Has anyone used TurboTax for this? Do they handle HSA excess contributions properly? I'm in a similar situation with about $45 in excess contributions.

I went through something very similar last year with multiple HSA accounts due to employer changes. For your $16 excess, you're absolutely making the right call to just pay the 6% tax - it's only going to cost you about $0.96. One thing to keep in mind: if you don't correct the excess contribution, you'll technically owe that 6% tax each year until the excess is removed. However, given how small the amount is, even paying it for several years would cost less than the time and hassle of trying to coordinate distributions from closed HSA accounts. For future reference, if you ever have a larger excess contribution, you can also "absorb" it by contributing less than your annual limit in a subsequent year. The excess essentially gets offset against your unused contribution room. But again, for $16, just paying the tax is definitely the path of least resistance. Make sure to keep good records of this excess contribution and the tax payments in case the IRS ever asks about it down the road.

I've been through a similar situation with high-volume trading and can share some practical insights. With 5,000+ trades, you definitely meet the frequency requirement, but the IRS also looks at whether trading is your primary income source and if you're conducting it like a business (regular hours, dedicated workspace, etc.). A few key points from my experience: **Mark to Market Election**: This is the game-changer for your capital loss limitation problem. With MTM, all your gains and losses become ordinary income/losses, eliminating the $3,000 annual cap. However, you lose preferential capital gains rates on everything. **Employment Concerns**: Trader status is just a tax classification and wouldn't automatically be visible to employers. However, if you're concerned about conflicts of interest, document that you never trade your employer's stock and maintain clear separation between your employment and trading activities. **Documentation**: Start keeping detailed records now - trading journal, time spent, equipment used, educational materials purchased. The IRS wants to see this is a business activity, not just investing. **Professional Help**: Given the complexity and your volume, I'd recommend finding a CPA who specializes in trader taxes rather than H&R Block. Yes, it costs more upfront ($1,000-2,000), but the potential tax savings and audit protection are worth it. **State Considerations**: Since you're in Texas, you avoid most state complications, but keep this in mind if you ever relocate. The math generally works in your favor with your volume, but get professional guidance before making the election - it's largely irrevocable.

I've been following this discussion with great interest as I'm in a somewhat similar situation with around 2,800 trades this year. One aspect that hasn't been fully addressed is the timing of making the MTM election if you decide to go that route. From what I've researched, if you want MTM to apply to your 2024 taxes (filing in 2025), you need to make that election by the original due date of your 2024 return (April 15, 2025) - no extensions allowed. This means you have a relatively short window to decide and get the paperwork filed correctly. Given that we're already well into 2024, you might want to focus on whether MTM makes sense for your 2025 tax year instead, which would give you more time to properly document your trading business activities and consult with a qualified CPA. Also, regarding your concern about H&R Block's hourly charges - many specialized tax pros who handle trader status actually offer flat fees for this type of work since they're experienced with the volume. The $500-1,000 range mentioned earlier is pretty typical, and when you factor in the potential tax savings from eliminating that capital loss limitation, it usually pays for itself. One practical tip: start categorizing your trades now by holding period and strategy. This will help both you and your tax preparer determine if trader status makes sense and will make the documentation process much smoother.

I'm going through this exact same situation right now! Filed my 2024 taxes in early February and got the dreaded "refund on hold" notice last week. They want my 2022 W-2 that I apparently never filed (oops!). Reading through everyone's experiences here is both reassuring and terrifying - 6-10 weeks seems to be the consensus, which means I'm looking at late April/early May for my refund. As a fellow grad student, I totally feel your pain about needing that money for summer expenses! I'm planning to send mine certified mail this week after reading all these suggestions. Has anyone tried calling the IRS upfront to ask exactly which documents they need? I want to make sure I'm not missing anything else that could cause additional delays. The last thing I want is to wait 8 weeks only to find out they needed something else too. Thanks for starting this thread - it's incredibly helpful to hear real timelines from people who've actually been through this process!

