What's concerning here is the discrepancy between the telephonic disbursement status and the digital portal indication. This can sometimes indicate a systemic reconciliation lag in the Integrated Financial System (IFS) that the IRS uses. Have you verified if there were any TC 898 codes (refund offset indicators) on your account transcript that might explain the $0.00 amount?

I've seen this exact scenario multiple times this tax season. The SBTG phone system pulls from a different database than their website, which is why you're getting conflicting information. When the phone says "sent to financial institution" but the website shows $0.00 with a "funded" status, it usually means the payment is in the ACH processing queue but hasn't been fully reconciled in their system yet. I'd give it 2-3 business days before panicking. Also double-check that your bank routing and account numbers were entered correctly on your return - a single digit error could cause the payment to bounce back and show as $0.00. If nothing appears by Wednesday, definitely call the main IRS line to have them trace the payment.

Just be careful about claiming this as a "business" at all if you're only flipping occasionally. The IRS has a "hobby vs business" test and if you don't show profit in 3 of 5 years they might classify it as a hobby which really limits what you can deduct. Make sure you keep super detailed records and run it like a real business if you want the business deductions.

This is a great discussion and Carmen, you're asking all the right questions! As someone who's been through the sneaker reselling tax maze, I wanted to add a few practical tips that helped me: First, definitely open that separate business bank account Sofia mentioned - it made my life so much easier come tax time. I use it for all sneaker purchases, sales deposits, and business expenses. No more digging through personal transactions trying to figure out what was business-related. Second, consider getting a simple invoicing app or using a spreadsheet template specifically for inventory tracking. I track purchase date, cost, selling price, platform fees, and profit/loss for each pair. This level of detail has been invaluable. One thing I learned the hard way - don't forget about state taxes! Some states have different rules for inventory and business income, so check your local requirements too. Also, since you're making good money at this ($8k profit is solid!), you might want to start making quarterly estimated tax payments to avoid a big bill next April. The IRS generally wants payments throughout the year for business income, not just one lump sum at tax time. Keep up the good work with the record keeping - it sounds like you're taking this seriously and treating it like the business it is!

Heads up - I was in this exact same situation last year and found out something important. When the 1098-T has amounts in Box 4 but nothing in Boxes 1 and 2, you need to be careful with tax software. Many programs will assume all your scholarship money is taxable income since there are no qualifying expenses listed to offset it.

This is a really frustrating situation, and I completely understand your confusion! I went through something similar when I graduated a few years ago. The key thing to understand is that your 1098-T is basically a "snapshot" of what happened in that specific tax year, but your actual education expenses and payments might have occurred across multiple years. Just because Boxes 1 and 2 are empty doesn't mean you didn't have legitimate qualified expenses - it just means the timing of when things were billed vs. paid doesn't line up with the calendar year. Here's what I'd suggest: 1. Definitely try the registrar's office as someone mentioned - they were way more helpful than the business office for me 2. Gather all your own records - bank statements, credit card statements, loan disbursement records, anything showing you actually paid for qualified expenses 3. The $170 in Box 4 likely won't require an amended return unless it significantly changes your education credits from the prior year 4. For the $5,213 in scholarships, you can offset this with qualified expenses you actually paid, even if they're not reflected on this year's 1098-T Don't let the 1098-T drive your tax return - use it as one piece of information, but rely on your actual payment records to determine what expenses you can legitimately claim. The form is notoriously confusing for situations like yours where you're graduating and have payments/billing that cross tax years.

One thing nobody has mentioned yet - make sure you get a proper valuation of the IRA as of the date of death! This is super important for calculating the basis and required distributions. My family made this mistake with my grandpa's IRA and it created a huge headache years later when we couldn't prove the original valuation. Also, does the trust document specifically address how the IRA should be divided? Sometimes trusts have special provisions for tax-advantaged accounts that might be different from the general distribution clauses. In our case, the trust gave the trustee discretion to distribute the IRA in "the most tax-advantageous manner possible" which gave us flexibility.

My sister is going through this exact same nightmare right now! Has anyone dealt with beneficiaries who refuse to open an inherited IRA account? My sister has two beneficiaries who just want cash and don't want to deal with the "hassle" of an inherited IRA, but she's worried about the tax consequences of just cutting them checks.

Just wanted to add something important here. The IRS "Where's My Refund" tool updates overnight. Not real-time. Sometimes status changes don't appear for 24 hours. Also, SoFi changed their early deposit policy in January. They now say "up to two days early" instead of guaranteed early deposits. This affected direct deposits too. Not just tax refunds. Hope this helps explain what's happening.

I completely understand your anxiety! Going through my first tax season post-divorce too, and every little delay feels magnified when you're managing finances solo. The good news is that if WMR shows approved with 2/26, your refund is definitely processed and coming. I've noticed SoFi has been less predictable with early deposits this year - seems like they're being more conservative during peak season. Try checking your account around 3-6am on 2/26 if you haven't already - that's usually when ACH deposits post. You've got this! 💪