Target employee here! I just got my W2 on My Tax Form this morning around 2 AM. I've been checking obsessively too lol. From what I've noticed working there for 3 years, Target usually uploads W2s in waves based on your employee number or store region. The first batch typically goes up around January 20th, with most everyone having theirs by January 28th. If you're still not seeing yours by January 29th, definitely call the Target HR hotline - sometimes there are issues with address changes or electronic consent that can delay individual W2s. Also make sure you're logged into the right My Tax Form account (the one linked to your Target employee profile). Hope this helps ease some of the anxiety!

As someone who works in payroll processing, I can confirm what others have mentioned about the January 31st deadline being federal. However, I wanted to add that if you're really anxious about getting started early, you can actually begin preparing your tax return using your final paystub of the year. The year-to-date totals on your last paystub are usually very close to what will appear on your W2. Just gather your final paystub from December and you can estimate your federal and state tax withholdings, gross wages, and other deductions. Most tax software allows you to input estimated numbers and then update them later when your official W2 arrives. This way you can get a head start on organizing your other tax documents (1099s, receipts, etc.) while waiting for Target to upload your W2 to My Tax Form. Also, if you haven't already, make sure you're signed up for electronic delivery in your Target employee portal - sometimes people miss this step and then wonder why their W2 isn't showing up online when it's actually being mailed to an old address.

I made $112k last year and my effective tax rate was only about 18% after deductions, nowhere near the 24% bracket rate. Don't get too hung up on the bracket percentage - your actual tax rate will be much lower than that highest bracket percentage. Plus, definitely negotiate for more! Your new employer expects it, and the worst they can say is no. I always ask for 10-15% more than their initial offer and have usually gotten at least part of that.

Congratulations on the job offer! I went through a similar situation when I jumped from $85k to $115k about two years ago. I was terrified about the tax implications but it turned out to be much less scary than I thought. Everyone here is absolutely right about marginal tax rates - you only pay the higher percentage on the income above each threshold. In your case, going from $89k to $110k means only about $14,700 of your income will be taxed at 24% instead of 22%. That's literally just an extra $294 per year in federal taxes (2% of $14,700). When you factor in that you're getting a $21,000 raise, paying an extra $294 in taxes is pretty insignificant. You'll still be taking home significantly more money each month. One thing I wish I had done earlier was updating my W-4 with the new employer to account for the higher income. I ended up owing a bit at tax time because my withholdings weren't quite right for the new bracket. Definitely worth filling out a new W-4 accurately when you start! Take the job - the financial benefits far outweigh the modest tax increase!

Just want to clarify something important: you don't necessarily have to pay taxes on forgiven debt if you were insolvent when the debt was forgiven. Insolvency means your total liabilities exceeded your total assets right before the forgiveness. For example, if your assets were $20,000 and your total debts were $35,000 right before the $5,300 was forgiven, you were insolvent by $15,000. Since your insolvency ($15,000) is greater than the forgiven debt ($5,300), you might not have to report ANY of it as income.

I went through almost the exact same situation last year - settled $15k in credit card debt for about $8k. You're absolutely right to be thinking about the tax implications now rather than being surprised later! Yes, you'll likely receive a 1099-C form from your credit card company reporting the $5,300 difference as canceled debt income. However, don't panic yet - there are several exclusions that might apply to your situation, with insolvency being the most common one for people dealing with debt settlement. The key is to calculate your financial position right before the debt was canceled. If your total debts exceeded your total assets at that moment, you may qualify for the insolvency exclusion under Form 982. This could potentially reduce or eliminate the taxable income from the forgiven debt. I'd strongly recommend documenting everything now while it's fresh - make a list of all your assets (bank accounts, car value, any property, etc.) and all your debts (other credit cards, loans, etc.) as they existed right before the settlement. You'll need this information for the insolvency calculation. Also consider consulting with a tax professional who has experience with debt forgiveness situations, especially if the numbers are close or if you have other complicating factors in your financial situation.

