I received my first round of child tax credit payments last time without any issues. According to the official IRS newsroom (https://www.irs.gov/newsroom), they're planning to start payments in July, but they recommend ensuring your 2023 tax return is filed and processed before then. They're also planning to relaunch the Child Tax Credit Update Portal where you can check payment status, update direct deposit information, and make other changes as needed.

Welcome to the community! The July timeline is what most sources are indicating, but I'd recommend signing up for IRS email updates if you haven't already - they'll send notifications when the payment portal goes live and when the first payments are scheduled to go out. Since you mentioned being new to the US tax system, one thing to keep in mind is that the IRS typically processes these payments in batches, so even once they start in July, it might take a few weeks for everyone to receive their first payment. Make sure your direct deposit info is current on your most recent tax return to avoid any delays with paper checks.

Anybody know what happens if you just ignore the excess contribution? My brother accidentally contributed $300 too much to his HSA last year and his tax guy told him it wasn't worth the paperwork to fix it lol.

This is exactly the kind of HSA mess that catches so many people off guard! You're definitely not alone in this situation. Since you've already gotten the excess contribution back from your HSA provider, you're actually in better shape than many people who don't realize they have this problem until much later. A few additional points to consider beyond what others have mentioned: 1. Make sure you have documentation of when the excess contribution was made versus when it was withdrawn. The timing affects whether you owe the 6% excise tax for the full year or just part of it. 2. If your HSA provider sent you a 1099-SA for the excess contribution distribution, don't panic - this is normal and expected. You'll reconcile everything on Form 8889. 3. Consider setting up automatic contribution limits with your payroll department for next year to prevent this from happening again. Many people get tripped up by mid-year job changes or bonus payments that push them over the limit. The good news is that once you file correctly this year with Forms 8889 and 5329, you'll be completely squared away with the IRS. It's a pain to deal with, but it's a one-time fix rather than an ongoing problem.

Don't forget that if you're married, having your spouse be an employee of the company (a real employee with actual duties) can open up some options. You could potentially provide health benefits to employees without running into the 2% shareholder limitations. This only works if your spouse isn't also a shareholder though.

One thing I haven't seen mentioned yet is the importance of timing when implementing these strategies. If you're going to start having your S-Corp pay health insurance premiums directly, you need to make sure this is consistent throughout the entire tax year. You can't just start doing it partway through the year for the expenses you've already paid personally. Also, keep in mind that if you do switch to having the corporation pay premiums directly, you'll need to adjust your officer compensation accordingly since this will increase your W-2 wages. This might push you into a higher tax bracket, so run the numbers carefully. For those considering the spouse employment route, remember that you'll also need to factor in the additional payroll taxes and potential workers' compensation requirements depending on your state. Sometimes the administrative burden can outweigh the tax benefits, especially for smaller operations.

This isn't legal advice, but I'm a tax preparer and we see this question occasionally. The biological product vs service distinction is key here. The IRS has ruled in similar cases (like plasma donation) that selling biological materials is not self-employment. Look at PLR 8814010 and the Garber case for precedent. Those deal with plasma, but the principle applies to sperm donation too. To be safe, report the income on Schedule 1, Line 8 (Other Income) and include a brief description like "Biological materials donation - 1099-MISC." This clearly shows you're not trying to hide income but also aren't classifying it as self-employment.

Random question - but did they withhold any taxes from your payments? When I donated last year they didn't withhold anything and I got hit with a big tax bill because I didn't set aside money. Just a heads up to maybe make estimated tax payments if you continue donating.

Just got my refund yesterday after using SBTPG with TurboTax! My DDD was 3/28, SBTPG received it that morning, processed it by afternoon, and it hit my account this morning 3/29. The SBTPG portal updated in real-time showing when they received it from IRS and when they sent it to my bank. They took out exactly $39.99 for the TurboTax fee that I opted to pay from my refund. Everything was exactly as expected with no surprises or additional delays. Much smoother process than last year when I waited nearly a week after my DDD.

Thanks for sharing your recent experience! It's really helpful to have current data points like yours. The consistency you're seeing - DDD on 3/28, processed same day, received 3/29 - matches what I've been telling people to expect this tax season. The real-time portal updates are a huge improvement from past years when we were all just guessing about timing. For anyone reading this thread, Anita's experience is pretty typical of what I've seen with most filers this year. The key is that SBTPG has gotten much more efficient, but your bank's processing time is still the variable that can add an extra day or two. If you're planning around needing your refund money, I'd still recommend assuming 1-2 business days after your DDD rather than counting on same-day availability.