this is why i always adjust my withholding to get as close to $0 refund as possible. never give the government an interest-free loan of your money that they can take their sweet time returning!

I'm dealing with the exact same issue! Filed my Missouri return in February and still nothing. The "being processed" message has been showing for months now. What's really frustrating is that I called three different times and got three completely different explanations - first they said it was random verification, then they said there was a system backlog, and the third person told me they were reviewing my W-2 information. It's like they have no idea what's actually happening with individual returns. At this point I'm convinced they're just buying time and hoping we'll forget about our refunds. The lack of transparency is incredibly frustrating when you're counting on that money.

As someone who's been through this exact maze with my single-member S-corp, I can confirm what everyone else has shared - the Statement A approach is definitely the way to go. I spent way too many hours trying to figure out the new coding system before finally getting it right. One thing I'd add that hasn't been mentioned yet: if you're using payroll software like QuickBooks or ADP for your S-corp wages, make sure the W-2 amounts you're reporting on Statement A match exactly what's on your actual W-2. I made the mistake of using a rounded number initially and it created a small discrepancy that my tax software flagged during the error check. Also, for anyone still struggling with this, the IRS has a decent FAQ buried on their website (Publication 1120-S instructions) that explains the Statement A requirements. It's not the clearest writing, but it does confirm that Code V should reference the statement rather than contain dollar amounts. The whole transition has been poorly communicated by the IRS, but at least we've all figured it out together! Thanks to everyone who shared their solutions - this thread should be bookmarked for next year's tax season.

As a newcomer to this community, I have to say this thread has been incredibly enlightening! I've been putting off dealing with my S-corp K-1 because I was so confused by the code changes this year. Reading through everyone's experiences and solutions has given me the confidence to tackle this properly. I'm particularly grateful for the specific software tips and the mention of Publication 1120-S instructions. It's clear that the IRS really dropped the ball on communicating these changes clearly, but this community has done what the government couldn't - provide clear, practical guidance. One question I still have: for those of you who used the various tools mentioned (taxr.ai, claimyr.com), did you feel comfortable sharing your tax documents with these services from a privacy/security standpoint? I'm always cautious about uploading sensitive financial information to third-party platforms, but the results you've described are tempting given how much time it could save. Thanks to everyone for sharing your knowledge and making this intimidating process much more manageable!

Has anyone used the IRS transcript service for this? You can request a complete tax transcript that includes all filed schedules by using the Get Transcript tool on irs.gov. My bank actually preferred this over copies I provided because they knew it was coming directly from the IRS and included everything.

Great question! I went through this exact same situation with my credit union last year. The key thing to understand is that when banks say "ALL schedules," they literally mean every single schedule that was filed with your return, even if it shows zero amounts or doesn't seem relevant to your business. For your single-member LLC situation, you've covered the main ones (C, SE, and 1), but they might also want to see: - Schedule 2 (Additional Taxes) - if you had any additional taxes beyond what's on the main form - Schedule 3 (Additional Credits and Payments) - shows any tax credits you claimed - Any other schedules that were part of your original filing The easiest approach is to send them a complete copy of everything you filed with the IRS, including all pages. Banks often use third-party verification services that expect to see the entire return package exactly as it was submitted. If you're not sure what you originally filed, you can get an official tax transcript from the IRS website (irs.gov/individuals/get-transcript) which will show exactly what schedules were included in your return. This is actually what many banks prefer since it comes directly from the IRS. Don't stress too much about it - this is a standard request and once you provide everything, the process usually moves pretty quickly!

Just wanna check I'm understanding this correctly. If my brokerage sends me a 1099-B showing I made $2,000 profit trading BOIL, but the K-1 shows $500 in ordinary income from the partnership, I need to report BOTH the $2,000 capital gain AND the $500 ordinary income? That seems like double taxation on the same investment. What am I missing here?

You're absolutely right that brokers should warn investors about K-1 complexity! It's actually required disclosure, but it's usually buried deep in the prospectus that most people don't read. Here's a pro tip for future ETF investing: Before buying any commodity or futures-based ETF, check the fund's website for their "tax information" section. If they mention issuing Schedule K-1s, you'll know what you're getting into. You can also look at the fund structure - if it says "LP" (Limited Partnership) anywhere, that's your red flag for K-1s. Most major brokers also have a filter in their research tools to exclude partnerships if you want to avoid K-1s entirely. It's under the "fund structure" or "tax structure" filters when screening ETFs. The good news is that once you've dealt with it once, it gets easier. And honestly, the extra tax complexity is often worth it for the specific exposure these funds provide - you just need to factor in the additional tax prep time/cost when deciding if the investment makes sense for your situation.

If the 1099-G is for LAST YEAR'S state tax refund (Box 2 on the form, not Box 1), remember you only report it if you itemized deductions on Schedule A last year. If you took the standard deduction, you don't report the state refund as income at all!

Just wanted to share my experience since I went through something similar last year. I received a 1099-G that I wasn't expecting and it turned out to be for a state tax refund from my previous year's return, not unemployment benefits. The key thing to check is which box on your 1099-G has the amount - Box 1 is for unemployment compensation, Box 2 is for state/local income tax refunds, and Box 4 shows federal income tax withheld. This makes a huge difference in how you report it! If it's Box 1 (unemployment), then yes, you report the full amount as taxable income and the withholding in Box 4 helps reduce what you owe. But if it's Box 2 (state refund), you might not need to report it at all if you took the standard deduction last year instead of itemizing. I'd recommend double-checking with your state's unemployment website or tax department if you're unsure about whether you actually received benefits in 2024. Better to verify now than deal with IRS issues later!