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Omg I'm in the EXACT same boat! š Filed my first 1099 return last week and the waiting is killing me. My friend filed her W-2 only return the same day and already got approved. I made the mistake of checking some tax forums and now I'm freaking out about audits and delays. Haha... *nervous laughter* Hope we both get updates soon! Anyone else constantly refreshing their email like a crazy person or just me?
Just to clarify smthg important: there's a diff between "transmitted," "accepted," and "approved" status. TT shows "transmitted" when they've sent it to IRS. "Accepted" means IRS rec'd it & basic info checks out (SSN, name, etc). "Approved" means IRS finished processing & determined refund amt. For 1099 contractors, the system often takes 3-5 days just to show "accepted" status, then another 5-10 days for "approved." Checking ur transcript (acct transcript specifically) will show code 150 when fully processed.
Last year I had a similar situation with code 846 dated for March 15th. I remember it clearly because I was planning to use the money for my son's spring break trip. The money actually hit my account on March 14th, a day early! I've noticed that Bank of America sometimes processes government deposits a bit early. My sister had Chase and got hers exactly on the date shown. So your mileage may vary depending on your bank, but it's usually right on time or occasionally a pleasant surprise of being early.
Would you mind sharing if you had any processing codes before the 846? I'm currently stuck with a 570 hold and wondering how long it typically takes to resolve before seeing that beautiful 846 code?
The early deposit phenomenon occurs due to the Automated Clearing House (ACH) processing schedule. Some financial institutions release funds as soon as the ACH notification is received, while others wait until the official settlement date. This variance in institutional policy explains why identical 846 dates can result in different actual deposit timelines.
Be careful about counting on that exact date. My transcript showed 846 for February 8th, but my bank held the deposit for 2 additional days for "verification" since it was over $5,000. Caused me to bounce two automatic payments I had scheduled. Different situation than most people who get their money right on time, but just sharing so you're aware that things can go wrong even after the IRS does their part. If it's critical timing, maybe call your bank in advance to confirm they won't hold a government deposit.
Have you checked if you have any past due debts that might cause an offset? Sometimes your refund gets held up because it's going to pay something else (student loans, child support, etc.). Not saying that's what's happening to you, but it's worth considering... unless you're one of those rare unicorns with no debt! *laughs in student loans*
According to IRS Publication 2043, normal processing time for e-filed returns should be 21 days. However, during peak filing season, this can extend significantly. I filed February 9th and just received my refund yesterday. The IRS representative I spoke with confirmed they're experiencing higher than normal verification rates due to identity theft prevention measures implemented for Tax Year 2023 returns.
The 21-day timeframe is more of a guideline than a guarantee. In my experience working with tax preparation, approximately 80% of returns are processed within this window, but seasonal factors can significantly impact processing times. February filers typically experience longer waits due to the high volume of early filers seeking quick refunds.
If it's been more than 21 days, you can actually call the IRS to check on your return status. After spending THREE DAYS trying to get through the regular IRS number with no luck, I used Claimyr.com and got connected to an agent in about 15 minutes. The agent was able to tell me exactly what was happening with my return and when to expect my refund. Best $20 I've spent this tax season considering how much time and frustration it saved me!
I've been trying to call the IRS for two days now! Might have to check this out if I don't see any movement by next week. Thanks for the tip!
I second this. Used Claimyr last week after trying for days to get through. The agent told me my return was just in normal processing and nothing was wrong. Huge relief after weeks of anxiety.
The IRS is saying 21 days is the standard processing time, but that's honestly just their best-case scenario. I'm a tax preparer and I've seen returns take anywhere from 8 days to 10+ weeks this season. As long as your WMR doesn't show an error message, you're probably fine - just caught in the backlog. This time of year is peak filing season, so everything slows down.
Keisha Thompson
The IRS is so inconsistent this year. My sister filed the same day as me, we have almost identical situations, and she got her refund two weeks ago while I'm still waiting. The system makes no sense sometimes.
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Paolo Bianchi
This gives me hope! I'm at day 26 of "still processing" and starting to get nervous. Congrats on making it through the wait!
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