I experienced this same anxiety last year! My wage and income transcript stayed blank until the very end of May, even though I had filed in early February and received my refund in March. What really helped me understand was learning that the IRS uses two completely different databases - one for processing your actual tax return (which happens relatively quickly) and another for compiling all the wage/income documents that employers send in (which takes much longer). The blank transcript doesn't mean anything is wrong with your filing - it's just that the IRS hasn't finished processing all the W-2s and 1099s yet. If you've already gotten your refund or your account transcript shows your return was processed, you're totally fine. The wage transcript will eventually populate, usually sometime between late May and early June.

I can definitely relate to this concern! I had the exact same panic when I first checked my wage and income transcript and saw it completely blank. After going through this process myself and learning more about how the IRS systems work, I can confirm this is totally normal. The wage and income transcript operates on a completely different timeline from your return processing - it pulls data from the Information Returns Master File (IRMF), which compiles all the W-2s, 1099s, and other income documents that employers send to the IRS. This batch processing typically isn't completed until late May or early June, which is why you're seeing a blank transcript now. The important thing to remember is that your return processing happens independently of this transcript being populated. If you've filed your return or received a refund, that's proof everything is working correctly on the IRS side. The blank wage transcript is just an administrative timing issue, not a problem with your filing.

I've been dealing with a similar severance situation and wanted to share what I learned from my tax preparer. One thing that wasn't mentioned yet - if you're making that large December estimated payment, make sure you submit it by January 15th rather than December 31st to get credit for the fourth quarter. Also, when you're calculating whether your withholding from the February severance will cover your first three quarters, remember that the required payment for each quarter is based on 25% of your TOTAL annual tax liability (including the tax on that severance), not just 25% of your regular income tax. Since severance often pushes you into a higher tax bracket, this calculation can be tricky. Your strategy sounds solid overall though. The combination of checking Box D to allocate that February withholding to when it actually occurred, plus making a substantial fourth quarter payment, should definitely help you avoid penalties. Just double-check your math on those quarterly requirements to make sure that February withholding amount is actually large enough to cover the first three quarters!

I've been following this thread closely since I'm dealing with a similar situation - received a large severance payment in March with substantial withholding. One thing I want to add that might help others: when you're using Form 2210 Part III to allocate your withholding to specific quarters, make sure you're also accounting for any regular payroll withholding you had before your layoff. That regular withholding should be spread evenly across the quarters you were employed, while the severance withholding goes in the quarter it actually occurred. Also, for anyone using tax software that's being stubborn about letting you check Box D - sometimes you need to first indicate that you want to complete Form 2210 manually rather than letting the software auto-calculate everything. Look for options like "Override software calculations" or "Manual Form 2210 entry" in your tax program's advanced settings. The severance/withholding timing issue is more common than people realize, especially with all the layoffs that happened recently. It's definitely worth taking the time to get Form 2210 right rather than just accepting whatever penalty the software initially calculates!

I feel your frustration! I had a similar situation last year where my refund was supposed to hit my account on a specific date but never showed up. After weeks of stress, I finally got through to the IRS and found out that when they give you a Direct Deposit Date, that's when they SEND the money, not when you receive it. There can still be delays on the receiving end. Since Cash App confirmed they haven't received anything from the IRS, this sounds like the payment might have bounced back due to a name mismatch or account verification issue. This is actually pretty common with app-based accounts like Cash App, Venmo, etc. Your best bet is to get your tax transcript from irs.gov - it will show you exactly what happened with codes that explain if there was a rejection or hold. If you can't access it online, you can also request it by phone or mail. The transcript will tell you if the IRS sent the payment and if it was returned. If the direct deposit failed, you'll need to contact the IRS to have them reissue as a paper check. I know it's frustrating when it's rent money on the line, but hang in there - you will get your refund, it's just taking longer than expected.

I went through this exact same situation a few months ago! Had a DDD of 2/14 for my Cash App and nothing showed up for over 3 weeks. Turns out the IRS sent the payment but Cash App rejected it because my account name didn't exactly match what was on my tax return (I had my middle initial on taxes but not on Cash App). The key is getting your account transcript from the IRS - it will show transaction code 846 (refund issued) and if there's an 841 code, that means the direct deposit was returned. You can try accessing it at irs.gov under "Get Transcript" but if the website keeps erroring out, you can call 800-908-9946 to request it by phone. Once I confirmed the deposit bounced back, I had to call the IRS to request a paper check reissue. It was a pain getting through but eventually got it sorted. The whole process added about 6 weeks to getting my money, but I did get every penny I was owed. Don't panic - your refund isn't lost, it's just stuck in bureaucratic limbo. The IRS will make it right eventually, even though their customer service is terrible. Keep trying to access that transcript, it's your best bet for understanding exactly what happened!

Remember the IRS is still understaffed and behind from the pandemic chaos. Even if you file early, there's always a chance of random delays. Don't count on that money for February bills if you absolutely need it by then. Better to be pleasantly surprised if it comes early than stressed if it doesn't.

Thanks everyone for the helpful info! As someone who's also filing early this year, I'm curious about one thing - does the complexity of your return affect processing time even if everything is accurate? I'm wondering because I have student loan interest deduction and some medical expenses to itemize this year, which is new for me. Should I expect any delays compared to my usual simple standard deduction return, or is it more about accuracy than complexity for processing speed?

FYI - TurboTax handles 1099-B and Form 8949 reporting much better than TaxSlayer in my experience. I switched this year after having similar frustrations. They have a direct import feature that works with most brokerages, and they're much clearer about how to handle wash sales and basis reporting. Yes, it costs more, but when you're dealing with investment transactions, the extra guidance is worth it. They also have much better support if you get stuck.

I had the exact same frustration with TaxSlayer and stock reporting last year! One thing that helped me was understanding that you absolutely do NOT need to report every single transaction if your broker already reported the basis to the IRS (which Fidelity usually does for covered securities). Here's what worked for me: Look at your 1099-B and find the summary totals at the bottom of each section (short-term vs long-term). If the "basis reported to IRS" box is checked, you can enter these as summary transactions in TaxSlayer instead of individual trades. For the dates, use "VARIOUS" for acquisition date and 12/31/2023 for sale date when doing summary reporting. This is totally acceptable and saves hours of data entry. For wash sales in TaxSlayer: When you're entering your 1099-B info, there's a section that asks about "adjustments" - that's where the wash sale amounts go. Just enter the total wash sale adjustment from your 1099-B summary (it should be clearly labeled). The key is to match exactly what's on your 1099-B totals - don't overthink it! TaxSlayer will generate Form 8949 automatically based on what you enter.