Just to clarify something that seems to be causing confusion in this thread - there's an important distinction between truly collectible/investment vehicles and regular cars that happen to be a bit special. For a regular car (even if it's a nice classic that you drive on weekends), you generally CANNOT deduct the loss. These are personal-use assets. For cars held EXCLUSIVELY as collectible investments, you potentially CAN deduct losses, but you need extensive documentation showing investment intent. For cars used in a BUSINESS (like a restoration business, car dealer, etc.), losses are generally deductible as business expenses. Most people fall into the first category and can't deduct losses, which is why the general advice is that car losses aren't deductible. Most folks simply can't meet the strict requirements for the exceptions.

This is such a frustrating aspect of the tax code that catches so many people off guard! I went through something similar with a vintage truck I had to sell at a loss during COVID when I needed cash fast. What really helped me understand the situation was learning about the "personal use presumption" - basically, the IRS assumes that unless you can prove otherwise with solid documentation, any vehicle you own is for personal use and enjoyment. Even if you barely drive it, even if it's rare or collectible, the default assumption is personal use. The harsh reality is that the tax code is designed this way intentionally. Personal assets like cars, boats, jewelry, etc. are expected to depreciate as part of their normal use cycle. The IRS views this depreciation as the "cost" of enjoying these items, similar to how you can't deduct the loss when your furniture gets old or your clothes wear out. What I learned from my tax advisor is that if you're serious about treating vehicles as investments going forward, you need to set up that framework BEFORE you buy, not after. This means business entities, proper documentation, storage agreements, maintenance logs, and most importantly - never using them personally. It's a pretty high bar to meet, but it is possible if you're committed to treating it as a true investment rather than a hobby that might make money.

I've been through this exact scenario with Greendot multiple times and wanted to share what I've learned. Your timeline looks completely normal - filed 2/18, accepted 2/19, transcript showing 846 code with 3/15 deposit date is right on track. Since 3/15 was a Friday, Greendot typically won't process weekend deposits until Monday morning. I'd expect to see your funds by Tuesday at the latest. One thing that helped me manage the anxiety while waiting for medical bill money last year was calling Greendot's automated line (the number on the back of your card) - you can check if any pending deposits are in their system without talking to a rep. Also, make sure your account is in good standing with no holds or verification requirements that could delay things further. The IRS has definitely sent your money (that's what the 846 code confirms), so now it's just a matter of Greendot's processing timeline. Hang in there - your medical appointments will be covered soon!

I'm in almost the identical situation! Filed 2/20, accepted 2/21, transcript shows 846 code with 3/15 deposit date, and also using Greendot. Reading through everyone's responses here has been super helpful - it sounds like the 24-48 hour delay after the transcript date is completely normal for prepaid cards. Since 3/15 was Friday, I'm planning to check Tuesday morning around 3-4am when their system typically updates. I totally understand the stress about needing the money for medical appointments - I'm in a similar spot with some dental work I've been putting off. But based on what everyone's sharing, it seems like once you see that 846 code, the money is definitely coming, just on Greendot's timeline rather than the IRS timeline. Hang in there!

Watch out for the time involved in filling out multiple 8621 forms! I had 9 PFICs last year and it literally took me about 2 hours PER FORM to complete correctly. That's like 18 hours just for one tax form! If your time is worth anything, consider having a professional handle these. I learned my lesson and switched most of my international investments to US-based international funds (like Vanguard's VEU or VXUS) that invest internationally but don't trigger PFIC rules since they're US companies.

This thread has been incredibly helpful! I'm in a similar boat with about $35,000 spread across 5 different European ETFs that I now realize are PFICs. Based on what everyone's shared here, I think my best strategy is to: 1. Use one of the tax tools mentioned (probably taxr.ai) to help with the immediate 8621 filing requirements for this year 2. Contact the IRS directly using Claimyr if I run into specific calculation questions the software can't handle 3. Start transitioning my international exposure to US-based international funds like VEU or VXUS to avoid this nightmare next year One question though - if I sell my current PFIC investments this year to switch to US-based alternatives, will that create additional complications for my 8621 forms? Or should I wait until after I file this year's taxes to make the switch? The management fee issue is frustrating but sounds like there's not much we can do about that anymore. At least now I understand it doesn't factor into the PFIC calculations themselves.

Just want to add some clarity about the documentation requirements for charitable carryovers since I see some confusion in the thread. You absolutely need to maintain all your original receipts and acknowledgment letters from 2022 throughout the entire 5-year carryover period (through 2027 for your situation). For the $18,000 you donated in 2022, if any single donation was $250 or more, you need a written acknowledgment from the charity that includes the amount, date, and a statement about whether you received any goods or services in return. For non-cash donations over $500, you'll need Form 8283 each year you claim the carryover. One thing people often miss: you need to calculate your carryover amount based on your 2022 AGI limits, but then apply the remaining carryover against each subsequent year's AGI limits. So even if you couldn't use much in 2022 due to a lower AGI, you might be able to use more in 2024 if your income increased. I'd recommend creating a simple tracking document showing: original donation amount, 2022 AGI limit, amount claimed in 2022, remaining carryover balance, and then track how much you use each subsequent year. This will help you stay organized and avoid any issues if the IRS asks questions later.

I've been following this thread closely since I'm dealing with a very similar situation from my 2022 donations. One thing I want to emphasize that hasn't been mentioned yet is the importance of keeping detailed records of which specific donations you've already claimed versus which ones are still available for carryover. I made the mistake of not tracking this properly and ended up accidentally trying to claim the same donation amounts twice when preparing my 2023 return. Fortunately my tax software caught the error, but it was a real headache to sort out. My recommendation is to create a simple table with columns for: Original donation date, Charity name, Original amount, Year claimed, Amount claimed, and Remaining balance. Update it each year as you file your returns. This has saved me so much confusion, especially since I have carryovers from both 2022 and 2023 now. Also, regarding the AGI percentage limits - don't forget that if you're married filing jointly, you use your combined AGI to calculate the limits, which can significantly increase how much you can deduct each year compared to filing separately.

Something else to consider - Vanguard offers a feature called "Cost Basis Tracking" which shows your exact contributions over time. You can access it from the "My Accounts" section, then go to "Account details" and look for "Cost basis". This might give you a clearer picture than just doing the subtraction on your dashboard.

Great thread everyone! Just wanted to add that when you do make the withdrawal from Vanguard, make sure to specify that you want it coded as a "return of contributions" rather than a regular distribution. When you initiate the withdrawal online or over the phone, there should be an option to designate the withdrawal type. This helps ensure Vanguard reports it correctly on your 1099-R form, which will make your tax filing much smoother. Also, keep detailed records of the withdrawal amount and date - I create a simple spreadsheet tracking my contribution basis before and after any withdrawals. It's saved me time during tax season and gives me confidence that I'm staying within the penalty-free limits.