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According to the TurboTax support forum (https://ttlc.intuit.com/), they've officially switched from SBTG to MetaBank for the 2024 tax season. Many users are reporting the same issue you're experiencing. The IRS Where's My Refund tool (https://www.irs.gov/refunds) should still show accurate information about your federal refund status regardless of which bank TurboTax is using as an intermediary. SoFi has a good reputation for processing government deposits quickly - their banking backend is actually operated by The Bancorp Bank, which handles millions of direct deposits daily. Just make sure your SoFi account number and routing number were entered correctly in your tax return.
I had this same issue and learned some things you should watch out for: ⢠TurboTax switched from SBTG to MetaBank this year ⢠The SBTG website won't work for 2024 TurboTax customers ⢠The $25 fee refund is automatic but takes 5-7 business days ⢠SoFi sometimes posts government deposits a day early ⢠If you don't see it by March 25th, check that your account number is correct ⢠TurboTax customer service wait times are 60+ minutes right now My refund eventually came through fine, but it was stressful not being able to track it through the process like previous years. Hopefully TurboTax improves this for next year!
@Luis Angel Pichardo No need to worry! Your situation is actually different from what the original poster described. The fact that you can see your information in SBTPG is a GOOD sign - it means your refund is properly in their system and being processed. The original poster was concerned because they COULDN T find'their info in SBTPG, whereas you CAN see yours. SBTPG Santa Barbara (Tax Products Group is the) bank that TurboTax and some other tax preparers use to process refunds and deduct any fees before sending the remainder to you. If you want to track your refund more precisely, I use taxr.ai to get my dates. It was pretty accurate for me. You can also check the IRS Where s "My'Refund tool for" official updates. Your refund is likely progressing normally through the system. The processing time can vary, but seeing your info in SBTPG means you re on'track!
Has anyone here successfully claimed both the Residential Clean Energy Credit AND the Child Tax Credit in the same year? My tax software keeps giving me errors about these two credits, similar to what OP described with the worksheet loop. I installed solar panels last year and should qualify for about $6,000 in credit, plus I have two kids under 17. When I try to claim both, the software freaks out and says I have some kind of circular reference. Really don't want to miss out on either credit!
Yes, you absolutely can claim both! I did last year with a $8,200 solar installation and 3 kids. The key is to enter the Residential Clean Energy Credit first as a preliminary amount, then work through the Child Tax Credit calculation. Most tax software should handle this automatically if you enter everything in the right order. Which software are you using? Some of them have specific workflows for renewable energy credits.
I'm using FreeTaxUSA. When I try to enter both credits, it keeps flagging an error saying I need to complete the Residential Energy Credit first, but when I go to that section, it says I need to finish the Child Tax Credit section. Seems like the same loop the original poster mentioned. Do you think I need to switch to different software? I've already entered all my info and don't want to start over.
The residential clean energy credit is non-refundable right? So if your tax liability is already zero after other credits, does this even matter? Or am i understanding it wrong?
@Chloe Martin That is incorrect information. Here is what the IRS website says: Q1. May a taxpayer carry forward an unused credit to a later taxable year? updated (Jan. 17, 2025 A1.) No. A taxpayer may not carry the credit forward. Thus, if a taxpayer does not have sufficient tax liability to claim all or a portion of the credit for a taxable year, the unused amount of the credit may never be claimed.
@Barbara R Thanks for sharing that IRS guidance about not being able to carry forward unused Residential Clean Energy Credits. You re'right that the credit can t'be carried forward, which makes the circular reference problem in the original post even more frustrating! The original issue was about the seemingly impossible loop in the instructions where Form 5695 points to worksheets that eventually point back to the very credit being calculated. This circular reference makes it really challenging to correctly calculate the credit amount in the first place, let alone determine if there s'any unused portion. I use taxr.ai to get my dates and information on credits like this. It was pretty accurate and helped me navigate some of these confusing IRS instructions. In my experience, the Residential Clean Energy Credit can be substantial if you ve'made qualifying improvements, but the calculation process is unnecessarily complex. The worksheet maze seems designed to limit how much credit you can claim based on your tax liability, which aligns with what you re'pointing out about not being able to carry forward unused amounts.
lol remember when filing taxes was just... filing taxes? Now we need secret agent PINs and shit. What's next, retinal scans? š
Has anyone had experience with getting an IP PIN if you're a victim of identity theft? I heard the process is different.
Amina Diallo
Quick question - does anyone know if these late fees are tax deductible? Asking for a friend... š
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GamerGirl99
Pro tip: If you're having trouble paying, look into an Installment Agreement. You can set up monthly payments and it might help reduce some of the penalties. Just make sure you can stick to the payment plan!
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Zainab Mahmoud
ā¢That's a great idea! Do you know if there's a minimum amount you have to owe to qualify for an Installment Agreement?
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GamerGirl99
ā¢AFAIK, there's no minimum, but the process is different depending on how much you owe. If it's under $50k, you can usually set it up online pretty easily. Over that, and you might need to provide more financial info.
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