Thank you all SO MUCH for the helpful responses! This makes perfect sense now. I was overthinking it and getting worried for no reason. I'll go ahead and complete the Direct Pay process with my 2023 info for verification and make sure to select the correct tax year and form. Really appreciate everyone sharing their experiences - especially those who confirmed with actual IRS agents!

Do you know if there's a delay in processing when there's been a name change? I'm also newly married and worried my refund might get held up because of it.

There shouldn't be a significant delay due to a name change if you've already officially changed your name with the Social Security Administration before filing. The IRS cross-references with SSA records, so that's the important step. If you filed with your new name but haven't updated with SSA yet, there could be a slight delay while they verify your identity. But even then, it's usually not a major holdup compared to the normal processing times.

I tried to check my transcript but the IRS site keeps giving me an error when I try to create an account. Something about not being able to verify my phone number? Is there another way to check the transcript?

Yes, the IRS identity verification system can be frustrating! If you can't verify online, you can request your transcript by mail using Form 4506-T, but that obviously takes time. Another option is to call the IRS transcript request line at 800-908-9946. It's automated and separate from the main IRS line, so sometimes it's easier to get through. They can mail you a transcript, which will at least show what's happening with your return.

I filed Feb 1st and got my refund on Feb 18th, so about 2.5 weeks. My sister filed a week before me and got hers in 12 days. I think it really depends on the complexity of your return and whether you have certain credits or deductions that trigger extra review.

Thanks for sharing your timeline! Maybe mine is just taking longer because I have a home business this year with Schedule C stuff. Guess I'll try to be more patient!

That's really helpful about the deadline! I had no idea there was a cutoff for getting refunds. Does the IRS charge penalties for filing late if you're owed a refund?

Good news - the IRS generally doesn't charge penalties if they owe YOU money. Penalties and interest typically only apply when you owe them. So if you're confident you'll be getting refunds, you should be fine penalty-wise. That said, filing sooner rather than later is always better. Besides the refund deadline I mentioned, having unfiled returns can sometimes cause issues with other government programs or financial applications like mortgages. Some people also find that their refund was larger than expected, which is a nice surprise!

I used FreeTaxUSA for a late 2020 return last year and it worked great. Super straightforward and much cheaper than TurboTax or H&R Block for prior years. Federal was free like you said, and I paid $15 for state. They walk you through everything step by step.

Wouldn't amending returns from potentially years ago be super complicated though? And aren't there time limits on how far back you can amend?

You're right that there are time limits - generally 3 years from the original filing date or 2 years from when you paid the tax, whichever is later. So this approach only works if the inventory was purchased relatively recently. The complexity really depends on your specific situation. If most of the stolen inventory was purchased in the last couple of years, amending might actually be cleaner than trying to figure out the theft loss calculations. But if the inventory was accumulated over many years, then the theft loss approach on Form 4684 probably makes more sense despite the complications.

The IRS Disaster Resource Center is specifically for federally declared disasters, so it wouldn't apply directly to a robbery situation. However, you're right that some of their calculation methods could be helpful as a reference. For a robbery, you'd be better off looking at the specific IRS guidelines for theft losses in Publication 547. There's also some good information in Publication 584-B (Business Casualty, Disaster, and Theft Loss Workbook) that has worksheets for calculating and documenting business losses.

How do you actually prove inventory is "obsolete" though? Do you need documentation or can you just decide something isn't going to sell anymore?

You need to have a consistent method for determining when inventory becomes obsolete or has declined in value. This could be based on how long an item has been in stock (like items over 12 months old), items that haven't sold after multiple price reductions, or products that have been replaced by newer models. The key is documenting your process and applying it consistently. You can't just randomly decide something is obsolete when you want a tax deduction. Most businesses create a written inventory policy that explains their method for identifying and writing down obsolete inventory. If you're audited, the IRS will want to see that you followed this policy.

This! I learned this lesson the hard way my first year in business. Had a "profitable" year on paper but all the cash went to inventory growth. Still had to pay taxes on the profit even though my bank account was empty.