Congrats on getting your 846 code! I'm still waiting on mine to update. For what it's worth, my sister got her 846 code yesterday with a 2/24 date and her Chime deposit hit this morning around 9am. So it looks like they're processing pretty quickly right now! I've been refreshing my transcripts obsessively while juggling work and family stuff too - the waiting is honestly the worst part. Fingers crossed yours shows up soon and you can get some relief from constantly checking! 🤞

Just wanted to chime in as someone who's been through this process multiple times! I got my 846 code yesterday with a 2/24 date and I'm also using Chime. Still haven't seen the deposit yet but based on what everyone is saying here, I'm expecting it within the next day or two. The waiting is definitely nerve-wracking, especially when you have bills to pay! I've found it helpful to set up the Chime notifications like someone mentioned earlier - saves me from obsessively checking the app every few minutes. Hope yours comes through soon and you can get that car situation sorted out! The IRS processing seems to be moving faster this year compared to last year's delays.

When I had a similar W2c issue, TurboTax had a specific section for entering W2c information. Is anyone using a particular tax software that handles this well? My accountant charged me extra last year because of all the corrected forms and I'm trying to DIY this year.

I went through this exact same situation two years ago! The key thing to remember is that the W2c completely replaces the information on your original W2. You should only use the corrected information when filing - so yes, use code W with the $13,340 amount. The reason for the code change makes total sense too. Code D is for your own 401(k) deferrals (money taken out of your paycheck), while code W is for employer HSA contributions (money your company puts into your HSA account). Your payroll department probably miscoded it initially. One thing that helped me was calling my HR department to confirm what actually happened. In my case, they had incorrectly categorized the employer's HSA contribution as a 401(k) deferral on the original W2. The good news is that employer HSA contributions (code W) are generally more favorable tax-wise since they don't count as taxable income at all. Make sure whatever tax software you're using has an option for entering W2c information specifically - don't just manually change the numbers from your original W2 entry.

Great question! I went through this exact confusion last year. Your $67.5k distributions should definitely NOT go on line 7 of Form 1120S - that's only for officer compensation (your $60k salary). Here's the correct treatment: - Line 7 (Form 1120S): Your $60k salary as officer compensation - Schedule K-1, Box 16 Code D: Your $67.5k distributions The key thing to remember is that distributions aren't a deductible business expense - they're just you taking out profits that have already been taxed at the corporate level. TaxAct should handle this correctly if you categorize them as "shareholder distributions" in the software. One tip: make sure your books show these distributions coming out of retained earnings or current year profits, not as an expense account. This will help everything flow correctly through the tax software and avoid any confusion during filing.

Just to add another perspective - I've been running my S-Corp for 6 years now and this distributions vs. salary classification is one of the most common mistakes I see new S-Corp owners make. You're absolutely right to double-check this! Your setup sounds very similar to mine. The $60k salary goes on line 7 as officer compensation (and should match your W-2), while the $67.5k distributions only appear on your K-1 in Box 16, Code D. One thing that helped me understand this better: think of distributions as withdrawing money you've already earned and will pay personal income tax on (via the K-1), while salary is a business expense that reduces the S-Corp's taxable income. That's why distributions can't be deducted on the 1120S - they're not an expense, just a withdrawal of profits. Your salary-to-distribution ratio looks reasonable for IRS purposes too. Keep good records of when you took each distribution throughout the year - it helps if you ever get questioned about the timing or amounts.

Just wanted to mention - the $600 threshold is per person. So if you're married filing jointly and you each have foreign taxes, you could each claim up to $600 (total $1,200) without Form 1116. Might not help the original poster but could help others reading this thread.

Glad to hear you got it sorted out with FreeTaxUSA! For anyone else dealing with similar foreign tax credit situations, I'd also recommend keeping detailed records of your foreign tax payments throughout the year. I learned the hard way that some brokerages don't always provide complete foreign tax information on their 1099s, especially for complex international funds. Now I track my quarterly statements to make sure I'm capturing all foreign taxes paid - it's saved me from missing credits in subsequent years. The IRS also allows you to carry forward unused foreign tax credits for up to 10 years if you can't use them all in the current year due to income limitations, so Form 1116 can actually be beneficial beyond just the current tax year in some cases.

I'm new to this community but wanted to share some additional perspective that might be helpful! I work in banking and we see these TCS TREAS 449 payments come through customer accounts regularly. The pattern you're describing - $10k, February timing, no advance notice - is actually very typical for legitimate Treasury adjustments. A few things I've observed from the banking side that might give you some peace of mind: **The deposit details matter** - When we see fraudulent or erroneous government payments, they often have inconsistent formatting or come from unusual routing numbers. Legitimate Treasury payments have very specific formatting and always come from established Federal Reserve routing numbers. **Timing patterns** - February and March are absolutely peak months for these manual Treasury adjustments. The IRS uses this slower period to process their backlog of manual reviews and corrections from the previous tax year. **Amount significance** - In my experience, payments over $5k almost always have legitimate explanations. The Treasury's internal controls require multiple approvals for large payments, making errors much less likely. From everything you've described, this has all the hallmarks of a legitimate payment. I'd definitely follow everyone's advice about getting your transcripts and keeping the money separate, but I wouldn't lose sleep over it. The banking industry sees thousands of these annually, and the vast majority are exactly what they appear to be - money that taxpayers are legitimately owed. You're handling this exactly right by being cautious and thorough. Keep us posted on what those tax transcripts reveal!

I'm new to this community but wanted to share my experience since I just went through something very similar! I received a $9,400 TCS TREAS 449 deposit in late January and had the exact same panic and confusion you're describing. After reading through this incredible thread, I'm so glad I found this community before making any mistakes. Following the advice everyone has shared here, I immediately moved the money to a separate high-yield savings account and downloaded my tax transcripts going back 5 years. It took some detective work, but I found the answer in my 2021 transcript - there was an adjustment code showing that the IRS had recalculated my business expense deductions and determined I had overpaid. The payment included the refund plus interest accumulated over the 3+ years it took them to process the correction. @Natasha - you're absolutely handling this the right way by being cautious and seeking advice. Based on everything shared in this thread and my own experience, the $10k amount and February timing are actually really positive indicators that this is legitimate. The multiple professional perspectives here about Treasury payment controls and approval processes are spot-on. My biggest advice: don't let anxiety paralyze you like I initially did. Start with those tax transcripts this weekend - you might find your answer right there without needing to call anyone. And if you do need to call the IRS, the "Accounts Management" tip from earlier in this thread is gold. This community has been absolutely invaluable for navigating these confusing government payment situations. Keep us posted on what you discover!