One more tip - if your K-1 values are pretty small (like under $1000 investment), you might be able to use the de minimis rule for certain parts of the form. This can simplify your reporting. Ask your tax software support about this or check with a tax pro. Saved me a ton of headaches with my small Robinhood MLP investments.

As someone who's been through the MLP K-1 maze multiple times, I'd strongly recommend keeping detailed records right from the start. Create a simple spreadsheet with columns for: Date of Purchase, Number of Shares, Original Cost Basis, and then add columns for each year's Return of Capital (Box 9a from K-1) to track your adjusted basis. Also, don't panic about the complexity - yes, MLPs are more work than regular stocks, but for small investments the actual tax impact is usually manageable. The key things to remember: 1) Form 1065 K-1 = Partnership/LLC in tax software, 2) Much of the "income" might actually reduce your taxes due to depreciation deductions, and 3) Keep those K-1s and basis records because you'll need them when you sell. One last thing - if this is your first year with MLPs and you're feeling overwhelmed, consider setting aside a small budget for a tax professional consultation just this once. They can walk you through the process and help you set up a good record-keeping system for future years. It's worth the peace of mind!

Just a heads up - if you do need to file an amended return for 2021, you still have time. The deadline is generally within 3 years of the original filing date, so you likely have until April 2025. But I'd get moving on the explanation to the IRS right away to stop any collection actions.

I'm dealing with a very similar situation right now with my 2022 taxes! The IRS is claiming I didn't report about $18k in stock compensation, but like you, it was already included in my W-2. One thing that helped me understand what happened - I called my HR department and they explained that when you have "sell to cover" set up, the company reports the full value of the vested shares as income on your W-2 (which gets taxed as regular income), but then Fidelity also sends a 1099-B to the IRS showing the "sale" of those same shares to cover taxes. The IRS computer systems see both and think you earned the money twice. I'm still working through my response, but my HR rep said this is super common and they deal with it all the time. She recommended I include a letter from HR explaining their stock compensation reporting process along with my W-2 and 1099-B copies. Might be worth reaching out to your HR department too - they probably have template letters for exactly this situation since it happens so frequently with employees who have stock compensation.

The 'overtime isn't worth it' myth caused me to turn down shifts for YEARS before I learned better. Here's a simple way to think about it: Let's say you're in the 22% federal bracket plus 7% state taxes. That means you keep 71% of each additional dollar (100% - 22% - 7% = 71%). So: - Regular time at $42.50/hr = about $30.18 after taxes - Time and a half at $63.75/hr = about $45.26 after taxes - Double time at $85.00/hr = about $60.35 after taxes - Triple time at $127.50/hr = about $90.53 after taxes Tell me where in that calculation it's "not worth it" to work more? Even at your lowest overtime rate, you're making more per hour after taxes than your regular rate before taxes!

Your buddy is spreading one of the most persistent tax myths out there! I used to believe the same thing until I actually did the math. Here's what's really happening: When you work that much overtime, your paycheck withholding might look scary because payroll systems often calculate as if you'll earn that same amount every pay period. But that's just withholding - not your actual tax liability. With your income levels, you're likely in the 22% or 24% federal bracket, plus whatever your state charges. Even if overtime pushes some income into a higher bracket, you're still keeping 70-75% of every overtime dollar you earn. Think about it this way: even your lowest overtime rate (time and a half at $63.75) nets you more after taxes than your regular rate before taxes. Your triple time is basically printing money at nearly $90/hour take-home. The real question isn't whether overtime is "worth it" financially - it always is. The question is whether the extra money is worth the physical and mental toll of working 84-hour weeks. That's a personal decision only you can make, but don't let tax bracket myths be the reason you turn down shifts!

Check your transcripts every week. Sometimes they update there before the Where's My Amended Return tool shows anything

Filed my amendment back in September and still waiting too! The uncertainty is the worst part - you never know if they're actually processing it or if it got lost somewhere. I've been checking the IRS tool religiously but it just says "received" with no timeline. Really hoping it doesn't take the full 20+ weeks that others are mentioning 😅

Just wanted to add some perspective as someone who processes payroll corrections - when you receive a W2C, that becomes your official tax document for the year. You should NOT use the original W2 at all. The W2C will show the corrected amounts and should include both the wrong state correction (likely showing $0 or negative amounts) and your correct state information. For your filing strategy: Use only the W2C for your federal return and both state returns. You'll file a non-resident return in the wrong state to claim back those withheld taxes, and file normally in your actual state. Most tax software can handle this, but double-check that the W2C shows corrections for both states before filing. One tip: Keep copies of both the original W2 and W2C for your records, even though you'll only use the W2C for filing. This documentation might be helpful if either state has questions about the correction later.

This thread has been incredibly helpful! I'm dealing with a similar situation where my employer reported my state taxes to the wrong state. Based on what everyone's shared, it sounds like the key points are: 1. Use ONLY the W2C for filing (not the original W2) 2. File a non-resident return in the wrong state to get those taxes back 3. File normally in your correct state using the W2C info 4. Make sure the W2C shows corrections for both states before filing One question I haven't seen addressed - does anyone know roughly how long it takes to get the refund from the wrong state? I'm wondering if I should expect it to take longer than a normal state refund since it's essentially correcting an error. Also, has anyone had issues with the wrong state questioning why they're getting a non-resident return when they have withholding records showing you as having worked there? I'm worried they might flag it as suspicious.