As a newcomer to this community, I wanted to share my recent experience that might be helpful here. I was in almost the exact same situation last year - missed my 2022 return and was worried about filing order for 2023. After reading through IRS Publication 17 and consulting with a tax professional, I filed 2022 first in January 2024, then immediately prepared my 2023 return once I had the prior year AGI. The chronological approach definitely saved me headaches. My tax preparer explained that even though there's no hard rule requiring sequential filing, the IRS computer systems are designed to expect prior year data when processing current returns. When I e-filed my 2023 return, it went through smoothly because my 2022 AGI was already in their system. One thing I learned: if you're expecting refunds from both years, filing the older return first can actually speed up your overall process since you'll have that prior year baseline established. Also, make sure to gather all your investment documentation carefully - Form 1099-B from brokerages, any dividend statements, etc. The IRS gets copies of all these forms, so accuracy is crucial especially on a late filing. Good luck getting caught up!

As a newcomer to this community, I want to add another perspective on the filing order question. I work as a tax compliance analyst, and I've seen the technical side of what happens when returns are filed out of sequence. The IRS Integrated Data Retrieval System (IDRS) does maintain separate Master Files for each tax year, but there are cross-references that can create issues. When you file a current year return, the system automatically checks for certain data points from the prior year - not just AGI for e-filing verification, but also carryforward items like NOL deductions, capital loss carryovers, and education credits. If that prior year data isn't in the system, it can trigger manual review flags. For your specific situation with investment gains, there's an additional consideration: if you have capital losses from 2023 that could offset gains in 2024, you'll want those properly recorded in sequence. The $3,000 annual capital loss deduction and any carryforward amounts need to be calculated chronologically. My recommendation: file 2023 immediately, wait for it to be processed (usually 2-3 weeks for e-filed returns), then proceed with 2024. The peace of mind is worth the short delay, and you'll avoid any potential cross-year complications that could take months to resolve.

16 Another thing to check: look for Box 14 on your W-2. Sometimes employers will put additional information there, including health insurance premiums. It's an optional field that employers can use to provide additional information. The stuff in Box 14 doesn't directly impact your tax return calculations, but it can be helpful for understanding what went into the numbers in the other boxes.

Just want to echo what others have said here - your health insurance premiums ARE being treated as pre-tax, which is why you're not seeing them itemized separately like your 401k contributions. Think of it this way: your employer takes out your health insurance premiums before calculating your taxable wages. So when they report your wages in Box 1 of your W-2, those health premiums have already been subtracted. That's different from 401k contributions, which get reported separately in Box 12. To double-check this is working correctly, grab your last paystub of the year and look at the year-to-date totals. Your gross pay minus all pre-tax deductions (401k + health insurance + any others) should equal what's shown in Box 1 of your W-2. The bottom line: you're getting the tax benefit you expected from those health premiums - they're just handled differently in the reporting than retirement contributions. Your AGI is already reduced by that $2,700, so you don't need to do anything else when you file your return.

Hey there! I totally understand your anxiety about this - tax adjustments can be really nerve-wracking when you don't know what they mean. But honestly, this sounds pretty routine based on what others have shared here. The fact that you already have a scheduled deposit date (March 7th) is actually a really good sign! It means they've finished processing your return and you're definitely getting money back - they just made some kind of correction along the way. I've seen adjustments go both ways - sometimes they find errors that actually increase your refund, other times they might reduce it due to things like miscalculated credits or income discrepancies. The key thing is that explanation letter will tell you exactly what changed and why. Since you filed in February and are already getting processed, you're moving pretty quickly through their system. The waiting is definitely the hardest part, but March 7th isn't too far away. If the anxiety is really getting to you, some folks here mentioned calling them directly, but honestly you might get your answer just as fast by waiting for the letter. Try to stay positive - worst case scenario, you'll know exactly what happened and can learn from it for next year. Best case, you might even get more than you expected! Keep us posted on how it turns out! 🤞

I went through this exact same situation last year with NYS! The adjustment notification had me completely panicked for days until I got the explanation letter. Turns out they had corrected a simple calculation error I made on one of my deductions - and I actually ended up getting $47 MORE than I originally calculated. The anxiety of waiting is totally understandable, but try to remember that "adjusted" doesn't automatically mean "reduced." Sometimes their computers catch mistakes that work in your favor. The fact that you already have a deposit date scheduled is definitely a good sign - it means you're still getting a refund, just a different amount than what you calculated. If waiting until March 7th feels too stressful, you could always try calling them, but honestly the letter usually explains everything pretty clearly. In my case, it arrived about a week before the deposit hit my account. Hang in there! Most of the time these adjustments are pretty minor and routine. The tax system is complicated enough that small errors happen all the time.

Great question about adjusting withholding after buying a home! I went through this exact situation a couple years ago. One thing to keep in mind is that the mortgage interest deduction isn't as straightforward as it used to be since the Tax Cuts and Jobs Act increased the standard deduction significantly. Before making any W-4 changes, I'd recommend calculating whether you'll actually be itemizing or taking the standard deduction. For 2024, you need more than $14,600 in itemized deductions as a single filer (or $29,200 if married filing jointly) to beat the standard deduction. This includes your mortgage interest, property taxes, state income taxes, and any other deductible expenses. If your total itemized deductions don't exceed the standard deduction, then buying the house won't actually change your tax liability much, and you might not need to adjust your withholding at all. If you will be itemizing, then yes, definitely use one of the tools mentioned here like the IRS withholding calculator or consider talking to a tax professional. They can help you figure out the exact adjustment needed based on your specific situation.

This is exactly why I love this community - so much helpful advice! As someone who works in tax preparation, I'd add one more consideration: timing your withholding adjustment strategically throughout the year. Since you bought in March, you'll have 10 months of mortgage interest to deduct this year. But next year you'll have the full 12 months, which means your tax situation will be different between this year and next year. My suggestion would be to calculate your withholding adjustment based on this year's partial mortgage interest first, then plan to readjust your W-4 again in January for the full-year impact. This prevents you from over-adjusting and ending up owing money at tax time. Also, don't forget about property taxes if you're escrowing them - those count toward your itemized deductions too and can make a significant difference in whether itemizing beats the standard deduction. The tools mentioned here (IRS calculator, TurboTax calculator, taxr.ai) are all solid options. Pick whichever interface feels most comfortable to you and run the numbers!

Been here since January waiting on last years refund, these new codes are nothing to worry about tbh. Just part of the process

Don't panic! I had the exact same codes (570 and 971) last year with $0.00 amounts and got my refund about 10 days after the PATH Act date. The 570 is just a temporary hold while they verify your EITC eligibility - it's completely automated and routine. The 971 notice will probably just be a standard letter explaining the delay. Keep checking your transcript every few days for an 846 code (refund issued) - that's when you'll know your money is coming! The timing actually looks normal for PATH Act processing.