Check ur bank account! Just got mine this morning and I was approved 1/26

Same situation here! Filed Indiana on 1/28 and got approved but no deposit date yet. Really hoping it comes through soon - these delays are stressful when you're counting on that money. Thanks for asking this question, the responses are really helpful!

I accidentally did this exact same thing when I started at my company 4 years ago! When I realized my mistake, I was terrified I'd get fired or be in legal trouble. When I told HR, they just had me fill out a new W-4 with the correct info and they filed a W-2c (corrected W-2) for the previous years. The whole process took like 15 minutes of my time. They were totally cool about it - said it happens all the time.

Don't stress too much about this! I work in payroll and see these types of errors fairly regularly. The fact that you've been filing your personal taxes correctly with your real SSN actually works in your favor - it shows there was no intent to deceive. Your employer will need to file corrected W-2s (W-2c forms) for the affected years, but this is a standard process that payroll departments handle all the time. Most companies have procedures in place for exactly this situation. The key things to bring to HR: your correct SSN, be honest about when the mistake happened, and emphasize that you want to get it fixed properly. They'll likely appreciate that you're being proactive about correcting it rather than waiting for the IRS to flag the discrepancy. You definitely won't lose your job over an honest mistake like this. Good luck with the conversation!

I'm so relieved to see others have gone through this exact same panic! I just got off another call with my 529 plan administrator and they confirmed the withdrawal request is being processed. They said since it's still in cash and no investment transactions occurred, it should be back in my checking account within 1-2 business days with no tax reporting required. The whole experience has definitely been a wake-up call about being more careful with transfers. I'm already planning to implement several of the suggestions from this thread - the staging account idea sounds perfect, and I'm definitely setting up those transfer confirmation screens. Thanks everyone for the quick responses and reassurance! Sometimes you just need to hear from people who've actually been there. I'll update this thread once the money is back in my account in case anyone else finds themselves in this situation.

Great to hear you got this resolved so quickly! Your experience is a perfect example of why it pays to act fast with these kinds of mistakes. For anyone else reading this thread, I'd also recommend taking a screenshot of your online banking transfer confirmation screen when you catch a mistake like this. It can serve as documentation of the timing if you ever need to prove to the IRS that the withdrawal was an immediate error correction rather than a regular distribution. Most 529 administrators are pretty good about handling these situations, but having that timestamp evidence in your records never hurts. I learned this tip from a tax professional after I had a similar (but more complex) 529 mix-up a few years ago. Looking forward to your final update once the funds are back where they belong!

Quick suggestion - have you considered forming an actual LLC for your rental property? When my sister and I owned a duplex together with a similar arrangement, our CPA recommended creating an LLC and filing as a partnership (Form 1065). This made the management fee situation much cleaner tax-wise. The LLC would pay my sister a management fee, issue her a 1099, and then we'd get K-1s for our ownership percentages of the remaining profits. Saved us a bunch of headaches and potential audit flags.

Based on what everyone's shared here, it sounds like you're on the right track with treating that 5% as a deductible management fee. I went through something similar with my rental condo and learned a few things the hard way. The key points I'd emphasize: 1) Get that arrangement in writing ASAP if you haven't already - doesn't need to be fancy, just clearly state what services your brother provides for the 5% fee. 2) Make sure you're both handling it correctly on your returns - you deduct it as a business expense, he reports it as self-employment income on Schedule C. 3) Keep detailed monthly records showing the calculation. One thing that caught me off guard was the 1099-NEC requirement mentioned by Ava - if that 5% adds up to more than $600 for the year, you technically need to issue him one. My accountant said this is often overlooked in family arrangements but it's still required. The LLC suggestion from Miguel is worth considering too, especially if you plan to buy more properties together. It does add some complexity but makes everything much cleaner from a tax and liability perspective.

Make sure you get proper valuations for any hard-to-value assets in your inheritance! My dad left me some closely-held business interests and collectible coins that weren't publicly traded. The executor used a ballpark estimate for the business interests, but when I sold them 2 years later, the IRS questioned my basis and I had to pay for a retroactive professional valuation. For the coins, I had to hire a numismatic expert. For your stocks, if they're publicly traded, it's pretty straightforward - just the closing price on date of death (or alternate valuation date if the executor chose that). But for anything without a clear market value, document document document!

Something to consider as you're deciding whether to sell or hold - if you're in a lower income bracket this year, you might want to take advantage of the 0% long-term capital gains rate. Since your basis stepped up to the $98,000 value at death, any gains you'd pay tax on would only be from appreciation since you inherited the stocks. If you're single and your taxable income is under $47,025 (or $94,050 if married filing jointly), you could potentially sell some shares and pay zero federal tax on the gains. This could be a great opportunity to rebalance your portfolio or diversify if too much of your inheritance is concentrated in individual stocks. Just make sure to factor in any other capital gains you might have this year from other investments, as they all count toward determining your tax bracket for LTCG purposes. You might also want to consider spreading sales across multiple tax years if you're close to the income thresholds.