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This is such a helpful thread! I was in the exact same boat - sitting at my computer staring at that TurboTax screen wondering if my Schwab account somehow counted as "digital assets." Based on all the great explanations here, it sounds like the key question is really simple: Have you dealt with actual cryptocurrency or NFTs? If the answer is no (like in my case - just regular index funds and some individual stocks), then you select "No" on that TurboTax question. It's frustrating that TurboTax doesn't explain this better upfront. They could easily add a tooltip or example saying "This refers to Bitcoin, Ethereum, NFTs, etc. - NOT traditional stocks, bonds, or ETFs held electronically." Would save so many people the stress and confusion! Thanks everyone for sharing your experiences and clarifying this. Filing taxes as a young adult is already stressful enough without wondering if you're accidentally committing tax fraud by answering a question wrong!
Totally agree about TurboTax needing clearer explanations! As someone who just went through this exact confusion, I think they should add examples right on that screen. Something like "Examples of digital assets: Bitcoin, Ethereum, Dogecoin, NFTs" and "NOT digital assets: Robinhood stocks, Fidelity mutual funds, E*TRADE ETFs" would save so much stress. I ended up spending way too much time researching this when it should have been straightforward. The IRS form itself is actually clearer than TurboTax's wording, which is saying something! At least now I'll know for next year.
As someone who works in tax preparation, I can confirm that the explanations here are spot on! The IRS created this digital assets question specifically to catch unreported cryptocurrency transactions, which have become a major compliance issue. One thing I'd add for anyone still confused: if you're unsure whether something counts as a "digital asset," ask yourself if you could trade it on a crypto exchange like Coinbase or Binance. If the answer is yes (Bitcoin, Ethereum, NFTs, etc.), then it's a digital asset. If it would be traded on a traditional stock exchange like NYSE or NASDAQ (Apple stock, S&P 500 ETFs, etc.), then it's not what this question is asking about. Also, don't stress too much if you made an honest mistake on this question in previous years. The IRS is generally reasonable about correcting genuine errors, especially for small amounts. The key is being accurate going forward now that you understand the distinction. @CyberSamurai - for your specific situation with just Robinhood stocks and normal payment app usage, you should definitely answer "No" to the digital assets question. Your investment activity will be properly reported via the 1099-B that Robinhood sends you.
Filed with FreeTaxUSA on February 29th and just wanted to add my experience to this thread! I'm 20 and this was my second year filing (did it myself both times). Simple return with just W-2 income from my campus job. I was stuck on "return received" for exactly 19 days, then yesterday it suddenly jumped to "refund approved" and this morning it shows "refund sent." Should hit my account by Friday according to the tool. What really helped me during the wait was reading threads like this one - seeing that 3-4 weeks is totally normal for our age group during peak season. I also learned not to stress about the WMR tool not showing incremental progress. Like others mentioned, it really does just sit on "return received" forever and then boom - everything updates at once. For anyone still waiting from late February filings, you're probably going to see movement any day now based on the patterns I'm seeing here. The IRS is just working through the massive backlog from peak filing season. FreeTaxUSA itself worked great - it's definitely the government processing that takes forever, not the filing software!
This is exactly what I needed to hear! I filed with FreeTaxUSA on March 1st (also 20, second time filing myself) and I've been stuck on "return received" for about 2.5 weeks now. Just a W-2 from my internship last summer, nothing complicated. Your timeline gives me so much hope - 19 days from acceptance to approval sounds pretty reasonable for this time of year. I was getting worried that maybe something was wrong since I haven't seen any movement, but your experience confirms what everyone else has been saying about the WMR tool just sitting there until everything processes at once. Really appreciate you sharing the update about your refund getting approved! It's reassuring to see someone with a similar filing date and situation finally getting through the system. Hopefully I'll see that magical jump from "return received" to "refund approved" in the next few days. Thanks for giving us late February/early March filers some light at the end of the tunnel!
