As a newcomer to this community, thank you so much for this incredibly detailed breakdown! I just completed my identity verification on March 18th and was feeling pretty overwhelmed by the "up to 9 weeks" timeline they gave me. Reading through everyone's real experiences here is so much more helpful than the vague official IRS information. It's really encouraging to see that most people are getting their refunds in the 4-6 week range rather than the full 9 weeks, and your step-by-step explanation of what actually happens during the process makes the wait feel much more manageable. My verification was for what they called "routine identity verification" - no specific issues mentioned with my return. Based on what others have shared here, I'm optimistic that puts me in the faster processing timeline. I'm definitely going to follow the advice about setting up bank account alerts after week 4 instead of obsessively checking WMR and transcripts. It sounds like those tools aren't very reliable for post-verification tracking anyway, and I love that several people mentioned their refunds just appeared without warning. One thing I'm wondering about - has anyone noticed if the time you call to verify (like morning vs afternoon) makes any difference in how quickly they process your case? I completed mine around 2 PM on a Tuesday and I'm probably overthinking it, but curious if there are any patterns people have noticed. Thanks for creating this thread - it's exactly the kind of real-world information that helps so much during this stressful waiting period!

As a newcomer to this community, this breakdown is incredibly helpful! I just completed my identity verification on March 19th and was feeling really anxious about the "up to 9 weeks" timeline they quoted me. What I find most reassuring from reading everyone's experiences is how the actual timelines are so much more reasonable than the worst-case scenario the IRS initially presents. The 4-6 week range that most people are experiencing gives me so much more realistic expectations. My verification was for what they called "standard identity verification" - the agent said it was routine with no specific issues identified on my return. Based on what others have shared here, I'm hoping that puts me in the faster processing category. I'm definitely going to follow the advice about setting up bank account alerts after week 4 instead of constantly checking WMR and transcripts. It sounds like those tracking tools aren't reliable for post-verification monitoring anyway, and I love hearing that refunds often just appear without any advance warning from the system updates. One question I have - has anyone noticed if completing verification later in the tax season (like mid-March) affects processing times compared to those who verified earlier in February? I'm wondering if the IRS might be less backlogged now or if it doesn't really matter. Thanks for creating this thread and to everyone sharing their real experiences - it's exactly the kind of practical information that helps reduce the stress of not knowing what to expect during this waiting period!

I'm dealing with a similar inherited stock situation and this thread has been incredibly helpful! One thing I'd add from my recent experience is to check if your current UTMA custodian has any historical cost basis records they can provide before you transfer. Even if they don't have complete information for pre-2011 holdings, they might have some documentation that could save you research time. Also, when you're gathering all the spinoff allocation information, make sure to note the exact dates of each distribution. The IRS can be particular about using the correct valuation dates, especially for inherited securities where the stepped-up basis calculation is involved. Having precise dates will help if you need to look up historical stock prices for any manual calculations. Good luck with the transfer process - it sounds like you're getting great advice here about the various resources available to help with these complex basis calculations!

Based on my experience helping clients with similar inherited stock situations, I'd estimate the entire process typically takes 4-8 weeks from start to finish, depending on how responsive the various parties are. Here's what you can generally expect: Week 1-2: Gathering documentation from your current custodian and requesting corporate action information from the companies involved. This is usually the fastest part. Week 2-4: Waiting for historical documents like Form 8937s and allocation statements. Some companies respond quickly, others can take 2-3 weeks. If you need to use services like the ones mentioned earlier in this thread, this is when you'd typically get results. Week 4-6: Calculating cost basis allocations and preparing transfer paperwork. If you're doing manual calculations, this can take longer. If using professional help or automated tools, it's much faster. Week 6-8: Completing the actual transfer to your new brokerage and ensuring all cost basis information transfers correctly. One tip that can speed things up: start gathering documentation even before you decide which brokerage to transfer to. You can request historical corporate action information and Form 8937s while you're still researching brokers. The documentation process is often the biggest bottleneck, so getting that started early can save weeks. Also, consider calling ahead to your target brokerage to discuss their process for handling complex inherited stock transfers. Some have specialized teams that can walk you through exactly what documentation they'll need, which prevents delays from missing paperwork.

