Thank you for the detailed explanation! I called Chase this morning and they said there's no specific hold, but they do have a standard processing time for ACH transfers. The customer service rep told me the money should be available tomorrow, which is 3 days before the settlement date. That matches what you're saying about them making funds available before actual settlement.

Glad to hear it's working out! That's typical for Chase. They usually release tax refund funds within 1-2 business days of receiving the ACH notification, regardless of the settlement date. The settlement date is more about the backend banking processes than when you can access your money. If you want to avoid this next year, some tax preparation services offer options to receive your refund on a prepaid card which sometimes posts a bit faster than traditional bank ACH transfers. Though personally, I think waiting an extra day or two for the money to hit your regular account is worth avoiding the fees those cards sometimes charge.

This is great advice! I work at a credit union and we do make government deposits available immediately, but many people don't realize that policies vary drastically between financial institutions. Another tip: if you file very early in tax season, refunds can sometimes take longer to process even after showing as "pending" because the IRS and banks are dealing with high volumes.

I used FreeTaxUSA Pro last season and it was decent for basic returns. The interface isn't as polished as the big names but it gets the job done. State returns are extra though, like $15 each.

Good point! I wasn't planning to charge anything since I'm just getting experience, but I'll look into getting a PTIN anyway to do things properly.

Your gig work from Uber and DoorDash shouldn't go on Line 1h. That income is considered self-employment income and should continue to be reported on Schedule C. The "Other earned income" on Line 1h is generally for earnings that are treated as wages but don't fit in the other categories. As a self-employed gig worker, you'll still report your income and expenses on Schedule C, calculate your net profit or loss, and then that flows to Schedule 1 and ultimately to Form 1040. These changes to Line 1 don't change the fundamental way gig workers report their income.

Tax software companies update their programs every year based on IRS changes. TurboTax, H&R Block, and other major tax software should have all the new form changes implemented before filing season begins. They usually start updating their systems as soon as the IRS finalizes the forms.

Thanks for mentioning this! I didn't realize there was a checkbox specifically for multiple jobs. Do you know if checking that box results in the same withholding as calculating the extra amount manually? I'm wondering if one method withholds more accurately than the other.

The checkbox generally works well if both jobs have similar pay levels. It essentially tells your employer to withhold taxes as if you're single (which is higher) rather than married, which compensates for having two incomes. If there's a big difference between your incomes, or if you have other income sources like investments or rental properties, the manual calculation might be more accurate. The checkbox is basically a simpler but slightly less precise approach. I chose it because I didn't want to recalculate every time we got raises or bonuses - the checkbox automatically adjusts when your income changes.

I've used it for three years straight and it's been pretty accurate for me. Last year it predicted a $720 refund and we got back $678. The year before it was within about $200. You have to make sure you're including ALL income sources though. If you have investments, side gigs, or anything that doesn't have withholding, that could explain why your results were off.

Thanks for sharing your experience. Maybe I need to check my inputs more carefully this time. I think part of the problem might have been that I got a bonus halfway through the year that messed up the calculations, and I also had some stock sales I didn't account for properly. I'll try the calculator again and make sure I'm including everything. It's reassuring to hear it can actually be accurate when used correctly!

Thanks for mentioning this! I'm only 20 though, so I guess I wouldn't qualify until I turn 25? That's kind of a bummer.

You're right about the age limitation, unfortunately. The EITC typically requires you to be at least 25 unless you have a qualifying child. However, you should still look into filing returns for any years where you had federal income tax withheld from your paychecks, as you'd likely get that money refunded regardless of the EITC. And keep the EITC in mind once you hit 25 - it can be quite valuable!

Just tried this and got stuck in ID verification hell. Apparently you need a credit card, mortgage, or auto loan to verify online? Guess I'm stuck calling them after all :/