Hey Ethan! I went through this exact same situation a few years ago when I was doing tutoring and pet sitting around my neighborhood. Just to add to what others have said - when you go to deposit the cash, you can literally just tell the bank teller "I earned this money doing odd jobs like yard work and house sitting in my neighborhood." They might ask for a bit more detail, but there's nothing suspicious about a teenager earning money this way. Banks see this all the time. One thing that helped me was creating a simple log of the work I did and when, even if it was just rough estimates. Like "October - helped Mrs. Johnson with yard cleanup, $150" or "November - dog sat for the Smiths, $200." It doesn't have to be perfect, but having some record makes you feel more confident about everything. Also, don't stress too much about the tax part. Yeah, you'll probably owe some money, but it's not going to be a huge amount. The self-employment tax is about 15% of your profits, so even if you had no deductible expenses, you'd be looking at maybe $800 or so. And if you can deduct any equipment or supplies you bought, it'll be less than that. You're being really responsible by thinking about this stuff now instead of just ignoring it!

Hey Ethan! As someone who's helped a lot of teens navigate this exact situation, I wanted to add a few practical tips to what's already been shared here. First, don't worry about the bank deposit - just be straightforward about earning it from neighborhood jobs. Banks are used to this, especially during summer months when lots of young people do yard work and odd jobs. For the tax side, since you've earned over $400 in self-employment income, you'll need to file. But here's the good news - you can likely deduct quite a bit! Gas for any equipment, tools you purchased, even mileage if you drove between jobs. Keep track of everything going forward. One thing I always tell young entrepreneurs like yourself: consider opening a separate savings account just for taxes. A good rule of thumb is to set aside about 20-25% of what you earn for taxes (this covers both income tax and self-employment tax, with a small buffer). So from your $5,300, maybe put $1,200-$1,300 aside. That way you're not stressed when tax time comes. Also, this is actually great preparation for if you want to keep doing this kind of work! You're learning business skills that will serve you well. Consider getting a simple invoice book or app so you can start tracking everything more formally going forward. You're asking all the right questions - way more responsible than I was at 17!

Here's exactly what you need to do with your cycle code situation: 1. First, understand that 20250705 breaks down as: 2025 (IRS fiscal year) + 07 (7th week of processing) + 05 (Thursday processing day) 2. Next, check your account transcript for TC 846 code - this is your refund code 3. If you see TC 846, note the date next to it - that's your scheduled deposit date 4. If no TC 846 yet but you see TC 150 (return filed), you're in normal processing 5. Check again next Thursday morning as Thursday cycle codes typically update weekly Your W2 information is on a separate transcript and doesn't affect refund timing. With tuition due May 15th, you should have your refund well before then based on current processing times.

I understand your anxiety about the timing with tuition due May 15th! The good news is that cycle code 20250705 is actually a positive indicator - it means your return has been processed and assigned to the Thursday update cycle (that's what the "05" means). Since you filed March 1st and are seeing this update on April 12th, you're well within normal processing timeframes. The missing W2 information you mentioned is likely on your Wage & Income transcript rather than your Account transcript - these are separate documents that update at different times. I'd recommend checking your transcript again next Thursday morning, as that's when Thursday cycle codes typically get their next update. Based on the timing patterns others have shared here, you should definitely have your refund well before your May 15th tuition deadline. Hang in there!

Has anyone mentioned checking if your school offers any scholarships specifically for married students or homeowners? My university had a few special scholarship programs for "non-traditional" students that included married undergrads. Was an extra $2500/semester that most people didn't even know existed! Also check with your employer - many offer tuition assistance that isn't income-based like FAFSA. My company paid $5250/year (tax-free!) toward my degree regardless of marital status.

One thing that hasn't been mentioned is the timing of when you actually file your FAFSA versus when you get married. Even if you get married in 2025, you can update your FAFSA dependency status mid-year through a "special circumstances" review with your financial aid office. This means you could potentially get the best of both worlds - file initially as a dependent (if that's beneficial for any reason), then update to independent status after marriage. Also, regarding the homeowner tax benefits, make sure you're not confusing the expired federal first-time homebuyer credit with current programs. Many states and localities offer first-time buyer assistance, mortgage interest deductions, and property tax exemptions that aren't affected by marital status as long as both names are on the deed. Another consideration: if you're planning to have children in the future, being married before starting school could make you eligible for additional grants and childcare assistance programs that aren't available to unmarried couples, even if you don't have kids yet during your studies. I'd strongly recommend running the numbers both ways using the Federal Student Aid Estimator on the FSA website, then consulting with a tax professional who understands education benefits before making your final decision.

I'm dealing with this exact same issue! Filed through H&R Block and applied my $3,100 refund to quarterly taxes but haven't seen any confirmation either. One thing I discovered is that you can also call the automated IRS line at 1-800-829-4477 and use the "refund status" option - sometimes it will mention if your refund was applied to estimated taxes instead of being issued as a direct deposit. Also, if you're really concerned about underpayment penalties, remember that as long as you pay at least 100% of last year's tax liability (or 110% if your prior year AGI was over $150k), you should be safe from penalties even if the quarterly distribution isn't perfect. But definitely try those online tools others mentioned - sounds like they're really helpful for peace of mind!

I went through this same situation last year and here's what I learned: The IRS doesn't send a separate confirmation letter when you apply your refund to estimated taxes. However, you should receive a notice (CP21 or similar) within 6-8 weeks after your return is processed that shows the refund amount and confirms it was applied to your estimated tax account. In the meantime, you can check your online IRS account and look for your "Account Transcript" for the current tax year (2024). Look for transaction code 766 with a credit date - this indicates a refund credit applied to estimated taxes. The amount should match your $4,365 refund. If you're still not seeing anything after 6 weeks, definitely call the IRS. I had to call when mine didn't show up properly and the agent was able to confirm immediately that the refund had been correctly applied. Just have your 2023 tax return handy when you call. Don't stress too much - the IRS is generally pretty good about processing these applications correctly, even if their confirmation process isn't very transparent!

quick tip: remember contribution deadline for 2025 tax year is April 15, 2026. u can contribute anytime from Jan 1 2025 up until then. make sure u specify which tax yr the contribution is for when u do it!!

This is such a helpful thread! I'm in a very similar situation - my husband earns around $145k and I'm a stay-at-home mom. I've been putting off opening an IRA because I was convinced we made too much money, but after reading all these responses, it sounds like I can still make a fully deductible contribution since we're well under that $230k threshold for spousal IRAs. One thing I'm wondering about - do I need to open the IRA account before making the contribution, or can I open it and contribute at the same time? Also, does it matter which bank or investment company I choose for the IRA, or are they all basically the same in terms of tax benefits? Thanks everyone for sharing your knowledge and experiences!