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Filed January 30th. No updates. Checked transcript. Nothing. Called IRS. On hold forever. Finally got through. They said wait. Still waiting. Day 24 now. Getting worried. Need this refund soon. Mortgage payment coming up.
According to the IRS website at https://www.irs.gov/refunds, most refunds are issued within 21 days of acceptance. However, my experience with January 30th filing this year was much different. I received no confirmation email from TurboTax initially, but when I logged into my TurboTax account and checked my filing status, it showed my return was accepted on February 2nd. My transcript became available on February 18th, and my refund was deposited on February 25th. If you haven't already, I recommend checking your account online rather than waiting for an email, and also requesting your tax transcript online which often updates before WMR does.
I'm impressed with your detailed tracking. Is requesting a tax transcript something anyone can do? I've been trying to check my status through the IRS2Go app as per Publication 5348, but it keeps showing the same message for weeks now.
I filed on January 23rd, 2024 and was accepted on January 24th, 2024. My WMR showed 'STILL processing' from February 15th until March 22nd. Exactly 58 days from acceptance to deposit. I tracked every status change. The transcript updated on March 18th with an 846 code dated March 22nd. The money hit my account at 3:17 AM on March 22nd. Independent contractor returns take longer this year because of increased fraud prevention measures implemented on January 16th, 2024.
The collective wisdom around here is that 'STILL processing' indicates your return has been selected for manual verification, which is extremely common for Schedule C filers. The automated fraud detection system (EFDS) and the Return Review Program (RRP) algorithms flag approximately 35% of all self-employment returns for additional scrutiny. Most people see their status resolve within 45-60 days without any issues. The key is to monitor your transcript for movement rather than WMR, as the transcript will show actual processing codes while WMR often lags behind.
I've seen this happen every year since 2017. Back then, I worked for a tax preparation company. The PATH Act specifically includes the Additional Child Tax Credit which is the refundable portion of the CTC. If your credit exceeds your tax liability, making part of it refundable, that triggers PATH Act verification. Last year, most of my clients with ACTC saw refunds between February 27th and March 3rd, despite filing in late January.
This community wisdom has saved me so much stress: The PATH Act delays refunds for ANY refundable credits, not just EITC. The Child Tax Credit has two parts - regular CTC (up to $2,000 per child) and Additional CTC (the refundable portion). It's that second part that triggers the PATH delay. The IRS won't even begin processing these returns until February 15th, by law. Don't waste time checking WMR constantly before then - nothing will change!
Look at your withholding, not just your refund! š A smaller refund might actually be GOOD - means you kept more money throughout the year. I adjusted my W-4 last January to have less withheld since I knew the child credits were dropping. Got smaller paychecks last year but didn't face refund shock this spring. The real question isn't "are refunds lower" but "is your total tax burden higher?" For most people, it's actually slightly lower due to bracket adjustments.
For investment-focused filers like yourself, pay attention to Qualified Business Income Deduction (Section 199A) limitations and Net Investment Income Tax thresholds, which remain unchanged but affect high-income investors. Capital gains rates haven't changed (still 0%, 15%, or 20% depending on income bracket), but bracket inflation adjustments might put you in a different tier. Consider tax-loss harvesting if you have unrealized losses to offset gains. Filing timing won't affect your 2023 tax liability, but might affect cash flow planning.
Thank you for addressing the investment angle specifically! This is exactly what I needed to know.
This is incredibly helpful. I was worried about timing my stock sales but it sounds like the capital gains situation is stable from last year.
Ryder Ross
Have you checked if you even need to amend? The IRS website (https://www.irs.gov/taxtopics/tc502) has specific guidance on retirement plan loans. Did you take a qualified loan that you're repaying according to the terms? Or did you default on payments making it a deemed distribution?
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Olivia Kay
ā¢I made this mistake last year. Thought I needed to amend when I got a 1099-R for a qualified loan. Spent hours preparing the amendment only to have my accountant tell me it wasn't necessary since I was repaying the loan according to terms. Check the distribution code in box 7 carefully!
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Joshua Hellan
ā¢Just to clarify, if Box 7 has code 'L' and you're repaying the loan according to terms, you typically don't need to report it on your tax return at all.
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Jibriel Kohn
Did your 1099-R show a taxable amount in Box 1? And what's the distribution code in Box 7? This makes a huge difference in whether you need to amend.
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