I know exactly how stressful this waiting period is! I went through this last month and wanted to share my positive outcome: • Amendment appeared on transcript: March 4th • Refund approved (code 846): March 19th • Money deposited: March 22nd So that was 15 days from transcript update to refund approval, and 18 days total until money in my account. What helped me was checking my transcript every Tuesday and Friday morning (they seem to update in batches those days). Hang in there - the waiting is the hardest part but it WILL come through!

I've been tracking IRS amended return timelines for my accounting practice, and here's what I've observed across multiple clients: Once your amended return appears on transcript, you're typically looking at 10-21 business days until you see the TC 846 (refund issued) code with a deposit date. However, Q1/Q2 processing tends to be slower due to regular filing season backlog. For your investment planning purposes, I'd recommend using a 25-business-day timeline from transcript appearance to actual deposit as your conservative estimate. One thing that might help - if you see TC 971 with AC 052 on your transcript, that usually indicates your amendment is in the final review stage before refund authorization.

Just to clarify what others have said - the new W-4 doesn't have allowances anymore. The IRS redesigned it in 2020 to be more straightforward, but it's definitely confusing if you haven't filled one out in years. The safest approach for withholding is completing Step 1, checking the box in Step 2(c) if you have multiple jobs or a working spouse, and adding a specific dollar amount in Step 4(c) if you want extra withholding. That's the AGI-based withholding method rather than the allowance-based system.

I'm in a similar situation - new job starting next week and feeling overwhelmed by the W-4 changes! Based on what everyone's shared here, it sounds like the key is being conservative with withholding to avoid owing money later. I'm single with just one job, so I'm planning to fill out Step 1, leave Step 2 blank, skip Step 3 (no dependents), and maybe add $30-40 extra withholding in Step 4(c) just to be safe. Better to get a small refund than owe the IRS! Thanks for all the helpful advice everyone - this thread has been a lifesaver for understanding the new form.

Does anyone know if partnerships have any obligation to provide estimated K-1 information before year-end? I'm getting tired of being penalized because my partnerships don't provide any information until months after the tax year ends.

I completely understand your frustration with K-1 income and estimated tax penalties! I went through this exact situation two years ago with my private equity investments. Here's what worked for me: I used the annualized income installment method on Schedule AI of Form 2210, which allowed me to show that the bulk of my income came in Q4 when I actually received the K-1 information. The key is documenting when you received each K-1 - keep copies of emails, postmarked envelopes, or any other proof of the timing. I also successfully requested penalty abatement by filing Form 843 with a detailed explanation of why the income was unpredictable. The IRS accepted my argument that it would be unreasonable to expect me to estimate income from partnerships that don't provide any guidance during the year. One tip: if you're dealing with multiple private equity K-1s, consider asking your partnerships if they can provide even rough estimates in future years. Some of the better managed funds will give partners quarterly updates that can help with tax planning, even if they're not legally required to do so. The system definitely seems unfair when you're penalized for income you couldn't possibly predict, but the annualized income method and reasonable cause provisions do provide some relief if you document everything properly.

Has anyone noticed that TurboTax sometimes calculates the underpayment penalty incorrectly? Last year I had a similar situation and when I checked the actual Form 2210 calculations, TurboTax had made an error in how it was applying my estimated payments. It wasn't considering my January 15th payment properly because of how I had entered the date. When I fixed that, the penalty disappeared. Might be worth double-checking the actual calculations for your specific situation.

There's one more thing to check that might help explain your situation - make sure TurboTax is correctly applying your November 2023 estimated payment to the right tax year. Since you made that payment in November 2023, it should be applied to your 2023 tax return, not 2024. Sometimes people get confused about this timing - estimated payments made in January through December of a given year apply to that year's tax return, even if you're filing the return the following year. So your November 2023 payment should help with your 2023 taxes (the return you're filing now). If TurboTax is somehow applying that payment to 2024 instead, that could explain why you're still seeing an underpayment penalty for 2023. Double-check which tax year that payment is associated with in the software. Also, just to confirm - when you received the inheritance in February 2023, was any of it taxable income? Inheritances themselves are generally not taxable income to the recipient, though any income generated by inherited assets (like interest or dividends) would be taxable.

Yes, you can absolutely use TurboTax or TaxAct to file your 2020 and 2021 returns! I was in a similar situation last year with unfiled returns from 2019 and 2020. Here are the key things I learned: 1. You'll need to purchase the desktop software for each specific tax year - don't use the current year's software for prior years 2. Since you're owed federal refunds, there are no penalties from the IRS for filing late (they don't penalize you for being slow to collect money they owe you) 3. Your state penalties will vary, but most charge around 5% per month for failure to file plus interest The process is pretty straightforward once you get started. I'd recommend gathering all your documents first (W-2s, 1099s, receipts, etc.) for both years before you begin. You can file both years simultaneously - no need to wait for 2020 to process before submitting 2021. One tip: consider e-filing if the software allows it for those years, as it processes much faster than paper filing. Good luck getting this sorted out - it's not as overwhelming as it seems once you dive in!

Just wanted to share my experience as someone who went through this exact situation! I had unfiled returns for 2019, 2020, and 2021 due to a combination of job loss and family health issues. Here's what worked for me: 1. **TaxAct was cheaper than TurboTax** for multiple prior years - saved me about $60 total compared to TurboTax's pricing for older versions. 2. **Gather everything first** - I spent a weekend collecting all my tax documents before starting anything. Having everything organized made the process so much smoother. 3. **State amnesty programs are real** - My state (Michigan) had a voluntary disclosure program that cut my penalties in half. Definitely worth checking if your state offers something similar. 4. **E-file worked for both 2020 and 2021** - Got my federal refunds in about 3 weeks each, which was way faster than I expected for late returns. The whole thing took me about 2 weeks from start to finish, and honestly, the anticipation and dread was worse than actually doing it. You've got this! The software walks you through everything step by step, and since you're getting federal refunds, the IRS will be happy to send you your money once you file. One last tip: If you have any self-employment income or complicated deductions, consider getting a tax pro to review everything before you submit. Sometimes the extra cost is worth the peace of mind.