Welcome to the tax hold waiting room club! 😩 I'm currently on week 7 of waiting for my 2024 refund after mailing in my missing 2021 return. Based on what I'm seeing here, it looks like most people are getting their refunds released between weeks 6-10, so there's definitely light at the end of the tunnel. A few things I learned the hard way that might help you: 1. **Check your online account transcript weekly** - it updates before the refund status tool and shows processing codes that indicate movement 2. **Call exactly at 4 weeks** - don't wait longer because if there's an issue, you'll want to catch it early 3. **Keep detailed records** - write down dates, confirmation numbers, and who you spoke with The certified mail suggestion is spot-on. I used regular mail initially and had no way to prove they received it when I called. Had to resend everything certified, which added another 2 weeks to my timeline. For what it's worth, even though the wait is brutal, every person I've talked to who went through this process eventually got their refund. The IRS is slow but they do process these holds systematically. Hang in there - your summer ramen budget will thank you later! 🍜

I've been tracking this for years and there definitely seems to be a pattern, though it's not 100% consistent. From what I've observed, the IRS typically sends out refund batches on Tuesday evenings that hit most bank accounts Wednesday morning, and Thursday evenings that show up Friday morning. But like others mentioned, your bank's processing time is the real wildcard here. I use a local credit union and usually see deposits by 6 AM on those days, while my friends with major banks like Wells Fargo or Chase sometimes don't see theirs until later in the morning or even the next business day. The key is checking your transcript for the 846 code - that'll give you the actual issue date, then just add 1-3 business days depending on your bank's policies.

Based on my experience working in banking operations, the IRS doesn't have an official public schedule for refund deposits, but there are definitely observable patterns. The Treasury uses the Federal Reserve's ACH system, which processes Monday through Friday. Most financial institutions I've worked with receive IRS refund batches primarily on Tuesday and Thursday nights, which then post to customer accounts Wednesday and Friday mornings respectively. However, during peak filing season (February through mid-April), the IRS may process additional batches to handle the volume. The real variable is your bank - some post immediately upon receipt, others hold until their next business day processing cycle. If you're anxiously waiting, I'd recommend checking your account transcript for the 846 code rather than relying solely on WMR, as it gives you the actual issue date from the IRS side.

This thread has been incredibly educational! As someone who handles M-1 adjustments regularly, I want to emphasize one critical point that could save others from a costly mistake. Make sure you're documenting your prepaid expense tracking methodology in your workpapers and being consistent year over year. I had a client get selected for an IRS exam specifically on their M-1 adjustments, and the agent spent significant time reviewing how we handled multi-year prepaid expenses under the 12-month rule. Having that detailed tracking schedule that shows the book basis, tax basis, excluded amounts, and annual amortization was crucial for demonstrating compliance. The agent actually complimented our documentation approach, which helped the exam go smoothly. A few additional tips from that experience: - Keep copies of the original invoices/contracts showing the benefit periods - Document your 12-month rule analysis for each significant prepaid item - Consider adding a memo explaining your methodology for future reference - Double-check that your M-1 adjustments tie to your supporting schedules The time investment upfront in setting up proper tracking pays huge dividends if you ever face scrutiny on these adjustments. Better to over-document than scramble to recreate your logic years later during an audit.

As a newcomer to this community, I'm incredibly grateful for this detailed discussion! I've been struggling with these exact M-1 adjustment issues for prepaid expenses and this thread has been more helpful than any textbook or training I've encountered. The consensus approach of maintaining a separate tracking schedule that shows book basis vs. tax basis makes so much sense. I especially appreciate @Ryder Greene's breakdown of the Big 4 methodology and @Hugo Kass's audit documentation tips. I'm currently working on a corporate return where the client has prepaid software licenses spanning 3 years, and I was getting completely lost trying to figure out the proper M-1 treatment. Based on this discussion, I'm going to: 1. Create a dedicated workpaper tracking the excluded amount under the 12-month rule 2. Set up annual amortization of that exclusion over the benefit period 3. Calculate each year's M-1 adjustment as the change in the tax-book difference 4. Document my methodology thoroughly for future reference One quick question - for software licenses that auto-renew annually but are paid upfront for multiple years, do you treat each annual license period separately for the 12-month rule analysis, or as one continuous multi-year agreement? I want to make sure I'm applying the rule correctly to this specific situation. Thanks again to everyone who contributed - this community is an amazing resource!