Turns out the IRS was doing additional processing on my EITC claim (even though everything was correct). The whole thing took about 4 weeks to resolve, but I eventually got my full refund plus interest for the delay. The most frustrating part is that TurboTax customer service acts like they have no visibility into what's actually happening once your return hits the IRS systems. I ended up having to check my IRS account transcript daily to see any updates. Don't panic though - a status change doesn't mean anything is wrong with your return, it just means the IRS needs more time to process it. The advance refund feature definitely makes it more confusing because you can't track it the normal way.

Just a heads up to the original poster - be aware that if you do file as married (common law or otherwise), you'll need to continue filing that way unless you legally separate or divorce. That's true even for common law marriages - you can't just go back to filing single next year if you decide the tax benefits aren't worth it! Common law divorce isn't really a thing in most places - you'd need to go through regular divorce proceedings just like formally married couples. So make sure you're ready for that commitment before changing your filing status!

This is really helpful information! I'm actually in a similar situation in Colorado with my partner of 2.5 years. We've been hesitant to file jointly because we weren't sure if we'd need some kind of official paperwork first. One thing I'm curious about - if we start filing as married jointly this year, does that create any kind of official record of our common law marriage with the state? Or is it purely for federal tax purposes? I'm wondering if filing jointly would affect things like health insurance through employers, since some companies require proof of marriage for spousal coverage. Also, has anyone here ever been asked to provide documentation during an actual audit? I'd love to know what kinds of evidence the IRS typically looks for to verify common law marriage status.

Does anyone know if theres a diff between "exemptions" and "allowances"? My hr dept still uses an old form that says exemptions but everyones talking about allowances and the new W4... so confused right now lol.

Hey Everett! I was in almost the exact same situation last year - 24, single, making around $45k. The confusion is totally understandable since they changed everything recently. Here's what I learned: forget about "exemptions" - that's old terminology. The current W-4 (redesigned in 2020) doesn't use allowances or exemptions anymore. Instead, it asks specific questions about your situation. For someone like you (single, one job, $42k), you'd typically just fill out Steps 1 (personal info) and 5 (signature). That's it. This gives you standard withholding that should get you close to breaking even at tax time. If you want to factor in your student loan interest deduction, you could add that estimated amount in Step 4(b) "Deductions" to reduce your withholding slightly and get a bit more in each paycheck. The key is finding the sweet spot where you don't owe much or get a huge refund. At your income level, even a $1,500 refund means you're missing out on $125/month that could go toward paying down those student loans faster. But you also don't want to owe more than you can handle come April. I'd recommend starting with the basic form (just Steps 1 and 5) and see how your first few paystubs look, then adjust if needed.

Does anybody know if eBay still sends those 1099-K forms if you sell over a certain amount? I thought the threshold changed recently.

Great question! I was in a similar boat when I started selling my old baseball card collection. Just to add to what others have said - make sure you keep good records of all your sales, even if you don't think you'll owe taxes on them. I use a simple spreadsheet tracking what I sold, when I sold it, the sale price, and what I originally paid (or my best estimate). Even for items sold at a loss, having documentation can be helpful if you ever get questions later. Plus it makes it much easier to see which sales actually resulted in gains that need to be reported. I learned this the hard way after scrambling to recreate records during tax season! Also worth noting - if you start doing this regularly and making decent money, you might want to consider if it's becoming a business rather than just casual selling. That changes how you report things significantly.

Great question! I went through this exact confusion last year when I started trading more actively. The consolidated 1099 from TradeWave is definitely what you want - it's much better than getting separate forms for each type of transaction. One thing I'd add to the helpful responses here is to double-check that your consolidated 1099 includes ALL your trading activity from the year. Sometimes if you had positions at multiple brokers or transferred accounts mid-year, you might need statements from each institution. Also, keep an eye out for any supplemental or corrected 1099s that might come later - brokers sometimes issue corrections in February or March. The consolidated format saves so much time during tax prep. I remember my first year trying to match up individual 1099-B forms with my actual trades and it was a nightmare. The consolidated version having everything in one place with clear summaries makes the whole process much smoother.

As someone who also recently started more active trading, I can confirm that what you received from TradeWave is indeed a consolidated 1099, and Omar's explanation is spot-on! You don't need to fill out separate forms - the consolidated version combines all your investment activity into one comprehensive statement that makes tax filing much easier. One additional tip I'd suggest: before you start entering information into your tax software, take a few minutes to review each section of the consolidated 1099 to make sure you understand what types of income are included. The sections are usually clearly labeled (like "Proceeds from Broker Transactions" for your stock sales, "Dividend Income" for dividends received, etc.), and this will help you navigate your tax software more confidently. Also, since this is your first year with significant trading activity, you might want to consider keeping a simple spreadsheet or notes about your major trades throughout the year going forward. While the consolidated 1099 handles the tax reporting requirements, having your own records can be helpful for investment planning and tracking your performance over time.