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I'm so confused about something!!! š« If SBTPG already has your money from the IRS, why do they need to hold it at all??? Couldn't they just verify the fees and send it immediately? It seems like they're just sitting on our money for an extra day for no reason! Or am I missing something about how this process works?
Does anyone know if this holding period earns them interest? Even one day of holding thousands of refunds could generate significant income...
The holding period serves multiple purposes. They process in batches rather than individually, verify all fee deductions are correct, run fraud detection algorithms, and prepare the ACH transfers. While they likely benefit from the float, it's also standard banking procedure to have settlement periods.
This is exactly the kind of detailed analysis I was looking for! I'm currently in the same situation with SBTPG - they confirmed receipt of my funds yesterday, and my official deposit date is the 22nd. Based on your pattern analysis, I should expect to see the money hit my account tomorrow (the 21st). I've been checking my bank account obsessively, but your post gives me confidence to stop refreshing every hour and just wait until tomorrow evening. The stress of not knowing when to expect it has been driving me crazy! One question though - have you noticed any variation in this pattern based on the day of the week? I'm wondering if weekend processing might affect the timing at all, or if they stick to the T-1 schedule regardless of business days. Thanks for sharing this data - it's incredibly helpful for managing expectations! š
Welcome to the waiting game! š I'm in the exact same boat - SBTPG confirmed they have my funds and my deposit date is also the 22nd. It's so reassuring to see someone break down the pattern like this instead of just guessing. I've been refreshing my banking app way too much today! From what I've read in other threads, the weekend doesn't seem to affect their T-1 pattern since they process through automated systems. But I'm curious if anyone has actual weekend experience to confirm this? Either way, looks like we'll both be checking our accounts tomorrow evening! š¤
next year im avoiding tax prep fees completely and going strait to a CPA. This middle man stuff is for the birds fr
FAX NO PRINTER šÆ
I feel your pain! SBTPG had mine for 3 business days last month. What helped me was setting up account alerts with my bank so I'd get notified the second it hit instead of constantly checking. Also their website updates around 6pm EST each day if you want to track the status. Hang in there - it should come through soon! šŖ
I waited 6 weeks this year with no movement, then called the IRS. Was on hold for 2+ hours and got disconnected twice. Finally used Claimyr (https://claimyr.com) and got through to an agent in about 15 minutes. Found out there was a simple verification issue they needed to clear up. Refund was approved the next day after I spoke with them. Sometimes you just need to talk to a human!
Thanks everyone for the advice! I'll try checking my transcripts tonight. If I still can't figure it out, I might try calling the IRS. That Claimyr thing sounds useful - the one time I tried calling I gave up after being on hold for an hour.
Don't panic yet! Your timeline is actually pretty normal. I filed 1/28 and got accepted 2/13, so we're in similar boats. The 21-day processing time they advertise is more like a best-case scenario. With the volume they're dealing with this year, 4-6 weeks seems more realistic. When you check your Account Transcript, look for your 2023 tax year. If you see code 150 with your filing date, that's good - it means they received and processed your return. The absence of an 846 code just means they haven't issued the refund yet, not that there's a problem. Keep checking weekly - once you see that 846 code, your refund will typically hit your account within 1-2 business days.
Has anyone here dealt with the "partial business use" angle successfully? I had a dedicated home office (about 10% of square footage) in a house I sold at a loss last year, and my tax preparer said the loss for that portion might be deductible as a business loss rather than a personal residence loss.
Yes, this can work if you've been consistently claiming home office deductions before the sale. The key is having documentation that clearly establishes what percentage of your home was regularly and exclusively used for business. If you've been taking home office deductions on Schedule C or Form 8829 in previous years, you've already established this percentage. When you sell, you can allocate the same percentage of your loss to business use, which might be deductible as a business loss. However, this only applies to that specific percentage, not the entire loss. Also, if you claimed depreciation on the business portion, that complicates things further.
I'm really sorry to hear about your situation - losing $340k on a home sale is devastating, especially when it was due to circumstances beyond your control. From what I understand about your case, the core issue is that losses on personal residences aren't deductible, even when the sale is forced by job relocation. However, there are a few angles worth exploring that others have touched on: 1. **Home office deduction**: If you used any part of your home exclusively for business purposes and claimed home office deductions in previous years, that portion of the loss might be treated as a business loss rather than personal. 2. **Energy-efficient improvements**: Some of your $800k in renovations might qualify for separate tax credits if they included energy-efficient upgrades (solar, HVAC, windows, etc.). 3. **Documentation review**: Make sure all renovation costs are properly included in your cost basis calculation. While this won't help with the loss deduction, it ensures your loss calculation is accurate. Given the complexity and the substantial amount involved, I'd strongly recommend getting professional guidance - either from a CPA who specializes in real estate transactions or directly from the IRS. Some of the tools and services mentioned in this thread might help you identify overlooked opportunities or get clearer answers about your specific situation. The financial hit is painful enough without wondering if you missed any legitimate tax relief options.
This is such a comprehensive summary of the options available - thank you for laying it all out so clearly. I'm relatively new to dealing with complex tax situations like this, and it's really helpful to see all the different angles explained in one place. One thing I'm curious about - when you mention getting guidance directly from the IRS, is that typically through their regular customer service line or are there specific departments that handle real estate transaction questions? I've heard mixed things about how helpful their phone support actually is, especially for complicated situations like this one. Also, for someone in Yara's position with such a substantial loss, would it make sense to work with a CPA who specializes in real estate transactions first, or go straight to the IRS for official guidance? I'm trying to understand the best order of operations when dealing with something this complex and financially significant.
Katherine Hunter
The 14-digit code is the DLN. Not line 150. Line 150 shows tax liability. DLN appears at top of transcript. It's formatted like 12345-678-12345-6. This uniquely identifies your return. IRS uses this for all internal tracking. Always reference this when calling about your return. It helps agents locate your specific file quickly.
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Fernanda Marquez
Just to add some clarity here - everyone is correct that line 150 is NOT the verification code you need. Line 150 is simply the "Tax per return" amount showing your calculated tax liability. The 14-digit verification code you're looking for is indeed the Document Locator Number (DLN) which appears at the top of your transcript. I went through this exact confusion when dealing with my amended return last year. The IRS representative who mentioned "line 150" was likely referring to something else or there was miscommunication. When you call the IRS or need to reference your return, always use the DLN - it's formatted like XXXXX-XXX-XXXXX-X and uniquely identifies your specific return in their system. This will save you time and prevent the processing delays that can happen when using incorrect reference numbers.
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Alexis Robinson
ā¢Thank you for the clear explanation! I'm new here and dealing with my first amended return, so this is really helpful. Just to confirm - when I look at my transcript, the DLN should be right at the top, not buried somewhere in the middle with all the other codes? I want to make sure I'm looking in the right place before I call the IRS again. The last representative I spoke with seemed confused when I mentioned line 150, which makes so much more sense now that I understand what it actually represents.
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