Former H&R Block employee here. The price difference exists because the downloadable version (sold on Amazon) and the online version are technically different products with different target customers. The downloadable version is cheaper because it's designed for people who use the same tax software year after year and are comfortable with tax prep. It also doesn't include all the hand-holding and live help features. The online version charges more because it includes more interactive guidance, the ability to start on one device and continue on another, and usually some form of support. They're essentially charging for convenience.

One major difference nobody's mentioned yet is that the website version of H&R Block regularly updates throughout tax season if tax laws change. With the Amazon download version, you might need to manually check for and install updates. This became a big issue during COVID when tax laws were changing rapidly and some people using downloaded software missed some benefits because they didn't update.

Your analysis is absolutely correct, and frankly, your professor's interpretation is concerning from a professional standards perspective. As someone who's dealt with numerous IRS audits involving meal deductions, I can tell you that the position your professor is advocating would not hold up under scrutiny. The "ordinary and necessary" test from Section 162 requires BOTH elements to be met. While eating might be "ordinary" for humans, personal meals during work hours are not "necessary" business expenses - they're personal living expenses that happen to occur during business hours. The IRS has consistently ruled that personal consumption expenses remain personal regardless of when they occur. If your professor's logic were correct, every employee could deduct lunch because "eating is necessary to work." The fact that someone is an independent contractor doesn't magically transform personal expenses into business deductions. I'd suggest your professor review Revenue Ruling 59-307 and the Tax Court case of Haft (T.C. Memo 1972-140), which specifically addressed similar meal deduction claims by delivery workers. The courts have been very clear on this issue. Your research methodology and conclusion demonstrate much better understanding of tax law than what your professor is teaching. Don't let credentials intimidate you when the law is clearly on your side.

As a newcomer trying to understand these tax rules, this thread has been incredibly educational! I'm just starting out with some freelance work and was completely confused about what I could and couldn't deduct. The distinction everyone is making between personal expenses that happen during work hours versus actual business expenses makes so much sense now. I was initially thinking like the professor - that if I'm working, everything I spend should be deductible somehow. But reading through the explanations about Revenue Ruling 59-307 and the "ordinary and necessary" test really clarifies things. It's actually kind of scary that even experienced tax professionals can get this wrong. Makes me realize I really need to do my homework and not just assume someone with credentials automatically knows the right answer. The resources mentioned here (Publications 535 and 463) seem like essential reading for anyone doing independent contractor work. Thanks to everyone who shared their knowledge - this is exactly the kind of practical tax education that's hard to find elsewhere!

This is a complex situation that highlights why proper documentation is crucial for professional gambling operations. From a tax compliance perspective, the W2Gs legally belong to whoever's SSN is on the forms - your cousin in this case. However, there are legitimate ways to handle this through proper income attribution. Your cousin will need to report the $83,000 in gambling winnings on his return since the IRS expects to see this income under his SSN. He can then document the transfer of these winnings to you through a formal agreement showing he was acting as your agent. A few critical points to consider: 1. Any federal withholding (typically 24% on jackpots over $5,000) was credited to your cousin's account, which needs to be factored into both returns 2. You'll want to create a written agreement backdated to before the gambling occurred that establishes your cousin was acting as your agent 3. As a professional gambler filing Schedule C, you can deduct your gambling losses and related business expenses against this income I'd strongly recommend consulting with a tax professional who has experience with gambling income attribution. The documentation needs to be bulletproof if either of you gets audited, and the specific reporting mechanics can be tricky to get right on both returns.

Be very careful with this situation - I've seen similar cases get messy during IRS audits. The key issue is that W2Gs create a paper trail directly linking income to your cousin's SSN, so any "transfer" arrangement needs to be rock-solid defensible. A few red flags to avoid: - Don't try to create documentation after the fact that looks suspicious - Make sure any agent agreement reflects the actual relationship that existed when the gambling occurred - Consider that if your cousin owes other taxes or has liens, those W2G withholdings might get applied elsewhere One thing many people miss: your cousin may need to file quarterly estimates going forward since the IRS now expects gambling income under his SSN. Even if he transfers the money to you, the withholding timing can create cash flow issues. Also worth noting - if you're truly operating as a professional gambler, you should already have systems in place to avoid these complications. Most pros I know never let others physically trigger jackpots with their money specifically because of these tax attribution nightmares.