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I think there might be some confusion about what these companies are actually checking. They may say "no credit check" but they're still evaluating risk somehow. I'm wondering if they're looking at your tax filing history or maybe checking other databases. Has anyone noticed if they ask questions about previous filings or employment verification?
The distinction between different types of refund advance products is important to understand. There are no-fee refund advances (RACs - Refund Anticipation Checks) and interest-bearing refund loans (RALs - Refund Anticipation Loans). The former typically don't use traditional FICO scores but may utilize alternative verification methods like ChexSystems or TeleCheck to assess banking history. The latter might incorporate more traditional credit criteria. Are you considering a specific tax preparation service?
I would be somewhat cautious about assuming this will resolve automatically. In my experience, which may differ from others, the IRS systems don't always communicate perfectly between departments. There's a possibility, though not a certainty, that your case might need additional verification before a new check is issued. The most concerning issue I've seen is when people move during this process - the IRS might try to send the replacement check to your old address if that's what's on file. It might be worth updating your address formally with Form 8822 if you've moved recently, just to be safe. The reissuance process typically takes about 6-8 weeks, but I've seen it take as long as 12 weeks in some cases.
This is such an important point about addresses. I went through something similar last year and the replacement check went to my old address even though I had updated my information. The IRS has multiple databases that don't always sync properly. Filling out Form 8822 was the only thing that finally fixed it.
How long did Form 8822 take to process? I just moved. Need to update my address. Worried about timing.
Been thru this b4. Here's the lowdown: BFS (Bureau of Fiscal Service) returns $ to IRS. IRS then has to reprocess. Usually takes 4-6 wks from when BFS confirms recovery. U might see codes on ur transcript: TC 841/846 (new refund issued) after a TC 740 (check cancellation). Pro tip: If u don't see movement after 4 wks, call IRS but use extension 623 when prompted - gets u to the check reissue dept faster. Also, for future ref, consider direct deposit or getting ur refund loaded onto a debit card to avoid mail theft. GL!
For someone who just started self-employment in May, here's what you need to know about each option: H&R Block: Are you comfortable with a straightforward interface that walks you through each section? Their self-employed version costs around $85-110 depending on promotions. Jackson Hewitt: Do you prefer more guidance with fewer bells and whistles? Their pricing is competitive but their online experience isn't as polished. TurboTax: Are you willing to pay more for the most hand-holding? Their Self-Employed version is the most expensive ($120-190) but also the most comprehensive. Whichever you choose, you'll need to complete Schedule C and Schedule SE. The software will calculate your self-employment tax automatically. I appreciate that you're researching this early instead of waiting until April!
Be extremely careful with self-employment taxes! Per IRS Publication 505, you're required to make quarterly estimated tax payments if you expect to owe $1,000 or more in taxes. Since you started in May, you may have missed the June 15th and September 15th payment deadlines already. I learned this the hard way my first year - ended up with $430 in penalties for underpayment according to IRC Section 6654(a). The tax software won't warn you about this until it's too late! I was shocked when I discovered this after thinking I was doing everything right.
Have you checked your IRS transcript to see if your return has been officially accepted yet? There's a specific code (846) that appears when your refund is approved, and other codes like 570/971 that indicate different processing stages. If you don't see any codes yet, there's a possibility your return is still in the submission queue and hasn't been fully processed.
Just FYI - you'd need to look for cycle codes too. If you see a 150 code, that means the return's been processed. But if there's nothing on the acct transcript yet, there's a slim chance it hasn't been officially accepted. Tbh tho, most e-files get accepted within 24-48 hrs of submission. If it's been more than 2 days, prob too late to switch preparers.
I believe I can provide some insight here, as I've seen this situation play out several times. The "Refund Advance" products at most tax preparation chains are technically loans based on your anticipated refund, not actual advances of your refund itself. In my experience, what likely happened is that Liberty Tax's underwriter (usually a bank or financial institution that partners with them) only approved you for $200 based on their risk assessment algorithm, despite what the tax preparer told you. The preparer probably shouldn't have quoted you a specific amount without running your information through their system first. Unfortunately, once your return has been submitted and especially if you've received any portion of an advance, you're generally bound to that preparer for this tax season. For next year, you might want to consider filing earlier in the season with a more transparent preparer or using one of the free filing options if your return is relatively straightforward.
Malik Jackson
Based on what I've observed in the community, amended returns submitted after January 15, 2024 are currently taking between 16-22 weeks to process. The IRS began addressing their backlog on February 3, 2024, and has been making steady progress. My amended return from March 17th was just accepted on June 5th - exactly 11 weeks and 4 days. The Where's My Amended Return tool typically updates on Wednesdays and Saturdays, so check on those days for the most current information.
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Isabella Costa
Waiting for an amended return is like being stuck in airport security while watching people in the TSA PreCheck line zoom past you. I filed an amended return last year for a similar military housing allowance issue, and after 14 weeks of nothing, I discovered a magical workaround. I contacted my Congressional Representative's office through their constituent services. They have dedicated IRS liaisons who can check status and sometimes nudge things along. Within 10 days of their inquiry, my amendment suddenly processed. It's like having someone cut through all the red tape with industrial scissors.
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