This is such a frustrating situation, and unfortunately you're not alone in dealing with UBTI surprises from bankrupt MLPs. The key issue here is that bankruptcy debt forgiveness often gets misclassified by custodians. A few immediate steps I'd recommend: 1. **Request the complete bankruptcy settlement documents** from Fidelity - specifically look for how debt cancellation income was allocated between return of capital vs. taxable income. Many bankruptcy settlements classify a significant portion as return of capital, which shouldn't generate UBTI. 2. **Challenge the disproportionate allocation** between your accounts. With only 22% more shares in the Roth but 12x the tax liability, something is clearly wrong. The UBTI should be allocated proportionally to your ownership. 3. **File Form 5329 immediately** to request penalty relief due to reasonable cause (the custodian's late filing). This alone could save you significant money. 4. **Get professional help** - given the $20K+ potential liability, spending $500-1000 on a tax pro who specializes in UBTI/partnership taxation could save you thousands. The fact that multiple people in this thread have successfully contested similar situations with their custodians is encouraging. Don't just accept these numbers - the calculations are often wrong, especially for complex bankruptcy situations. Time is critical though - you typically have 60-90 days to contest these assessments, so act quickly.

This is exactly why I always warn people about holding MLPs in retirement accounts - the UBTI complications can be nightmarish, especially during bankruptcy situations. What you're experiencing is unfortunately common: when MLPs restructure debt during bankruptcy, the forgiven debt often gets treated as taxable income to partners, even when you've lost your entire investment. It's one of the most unfair aspects of tax law. The massive difference between your IRA and Roth tax liability is a red flag though. UBTI calculations should generally be proportional to ownership, so having 12x the tax on only 22% more shares suggests a calculation error. Here's what I'd do immediately: 1. **Don't pay anything yet** - you likely have 60-90 days to contest these calculations 2. **Request the bankruptcy Plan of Reorganization** from Fidelity - this document will show exactly how debt forgiveness was supposed to be allocated (often much of it is return of capital, not income) 3. **Get the detailed UBTI calculation worksheets** - custodians often use generic templates that don't account for specific bankruptcy terms 4. **File Form 5329 for penalty relief** - the custodian's late filing gives you strong grounds for "reasonable cause" I've seen many cases where initial UBTI calculations from bankruptcies were wrong by tens of thousands of dollars. The custodians just don't have the expertise to properly interpret complex bankruptcy settlements. Given the amounts involved, this is definitely worth hiring a tax professional who specializes in partnership taxation. A $1,000 consultation could easily save you $15,000+ in taxes and penalties. Don't let Fidelity brush you off - escalate to their UBTI specialists if needed. You have rights here, and these calculations are often wrong.

I'd like to share some additional information about the trace process that might help you understand what's happening: Step 1: When you initiate a trace, the IRS first verifies whether your refund was already issued. Step 2: If it was issued but not received, they start an actual trace through the Treasury. Step 3: If the refund was never issued, they investigate why (which could be an unrelated review). Step 4: Once they determine the status, they either reissue the refund or send you a notice explaining the hold. Are you certain your refund was actually issued and not just approved? These are different statuses, and many business owners confuse them. If your WMR status never said "Refund Sent," then you might be waiting for an initial issuance rather than a trace resolution.

I'm experiencing something very similar with my business refund! Filed early February, got acceptance confirmation, but my refund has been missing for weeks now. I also use Navy Federal and they're usually lightning-fast with deposits, so I know the issue is definitely on the IRS side. What's really frustrating is that I initiated a trace about 2.5 weeks ago and got a confirmation number, but absolutely nothing has happened since then. Like you, I need these funds for upcoming business expenses and the uncertainty is stressful. One thing I'm wondering - when you check "Where's My Refund," does it still show the original status or has it changed since you started the trace? Mine still shows "refund approved" with the original deposit date, which makes me think the money was never actually sent out in the first place despite what the system says. Have you tried checking your tax transcript to see if there are any additional codes or holds that might explain the delay? I'm planning to do that next if I don't hear something soon.