honestly if ure under like 12k for the year u probly dont owe any fed taxes anyway bc of the standard deduction so it might not matter. but def call ur job to make sure its not a mistake

Based on your income level and the fact that this was seasonal summer work, there's a good chance no federal tax withholding was actually required. The IRS withholding tables are designed to project your annual income, and if that projection falls below the standard deduction threshold, employers may not withhold federal taxes. However, I'd still recommend taking a two-step approach: First, contact your employer's payroll department to confirm they processed your W-4 correctly and that the blank field isn't a clerical error on the W-2. Second, when you file your return, you'll likely find that with only $8,750 in income, you're well below the $13,850 standard deduction for 2023, meaning you probably won't owe any federal income tax anyway. The key thing is to file your return even if you don't owe taxes - this creates a proper record with the IRS and ensures you receive any refundable credits you might be eligible for. Don't stress too much about this; seasonal workers with lower incomes commonly see zero federal withholding, and it's usually not a problem as long as the documentation is accurate.

Has anyone run into Zelle transfer limits when doing larger amounts? I tried to move $8k once and my bank limited me to $3500 per day.

One thing to keep in mind is that while these transfers aren't taxable, you should still keep good records of them. I learned this the hard way when the IRS questioned some large deposits in my account during an audit a few years back. Even though they were just transfers from my other bank, I had to provide documentation proving both accounts were mine and that the money wasn't new income. I'd recommend keeping screenshots of both accounts showing your name, and maybe even a simple spreadsheet tracking the transfer dates and amounts. It's probably overkill, but it'll save you headaches if anyone ever questions where that money came from. The IRS agent told me that clear documentation makes these situations resolve much faster.

Is anyone else worried about claiming this energy credit? I'm eligible for about $1300 in energy credits for my new windows and insulation, but I've heard these credits can trigger audits. I'm thinking about just skipping it to avoid the headache. Thoughts?

Great news - I just checked my TaxAct account and Form 5695 is now available! Like Hattie mentioned, they updated the software recently. I was able to complete my residential energy credit form and claim my full $1600 credit for the heat pump installation I did last year. For anyone still waiting, try logging out completely and logging back in. You might see a notification about updated forms when you return to your tax return. If you're using the desktop version, make sure to check for software updates manually. One tip - make sure you have all your manufacturer certifications handy when filling out the form. The energy efficiency requirements are pretty specific, and having the documentation ready makes the process much smoother. Good luck everyone!

The structuring point is really important - that's something you definitely need to discuss with your tax attorney. If you were making regular deposits just under $10k, that could escalate this beyond a simple underreporting issue. But here's what I want you to focus on right now: you're taking all the right steps. You're getting professional help, you're willing to be honest, and you're prepared to make things right. That puts you in a much better position than someone who tries to hide or fight it. I went through something similar a few years back (not as much money involved, but still scary). The anticipation and anxiety were honestly worse than the actual resolution. The IRS worked with me on a payment plan, and while I paid penalties, it wasn't the life-ending disaster I thought it would be. Document everything you can remember about your deposits - dates, amounts, which clients paid you. Your attorney will help you organize this properly. And try to get some sleep - I know it's hard, but you'll need to be clear-headed for your meeting.

You're in a tough spot, but try not to spiral into worst-case scenarios. Based on what you've described - deposit amounts between $200-2,000 from legitimate work - this doesn't sound like the kind of case that leads to criminal prosecution. The fact that you had a regular W-2 job and were doing honest work (just underreporting) works in your favor. The IRS sees a big difference between someone running an illegal business versus someone who did legitimate work but messed up their taxes. Your attorney meeting tomorrow is crucial. Come prepared with whatever documentation you can gather - even text messages with clients can help establish the legitimate nature of your work. Be completely honest about everything, including how disorganized you were with record-keeping. One thing that might help your case: if you can demonstrate that some of those bank deposits were business expenses being reimbursed (materials, gas, etc.) rather than pure profit, that reduces your actual unreported income. Your attorney can help you figure out what's reasonable to claim. The waiting and uncertainty are brutal, but you're handling this the right way. Most people in your situation end up with payment plans and penalties, not prison time.

Just a quick note - watch out for guaranteed payments vs special allocations. If you're paying one partner more because they're doing more work, that should typically be structured as a guaranteed payment (reported on line 4 of their K-1), not as a special allocation. Special allocations are more appropriate when you're dividing the overall profit pie differently, not compensating someone for services. Getting this wrong can mess up both the partnership's and individual partners' tax situations.

One thing I haven't seen mentioned yet is the importance of maintaining consistent capital account adjustments throughout the year when you have special allocations. The IRS pays close attention to whether your capital accounts properly reflect the economic arrangements. For your situation with the 37.5-32.5-30 profit split, make sure your capital accounts are adjusted by these same percentages when you book the income. If you're using the "economic effect" safe harbor under Reg. 1.704-1(b)(2)(ii)(b), your capital accounts must increase and decrease in accordance with the allocations. Also, consider how this special allocation affects future years. If this is a one-time arrangement, document that clearly. If it might continue, think about whether you want to amend your operating agreement permanently or handle it year-by-year. The documentation requirements are different for each approach. One last tip: keep detailed records of the business justification for the special allocation. "Member C brought in major clients" is good, but specific dollar amounts of revenue generated, dates, and how this impacted the partnership's profitability will strengthen your position if questioned.