This is SO frustrating! I had a similar issue two years ago where my account number got changed somehow during processing. The IRS tried to deposit to the wrong account, it got rejected, and then I had to wait almost 6 weeks for the paper check to arrive. One thing that really helped me was checking my tax transcript regularly - it shows the exact timeline of what's happening with your refund. Look for code 846 (refund issued) followed by code 841 (refund cancelled/rejected) - that confirms the direct deposit failed and they're switching to paper check. The waiting is the worst part, especially when you need the money for unexpected expenses. But at least once they switch to paper check mode, it usually arrives within 3-4 weeks. Hang in there! 💪

This exact same thing happened to me last year! I was absolutely panicking when I saw different account numbers on the Where's My Refund tool. Turns out it was because I used TurboTax's "pay with refund" option - they create a temporary bank account to collect their fees first, then forward the rest to you. The account numbers looked completely different from mine, which scared me at first. But I eventually got my refund via direct deposit after TurboTax took their cut. Check your TurboTax account or confirmation emails - there should be details about the "Refund Transfer" service if that's what happened. If it's NOT the TurboTax thing, then yeah, you're probably looking at a paper check situation. When my sister had a legitimate banking error on her return, she waited about 5 weeks for the paper check to arrive. The IRS tries the direct deposit once, and if it fails, they automatically switch to mailing a check to your address on file. Either way, definitely check your tax transcript on the IRS website - it'll show you exactly what's happening with codes like 846 (refund issued) and 841 (refund rejected). Hope this helps ease some of your stress!

I'm going through a similar situation right now! Just to add another perspective - I called my local Social Security office before filing and they told me something helpful: even after you get your new Social Security card with your updated name, you can still file taxes under your old name for the current tax year if that's what's on your W2. They said it's actually better to keep everything consistent within the same tax year. What I'm planning to do is file this year with my birth name (since that's on all my 2024 documents), then update my Social Security card right after I file. That way next year everything will be clean and consistent with my new name. The Social Security office said this approach avoids any potential processing delays or confusion. Also wanted to mention - keep a copy of your court order with your tax records even if you don't need to submit it. I learned this from my tax preparer - it's good documentation to have in your files showing when the name change was official in case any questions come up later.

Just wanted to share my experience as someone who went through this exact same process two years ago! The advice here is spot on - definitely file with whatever name is on your Social Security card and W2 to keep everything consistent. One thing I wish someone had told me: when you do update your name with Social Security after tax season, bring multiple copies of your court order. They kept one copy for their records, and I needed additional certified copies later for updating my passport, bank accounts, and other documents. It saved me from having to go back to the courthouse multiple times. Also, Virginia doesn't have any special requirements for name changes on state returns - you'll just follow the same principle of using whatever name matches your federal return and Social Security records. The state return will automatically align with your federal filing. Good luck with everything, and congratulations again on your name change!

Maybe try talking to your parents first? I had the same issue and just sat down with mine and showed them my expenses vs what they paid for me. They genuinely thought they could still claim me and didn't realize I was providing most of my own support. The conversation was actually fine once I showed them how the rules worked!

I'm going through something similar right now! I'm 23 and graduated last spring, been working full-time since June. My parents also handle our family taxes and just assumed they could still claim me. What really helped me was actually calculating my expenses for the year - rent, groceries, car payments, insurance, etc. I was shocked to realize I was covering about 70% of my own costs! Once I showed my parents the breakdown, they understood they couldn't claim me anymore. One thing to consider - even if you were living at home or they were paying some expenses while you were in school (Jan-May), if your income from working full-time (June-Dec) covered more than half your total yearly support, then you provided more than half. Don't forget to include things like tuition payments, health insurance, phone bills, etc. in your calculations. Definitely have that conversation with your parents before anyone files. It's way easier to prevent the issue than deal with the IRS sorting it out later, which can take months and delay your refund.

Has anyone used tax loss harvesting to offset gains from something like this? I've heard you can sell other investments at a loss to balance things out tax-wise.

This is a tough situation, but you're not alone - these kinds of app-triggered sales happen more often than you'd think. Unfortunately, as others have mentioned, you're still on the hook for the taxes even though it was accidental. Here's what I'd recommend doing immediately: 1. Document everything - screenshot the app settings, save any emails or notifications about the sale, and keep records of your original intent. While this won't help with taxes, it might be useful if you decide to file a complaint with the app provider. 2. Calculate your potential tax liability now so you can plan accordingly. If you have significant gains, you might want to set aside money for the tax bill. 3. Look for any loss positions in your portfolio that you could harvest before year-end to offset these gains. 4. Consider whether you want to repurchase immediately or wait to avoid potential wash sale complications if you have any loss positions. The silver lining is that when you do rebuy, your new cost basis will be the current purchase price, which could work in your favor if the stocks continue to appreciate long-term. It's an expensive lesson about reading the fine print on investment apps, but you'll get through this!

Great thread everyone! As someone who's been through partnership restructuring twice, I want to emphasize the timing aspect that's crucial for both sections. For IRC 704(c), the clock starts ticking the moment property with built-in gain/loss is contributed. You can't retroactively fix improper allocations - if you've been ignoring 704(c) requirements, you need to address it immediately going forward. The IRS can recast transactions if they find you've been shifting built-in gain between partners. For IRC 743(b), timing is about the 754 election. You can make it in the year of the transfer OR retroactively if you meet certain criteria, but waiting too long can cost your incoming partner thousands in unnecessary taxes. One practical tip: if you're bringing in a new partner next year, model out the tax impact with AND without the 754 election before they buy in. Sometimes the election benefits the new partner but creates administrative headaches for the partnership that aren't worth it. Other times (especially with appreciated assets), it's essential for fairness. Also consider getting a formal 704(c) allocation method documented in your partnership agreement BEFORE any new contributions. Don't leave it to default rules that might not work for your situation.

As someone who recently went through a similar partnership expansion, I'd strongly recommend getting professional help with these provisions - they're more interconnected than they initially appear. One thing that caught me off guard was how 704(c) and 743(b) can actually work together when you have both contributed property AND incoming partners. For example, if your family business has appreciated assets that were contributed years ago (triggering 704(c)), and now you're bringing in a new partner who's buying in at fair market value, that new partner could be getting hit with a double tax burden without proper planning. The new partner pays a premium price that reflects the appreciated assets, but without a 754 election and 743(b) adjustment, they'll still get allocated their share of the built-in gain when those assets are eventually sold. Meanwhile, the 704(c) allocations are supposed to prevent the original contributing partner from shifting their built-in gain to others. I'd suggest mapping out your partnership's asset basis versus fair market values before bringing in the new partner. If there are significant disparities, you'll want both the 704(c) tracking properly documented AND the 754 election in place. The interaction between these provisions can either create a fair outcome for everyone or lead to some partners getting seriously overtaxed. Also, don't forget that once you make the 754 election, it applies to ALL future transfers - including if any current partners eventually sell their interests. Consider the long-term implications beyond just your immediate new partner situation.