I was sort of in a similar situation, filed on 2/14 and transcript showed nothing until just yesterday. It seems like the IRS might be processing returns in somewhat random batches this year. Once my transcript finally updated, I got my refund deposited within 48 hours. So it might just suddenly appear for you too without warning. The wait is definitely stressful when you're counting on that money though.

I'm also in Mountain time (Denver area) and filed 2/10 - been stuck with "no tax return filed" on transcripts until just this morning when it finally showed up! Got my DDD for 3/13. So your theory about time zones might have some merit, or maybe we're just in a later processing batch. Either way, hang in there - seems like Mountain time filers are starting to see movement this week. Have you tried checking your transcripts early morning vs evening to see if there's a pattern to when updates appear?

Has anyone actually checked whether this reduces ur AGI? Because if it does that's even better than just reducing taxable income, since it could help with other income-based stuff like IRMAA or ACA subsidies.

This is such a valuable thread! I work in employee benefits and can confirm this is a legitimate but underutilized tax strategy. One thing I'd add for anyone considering this - make sure to coordinate with your HR department when making the beneficiary change. Some employers process these changes quarterly rather than immediately, so you'll want to confirm the effective date to ensure you qualify for the full year exclusion. Also, if you're married, discuss this with your spouse since you're giving up the life insurance benefit that would normally go to them. The documentation Carmen mentioned is key - your employer should provide a statement or notation showing the imputed income amount that's being excluded. Keep this with your tax records along with proof of the beneficiary designation and the charity's 501(c)(3) status.

Just a heads up - make sure your bank knows exactly what you're doing. Some banks require additional documentation beyond just the EIN to link a business name to your account. My credit union wanted to see the DBA filing AND the EIN before they would accept checks with my business name.

Great advice from everyone here! Just to add one more tip - when you get your EIN, write it down in multiple places and take a screenshot of the confirmation page. The IRS doesn't mail you a physical document anymore, so that online confirmation is your only proof until you start filing tax returns with it. Also, once you have your EIN, you can call your bank ahead of time to ask exactly what documents they'll need to update your account for business name deposits. Some banks are more flexible than others, and it's better to know their specific requirements before you show up with the check. The whole process really is pretty straightforward once you know the steps - EIN online (15-20 minutes), DBA at county level (varies by location), then coordinate with your bank. You should be able to get that check deposited within a few days if you stay on top of it!

Ugh, I'm going through the exact same thing! Filed my CT return in late February and it's been stuck on "Under Review" for 7 weeks now. It's so nerve-wracking when you're counting on that money. I actually called the DRS office yesterday and after waiting 90 minutes (!) they told me that "Under Review" can mean anything from routine verification to them needing additional documentation. The rep said they're really backlogged this year and to expect 10-12 weeks total processing time. Apparently if they need anything from you, they'll send a letter, so no news is kinda good news? Still super frustrating though - my federal came back in like 2 weeks! 😤

Just got off the phone with CT DRS after a 2+ hour wait (I called at 8am sharp when they opened). Rep told me they're currently processing returns filed in early February, so if you filed mid-to-late February you're probably still a few weeks out. She also mentioned that anything involving Schedule CT-1040EZ or certain tax credits automatically goes into extended review. The good news is once it moves from "Under Review" to "Approved" the deposit usually hits within 3-5 business days. Hang in there everyone - sounds like we're all in the same boat! 🚤

Something everyone seems to be missing - make sure you're using the right version of Form 8865! The IRS updates these forms almost every year. Using the 2011 form for your 2023 taxes would be a disaster!

This is such a common source of confusion! I've been dealing with foreign partnerships for about 8 years now and still had to look this up when I first started. One thing that might help is to think of it this way: your personal tax return is like a "snapshot" of your financial situation for that calendar year. So for your 2023 personal taxes, you need to include income/losses from any partnership tax year that "closed the books" during your 2023 calendar year. In your case with the April 1 - March 31 fiscal year, the partnership year that ended March 31, 2023 is what gets reported on your 2023 personal return. Even though most of that partnership year (April-December 2022) happened in 2022, it still gets reported on your 2023 taxes because that's when the partnership "closed the books." Pro tip: I always write down the partnership's fiscal year dates somewhere prominent on my tax prep checklist each year. Saves me from having to re-figure this out every single time! The partnership should send you a K-1 that will also show which tax year it covers.