So does that mean I need to prove I bought the other collectibles as investments rather than for personal enjoyment? How exactly do I demonstrate that to the IRS? I never formally tracked anything as "investment" vs "personal" when I was buying stuff.

You would need to show evidence that suggests investment intent rather than personal use. Things that help establish this include: keeping detailed records of purchases and sales, maintaining an inventory system, researching market values before buying, having a dedicated space for your collection, and having a history of actually selling items for profit rather than just accumulating them. The IRS looks at factors like frequency of transactions, effort to improve marketability of items, and whether you depend on income from sales. You don't need formal designation documents, but consistency in how you've treated the items. Even documenting that you've been researching values and market trends can help establish investment intent.

Is there like a specific number of items that triggers this? I sold maybe 30-40 things on eBay last year but most were just stuff from around the house, not really collectibles.

No, I didn't claim any special credits or deductions - just the standard deduction. All my info should be correct (same SSN, address, etc. as last year). I e-filed and requested direct deposit to the same bank account I've always used. That's why I'm so confused about the delay! I literally did nothing different from previous years when I got my refund quickly.

In that case, it's likely just the general processing backlog the IRS is experiencing this year. There have been reports that they're still working through a backlog from previous tax seasons, which affects current processing times. If it helps ease your mind, returns with no red flags almost always process successfully, it's just a matter of waiting. The 21-day guideline is just that - a guideline, not a guarantee. Many people are reporting waits of 30-45 days this year even for simple returns.

This happened to me too! My bank (Wells Fargo) held my tax refund for verification for 3 business days before releasing it to my account. When I called the IRS they said the refund had been issued a week earlier!

That's a fair point about the simplicity. I guess I was just frustrated with having multiple accounts in different places and the CD rate seemed low compared to my index funds which have been doing well. Are there any downsides to transferring it to another institution as an inherited IRA like others suggested?

The main downsides to transferring would be paperwork hassles and potential for errors. Some financial institutions aren't very experienced with handling inherited IRAs, which operate under different rules. If you do decide to transfer, make absolutely sure it's done as a direct trustee-to-trustee transfer of an inherited IRA. Don't let them give you a check or close the account, as that would trigger full taxation. Also ensure the new account is properly titled as an inherited IRA with the original owner's name and your name as beneficiary. Finally, confirm the new institution understands you're subject to the pre-SECURE Act RMD rules based on your life expectancy. When done correctly, the transfer itself isn't taxable.

Where did you hear this? I haven't seen anything about changes to inherited IRA rules in the current tax proposals. Do you have a link?

You're right to question this. I should have been more specific. There's no direct "Tax Reform 2.0" package targeting inherited IRAs specifically right now. What I was referring to are some of the ongoing discussions around retirement security legislation following the SECURE Act 2.0 passed in 2022. There are occasionally proposals floated about harmonizing pre-2020 and post-2020 inherited IRA rules, but nothing concrete has advanced through committees. I apologize for creating unnecessary concern. The current rules for pre-2020 inherited IRAs like the OP's should remain stable for the foreseeable future, and I shouldn't have implied otherwise without specific legislation to reference.

I did check that actually - FreeTaxUSA doesn't let you just do the state return separately unfortunately. You have to buy the whole package. Based on everyone's advice, I'm going to try the Oregon Department of Revenue direct filing option instead. Seems silly to pay $50 for a $5 refund!

Yep, same happened to my cousin. Ignored a small state return and got hit with a $125 penalty two years later. The state tax departments definitely do cross-check with federal returns.

Thanks for the warning! I'll definitely file the Oregon return then. I was leaning that way already but this confirms it's not worth the risk of penalties. I'm going to try the direct filing option through Oregon's website that others mentioned.

2 I've got a similar issue but with Fidelity. Do you know if all brokerages have the same March 15 deadline for these special cases? I can't find clear info anywhere.

5 Yes, all brokerages follow the same IRS deadlines. The standard deadline is February 15th for most 1099s, but there's an extended deadline of March 15th for accounts with specific types of investments that might need reclassification. This includes certain mutual funds, REITs, foreign investments, and instruments where income characterization might change. If you have these types of investments in your Fidelity account, they would also have until March 15th to provide your forms. I'd recommend calling them directly to confirm which deadline applies to your specific situation.

16 In my experience, their international funds and REITs are usually the culprits. I hold VTIAX (international) and VGSLX (REIT) and consistently get delayed 1099s every year. Their basic total market funds like VTI or VTSAX typically don't cause delays.