I'm going through the exact same thing right now! My transcript shows code 846 with a deposit date from last week, TurboTax says "refund arrived" but my bank account is still showing nothing. I was getting really worried that something went wrong with my direct deposit info or that there was some kind of issue with my return. Reading through all these comments has been such a relief - sounds like this delay between the IRS date and when banks actually post the funds is totally normal. I had no idea that weekends don't count for processing and that banks can hold ACH transfers for a few days. Definitely going to stop obsessively checking my account every few hours and just wait it out until the end of the week. Thanks everyone for sharing your experiences - makes me feel way less crazy about this whole situation!

This is actually super common and happened to me twice in the past few years! TurboTax basically just reads your IRS transcript and updates their status based on the 846 code date, but that doesn't mean the money has actually hit your bank yet. Banks typically take 1-3 business days to process ACH deposits from the IRS, and since your transcript shows 9/14 and today is 9/17, you're right in that normal processing window. The fact that it went through a weekend probably added to the delay since most banks don't process these transfers on weekends. I'd give it until Thursday or Friday before getting concerned. If it still hasn't shown up by then, definitely call your bank first to make sure they're not holding it for any reason - sometimes they flag larger refunds for fraud review. The IRS phone number someone mentioned earlier is also helpful if your bank says they haven't received anything. Hang in there, it's probably just taking its normal sweet time to process!

I'm going through this exact same situation right now and I can't express how much this thread has helped calm my nerves! I accidentally submitted a W9 instead of W8-BEN while working remotely from Sweden for a US fintech company after my J-1 visa expired about 6 months ago. The panic when I realized my mistake last week was overwhelming - I was convinced I'd face massive penalties or somehow jeopardize my ability to visit the US in the future. But reading through everyone's detailed experiences here has shown me this is not only fixable but apparently quite common! I immediately contacted my employer and submitted a corrected W8-BEN with an explanation letter. They were very understanding and said they'd update their records. Now I'm gathering all my documentation (passport stamps, Swedish lease agreement, bank statements) to file my 1040NR. The information about the US-Sweden tax treaty has been eye-opening - I had no idea there were potential benefits that could actually work in my favor here. I'm researching Article 7 provisions now and it looks like this could significantly reduce what I thought I'd owe. For anyone else going through this, the consistent timeline of 6-8 weeks for processing that people have shared is really helpful for setting expectations. And knowing that multiple people have had zero immigration consequences afterward is such a relief. Thank you to everyone who took the time to share their detailed experiences - this community support has transformed what felt like a crisis into a manageable process with a clear path forward!

I'm currently dealing with this exact same situation and this thread has been an absolute lifesaver! I accidentally submitted a W9 instead of W8-BEN while working remotely from Italy for a US marketing agency after my F-1 OPT expired about 4 months ago. The relief I felt reading through everyone's experiences is indescribable - I've been losing sleep over this mistake for the past two weeks since I discovered it. It's amazing how this seems to be such a common error, yet there's not much clear guidance out there when you're frantically searching for solutions. I've already submitted my corrected W8-BEN to my employer (they were very understanding, as others have mentioned), and I'm now working on gathering all my documentation for the 1040NR filing. The information about tax treaties has been particularly valuable - I had no idea the US-Italy tax treaty could actually work in my favor here. One thing I'm curious about that I haven't seen mentioned much: has anyone dealt with this situation where they had some income while physically in the US (before leaving) and some while abroad in the same tax year? I worked for about 2 months in the US before moving to Italy, so I'm trying to figure out how to properly allocate the income on my return. Also, for those who used professional services, did you find it worth the cost, or were you able to handle everything successfully on your own with the information available online? Thank you all for sharing such detailed experiences - this community has made what felt like an impossible situation feel completely manageable!

Have you considered what happens if you can't get this resolved before the filing deadline? Like trying to navigate a ship through foggy waters without proper navigation equipment, you might need to file for an extension using Form 4868. This buys you until October 15th, though it's worth noting that any taxes owed are still due by the original deadline - the extension is just for paperwork, not payment. Has your employer given any indication of why they're delaying sending your W-2?

