9 Just adding another suggestion: call your employer's payroll department directly (not your manager). I work in HR and we can generate duplicate W-2s instantly with our payroll system at no charge. It's ridiculous they're trying to charge you $75! If it's a larger company, go above your boss's head and contact corporate payroll. By law, employers must provide W-2s to employees, and most companies don't charge for replacements.

As a tax preparer, I want to emphasize that you have several legitimate free options before paying your employer anything. The IRS wage and income transcript is your best bet - it's official, free, and most financial aid offices accept it. You can get it instantly online at irs.gov if you can verify your identity, or request it by phone. Also, definitely try calling your employer's corporate HR or payroll department if it's a larger company. Many employers don't charge for duplicate W-2s, and your manager might not be following company policy. The $75 fee sounds excessive and potentially against company guidelines. If all else fails and you're still within the tax filing deadline, you can actually file your taxes without the W-2 using Form 4852 (Substitute for Form W-2) based on your final pay stub, but check with a tax professional first since you're a dependent.

I've been through this exact scenario with multiple S-corps over the years. The practical reality is that basis-only corrections rarely trigger IRS scrutiny when there's no tax liability change. However, I'd strongly recommend creating a paper trail regardless of which route you choose. Here's what I typically advise clients: Issue the corrected K-1 marked "AMENDED" and create a detailed memo explaining the error, the correction, and confirming zero tax impact. Keep this with your corporate records. If you're really concerned about potential matching issues, you could file a superseding 1120-S if you're still within the original filing deadline (including extensions), which avoids the formal amendment process. The $800 your accountant wants seems excessive for what should be straightforward paperwork. As a sole shareholder, you have more flexibility here than multi-owner entities. Just make sure whatever you do is well-documented in case questions arise later.

As someone who's dealt with similar K-1 corrections, I'd recommend taking a middle-ground approach that balances compliance with practicality. Since you're the sole shareholder and there's no tax liability impact, you have more flexibility than most. Here's what I'd suggest: First, create a comprehensive correction memo documenting the original error, the corrected amounts, and explicitly stating there's no change to tax liability. Include calculations showing your correct stock basis before and after. Then issue yourself an amended K-1 clearly marked "AMENDED" and reference the memo. For the 1120-S question - if you're really concerned about potential IRS matching issues down the road, consider calling them directly to ask about your specific situation. Sometimes getting their guidance on record can provide peace of mind and documentation that you acted in good faith. The reality is that basis-tracking corrections rarely trigger enforcement action when there's no revenue impact, but having solid documentation is what protects you regardless. Your $800 accounting fee seems steep for what's essentially a paperwork correction with no tax consequences.

Code 971 just means they generated and sent you some kind of notice - could be routine like identity verification, a math error correction, or requesting additional documentation. The key is to look at the date and any other transaction codes around the same time. Don't panic until you actually receive and read the notice! Most of the time it's something simple that can be resolved quickly.

Had the same thing happen to me a few months back and it turned out to be nothing major - just needed to verify some info on my return. The 971 code itself is pretty generic, but like others mentioned, definitely check what other codes show up around the same date. That'll give you a better idea of what to expect. The waiting game sucks but try not to stress too much until you actually get the letter!

I actually went through this exact scenario with my daughter's accounts last year! Since the amounts are relatively small ($300-400), you honestly don't need any special documentation to report it on your return. The IRS isn't going to question a few hundred dollars in interest income - they're looking for much larger discrepancies. That said, if you want to be extra cautious, you could keep a simple note in your tax files explaining that the accounts are joint with your children but the funds belong to them. Something like "Interest reported from joint savings accounts - funds belong to adult children per informal family arrangement." I kept it simple and just reported the interest normally on Schedule B. Never had any issues, and my tax preparer said this is actually pretty common with parents helping adult kids get better interest rates. The key is being consistent - whatever approach you choose, stick with it each year. If the amounts were in the thousands, I'd probably go through the effort of switching the primary SSN or removing myself from the accounts. But for a few hundred bucks, the administrative hassle isn't worth it in my opinion.

I've been following this thread and wanted to add my perspective as someone who works in banking compliance. The advice here is generally solid, but I'd emphasize one important point: whatever you decide to do, make sure you're consistent year over year. If you decide to keep reporting the interest on your return this year, that's perfectly fine for the amounts you're talking about ($300-400). The IRS sees joint account situations like this all the time, especially with parents helping adult children access better rates. However, if you're planning to have these accounts long-term, I'd seriously consider removing yourself entirely (as several others suggested). Not only does it clean up the tax reporting, but it also helps your kids build their own banking relationships and credit history. At 23 and 24, they're well past the age where they need a parent on their accounts. One practical tip: if you do decide to remove yourself, wait until after you receive this year's 1099-INT forms so you can properly report 2024's interest. Then make the change early in 2025 so next year's reporting is clean and simple. The bottom line is that any of the approaches mentioned here are legitimate - just pick one that makes sense for your family's situation and stick with it!

I just want to echo what everyone else is saying here - you're in a much better position than you think! As someone who recently went through a similar Roth IRA withdrawal, I can confirm that the process is pretty straightforward once you understand the rules. The key takeaway from all these great responses is that Roth IRA contributions can always be withdrawn penalty-free and tax-free, regardless of your age or how long the account has been open. The 10% penalty everyone worries about only applies to earnings/growth on those contributions. Since your $2000 has been sitting uninvested for 6 years, you're likely looking at withdrawing pure contributions with minimal to no earnings. When you call E-trade, ask them for your "contribution basis" - this is the magic number that tells you exactly how much you can withdraw penalty-free. One last tip: don't be intimidated by their withdrawal interface asking for a "reason." As someone mentioned, just select the early distribution option and let the IRS forms sort it out later. The important thing is getting access to your money when you need it, especially since it appears you can do so without any penalties. Good luck!

I'm really glad I found this thread! I've been putting off dealing with a similar situation with my own Roth IRA because I was terrified of penalties, but reading everyone's experiences here has been incredibly educational. The consistent advice about asking for your "contribution basis" versus current account value seems to be the golden rule for figuring out penalty-free withdrawals. It's amazing how many people were in nearly identical situations - money sitting uninvested for years that can be withdrawn without penalties. @Ethan Clark, based on all the great advice here, it sounds like you're likely going to be able to access most or all of your $2000 without any penalties since it's been sitting uninvested. The fact that multiple people who work in finance and have personal experience are all saying the same thing should give you confidence to move forward. Thanks to everyone who shared their real experiences rather than just speculation - this is exactly the kind of practical advice that makes this community so valuable!