Be careful about assuming this means your refund is coming soon. According to the National Taxpayer Advocate's 2023 report (available at taxpayeradvocate.irs.gov), approximately 8% of offset cases experience additional delays due to systemic errors. In these cases, the debt disappears but the refund gets stuck in a secondary review process. If you don't see your refund within 21 days of the debt disappearing, you should contact the IRS directly to ensure there isn't an additional hold on your account that needs to be addressed.

This is exactly what happened to me last year! My $2,100 tax debt vanished from my account on a Thursday, and I was panicking thinking there was some kind of error. But then exactly 10 days later, my remaining refund of $890 hit my bank account. The whole process felt like watching a magician - first the debt disappears, then there's this suspenseful waiting period, and finally the refund appears! One thing I learned is that during those waiting days, it's totally normal for the Where's My Refund tool to still show "processing" even though the offset has already been applied behind the scenes. The system updates different parts at different times. I'd recommend checking your account every few days but try not to obsess over it (easier said than done, I know!). Also, keep an eye on your mail for any offset notices - they usually send confirmation that they applied your refund to your previous balance. Good luck, and congratulations on getting that debt cleared!

Has anyone actually gone through this process of changing from IT to lending? I'm considering something similar and wondering about the actual paperwork involved. Did you have to refile your EIN or get new business bank accounts? Did it affect existing contracts you had with IT clients?

Just went through a similar transition last year - changed my LLC from marketing consulting to real estate investing. Here's what I learned that might help with your IT to lending switch: The good news is you can definitely keep your existing LLC, but you'll need to handle several steps properly. First, check if your state requires you to amend your Articles of Organization to reflect the new business purpose. Some states are strict about this, others are more flexible. For lending specifically, you'll absolutely need to research your state's lending laws and licensing requirements. This is heavily regulated - much more so than IT services. Look into whether you need a money lender's license, what your state's usury laws are, and if there are any bonding requirements. Don't forget about the practical stuff either: new business insurance (your current policy definitely won't cover lending activities), potentially new banking relationships (some banks have stricter requirements for lending businesses), and updated contracts/agreements. The tax implications are also significant - interest income is taxed differently than service income, and you'll have different allowable deductions. I'd strongly recommend consulting with both a business attorney familiar with lending regulations and a CPA before making the switch. Timeline-wise, plan for 2-3 months to get everything properly sorted. The licensing part usually takes the longest, so start there first.

Make sure you're also considering the account statements! If the account was generating interest, dividends, or other income AFTER your uncle passed but BEFORE you took over the account, that income technically belongs to the estate and should be reported on the estate's income tax return (Form 1041). The bank will issue a 1099 for that income, and if it's in your name, the IRS will expect to see it on your personal return. You might need to file a separate schedule showing that this income belongs to the estate, not you personally.

One more thing to keep in mind - you'll want to get documentation from the bank showing when you were added as a secondary account holder and what type of account it was (joint tenants with right of survivorship vs. convenience account, etc.). This can matter for tax purposes. Also, check if your uncle's estate went through probate. If it did, the probate court records should show how this account was handled. Sometimes joint accounts are excluded from probate, but the estate executor should still account for them when calculating the total estate value. If you're unsure about any of this, it might be worth consulting with a tax professional who specializes in estate matters. The $43,000 amount is significant enough that you want to make sure you handle it correctly, especially since inheritance and estate tax rules can be complex and vary by state.

ugh the waiting game is the WORST. been checking transcripts like a crazy person everyday

I went through the exact same thing last year! My amended return showed "completed" on 10/15 and the 846 code appeared on my transcript exactly 9 days later on 10/24. The actual direct deposit hit my account 4 days after that. So you're probably looking at about 2 weeks total from your 9/27 completion date. The IRS seems pretty consistent with this timeline once they mark it as fully processed. Keep checking your transcript daily around 6am when they update - that's when mine showed up!

Has anyone used TurboSelf-Employed for this situation? I'm wondering if it catches these kinds of deductions or if I need to use a different software for my meditation teaching side gig...

Great question! As someone who's dealt with similar self-employment tax situations, I can confirm that your meditation workshop expenses would likely qualify as legitimate business deductions on Schedule C. Since you're teaching meditation techniques and getting paid for it, attending workshops to improve those same skills has a clear business purpose. The key is that the training must be "ordinary and necessary" for your current work - which it sounds like it is. A few important points to keep in mind: - Document everything: Keep receipts, workshop descriptions, and notes on how the training improved your teaching abilities - The business connection needs to be direct - you're learning techniques you actually use with clients - It's totally normal for business expenses to exceed income in some periods, especially for seasonal work like retreats Just make sure you're treating this as a legitimate business (not a hobby) and maintaining good records. The fact that you're actively earning income from multiple centers and have been doing this for 2 years helps establish business intent. Consider keeping a simple log of how you applied what you learned in your actual teaching sessions - that documentation could be valuable if questions ever come up.