Is the 846 date always accurate? Mine says February 28th but today is March 2nd and still nothing in my account. I also used Cash App like the poster mentioned.

The 846 date is usually accurate for when the IRS releases the funds, but it doesn't guarantee when your bank or Cash App will make those funds available to you. Most financial institutions receive the money on the 846 date but can hold it for 1-3 business days before posting it to your account. With Cash App specifically, they sometimes have processing delays during tax season due to the high volume of deposits. If your 846 date was February 28th and today is March 2nd, I'd give it until the end of today. If nothing arrives by tomorrow, you might want to contact Cash App support to see if they can provide any information about pending deposits.

I noticed the same thing! I was 0605 last year and got my refund super quick. This year I'm 0604 and it's taking forever even though my 846 code has been there for days. I think they're definitely processing certain paths differently.

Thanks for this advice! This is making me nervous though. My dad is super organized with taxes and usually files right when he gets his W-2s. If he files first and claims me, will my mom definitely have to paper file? Is there any way to prevent this or fix it electronically?

Unfortunately, if your dad e-files first incorrectly claiming you, your mom will definitely have to paper file. There's no electronic workaround - the IRS system automatically rejects the second e-filed return that tries to claim the same dependent. If you know he's likely to file early, you might want to have a conversation with him explaining the potential consequences - both for your FAFSA and for him. The IRS will eventually investigate the duplicate claim, and since you didn't actually live with him, he could face penalties for an incorrect return. Sometimes explaining the potential audit risk can discourage someone from filing incorrectly.

This is partially correct but can still cause major headaches. If the parent claiming you on taxes doesn't match the parent you list on FAFSA, it often triggers verification requests from the financial aid office. This can delay your aid package by months while they sort it out.

I use TurboTax every year for my rentals. It asks general questions about different expense categories but doesn't specifically prompt for unusual things like towing. You basically need to know which category to put it in yourself (like Repairs & Maintenance in this case).

I've never heard of this safe harbor rule before. Does this apply even for relatively small amounts like $900 in interest? That seems like overkill for the IRS to expect quarterly payments on such small amounts.

Yes, technically the safe harbor rules apply regardless of the amount. However, in practice, for relatively small amounts like $900 in interest resulting in under $200 in additional tax, the penalty would be very minimal - we're talking maybe a few dollars at most. The IRS calculates the penalty based on how much you underpaid and for how long. Since the interest is usually earned throughout the year, the penalty isn't on the full amount for the full year. Many people with smaller amounts of interest income don't worry about making quarterly estimates because the potential penalty is so small, but technically you're supposed to cover your tax obligations as you earn income.

I used TurboTax to amend my return last year when I forgot about a 1099-INT. It was pretty straightforward - I just logged back into my account, selected "amend return," and followed the prompts to add the missing info. The downside is they charge extra for amendments, I think it was like $50 when I did it.

Thanks for sharing! That $50 fee is still less than what most tax preparers charge, so that might be worth it. Did TurboTax handle submitting the amendment electronically or did you still have to print and mail it?

No formal purchase requisition, just noted in my accounting software as planned expenses and allocated the funds. Based on what everyone's saying, sounds like I definitely recorded these too early and should move them to 2025. Good catch on the distinction though!

Yeah, that's what I thought. Without formal documentation creating an actual obligation, it's just a planned expense, not an incurred one. For future reference, if you want to legitimately recognize expenses in a particular tax year, you need to create that obligation before year-end. A simple purchase order or signed contract dated before December 31st would have made those valid 2024 expenses even if you didn't pay until 2025. This is a common strategy for businesses wanting to accelerate deductions.

For cash basis, this is all moot - you record when you pay, period. That's the beauty of cash accounting for small businesses. But OP specifically mentioned they're using accrual, which has all these timing rules we're discussing.