Quick question - does anyone know if there's a specific IRS form I need to submit all the 1099-Cs I issue as a landlord? I have 3 tenants I'm considering debt forgiveness for, and I'm not sure if they're submitted individually or as a batch.

One thing I learned the hard way - make sure you have the tenant's correct SSN or TIN before filing the 1099-C. I had a situation where I only had a partial SSN from an old application, and the IRS rejected my filing. They require the complete, accurate taxpayer identification number. If you don't have their SSN, you can try reaching out one final time requesting it specifically for tax reporting purposes. If they still don't respond, you can file the 1099-C with "APPLIED FOR" in the TIN field, but this may trigger additional IRS correspondence later. Also worth noting - if your tenant was a business entity rather than an individual, you'd need their EIN instead of SSN, and the reporting requirements can be slightly different. The $600 minimum still applies, but make sure you're clear on whether you're dealing with personal or business debt forgiveness.

Whatever you do, don't use those sketchy "tax resolution" companies you see advertising on TV or radio. My brother was in a similar situation (5 years unfiled) and paid one of those companies $3,000 upfront. They literally did NOTHING except file a basic power of attorney form and then kept asking for more money for "additional work." Just file the returns yourself using good tax software or find a reputable local EA (Enrolled Agent) or CPA who specializes in back tax returns. You'll save thousands and actually get your situation resolved.

I was in almost the exact same situation a few years ago - hadn't filed for 3 years and was paralyzed by fear and confusion about where to start. Here's what I learned from going through the process: First, don't wait any longer! File your 2024 return on time in April 2025 - there's no benefit to adding another year to your backlog. You can work on the back years simultaneously. Since you've had taxes withheld from your paychecks, you're likely due refunds for most or all of those years, which means you probably won't face penalties (the IRS only penalizes when you owe). However, you need to file soon because refunds expire after 3 years - you've already lost any 2020 refund permanently. Here's my recommended approach: Start by requesting your wage and income transcripts from the IRS website (they're free) for any years where you don't have your tax documents. Then file the oldest year first and work forward chronologically. The good news is that if you're getting refunds, the IRS will process each year separately, so you don't have to worry about them withholding money from newer years to cover older debts. Each refund will come to you directly. Don't let fear keep you frozen - the reality is almost always better than what you're imagining, especially if you've been having taxes withheld. You've got this!

Hey @Abigail Spencer! First off, congrats on the new job - that's so exciting! 🎉 I totally get why this feels overwhelming, but honestly you're asking exactly the right questions. I went through this same situation when I graduated and it's definitely not something they prepare you for in college! After reading through all the great advice here, I think everyone's hit on the key point: reliability is everything when it comes to tax documents. Since you mentioned you're moving next month and aren't sure how long you'll stay at the new apartment, I'd definitely recommend going with your parents' address for now. Here's what worked for me: I used my parents' address for the first couple years after graduation while I was still figuring out my living situation. It gave me so much peace of mind knowing my W-2 would definitely reach me, especially during that phase where I moved twice in one year! You can always update your address with HR later once you're more settled. Also, definitely take the advice about asking for electronic W-2 delivery if your employer offers it. That completely eliminates the whole address concern and is way more secure than paper mail. The fact that you're thinking through all of this ahead of time shows you're going to handle the transition to working life really well. Don't stress too much about getting everything perfect right away - we're all learning as we go! Good luck with everything! 😊

Welcome to the working world, @Abigail Spencer! This is definitely not a silly question at all - I think most of us have been in this exact situation. I went through something very similar when I graduated. What helped me decide was thinking about it from a practical standpoint: where will I most reliably receive important mail over the next year? Since you mentioned you're moving next month and this is still a relatively new living situation, I'd lean toward using your parents' address for consistency. The W-4 address is really just about where you want your tax documents mailed, and the IRS doesn't care which one you choose as long as you can actually receive the mail there. Since young professionals tend to move around more frequently (I moved three times in my first two years after college!), having that stable "home base" address can be really valuable. One thing I'd definitely recommend is asking your new employer about electronic W-2 delivery if they offer it. That completely eliminates the address concern and you'll get your tax documents faster and more securely. Many companies are moving toward this option now. Whatever you decide, just make sure to communicate with whoever will be receiving mail at that address so they know to expect tax documents in January. And remember, you can always update your address with HR if your situation changes! You're being really thoughtful about this - that attention to detail will serve you well in your career. Good luck with the new job! 🎉

