The Chime deposit time depends on when your state actually releases the payment, not just the scheduled date. For state refunds, Chime typically posts them as soon as they receive the payment notification, which is often 1-2 days before traditional banks. Joint filing doesn't affect this timing - I've filed both ways and the early deposit feature works the same. Your state's processing time is the main variable here.

I'm in the same boat with joint filing for the first time this year! My state refund is scheduled for 3/12 as well, and I've been refreshing my Chime app all morning. Based on what everyone's saying here, it sounds like there's a good chance we might see it today or early tomorrow. I'm coming from Bank of America where I always had to wait the full time plus a few extra days, so this early deposit thing with Chime is still new to me. Fingers crossed we both see our deposits soon! Will definitely update here when mine hits.

One thing nobody has mentioned - there are significant differences between how attribution works for different TYPES of fringe benefits. Health insurance is handled one way, but company cars, education assistance, and group term life insurance might have different rules. For example, with health insurance, the S-Corp can still pay the premiums but they must be included in the W-2 as wages for anyone considered a 2% shareholder (including through attribution). But for something like an accountable plan for business expenses, the attribution rules apply differently. Might be worth looking at exactly which benefits you're trying to provide to make sure you're applying the right attribution rules for each specific benefit type.

This is a great discussion that really highlights how complex S-Corp attribution rules can be! I'm dealing with a similar situation in my family business and wanted to add one important consideration that might help clarify things. The key distinction here is that Section 318 attribution is automatic - it's not something you can opt out of or structure around easily. Once the attribution chain is established (father to son, then son to spouse), the daughter-in-law is treated as a 2% shareholder regardless of whether she actually owns any stock certificates. However, one thing to keep in mind is that the attribution only matters if it pushes someone over the 2% threshold. Since the father owns 100% in this case, any attribution will definitely exceed 2%, but in situations where the family member owns less, you might have different outcomes. Also worth noting - make sure to document everything properly. The IRS can be pretty strict about how fringe benefits are handled for attributed shareholders, so keeping good records of how premiums are paid and reported will save headaches later if there's ever an audit. Thanks for bringing up this topic - it's one of those areas where the rules seem straightforward but get complicated quickly in real family business situations!

Wait, nobody mentioned that discrimination settlements might qualify for special tax treatment under section 1681! In my experience, settlement payments for civil rights violations may be eligible for income averaging which could lower the tax hit.

Based on your situation, you'll want to set aside about 30-35% of that $15k to be safe. Here's the breakdown: Since your settlement was for emotional distress and lost wages (as you mentioned in your response to Isabella), the entire $15k is taxable as ordinary income. With your $67k base income plus the $15k settlement, you're still in the 22% federal bracket, but you also need to account for: - Federal income tax: ~22% ($3,300) - State income tax (Illinois): 4.95% (~$743) - Potential additional Medicare tax if you're close to thresholds - Any local taxes depending on your municipality The good news is that since the company paid your attorney fees directly (not deducted from your settlement), you don't need to worry about the complexity of deducting attorney fees on your return. I'd recommend setting aside $4,500-$5,250 to cover all tax obligations. It's better to have a little extra that you can use after filing than to come up short and owe penalties. Also, remember that if the settlement included any interest component (which you mentioned was $1,200), that gets reported separately as interest income. Consider making an estimated tax payment for Q1 2025 since this is additional income that wasn't subject to withholding.

Something else to consider - I'd recommend taking a close look at the conference agenda and breaking down expenses according to educational vs. entertainment components. Some conferences pad their schedules with social activities that aren't deductible. My accountant had me allocate my registration fee based on the percentage of time spent in actual educational sessions vs. networking events.

Don't forget about state tax implications too! I deducted a conference on my federal return correctly but didn't realize my state had different rules about business expense deductions. Ended up having to file an amended state return.

the dates on those letters dont mean anything!!!! my letter was dated april 10 but the postmark on the envelope was may 3. the irs be sending stuff out weeks after they claim. dont worry about it honestly.

Don't stress about this - it's totally normal! I went through the exact same thing last year. The IRS systems are notoriously slow to sync up with each other. When you verify your identity, that information doesn't instantly update across all their databases. The "no record of processed return" letter is basically an automated response that gets triggered when they can't find a COMPLETED return in their system at that moment. But your return is definitely there - it's just sitting in a processing queue waiting for all the verification checks to clear. I'd give it another week or two before calling. In my experience, once you see your transcript update with processing codes (look for TC 150 which means your return was accepted for processing), you'll know things are moving along. The whole process took about 3 weeks total for me after verification. Keep checking your transcript on Fridays since that's when they typically update. You've got this!