2 Has anyone here used TurboTax to report this kind of transaction? I'm trying to figure out if the software can handle reporting a direct charitable contribution from a non-qualified annuity correctly or if I need to hire a tax professional this year.

I'm a bit confused about the documentation requirements everyone is mentioning. When you do a direct charitable contribution from a non-qualified annuity, what specific documentation do you need to keep? I assume you need the 1099-R from the annuity company, but what about from the charity side? Do they need to send you a special acknowledgment letter since the money came directly from the annuity company rather than from you personally? And does this affect the $250+ written acknowledgment requirement for charitable deductions?

Has anyone else noticed how some very profitable corporations seem to pay almost no taxes despite this "flat" rate? I read that Amazon paid $0 in federal taxes in 2018 despite billions in profit. How does that work if there's supposedly a flat 21% rate?

The difference also comes down to fundamental tax policy goals. Individual progressive taxation is based on the principle of "ability to pay" - someone making $50k feels the burden of taxes much more than someone making $500k, so we tax higher earners at higher rates. Corporate taxation serves different purposes. It's meant to prevent corporations from being used as tax shelters (where individuals park money in companies to avoid personal taxes) and to capture some revenue from business profits before they're distributed to shareholders. The flat rate reflects that corporations are legal entities, not people with varying needs and abilities to pay. There's also the international competition factor. Countries compete to attract businesses by offering competitive corporate tax rates. A complex graduated system makes it harder for businesses to predict their tax burden and can drive companies to relocate to countries with simpler, more predictable systems. That said, as others mentioned, many small businesses don't even pay corporate taxes because they're structured as pass-through entities, so they get the benefit of graduated rates through the individual tax system anyway.

Quick question - if we file with the W-7 renewal, do we still need to include the tax payment if we owe money? Or do we wait until after the ITIN is renewed?

I went through this exact process with my spouse last year and wanted to share what worked for us. The key thing that helped reduce our stress was finding a local Certifying Acceptance Agent (CAA) - many tax preparation offices are authorized to do this service. The CAA was able to verify my spouse's original passport and other documents, then provided certified copies that we could mail with our tax return and W-7 form. This meant we kept all our original documents and didn't have to worry about them getting lost in the mail or waiting months to get them back. The whole process still took about 10 weeks for the IRS to process the ITIN renewal, but our peace of mind was worth the small fee the CAA charged (around $50). You can find authorized CAAs on the IRS website - just search for "Certifying Acceptance Agent" in your area. Also, make sure you file everything together in one package - the tax return, W-7 form, and all supporting documents. The IRS processes these as a unit, so separating them can cause delays.

I've been tracking Chase direct deposits for tax refunds for several years now. A few things to consider about your situation: Have you checked if your refund includes any refundable credits like EITC or CTC? Those sometimes follow a different deposit timeline. What does your transcript show for transaction codes? Is there anything besides the 846 code that might indicate a partial offset or review? Did you file electronically or by paper? Electronic filers typically see deposits processed more predictably than paper filers.

I'm in the exact same situation! Filed 2/12, accepted same day, transcript shows 846 code with DDD 3/20, and Chase shows nothing pending. I called them twice today and both reps confirmed no ACH transfers in queue. What's frustrating is that my neighbor got her refund yesterday with a 3/19 DDD through Wells Fargo. I'm trying not to panic but it's hard when you're counting on that money for bills. Has anyone with Chase actually received their deposit early this year, or are they all coming exactly on the DDD? I've read mixed reports online about whether the Treasury changed their batch processing timing this season.

I guess my experience might be useful too. I filed for bankruptcy last year after my medical bills and tax debt got completely out of control. The court assigned me a bankruptcy attorney who told me I'd been misled by the tax relief company I'd hired. Turns out my tax debt would have been dischargeable in bankruptcy (it was over 3 years old and I had filed the returns on time), but the tax company never mentioned this as an option. Instead they took $3,500 from me when I was already financially devastated. Not saying bankruptcy is the right option for everyone, but if your debt is overwhelming, it might be worth talking to a bankruptcy attorney to understand all your options before paying thousands to these tax relief places.

This is exactly why I always tell people to be extremely cautious with these national tax relief companies. Your experience with SuperiorTaxRelief sounds unfortunately typical - they hook you with promises of major debt reduction, then months later you find out you're just getting a standard payment plan you could have set up yourself. The fact that their email mentions "installment agreement" and "penalty abatement" instead of an Offer in Compromise pretty much confirms they're not pursuing significant debt reduction for you. Most people can request penalty abatement themselves using Form 843, and installment agreements are available directly through the IRS website. Before you write your final review, I'd document everything they promised versus what they're actually delivering. If there's a significant gap, you might have grounds for a complaint with your state's consumer protection agency or even a chargeback if you paid by credit card. The silver lining is that your detailed review will help others avoid the same trap. These companies prey on people who are already stressed about tax problems, so honest reviews from real customers are invaluable.