Quick question - has anyone had success calling their state tax department about duplicate W-2s? My employer made mistakes on my state withholding and I'm wondering if I should talk to the state first before the IRS?

I went through something very similar last year when my employer's payroll system got updated mid-year. What you're describing sounds like a classic state allocation error - your employer probably reported your wages to the wrong state initially (Alabama) and then issued the second W-2 to correct the state reporting to Georgia. The key thing to understand is that you should NOT file with both W-2s. Contact your payroll department immediately and ask them to issue a single corrected W-2 that shows your full federal wages in Box 1 and the correct Georgia state information. Most payroll departments are familiar with this issue and can turn around a corrected form pretty quickly. In the meantime, definitely don't try to force the incomplete W-2 into TurboTax - the IRS computers will flag the mismatch between what your employer reported and what you filed. Better to wait a week or two for the proper correction than deal with IRS notices later.

Does anyone know if I need to keep track of these non-dividend distributions myself or if my brokerage will do that for me? I got some from my MLP investments last year and I'm not sure if my cost basis is being adjusted automatically in my account.

You're absolutely right to be thinking about this carefully! While it's true that non-dividend distributions lower your cost basis and potentially increase your taxable gain when you sell, there are some important timing benefits to consider. The key advantage is that you're getting cash now without any immediate tax consequences, while only paying taxes later when you sell. This tax deferral can be valuable because: 1. You have use of that money immediately (time value of money) 2. Your future tax rate might be lower than today's rate 3. You can control the timing of when you realize the gain by choosing when to sell Also, some non-dividend distributions might represent genuine returns of excess capital that the company doesn't need for operations, rather than just accounting maneuvers. In those cases, you're getting back money that might otherwise just sit on the company's balance sheet earning minimal returns. That said, you're right to be cautious - make sure you're tracking these basis adjustments properly since they'll affect your taxes when you eventually sell!

Has anyone used an online promissory note or do you need to get a lawyer involved? I'm in a similar situation with my daughter but trying to keep costs minimal as we're only talking about a $200k loan.

One thing I'd add to consider is the impact on your son's debt-to-income ratio for future lending. When we did a similar loan with our daughter, we discovered that some lenders treat family loans differently than traditional mortgages when calculating DTI for subsequent loans or refinancing. Also, regarding the "hassle" factor you mentioned - while there is paperwork involved, the annual savings of $25-30k you mentioned would more than justify the setup costs. Even if he refinances in 2-3 years when rates drop, you'd still save significant money during that period. Just make sure to discuss what happens if rates do drop significantly and he wants to refinance early. Will there be prepayment penalties? Having those terms clear upfront prevents awkward conversations later.

17 Has anyone calculated if it might just be better to pay the capital gains now instead of going through all this hassle? Long-term capital gains rates are historically pretty low (15% for most people), and property management is becoming such a headache with rising insurance costs and maintenance.

Don't forget to consider state tax implications too! While you're focused on federal capital gains deferral through the 1033 exchange, some states don't recognize the federal deferral and will tax you immediately on the gain. I found this out the hard way when California hit me with state capital gains taxes even though I properly deferred the federal taxes through my involuntary conversion. Make sure to check with a tax professional familiar with your state's rules - it could significantly impact whether the 1033 exchange makes financial sense in your situation.

This thread has been incredibly helpful! I'm actually in a very similar situation - my spouse and I are planning to purchase two EVs this year and file jointly. Reading through everyone's experiences has cleared up a lot of my confusion. One additional consideration I wanted to mention is the point-of-sale rebate option that started in 2024. Instead of waiting until tax time to claim the credit, you can now transfer it directly to the dealer for an immediate discount at purchase. This might be especially useful if you're buying two vehicles and want to reduce the upfront cost. However, I've heard that if you use the point-of-sale option and later discover you weren't actually eligible (due to income limits or vehicle eligibility changes), you'd have to pay the IRS back. So there's a bit of a trade-off between getting the money upfront versus waiting to claim it on your return when you're more certain about your final tax situation. For those of you who successfully claimed credits for two vehicles, did any of you use the point-of-sale option, or did you all wait until filing your returns? I'm trying to decide which approach makes more sense for our situation. Also, @416a9f18d66b (Aria), definitely recommend getting that written confirmation from dealers that others mentioned. The eligibility rules really do change frequently, and having documentation could save you headaches later!

Welcome to the community! As someone who just went through this exact situation with my partner last year, I can confirm that married couples filing jointly can absolutely claim EV tax credits for two vehicles purchased in the same year. We bought a Hyundai Ioniq 5 and a Volkswagen ID.4 and successfully claimed both credits on our joint return. A few key takeaways from our experience: **Vehicle titling is flexible** - We had one car in my name and one in both our names. The IRS doesn't care about the title arrangement as long as you're the original purchaser and it's for personal use. **Documentation is crucial** - Keep everything organized: purchase agreements, VINs, delivery dates, and any dealer communications about eligibility. We actually created a dedicated folder for all EV-related tax documents. **Income timing matters** - Since you mentioned planning purchases "within the next few months," consider your annual income flow. If you're close to the $300k MAGI limit for joint filers, the timing of bonuses, stock options, or other income could affect your eligibility. **Vehicle-specific eligibility changes** - Both the Model Y and Mach-E have had varying eligibility depending on manufacturing dates and trim levels. I'd strongly recommend verifying current eligibility status right before purchase, not just during your initial research. The filing process itself was straightforward - just two Form 8936s that our tax software handled easily. Best financial decision we made last year! Feel free to ask if you have any other questions about the process.