One thing to consider - if the IRS gives you the June 2021 effective date and you keep the S election, you'll need to file amended returns for any periods you treated as an S corp before that date. That could mean filing C corp returns for 2020 and part of 2021, which might trigger some nasty tax consequences. Have you calculated what the actual tax difference would be between the two scenarios? Sometimes it's not as bad as people expect.

I went through almost the exact same situation last year with my LLC's S corp election. The IRS initially gave me an effective date that was 18 months later than what I requested, which would have cost me thousands in additional self-employment taxes. Here's what worked for me: I submitted a detailed letter specifically citing Revenue Procedure 2013-30 Section 5.03, which provides relief for situations where the original election was filed but not processed due to IRS administrative issues. The key is proving you had the intent to be an S corp from your requested effective date. I included copies of my original Form 2553 (even though it apparently got lost), certified mail receipts, all my S corp tax returns I'd been filing, and a timeline showing consistent S corp treatment. I also referenced the IRS's own acknowledgment of processing delays during COVID as reasonable cause for the late election. The whole process took about 3 months, but they ultimately approved my original effective date. Before considering revocation, I'd strongly recommend trying this approach first. The documentation requirements are pretty specific, so make sure you hit all the points in Section 5.03 of the Revenue Procedure. If you need help getting through to the IRS to check on your current request status, definitely consider using one of those callback services mentioned above - it saved me weeks of frustration trying to get through on my own.

I really appreciate everyone sharing their experiences and advice here. As someone who's been in a similar tight financial spot, I totally get the temptation to maximize that refund, but after reading all these responses, it's clear that misrepresenting the 1098-T information just isn't worth the risk. What really stood out to me was learning about all the legitimate expenses that might qualify beyond just tuition - especially for engineering students like some of the commenters mentioned. I had no idea that required software, lab equipment, and course materials could potentially be claimed even when tuition is covered by scholarships. The automated matching systems that several people mentioned are honestly pretty concerning. It sounds like the IRS doesn't need to manually catch these discrepancies - their computers do it for them. And hearing about that roommate who got audited 8 months later and had to pay back even more money really drives home that this isn't just about the immediate risk. I think the smart move is to take the time to carefully review what legitimate education expenses I might have overlooked, rather than risk turning a $2500 gain into a much larger loss down the road. The peace of mind of filing correctly is definitely worth more than the short-term financial relief. Thanks everyone for keeping me from making what could have been a really costly mistake!

I'm really glad you decided against misrepresenting your 1098-T information! As someone who works in financial aid at a university, I can tell you that the IRS matching systems are no joke. We actually get contacted by the IRS when there are discrepancies between what we report and what students claim, and it happens more often than people think. One thing I'd add to the great advice already given - make sure to check if your school has any additional fees that weren't included in your 1098-T but are still qualified education expenses. Sometimes things like mandatory student activity fees, technology fees, or lab fees that are required for enrollment can qualify for education credits even if they're not reported on the 1098-T form. Also, don't forget about books and supplies that are required for your courses. The IRS allows you to claim these as qualified expenses for the American Opportunity Tax Credit as long as they're needed for enrollment or attendance. Just keep your receipts and course syllabi showing they were required. You're making the smart choice by playing it safe. The short-term financial relief isn't worth the long-term stress and potential penalties. Plus, you might be surprised at how much you can legitimately claim once you dig into all the qualified expenses you might have overlooked!