Pro tip: take screenshots of your transcript every time you check it. The IRS website is notorious for going down when you need it most fr fr

Girl I feel your pain! 😅 Those transcript codes are like reading hieroglyphics. I was in the same boat last month - staring at all those numbers like 806, 150, 846 and having no clue what any of it meant. What helped me was literally googling each code individually and writing down what they meant. Code 846 is your actual refund amount, 150 is what you owed in taxes, and 806 is what was withheld from your paychecks. But honestly there are SO many other codes that can affect your final number - it's overwhelming af. If you want the easy route, some people here mentioned taxr.ai which apparently breaks it all down for you, but you can also just focus on finding that 846 code for now to see your refund amount!

I wanted to share my recent experience since it might help calm some nerves for those waiting! I just went through this exact situation last month - my 846 code appeared on a Tuesday with a DDD for that Friday, and I was checking my account obsessively just like many of you are doing now. The deposit actually hit my account (Chase) at 2:47 AM on the exact DDD, which was exactly 3 business days after the 846 code appeared. No pending notification beforehand, just suddenly there when I checked in the morning. What really struck me reading through this thread is how consistent everyone's experiences seem to be once you account for different banking processing schedules. The 1-5 business day window that keeps getting mentioned appears to be very accurate based on all the data points people are sharing here. For those of you still waiting (especially @Kiara Greene, @Charlotte White, and @Carmella Fromis), you're all still well within the normal timeframe. The anxiety is totally understandable - I was the same way - but based on everything shared here, your deposits should be arriving very soon. Keep checking those early morning hours, and please update us when they come through! This community knowledge sharing is incredibly valuable for future filers.

I'm new to this community but have been following along with everyone's experiences here, and I have to say this has been incredibly educational! I'm currently waiting for my refund after seeing my 846 code appear on 2/25 with a DDD of 2/28, so I'm right in the middle of that anxiety-inducing waiting period that so many of you have described. What really stands out to me from reading through all these comments is how consistent the timing seems to be across different banks and situations. The 1-5 business day window keeps coming up again and again, which gives me a lot more confidence than the vague information you typically find on official IRS resources. I'm particularly grateful for the practical tips people have shared - like checking accounts during early morning hours when ACH processing typically happens, and understanding that many banks don't show government deposits as pending. I had no idea about either of those things before reading this thread! For those still waiting (including the original poster @Kiara Greene), it's really encouraging to see how many people have had positive outcomes within the expected timeframe. The data points from @Noland Curtis showing that 77% of people get their deposits within 2-3 business days are especially reassuring. I'll definitely update this thread when my deposit arrives to add another data point to help future filers. Thanks everyone for creating such a supportive and informative discussion!

Quick question - does anyone know if this same principle applies to cash back from credit cards used for business purchases? Like if I get 2% back on all my business expenses, should I be reducing all my deductions by 2%?

This is a really common confusion for freelancers and small business owners! I dealt with something similar when I got a promotional bonus from a business credit card signup. The consensus here is spot on - you can only deduct your actual out-of-pocket expense of $40. The $200 gift card effectively reduced your cost basis for the equipment, just like if you had used a coupon or bought the items on sale. One thing to keep in mind for future reference: make sure you're keeping good records of these promotional bonuses and how you use them. The IRS likes to see clear documentation that separates business and personal use, especially when gift cards or rewards are involved. Also, since you mentioned you're a freelance videographer, don't forget you can still deduct the full $40 plus claim depreciation on the camera equipment over time (depending on the cost and type of equipment). Sometimes the depreciation deduction can be more valuable than the immediate expense deduction anyway!

Just be aware that if you don't report this income and somehow get audited, you'll face penalties and interest on top of the taxes you should have paid. The fact that PayPal doesn't report "friends and family" transfers doesn't protect you - it's still your legal obligation to report ALL income. I learned this the hard way with my Discord server donations. Started small but grew to about $400/month. Never reported it because "PayPal doesn't report it" - ended up with a nasty surprise when I got flagged for an audit for unrelated reasons and they found the unreported income.

This is really helpful information everyone! I'm in a similar situation with my Rust server where I collect donations through various platforms. One thing I want to add that might be useful - even if you decide to treat this as hobby income rather than business income, you still need to keep detailed records of all your expenses. I learned from my accountant that the IRS can be pretty strict about what counts as legitimate expenses, especially for gaming-related activities. Make sure you're tracking things like server hosting costs, domain registration, any software licenses, and potentially even a portion of your internet bill if you can demonstrate it's used substantially for the server. The key is being able to show that these expenses are directly related to generating the income, not just general gaming expenses. Keep receipts and document everything - it'll save you headaches later whether you file as hobby or business income.

FYI - don't forget that margin interest on money borrowed to buy tax-exempt investments (like municipal bonds) isn't deductible at all. That tripped me up last year and I had to amend my return.

I went through this exact same situation last year with about $15K in margin interest. One thing that really helped me was keeping detailed records of exactly what I used the margin for - the IRS can ask for documentation showing the borrowed funds were actually used for investment purposes. Also, make sure you're capturing ALL your investment income on line 4a of Form 4952, not just the gains from the specific stocks you bought on margin. This includes interest, dividends, and short-term gains from ALL your investments, even those not purchased with borrowed money. This can significantly increase the amount of margin interest you can deduct. The form is designed to limit your deduction to your total investment income, so maximizing that line 4a figure is important. Many people miss rental income, taxable bond interest, or other investment income that should be included.