Just a heads up that the withholding for social security seems high to me for your income level. Social security tax is 6.2% of your wages and Medicare is 1.45%. Based on the amounts you shared, it looks like your gross pay was around $840 for that check ($52.02 ÷ 0.062 = ~$840). If that's right, your social security withholding does match up! Just wanted to confirm the math looked right since that was one of your concerns.

One more thing to consider - if you're planning to work during the summer when school's out, your income might go up significantly and could push you over the threshold where you'd actually owe federal taxes. If you claim exempt now but then start working full-time hours in June/July, you might want to submit a new W-4 to start having federal taxes withheld again. I made this mistake my junior year - claimed exempt in January when I was only working weekends, but then worked 35+ hours a week all summer and ended up owing money at tax time. It's easy to update your W-4 whenever your situation changes, so don't feel like you're locked into whatever you choose now!

Anyone use any good apps for tracking these kinds of receipts from private sellers? I'm terrible at keeping paper and my phone is always with me.

Great question! I run a small cabinetry business and deal with this all the time. The IRS doesn't require formal receipts from businesses for every expense, but you do need "adequate records" to substantiate your deductions. For private seller purchases, I create simple handwritten receipts that include: date, seller's name and contact info, detailed description of materials, quantity, price paid, and business purpose. I have the seller sign it and keep a copy. For smaller purchases under $75, the IRS is generally more lenient on documentation requirements. A few other tips: Take photos of what you bought, pay by check or electronic transfer when possible (creates a paper trail), and keep a purchase log in your truck. I also recommend getting a simple receipt book from an office supply store - makes the whole process look more professional and sellers don't mind filling them out. The key is consistency. Pick a system and stick with it for all your purchases, whether from Home Depot or your neighbor's barn. Your future self (and accountant) will thank you!

Something else to consider - even if the $1M is truly a gift and not subject to income tax, you'll owe taxes on any income that money generates after you receive it. So if you invest it and earn $50k in interest or dividends the next year, that $50k is definitely taxable income.

This is such a fascinating topic! I've been following this thread and wanted to add something I learned when I got a surprise inheritance that was structured as a gift. One thing that hasn't been mentioned yet is the importance of keeping really good records if you do receive a large gift. Even though you won't owe income tax on it, you'll want documentation for several reasons: 1. Like others mentioned, banks will want to know where large deposits come from 2. If you ever get audited, the IRS will want proof it was actually a gift and not disguised income 3. You'll need to track your "basis" in the money for future tax purposes (especially if you invest it) I'd also suggest getting a formal gift letter from whoever gives you the money, stating that it's a gift with no strings attached and no expectation of repayment. This helps establish that it's truly a gift under IRS rules. The tax code can be really counterintuitive - it seems crazy that someone can just hand you a million dollars and you don't owe tax on it, but that's exactly how the gift tax system works! The burden is on the giver, not the recipient.

Something important nobody has mentioned yet - you need to be careful about the hobby loss rules too! If you show losses for 3+ years, the IRS might try to reclassify your Airbnb as a hobby rather than a business, which would mean you couldn't deduct losses against other income AT ALL. To avoid this, make sure you're running it like a legitimate business - have a separate bank account, keep excellent records, have a business plan showing how you intend to become profitable, etc. Even if you qualify as non-passive, the IRS can still challenge whether it's a genuine profit-seeking activity vs. a hobby.

My accountant told me Airbnbs have to be reported differently depending on how involved you are. If you're just renting it out and not doing much else, it goes on Schedule E. But if you're providing "substantial services" like daily cleaning, breakfast, etc., then it's Schedule C business income. The difference is HUGE for tax purposes. Schedule C means self-employment taxes (extra 15.3%) but also means losses offset regular income. Schedule E means no self-employment tax but passive activity limits may apply. This is why so many online articles contradict each other - they're talking about different scenarios!

Just drive over there! If they're only 15 mins away and you've already tried texting, just stop by in person and ask for a copy. They're legally required to give it to you, and it's harder for them to ignore you when you're standing right there lol.

Another thing to consider - if you have your final paystub from December, it should have your year-to-date totals for wages and tax withholdings. While it's not a perfect replacement for your W-2, you can use those numbers to estimate what you'll owe or get back as a refund. This might help you decide if it's worth waiting longer or if you need to be more aggressive about getting the actual W-2. Also, if you do end up having to file Form 4852 (the W-2 substitute), make sure to keep trying to get the real W-2 even after you file. If the numbers end up being different, you might need to file an amended return later. But at least you won't miss the filing deadline!