One thing nobody has mentioned - if your HOA has been putting the extra $1-2k per year into a savings account or investment, you might actually owe taxes on the interest/gains. Form 1120-H lets you exclude most HOA income, but interest income is typically taxable. Based on current rates, the tax would be minimal, but worth considering as you get compliant. Our HOA had a similar situation and we ended up owing about $300 in back taxes on interest income, but the late filing penalties were waived through the abatement program someone mentioned earlier.

As someone who's been through this exact situation with our 120-home HOA, I can confirm what others have said - yes, you absolutely need to file federal tax returns, and the good news is it's not as scary as it seems! A few practical tips from our experience: 1. **Form 1120-H is your friend** - It's specifically designed for HOAs and much simpler than regular corporate returns. Your $11k in dues income is generally exempt, so you'll likely owe little to no tax. 2. **Get your records organized NOW** - Start gathering bank statements, expense receipts, and any documentation of how funds were used. The IRS wants to see that money went toward legitimate HOA purposes (which yours clearly did). 3. **Consider the streamlined filing procedure** - The IRS has options for small organizations that have fallen behind. You typically don't need to go back to 2004 - usually just the last 3-5 years depending on your situation. 4. **Don't forget your state** - Most states also require HOA tax filings, and some have their own compliance programs that can reduce penalties. The key is acting quickly. Every month you delay makes it look worse to the IRS. Most HOAs in your situation end up paying minimal taxes but do face some penalties, which can often be reduced significantly if you're proactive about getting compliant. You've got this! Many volunteer board members have walked this path before you.

Sometimes 05 can mean delay too. U need to look at other codes on ur transcript to know for sure whats happening

Cycle code 05 is actually pretty straightforward! It means you're on a weekly processing cycle that updates every Friday morning. Most 05 cycle filers see their "as of" date change on Fridays and if they get a deposit date (DDD), it's usually for the following Wednesday. The key thing to remember is that being on weekly cycles often means faster processing once things get moving compared to daily cycles. Just keep checking your transcript on Friday mornings for updates!

If your waiting on money you really need, use claimyr.com to get through to the IRS. I had a similar situation with my refund going to PayPal and it wasn't showing up. Was able to talk to an agent who pushed it through manually. Without them I'd still be waiting!

I've been using PayPal for my tax refunds for the past couple years and it's been pretty consistent - usually get it either exactly on the DDD or maybe a day early. Since you're already seeing the 846 code on your transcript, that's a great sign that the payment has been issued by the IRS. At this point it's just up to when PayPal processes and releases it to your account. I'd say there's a decent chance you might see it tomorrow (the 11th) but definitely by the 12th. The waiting is always the worst part! 🤞

I just went through this exact situation with my mortgage! Here's what I did to resolve it: Step 1: I printed my transcript showing the processing date Step 2: I asked my lender if they would accept this as proof of filing Step 3: They required an official record of account transcript Step 4: I ordered this specific transcript from the IRS website Step 5: This satisfied my lender's requirements Thank you all for the insights on the cycle codes! I had no idea what these numbers meant until now. Really appreciate everyone taking time to explain this.

I've been dealing with similar transcript confusion for weeks! The cycle codes are like a secret language that only IRS insiders understand. From what I've gathered through my own research and talking to a tax professional, your cycle 20240605 with the Feb 26th processing date is actually a good sign - it means your return made it through the initial review process without any red flags. For your mortgage situation, I'd recommend getting a "Record of Account" transcript in addition to your regular transcript. Most lenders accept this as proof that your taxes are processed even if the refund hasn't hit your account yet. You can order it online through the IRS website and it usually arrives within 5-10 business days. The waiting game is brutal, especially with time-sensitive financial commitments. Hang in there - based on the timeline others have shared, you should see movement soon!

I had a similar issue last year. Turns out there was a discrepancy in my reported income. Double-check all your documents to make sure everything matches up. It could save you a headache later!

I went through something similar a few years ago. One thing that helped was creating a paper trail by sending everything certified mail with return receipt requested. That way you have proof they received your correspondence. Also, if you have a local Taxpayer Advocate Service office, they can sometimes help escalate your case if you've been waiting an unreasonable amount of time. The IRS is supposed to process returns within a certain timeframe, and if they don't, the Advocate can step in. Hang in there - it's frustrating but it will get resolved eventually!