This is such a frustrating discovery! I went through the same thing a few years ago. The $10,000 MAGI limit for MFS Roth contributions is basically designed to be impossible for most working people to meet - it's clearly meant to push couples toward joint filing. One thing that helped me was understanding that this restriction exists because the government views marriage as creating a single economic unit for tax purposes. When you file separately, they're concerned about income shifting strategies and other tax avoidance techniques that could theoretically be used between spouses. The backdoor Roth strategy mentioned by others is definitely worth exploring if you're set on filing separately. You can contribute to a traditional IRA (no income limits for contributions, just deductibility limits) and then convert it to Roth. Just be aware of the pro-rata rule if you have other traditional IRA balances. Also consider that you have until you actually file your return to decide on your filing status - so you can calculate both ways and see which gives you the better overall result when you factor in all the various credits and deductions you'll lose or gain.

The married filing separately Roth IRA restriction is definitely one of the most frustrating aspects of the tax code! I went through this exact situation a couple years ago and felt completely blindsided by the $10,000 MAGI limit. What really helped me understand the "why" behind this rule is that it's part of a broader pattern in tax policy. The government uses the tax code not just to raise revenue, but to incentivize certain behaviors - in this case, they want married couples to file jointly because it simplifies administration and reduces opportunities for tax planning strategies that could shift income between spouses. A few practical suggestions based on my experience: 1. Run the numbers both ways (MFJ vs MFS) using tax software before you decide. Sometimes the Roth IRA limitation is offset by other benefits of filing separately. 2. If you do decide to stick with MFS, the backdoor Roth strategy really does work if you don't have existing traditional IRA balances complicating things. 3. Consider timing - you have until you file your return to choose your status, so you can explore all options. The silver lining is that this forced me to learn way more about retirement account strategies than I ever thought I'd need to know! Sometimes these tax "gotchas" end up making us better informed taxpayers in the long run.

Does anyone know what happens if I just dissolve this foreign corporation without filing a final non-dormant 5471? I'm in a similar situation - keep paying to file forms for a dormant company because I'm afraid of the headache of dissolution. But it's been dormant for 8 years now - wondering if I can just let it go and stop filing.

I've been dealing with a similar situation for the past 6 years with a dormant UK subsidiary. What finally convinced me to try doing it myself was realizing that my CPA was literally just copying the same information year after year - basically charging me $750 to update dates on an identical form. For anyone hesitant about the DIY approach, I'd recommend starting by comparing your last few years of filed 5471s. If they're nearly identical (which they should be for truly dormant entities), that's a good sign the form is straightforward enough to handle yourself. One thing I learned the hard way - make sure you're crystal clear on what "dormant" actually means to the IRS. My corporation had a small bank account that earned like $12 in interest one year, and I almost filed it as dormant when technically it wasn't. The interest income, even though tiny, would have made it non-dormant for that year. Caught it just in time after doing more research. The peace of mind from understanding exactly what you're filing (rather than just trusting someone else did it right) has been worth the effort for me.

As someone who's been through this exact situation multiple times, I can definitely relate to the anxiety of waiting after seeing that 846 code! I've tracked my refunds for the past few years and can confirm that the 1-5 business day window everyone's mentioning is very accurate. Since your 846 posted on 2/22, you're actually right in the sweet spot timing-wise. Most of my deposits have arrived on business days 2-4 after the code appears. A couple of practical things that have helped me: 1. Set up mobile banking alerts for deposits over a certain amount - this way you don't have to constantly check 2. Remember that some banks process government ACH deposits overnight between 2-4 AM 3. The amended return factor really shouldn't cause delays at this stage - once you see 846, all the verification is done I had an amended return situation two years ago for similar investment income corrections, and the timing was identical to my regular returns. The fact that your transcript shows the corrected amount is actually a great sign that everything has been properly processed. Based on all the experiences shared in this thread, I'd expect your deposit to arrive by end of this week. The waiting is definitely the hardest part, but you're in good shape! Keep us posted when it hits your account.