I went through this exact situation two years ago when my former employer merged with another company and their HR department was completely overwhelmed. Here's what worked for me: 1. **Document everything** - Keep records of every email, call, and attempt to contact your employer. The IRS representative will ask for this timeline. 2. **Try the employer one more time** - Send a certified letter requesting your W-2, mentioning the legal requirement (employers must provide by January 31st). Sometimes the formal approach gets results. 3. **Call early and be persistent** - I had success calling the main IRS line at exactly 7:00 AM on a Tuesday. Took about 45 minutes on hold, but I got through. 4. **Have your information ready** - When you do reach someone, have your SSN, employer's EIN (if you know it), last known address of employer, and your final paystub handy. The IRS can initiate contact with your employer, but as others mentioned, you'll likely need Form 4852 to actually file your taxes. Don't wait too long - if you're getting close to the deadline, file the extension and keep working on getting the W-2. The stress isn't worth trying to rush everything at the last minute.

Don't forget to check Box 20 code W on the K-1 for §751 "hot assets" too! If the partnership had inventory or unrealized receivables, some of what would otherwise be capital gain could be recharacterized as ordinary income when the partner exits. This can really mess up tax planning if not anticipated.

This is a tricky situation that I've seen play out badly when not handled correctly. The key issue here is that while your partner's EOY allocation of nonrecourse liabilities is indeed $0 (because they had 0% ownership at year-end), the decrease in their share of liabilities throughout the year should create a deemed cash distribution under §752(b). What you need to verify is whether this deemed distribution was properly calculated and reported on the final K-1. The partner's share of nonrecourse liabilities at the beginning of 2022 (or at the time they exited if mid-year) minus their EOY share ($0) equals the deemed distribution amount. This should appear somewhere on the K-1, typically in the distributions section. This deemed distribution can actually help with the suspended losses! If the deemed distribution exceeds the partner's remaining outside basis, it creates gain - but the suspended losses can be used to offset this gain. Any suspended losses that exceed the gain would unfortunately be lost forever upon complete exit. I'd recommend having your CPAs walk through the specific calculation of how the liability decrease was treated and whether it was properly reflected as a deemed distribution. The partner's CPA can then determine how much of the suspended losses can be utilized against any resulting gain.

This thread has been absolutely invaluable! I'm in the exact same boat with my S corp - business is profitable but personal cash flow is tight due to medical expenses. Reading through everyone's real-world experiences has given me the confidence to move forward with setting up a QSEHRA. What really stands out to me is how consistent the advice has been across multiple contributors: formal written plan, pay personally first then reimburse, dedicated bank account for clean record-keeping, and monthly processing to help with cash flow. The fact that multiple people have mentioned 25-30% savings on medical costs is exactly what we need. I'm particularly appreciative of the practical implementation details - the spreadsheet tracking system, reimbursement request forms, and that separate bank account approach. These are the nitty-gritty details that make the difference between theory and actually getting this implemented correctly. One thing that gives me additional confidence is hearing from the tax preparer earlier in the thread about how common it is for S corp owners to mess this up by charging expenses directly to business cards. Knowing what NOT to do is just as valuable as knowing the right approach. My plan: get a QSEHRA template, have our accountant review it, set up the dedicated account, and start saving money instead of continuing to struggle with tight personal budgets while business funds sit there. Thanks everyone for sharing your experiences - this is exactly the guidance small business owners need!

This has been such an incredibly helpful thread! As someone who's been struggling with the exact same cash flow issue (profitable S corp but tight personal budget due to medical expenses), reading through everyone's real experiences has been a game-changer. I'm convinced that QSEHRA is the right approach based on all the consistent advice here. The potential for 25-30% savings on medical costs would make a huge difference for us - we're probably spending around $8,000 annually on various medical expenses that we've been paying out of pocket while our business account has plenty of funds. What I find most valuable is how everyone has emphasized the importance of doing this RIGHT from the beginning rather than trying to fix mistakes later. The separate bank account approach, formal documentation, and monthly reimbursement batches all make perfect sense for creating that clean audit trail. I especially appreciate the warning about NOT just charging medical expenses directly to the business card - that seems like it would be so much easier in the moment, but clearly creates major headaches down the road. My action plan: 1) Get a QSEHRA plan template and have our CPA review it, 2) Set up that dedicated bank account, 3) Implement the monthly reimbursement process, and 4) finally start getting some relief on our personal cash flow situation! Thanks to everyone who took the time to share their practical experiences. This is exactly the kind of real-world guidance that makes all the difference in actually implementing these tax strategies successfully!