You know what I've learned after years of tax seasons? The SBTPG system is always glitchy during peak refund weeks. Have you tried calling them directly instead of just using the website? Their phone system will often recognize your info before their website does. Also, did you check if your tax preparer entered your SSN correctly? I've seen cases where a single digit was off and that prevented access.

I'm going through this exact same situation right now! My transcript updated yesterday showing my refund was approved, but SBTPG keeps saying they can't find my account information. It's so stressful when you're counting on that money. Based on what everyone else is saying here, it sounds like there's typically a 24-48 hour delay between the IRS transcript updating and SBTPG receiving the funds. I'm going to try calling them directly like Leslie suggested - maybe their phone system is more up-to-date than the website. Thanks for posting this, at least now I know I'm not the only one dealing with this timing issue!

Who else thinks the whole charitable deduction thing is just a tax break for the wealthy? I mean, if you don't make enough to itemize, you get zero tax benefit from donations. Meanwhile, rich people can donate appreciated stock, avoid capital gains tax AND get a deduction for the full value.

You're absolutely right to be skeptical of that USA Today figure. As a tax professional, I see this confusion all the time. The $3,300 average is only from taxpayers who itemized deductions, which creates a massive selection bias. Think about it this way: in 2016, someone earning under $100K would only itemize if their total deductions exceeded the standard deduction (which was $6,300 for single filers). So you're looking at people who had unusually high mortgage interest, state taxes, medical expenses, OR charitable giving. This naturally inflates the charitable giving average within that subset. The real picture is much more modest. Based on comprehensive surveys that include all taxpayers, the typical household earning under $100K gives somewhere between $500-1,200 annually. Your own giving level is probably much more representative of actual American behavior than that misleading $3,300 figure. The charitable deduction system does create some perverse incentives where higher-income taxpayers get better tax benefits for giving, but that's a separate policy discussion from understanding what people actually donate.

also just fyi - the tax filing deadline for 2024 taxes is April 15, 2025. so if u do need to file, make sure u do it by then. and if ur ever not sure whether u need to file, the irs has a free interactive tax assistant tool on their website that can help u figure it out. just google "IRS do i need to file a tax return" and it should come up.

Just wanted to share my experience as someone who was in a very similar situation! I'm 27 and was taking classes part-time while living off savings and family support. I was super stressed about whether I needed to file taxes with no income. I ended up using the IRS Interactive Tax Assistant that someone mentioned - it's totally free and walks you through questions about your specific situation. In my case, it confirmed that with zero income, I didn't need to file federally. But it also helped me understand that if I had received any Form 1099s or had taxes withheld from any source (even small amounts), I might want to file anyway to get refunds. One thing I learned that might help you - even though you don't have income now, keep track of any educational expenses you're paying for. If your situation changes or if someone who could claim you as a dependent wants to use education credits, having those records will be super helpful. Since you're in Florida, at least you don't have to worry about state income tax! That's one less thing to stress about.

Great thread! Just want to add that when you're entering the Section 1256 contract information in TaxAct, make sure you double-check that the software is properly splitting your gains/losses using the 60/40 rule. I had an issue last year where TaxAct initially treated all my ES futures gains as short-term capital gains instead of applying the 60/40 split. I had to go back and specifically look for the "Section 1256 Contracts" section rather than just entering it under regular capital gains. Also, if you traded on multiple platforms like you did, make sure you're combining the totals from all your 1099-B forms before entering the aggregate amounts. The IRS wants to see one combined total on Form 6781, not separate entries for each broker.

This is such a helpful thread! I'm in a similar situation with ES futures trading but using FreeTaxUSA instead of TaxAct. Quick question for everyone - when you say "boxes 8-11" on the 1099-B, are you referring to the aggregate profit/loss amounts? My Interactive Brokers 1099-B shows totals in what looks like box 8 (Net Gain or Loss), but I want to make sure I'm looking at the right numbers. Also, has anyone had experience with FreeTaxUSA's Section 1256 contract entry? I'm hoping it's as straightforward as what you all described for TaxAct. The 60/40 rule seems like it should simplify things once I find the right section in the software. Thanks for all the great advice - this thread probably saved me from hours of confusion!

I do this every year for the exact same reason - credit card points! My strategy is a bit different though. Instead of trying to precisely calculate withholding for an $8k balance due, I aim for approximately $15k owed and then make quarterly estimated tax payments to stay within safe harbor limits. This way, I can make my Q4 estimated payment in December using a new credit card that I'm trying to hit a spending bonus on. The math is easier because you're just managing the estimated payments rather than trying to get your employer's withholding exactly right. Just be careful to stay within safe harbor rules - 90% of current year tax or 110% of prior year tax if your AGI exceeds $150k. I actually got hit with a penalty one year when I got too aggressive with this strategy.

I think you guys are way overthinking this. Just use the IRS withholding calculator, but when it asks for your desired refund amount, put in NEGATIVE $8000. That's literally all you need to do. The calculator will then tell you exactly what to put on your W-4 to end up owing $8k. I've been doing this for years for the exact same credit card churning purpose. Just remember to run the calculator again if you get any significant changes to your income during the year (bonus, raise, new job, etc).