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PSA: There's a specific code on your transcript (846) that shows when the refund was actually sent. You can verify if it actually went out on 2/26 by checking your transcript. If you don't see that code with the 2/26 date, the money hasn't actually been released yet regardless of what WMR says. You can access this on irs.gov through your online account.
Just tried to check my transcript but the verification system is so annoying. Can't get past it. Ugh.
I did actually check my transcript and I do see the 846 code with 2/26 date. So I guess it really is on CashApp's end now.
I'm in the exact same boat with CashApp and the 2/26 DD date! Been checking my account obsessively for days now. Reading through all these comments is actually really helpful - sounds like CashApp just takes longer to process IRS refunds than traditional banks. I'm going to check my transcript tonight to see if I have that 846 code with the 2/26 date to confirm the IRS actually sent it. At least now I know it's normal for CashApp to take up to 5 business days. Thanks everyone for sharing your experiences - makes me feel way less anxious about this!
Same here! I've been refreshing my CashApp every few hours like it's going to magically appear š It's so nerve-wracking when you're expecting money and it just doesn't show up when it's supposed to. I didn't realize the 5 business day thing was normal for CashApp - definitely going to remember that for next year. The transcript checking tip is super helpful too, I'm going to try that tonight as well. Glad we're all going through this together!
A practical tip from someone who sells vintage clothing: Start using inventory management software NOW before you get deeper into selling. I use a simple spreadsheet with columns for: 1. Item description 2. Date acquired 3. Original cost 4. Estimated current value 5. Storage location 6. Condition notes This makes it much easier to track your COGS and will save you massive headaches at tax time. Also, take photos of everything for insurance purposes - 3000 pairs of collectible sneakers represents a significant asset!
Great advice in this thread! I went through something similar when I transitioned from collecting vintage watches to selling them as a business. One additional consideration that hasn't been mentioned yet: make sure you're prepared for the self-employment tax implications of Schedule C income. Unlike capital gains treatment, business income from Schedule C is subject to self-employment tax (15.3%) on top of regular income tax. This can be a significant additional cost, especially if you're planning to sell $2000+ worth annually. However, the benefit is that you can deduct business expenses like storage costs, packaging materials, listing fees, even a portion of your home if you use it for storage/processing. Keep detailed records of all these expenses - they can really add up and offset some of that self-employment tax burden. Also, consider making quarterly estimated tax payments if you expect to owe more than $1000 in taxes from your sales to avoid underpayment penalties.
Just want to warn everyone - be super careful about claiming ESA expenses. My friend tried deducting her emotional support cat expenses last year and got audited. The IRS made her pay back all the deductions plus penalties. Unless your situation clearly qualifies under the service animal rules, it's probably not worth the risk.
Thanks for sharing this question - it's one that comes up a lot and the answers here are really helpful. I went through something similar with my therapy dog last year. Just to add another perspective: even if you can't deduct the ESA expenses directly, don't forget that you can still deduct your therapy sessions and any other mental health treatment costs (assuming you itemize and meet the 7.5% AGI threshold). The therapy that led to your ESA prescription is definitely a legitimate medical expense. Also, keep really detailed records of everything - receipts, vet bills, your therapist's documentation, etc. Even if you don't claim the ESA expenses this year, tax laws can change, and having good documentation ready is always smart. The IRS appreciates thorough record-keeping if you ever do get questioned about any medical deductions. Hope Milo continues to help with your anxiety and depression - ESAs can make such a difference even if the tax benefits aren't there!
For future reference, there are better ways to track your refund than just WMR: ⢠Create an IRS online account and check your transcript directly ⢠Look specifically for Transaction Code 846 which indicates a refund has been issued ⢠The transcript typically updates before WMR does ⢠Pay attention to cycle codes (last two digits indicate which day of the week updates happen) ⢠Many banks process deposits early, especially online banks I'm glad your money arrived! It's actually fairly common for funds to appear before WMR updates, especially during the peak processing weeks of March and early April. The IRS prioritizes getting payments out over updating their customer-facing tools.
This exact same thing happened to me just last week! Filed on 2/18, WMR stuck on "still processing" with Topic 152 for over a month, then boom - refund appeared in my account on 3/19 with zero warning. I was starting to think something was wrong with my return. What's funny is I actually called the IRS the day before my deposit hit because I was so worried. The agent told me my return was "in the final stages" but couldn't give me a timeline. Then literally the next morning, there was my refund! WMR didn't update until 2 days later. I think the lesson here is that WMR is more of a general status indicator than a real-time tracking tool. Once you hit that "still processing" stage, especially with credits involved, the actual deposit can happen anywhere from a few days to several weeks later. The important thing is that you got your money - that's the IRS's way of saying everything checked out fine with your return!
Ethan Wilson
FYI - the IRS has been super backed up this yr. Ppl who filed in mid-March are def seeing longer wait times than usual. The IRS website says 21 days for e-file but tbh that's more like a minimum these days. If u have any credits like CTC or EIC, that adds more time too. One thing I learned - if WMR shows "still processing" that's actually better than "being processed" bc it means it's moving through the system. Hang in there!
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Cassandra Moon
I'm experiencing almost the identical situation! Filed on 03/21 and got my state refund within 10 days, but federal has been stuck in processing for over 5 weeks now. The phone lines are absolutely useless - I've tried calling multiple times and either get disconnected or can't get through at all. What's really frustrating is that my return is straightforward with no complicated deductions or credits. I've been checking Where's My Refund daily and it just keeps saying "still being processed." Based on what others are saying here, it sounds like this is unfortunately normal for this filing season, but it's still nerve-wracking when you're waiting on that money. Thanks for posting this - at least I know I'm not alone in this situation!
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