This has been such an enlightening thread! As someone who just graduated college and started my first full-time job, I had no idea how complex the true tax burden really is. I was only thinking about what gets taken out of my paycheck for federal and state income taxes, but reading about all these hidden taxes - sales tax, gas tax, property tax through rent, utility taxes, embedded corporate taxes - is honestly overwhelming. The 25-35% total burden range that keeps coming up means I'm potentially paying way more than I realized. As a new grad with student loans, every percentage point matters for my budget and long-term financial planning. I'm definitely going to try the tracking methods people have shared here, especially starting with categorizing my bank transactions to estimate sales taxes. The geographic arbitrage discussion is particularly relevant since I'm flexible about where I live early in my career - it sounds like the total tax picture should be a major factor in deciding between job offers in different states. What really strikes me is how this isn't taught anywhere in school. We learn about gross vs net pay, but nothing about the dozens of other ways taxes impact our actual purchasing power. This thread should honestly be required reading for anyone entering the workforce! Thanks to everyone for sharing their research and methods - this is exactly the kind of real-world financial education I wish I'd had before now.

This has been such a comprehensive and eye-opening discussion! As someone who's been casually wondering about my "real" tax burden for a while but never took the time to dig deep, this thread has given me both the motivation and the practical tools to actually figure it out. What really resonates with me is how fragmented and hidden so much of our tax burden is. I always knew about income taxes and sales tax, but I had never considered things like property taxes embedded in rent, utility taxes, or the corporate taxes that get passed through to us as consumers. The fact that we might be paying 25-35% total when everything is included is genuinely shocking. The geographic arbitrage discussion has been particularly valuable. I'm in a high-tax state and have been considering relocating, but I was only looking at income tax differences. Now I realize I need to factor in sales tax rates, property tax levels, utility taxes, vehicle registration fees, and all the other location-specific costs that add up over time. I'm going to start with the bank statement analysis approach that several people mentioned - categorizing transactions and applying local tax rates to estimate my actual sales tax burden. Even if it's not perfect, it has to be better than my current complete ignorance about where my money actually goes. Thanks to everyone who shared their research methods and real-world experiences. This is exactly the kind of practical financial education that should be taught in schools but isn't. Time to start taking control of understanding my actual financial picture!

I went through this exact same situation last year with multiple sportsbooks and no W-2Gs. Here's what I learned after consulting with a tax professional: You're absolutely correct that you need to report all gambling income regardless of whether you received forms. For your $1,250 in winnings, report it as "Other Income" on Schedule 1, Line 8z with "Gambling Winnings" as the description. For those promotional bonuses, the key is understanding when they become taxable income. The bonus itself isn't income when credited to your account - it only becomes taxable when you successfully convert it to withdrawable cash. So in your FanDuel example, if you deposited $20, got the $200 bonus, and ended up withdrawing $120, your taxable gambling income would be $100 ($120 withdrawn minus your $20 deposit). One thing I wish I'd known earlier: keep meticulous records even without W-2Gs. Download your transaction histories from each platform before the year ends, take screenshots of your account summaries, and save any monthly/annual statements they email you. These will be invaluable if you're ever audited. Also, don't forget that you can deduct gambling losses up to the amount of your winnings if you itemize deductions. Most platforms provide year-end summaries showing total losses, which the IRS accepts as documentation. The whole process is more straightforward than it initially seems - you just need to be thorough with your record-keeping!

I've been through this exact situation and wanted to share a few additional tips that helped me navigate the reporting process smoothly. First, regarding record-keeping - I recommend creating a simple spreadsheet with columns for: Platform Name, Total Deposits, Total Withdrawals, Bonus Received, Final Balance, and Net Result. This makes it much easier to calculate your total taxable gambling income when filing. One thing that caught me off guard was that some platforms automatically close accounts after periods of inactivity, which can make it harder to get historical data later. If you haven't already, I'd suggest logging into all your accounts now and downloading/screenshotting your transaction histories and annual summaries before they become inaccessible. For the promotional bonuses, I found it helpful to track them separately in my spreadsheet. List the original bonus amount, your deposit that triggered it, and what you actually withdrew after meeting playthrough requirements. This makes the tax calculation much clearer - you're only reporting the net cash you actually received. Also worth noting: if you used multiple payment methods (bank transfers, credit cards, PayPal, etc.), make sure your records clearly show which deposits and withdrawals went through which accounts. This will be important if you need to verify your reported amounts against bank statements during an audit. The key is being organized and thorough with documentation, even without official tax forms from the platforms.

