This is exactly the kind of detailed information that helps so much when dealing with tax anxiety! I'm going through a similar situation right now - my transcript just updated yesterday with code 766 and I was worried something was wrong. Reading through everyone's explanations about the normal progression from 810 → 766 → 768 → 846 really puts my mind at ease. It's frustrating that the IRS doesn't make these codes more transparent to taxpayers, especially when we're all just trying to understand what's happening with our own money. @Amelia Martinez - I hope your refund comes through quickly for those medical expenses! The timeline everyone's describing sounds pretty consistent across different cases.

This thread has been incredibly helpful! I'm dealing with a similar situation where my transcript shows the 766 code but I haven't seen the 768 yet. Reading everyone's experiences gives me hope that this is just part of the normal process. One thing I'd add for anyone else following this - I called the IRS automated line (1-800-829-1040) and pressed 1 for English, then 2 for personal tax questions, then 1 for refund info, then 3 for transcript questions. The automated system actually confirmed that my return is in processing and to expect updates within 7-14 days. Sometimes the automated system can give you a bit more context than just staring at the codes! @Amelia Martinez - fingers crossed your 846 code appears soon so you can get that refund for your medical expenses!

I might suggest a slightly different approach, though I'd be cautious about expectations. If your return was very recently filed, you could potentially file an amended return (Form 1040-X) to correct the banking information. However, this might actually slow things down further rather than speed them up. In most cases, it's generally better to simply let the incorrect direct deposit attempt fail naturally and wait for the paper check. The IRS systems are designed to handle this situation automatically, and intervening sometimes creates more complications than it resolves.

I went through this exact situation two years ago and can confirm what others have said - it's frustrating but the system handles it automatically. The most important thing is to NOT panic and try to "fix" it by filing amendments or calling repeatedly. I made that mistake and it just created confusion. One thing I'd add that hasn't been mentioned - make absolutely sure your mailing address is current with the IRS. When my direct deposit failed, I realized I had moved since filing my previous year's return, and the IRS had my old address on file. I had to call to update it before they could mail the check. You can verify your address through the "Where's My Refund" tool or by checking your most recent tax transcript. The whole process took about 6 weeks total for me, but knowing what to expect made it much less stressful than constantly wondering what was happening.

One tip that helped me as a server - fill out a new W-4 and ask for additional withholding on line 4(c). I put an extra $20 per paycheck which isn't much weekly but adds up to enough extra withholding that I don't get surprised at tax time. Most restaurant workers underpay throughout the year without realizing it, especially if you get cash tips that aren't properly reported. That extra withholding covers you.

Hey Paolo! I totally feel your frustration - restaurant taxes are genuinely confusing and you're not alone in this struggle. Here's what's likely happening: That $192 from your $600 paycheck includes federal income tax, Social Security (6.2%), Medicare (1.45%), and possibly state taxes. The high percentage might be because restaurants often withhold based on your current pay period, not accounting for fluctuating schedules or slower weeks. The big issue with your refund getting cut in half is probably the dependent status situation. If you're 23, living independently, and paying your own bills, you might actually qualify to file as independent rather than being claimed as a dependent. This could significantly help your tax situation since you'd get the full standard deduction. Also, restaurant payroll systems sometimes don't handle tipped income withholding correctly. Even if you're not making tons in tips, the system might assume you are and underwithhold accordingly. My advice: 1) Talk to your parents about whether you should still be claimed as their dependent, 2) Consider filling out a new W-4 with your HR person to adjust your withholding, and 3) Keep track of all your tips (even small cash ones) so you're not surprised by unreported income at tax time. Restaurant work taxes are genuinely more complicated than regular jobs, so don't feel bad about being confused!

Has anyone considered just switching to directly holding Bitcoin instead of GBTC? I did that after dealing with this nightmare last year. Now I use a specialized crypto tax software that integrates with my wallet and exchanges. Much cleaner tax situation and no surprise micro-transactions for fees.

I'm dealing with a very similar situation with GBTC in my Schwab account. Got about 45 micro-transactions listed as "UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS" and was completely overwhelmed trying to figure out how to report them. Based on what I'm reading here, it sounds like the single-transaction exception might be perfect for my situation since my total proceeds are only around $290. I had no idea this was even an option! One question though - when calculating the basis for these aggregated transactions, should I be using the original purchase price of the GBTC shares that were sold for fees, or is there a different way to calculate it? My broker shows "basis not reported to IRS" for all of these, so I need to figure out the correct basis myself. Thanks everyone for sharing your experiences - this thread has been incredibly helpful for understanding what seemed like an impossible tax situation!

Don't overthink this! Schedule C is definitely the right place for self-employment income, received 1099 or not. I've had missing 1099s for years from some clients and never had an issue. Just make sure the total you report matches or exceeds what was actually paid to you, and you'll be fine. The IRS mainly cares that you're not UNDER-reporting income.

Just went through this exact situation last tax season! You're absolutely doing the right thing by reporting the income on Schedule C regardless of the missing 1099-NEC. One thing I'd add that helped me - consider sending one final certified letter to the company requesting the 1099, keeping the receipt. This creates an official paper trail showing you made every reasonable effort to obtain proper documentation. Even if they don't respond, you'll have proof for your records. Also, make sure to separate the $68,000 in actual income from the $350 in reimbursements when reporting. The reimbursements shouldn't be included as income since they were just covering your expenses. Only report the true payment for services as self-employment income on Schedule C. The IRS matching system is pretty forgiving when you report MORE than what's on file rather than less. Even if that 1099 shows up later, you're already covered since you reported everything accurately.