TurboTax SBGT Update - What to Expect? (March 2024)

I filed my TurboTax Self-Employed return exactly 37 days ago, and I'm still waiting for my refund. From what I've gathered, SBGT returns take approximately 21-28 days to process if there are no issues. My transcript was unavailable for the first 19 days, then suddenly showed up with processing codes. Have you checked your Return Transcript or Account Transcript yet? I'm curious if you're seeing the same timeline as me?

Did you claim any business losses or home office deductions? I remember last year those triggered additional review for many self-employed filers. Also, are you a first-time SBGT filer or have you filed this way before?

Just went through this exact situation last month. Self-employed returns always take longer. Check your transcript daily - it's the only way to know what's really happening. I started using https://taxr.ai to interpret my transcript and it made a huge difference. The tool explained all those confusing codes and actually predicted my deposit date correctly. Saved me so much stress trying to figure out what was happening with my return!

I successfully navigated this exact situation last month with my SBGT return. Here's what happened: 1. Filed via TurboTax Self-Employed on February 1st 2. WMR showed "Return Received" for 14 days 3. Transcript updated on day 15 with a 570 code (temporary hold) 4. Three days later received a 971 code (notice issued) 5. On day 21, codes changed to 571 (hold released) and 846 (refund issued) 6. Received my direct deposit on day 23 The key was checking my transcript daily rather than relying on the WMR tool, which was always behind. My business deductions were all accepted without issue, but I had documented everything meticulously.

Called the IRS yesterday. Waited 2.5 hours. Got disconnected. Used Claimyr instead. Connected in 18 minutes. Agent confirmed SBGT returns are taking 21+ days this year. Worth the fee to avoid the wait. https://claimyr.com

Have you checked if your state return is processing separately? Sometimes the federal return moves forward while the state is still processing, especially with self-employment income. Did you file both at the same time through TurboTax? And have you verified that your bank information was entered correctly?

I filed my SBGT return on January 29th, 2024 and didn't get my refund until March 11th. Exactly 42 days of waiting! The IRS never explained why, but my transcript showed a random verification hold on February 16th. If you claimed the home office deduction or business mileage, those seem to trigger extra scrutiny this year. Just be prepared for a longer wait than what TurboTax estimates.

SBGT returns are subject to different processing protocols than standard W-2 returns. The Discriminant Function System (DIF) scoring algorithm applies heightened scrutiny to Schedule C filings, particularly those with home office deductions, vehicle expenses, or business losses. While standard returns typically process in 14-21 days, self-employed returns average 28-35 days in the current processing environment. The transcript will display TC 150 when initially processed, followed by potential review codes like 420 or 570 if selected for additional verification.