I'm a little confused... I took out a 401k loan in 2023 and I swear I got some kind of form for my taxes?? But maybe I'm mixing it up with somethin else?

Empower is absolutely correct! You don't need a 1099-R for a 401k loan as long as you're making the required payments on schedule. A loan from your 401k isn't considered a taxable distribution - you're essentially borrowing your own money and paying it back with interest (which goes back into your account). The TurboTax prompts you're seeing are standard questions that appear for everyone to make sure they haven't missed any retirement account distributions. Since a 401k loan isn't a distribution, you can safely answer that you didn't receive a 1099-R related to this transaction. Just keep making your loan payments as agreed and you won't have any tax implications. The only time you'd get a 1099-R is if you default on the loan or fail to repay it according to the terms - then the outstanding balance would be treated as a taxable distribution.

Has anyone else noticed that the withholding calculators seem to be way off for people with multiple jobs? I work a full-time job plus a weekend gig, and none of the calculators seem to handle this correctly. I always end up owing even when I follow their recommendations.

I've been dealing with this exact same frustration! What I discovered is that many calculators don't properly account for the timing of when you make the withholding changes during the year. If you're adjusting your W4 in April versus January, the calculations should be different because you've already had several months of potentially incorrect withholding. The IRS calculator is generally most accurate, but make sure you're entering your year-to-date withholding amounts correctly from your most recent pay stub. Also, if you have any life changes planned (like getting married, having a baby, buying a house), factor those into your calculations since they'll affect your tax situation. One trick I learned from my CPA is to aim for owing between $0-$100 at tax time rather than getting a big refund. That way you're not giving the government an interest-free loan, but you're also not hit with underpayment penalties. It takes some trial and error to dial it in perfectly, but it's worth the effort!

Don't overthink the building management fees! I spent hours researching this same question last year. The admin fee and move-in fee are definitely deductible in year 1 as rental expenses. The working capital contribution is trickier - technically it's a deposit into the building's reserve, so it's not immediately deductible. Also, make sure TurboTax is prorating your expenses correctly for the partial year. For things like property taxes and insurance, you can only deduct the portion that applies to when the property was actually a rental (Oct-Dec in your case). So that would be 3/12 of your annual amounts. This might be why some of your numbers look off.

I had a very similar situation with my first rental property! Your cost basis calculation is definitely off - with a $520k purchase price, that $134,628 figure suggests there's an input error somewhere in TurboTax. A few things to double-check: 1. Make sure you entered the correct land/building allocation. Based on your tax assessment ($215k land, $100k improvements), you should allocate roughly 68% to land and 32% to building from your purchase price. 2. Verify you didn't accidentally enter a partial ownership percentage or put in the wrong purchase price. 3. The bathroom renovation ($15k) should be added to your depreciable basis since it was done before placing in service. Your depreciable basis should be approximately: ($520k - $353k land value) + $15k renovation = ~$182k for the building portion. For the closing costs, most of what you listed (recording fees, title insurance, legal fees) get capitalized into your basis rather than expensed immediately. The admin fee and move-in fee to building management can typically be expensed in year 1, but the working capital contribution is usually treated as a capital asset. Also make sure TurboTax is correctly prorating your expenses for the 3-month rental period (Oct-Dec). Your actual deductible expenses should be much higher than $257 for three months of operation.

Don't forget withholding! Even though others are right about marginal tax rates, your employer might withhold taxes on the lump sum at a higher rate. The IRS has special withholding rules for large one-time payments. When I got my severance, they withheld like 30% even though my actual tax rate was lower. I got the extra back when I filed my return, but was strapped for cash for months waiting for that refund.

Just wanted to add another perspective here - I went through this exact situation about 6 months ago. Like you, I was terrified about the tax implications of a lump sum severance. After doing a ton of research (and using some of the tools others mentioned), I realized the tax bracket fear was mostly unfounded due to how marginal rates work. But what really helped me decide was thinking about the time value of money and my personal financial situation. I ended up taking the lump sum because: 1) I could immediately max out my 401k and IRA contributions to reduce the taxable amount, 2) I had high-interest debt I could pay off right away, and 3) I wanted the certainty of having the money rather than risking the company having financial problems later. The peace of mind was worth more to me than the small tax difference. Plus, having that cash cushion made my job search way less stressful - I could be pickier about opportunities instead of taking the first thing that came along. Everyone's situation is different, but don't let tax bracket misconceptions drive your decision. Focus on what makes sense for your overall financial picture and job search timeline.

Just went through this same process last month! After faxing my 8962 and 1095-A, it took about 7 weeks for the IRS to update my account transcript. You'll see a "971 Notice Issued" code first, then hopefully a "846 Refund Issued" code once they finish processing. The key is checking your transcript weekly on the IRS website - that's where you'll see movement before any letters arrive. Hang in there, the wait is frustrating but they will eventually get to it!

I went through this exact same situation last year! The IRS processing time for Form 8962 and 1095-A verification can vary quite a bit, but from my experience and what I've seen others report, you're looking at anywhere from 6-12 weeks typically. A few things that might help while you wait: - Check your IRS account transcript online weekly for updates (look for codes 971 or 846 like Brandon mentioned) - Make sure you have that fax confirmation saved - the IRS sometimes claims they didn't receive documents - If you haven't already, create an account on IRS.gov to monitor your case status The marketplace reconciliation is super important since without it, you'll lose eligibility for future premium tax credits. The good news is that once they process your forms, they usually release any held refund pretty quickly. I know the wait is stressful, but hang in there - they will get to it eventually!