This isn't related to the 5498 form specifically, but make sure you're also keeping track of any backdoor Roth conversions separately! Those have their own reporting requirements on Form 8606.

Just to reinforce what others have said - you're absolutely fine to file without the 5498! I've been dealing with this same "issue" for years with my Fidelity Roth IRA. The key thing to remember is that Form 5498 is sent to the IRS, not included with your return. What I do is keep a simple spreadsheet throughout the year tracking my contributions with dates and amounts. Fidelity's website also has a great year-end summary that shows all your contributions for the tax year - you can usually find this in your account statements or tax documents section online. The May timing is totally normal because brokers wait until after the April 15th deadline to capture any last-minute contributions people make for the previous tax year. Don't let this delay your filing - you've got all the information you need from your own records!

I went through this same worry when I started my current job! The privacy concerns are totally understandable, but the good news is that the 1095-C system is actually pretty privacy-friendly for employees who waive coverage. Your employer will only see basic checkbox information: that they offered you qualifying health insurance and that you declined it. They won't see that you're on your spouse's government plan, what tier of coverage you have, or any other details about your alternative insurance. The form is really just about documenting that your employer met their ACA requirements to offer coverage. The HR meeting probably mentioned needing your information because they still have to report that they made the offer and you declined - but that's literally all they report about your situation. Think of it like a simple yes/no checkbox rather than a detailed health insurance questionnaire. If they're asking for additional documentation beyond just acknowledging that you're waiving coverage, you can always ask what specific company policy requires it and how that information will be used and stored. But for the 1095-C itself, your personal health details stay private.

I completely understand your privacy concerns - I had the exact same worries when I waived coverage at my job last year! The key thing to remember is that the 1095-C is really just an administrative form to show the IRS that your employer offered ACA-compliant coverage and whether you accepted it or not. Your employer literally cannot see any details about your spouse's government health plan through this process. They don't know what type of coverage you have, what it costs, what benefits are included, or even that it's specifically through your spouse's job. The form just documents two basic facts: "We offered this employee health insurance" and "Employee declined our offer." If your HR department is asking for additional information beyond just acknowledging that you're waiving their coverage, that's likely their internal policy rather than a legal requirement for 1095-C reporting. You're well within your rights to ask them to clarify what specific company policy requires any additional documentation and how that information will be stored and used. The bottom line is that your personal healthcare situation stays private - your employer just needs to document that they fulfilled their obligation to offer you coverage. Hope this helps ease some of your concerns!

Does your parenting plan specifically state who claims which child each year? Or does it just say you "split" them? This could make a difference.

I understand your frustration completely. The disconnect between family court orders and actual IRS rules creates these impossible situations for parents. Based on what you've described, you likely had your son for significantly more than 183 nights this year (the IRS threshold for custodial parent status), especially with that 4-month absence. Under IRS rules, the custodial parent has the primary right to claim the child as a dependent. However, you're caught between two systems: the IRS rules that would likely support your claim, and a court order that could hold you in contempt if violated. My suggestion would be to document everything - every night each child stayed with you versus your ex, all expenses you covered during the absence period, any communication about the missed parenting time. Then consider going back to court specifically requesting a one-year modification to the tax arrangement based on the actual custody time this year, not a permanent change to the parenting plan. You might also want to speak directly with an IRS agent about your specific situation. They can clarify whether your actual custody time this year would qualify you as the custodial parent under their rules, which could strengthen your position if you need to return to family court.