Filed with FreeTaxUSA on February 22nd and just got my refund approved yesterday after 22 days! I'm 19 and this was my first time filing too - just had a W-2 from my job at Target, standard deduction. The WMR tool was stuck on "return received" for the entire time until it suddenly jumped to "refund approved" yesterday morning. Today it updated to "refund sent" and should be in my account by next Wednesday. Reading through this thread really helped me stay calm during the wait. The explanation about first-time filers taking longer because the IRS has to set up new records makes total sense. And knowing that the WMR tool doesn't show incremental progress - just those three main statuses - helped me stop obsessively checking for daily updates. For anyone still waiting from late February filings with simple returns, hang in there! Based on all the timelines shared here, you should see movement very soon. The 3-4 week wait during peak season seems pretty standard for our age group. FreeTaxUSA worked perfectly - it really is just the IRS processing that takes forever this time of year.
whats SBT? trying to track my refund too
CK has been pretty inconsistent with tax refunds in my experience. Sometimes they release a day early, sometimes right on the DDD. Since your advance already hit there, the routing is definitely set up correctly. I'd expect it to drop either tonight or tomorrow morning if your DDD is the 12th. Keep checking overnight - that's when they usually process!
16 Have you considered using task-based services like TaskRabbit or other gig platforms instead of hiring someone? I'm also a 1099 contractor and I use these services for one-off tasks when I'm swamped. The benefit is you only pay for exactly what you need, when you need it.
1 I've thought about that route, but I really need someone consistent who understands my preferences and business. Having to explain everything to different people each time would probably take more time than it saves. Has anyone used a virtual assistant service? I'm wondering if that might be a middle ground - more consistent than gig workers but without the employment complexities.
Virtual assistants can be a great option! I've used services like Belay and Time Etc for my consulting business. They provide dedicated VAs who learn your preferences over time, but they handle all the employment aspects on their end. You just pay the service directly. The main downside is cost - they're typically more expensive per hour than hiring directly. But for business-related tasks, the entire cost is deductible since you're paying a business service rather than an individual. Plus no payroll headaches or contractor classification concerns to worry about. Many VA services also specialize in specific industries or skill sets, so you might find someone who already understands the type of work you do.
Another angle to consider - since you're making good money ($86K in 8 months), you might also want to look into quarterly estimated tax payments if you haven't already. With that income level plus self-employment tax, you could be looking at underpayment penalties if you're not staying current. When you do hire help, whether employee or contractor, make sure you're factoring their cost into your quarterly estimates. The IRS expects you to pay as you go, not just settle up at year-end. A good rule of thumb is to set aside 25-30% of your gross income for taxes, including any amounts you'll owe on assistant wages. Also worth noting - if you go the employee route and they work in your home office, you might be able to deduct a portion of your home office expenses related to their workspace. Just another small benefit to consider in your cost-benefit analysis.
This is really solid advice about quarterly payments! I've been setting aside about 28% but honestly wasn't thinking about factoring in the assistant costs. That's a great point about the home office deduction too - I hadn't considered that angle. Quick question - if I'm already maxing out my home office deduction based on my current setup, would adding workspace for an assistant allow me to increase the percentage of my home I can claim? Or does it work differently than that?
Keisha Taylor
I'm new to this community and dealing with the exact same frustrating situation! Filed my 2023 return in April 2024, they cashed my payment check within two weeks, but my return has been showing as "not received" for almost 11 months now. Reading through this entire thread has been such an eye-opener - I had no idea that the IRS payment and return processing systems were completely disconnected! It finally makes sense why they can grab your money instantly but take nearly a year to acknowledge your paperwork exists. I've been keeping detailed documentation (certified mail receipts, copies of cashed checks, screenshots of my online account) but the uncertainty has been really stressful. This thread has convinced me to stop waiting around and call them Monday morning at 7am based on everyone's advice, especially @Mei Zhang's success story about getting through to an agent and receiving a confirmation number. It's absolutely maddening but honestly so comforting to know there's an entire community of us dealing with this same bureaucratic nightmare. Thank you everyone for sharing your experiences - it's given me the motivation to be proactive instead of just hoping it magically resolves itself!
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Natalie Khan
I'm new to this community and going through this exact same issue! Filed my 2023 return in January 2024, they cashed my payment check in February, but here we are in March 2025 and my return is still showing as "not received." Reading through all these responses has been incredibly helpful - I had no idea their payment and return processing systems were so completely separate! It explains so much about why they can process payments lightning fast but take over a year to acknowledge receiving the actual return. I've been keeping all my documentation (certified mail receipt, copies of cashed checks, account screenshots) but the anxiety has been real. This thread has convinced me to call them at 7am Monday morning with all my info ready. It's frustrating but reassuring to know I'm not alone in this bureaucratic mess. Thank you everyone for sharing your experiences!
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