I'm new to this community but this thread has been incredibly helpful for understanding refund timelines! I'm currently in a very similar situation - my 846 code appeared on 2/23 with a DDD of 2/26, and I'm still waiting as of today. Reading through everyone's experiences has really helped ease my anxiety about the timing. What I find most valuable is how many people have shared actual data points rather than just general advice. The consistency in the 1-5 business day window across different banks and situations is really reassuring. I'm with a local credit union, so based on what others have mentioned about smaller institutions potentially having different ACH processing schedules, that might explain why I haven't seen my deposit yet. I've started checking my account during the early morning hours (around 3-5 AM) as several people suggested, since that's when most banks process overnight ACH batches. It's also helpful to know that many banks don't show government deposits as pending - they just appear suddenly. For others who are still waiting, it seems like we're all well within the normal timeframe based on the experiences shared here. I'll definitely update this thread when my deposit arrives to add another data point for future filers. This community knowledge sharing is so much more valuable than the generic information you find on official websites!

I went through verification recently and can share some practical insights about the timeline. The most important thing is to identify what type of verification letter you received - check the code in the upper right corner (5071C for identity, 4883C for income, etc.). For identity verification (5071C), you can often complete this online through ID.me which typically takes 1-3 weeks total. I did mine last month and it took exactly 9 days from completion to refund deposit. The online process itself takes about 20-30 minutes - you'll need your driver's license, Social Security card, and current/prior year tax returns handy. For income verification (4883C), you'll likely need to mail documents and should expect 6-8 weeks. Use certified mail with tracking - the IRS does occasionally lose documentation. Given your tuition deadline, I'd recommend: 1. Call the number on your letter first thing Monday morning (7-8 AM has shortest hold times) 2. Explain your educational expense timeline - they can sometimes expedite for financial hardship 3. If online verification is available, do it immediately rather than waiting 4. Have a backup payment plan ready just in case Don't let the horror stories discourage you - most people who respond quickly with complete documentation get resolved within the standard timeframes. The delays usually happen when people wait too long to respond or submit incomplete information. What specific letter code did you receive? That'll help determine your exact next steps and realistic timeline.

Based on my experience helping clients through IRS verification, the timeline really depends on which specific letter you received. Here's what I've observed: **Identity Verification (5071C)**: Usually fastest option - can often be completed online through ID.me in 1-3 weeks total. The online process takes about 30 minutes and you'll need your ID, Social Security card, and tax returns. **Income Verification (4883C)**: Requires mailing documentation and typically takes 6-10 weeks. This seems to be what causes most of the "horror stories" people hear about. **Education Credit Verification**: Can take 8-12 weeks as they're very thorough with education-related credits. Given your tuition timeline concerns, I'd strongly recommend: 1. Check the letter code immediately (upper right corner) to know exactly what you're dealing with 2. If it's 5071C, go online first - much faster than mail 3. Call the verification number during early morning hours (7-8 AM) for shorter wait times 4. Mention your educational expenses when you call - they can sometimes expedite for students The key is responding within 30 days and providing complete documentation the first time. Incomplete submissions reset your place in queue. What letter code did you receive? That will help determine your best strategy and realistic timeline for your tuition payments.

I had a similar situation and my accountant told me to keep track of "startup" activities vs ongoing business expenses. Apparently pre-opening costs have different rules than regular business expenses. You might want to check out IRS Publication 535 (Business Expenses) which talks about the difference. I think you can elect to amortize startup costs over 15 years or something like that.

The key distinction you need to understand is between startup costs and regular business expenses. Since you already have rental properties, this new property expansion might not qualify for the same startup cost treatment as someone just entering the rental business. For your $14,000 in repairs, you'll need to categorize each expense: 1. **Repairs that restore the property to working condition** (fixing plumbing, painting) - these can typically be deducted immediately once the property is placed in service 2. **Improvements that add value or extend useful life** (upgraded flooring, better water heater) - these must be depreciated over 27.5 years 3. **Costs incurred before the property was available for rent** - these might need special treatment The critical date is when you made the property "available for rent" - not when you found a tenant. If you completed repairs in November 2022 but didn't list it until January 2023, then January 2023 is likely your "placed in service" date. This means you'd claim the deductible expenses on your 2023 return, not 2022. However, if you can demonstrate the property was ready and you were actively seeking tenants in 2022 (even informally), you might be able to claim 2022 as the placed-in-service year. I'd recommend getting professional guidance since the timing affects not just which year you claim expenses, but also how they're treated under passive activity loss rules.